Business
MPC: Forex Rate Crashes As Naira Sells At N363/$
Few hours after the Central Bank of Nigeria CBN announced the outcome of its Monetary Policy Committee (MPC) meeting, the exchange rate crashed at the parallel market as the Naira further appreciated against the dollar.
The Nigerian currency gained two points to trade at N363 to the dollar on Tuesday at the parallel market in Lagos, stronger than N365 posted on Monday.
The Pound Sterling and the Euro closed at N475 and N420 respectively at the parallel market.
At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N477 and N419, respectively.
Trading at the investors’ window saw the Naira closing at N369.50, while it also closed at N305.75 at the interbank market.
Traders at the market attributed the further appreciation of the Naira to the outcome of the MPC meeting of the CBN.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the mop up of liquidity by the CBN was already impacting the exchange rate positively.
Gwadabe told newsmen that the commitments of the apex bank in driving its liquidity mop up in the economy had sent panic to the camps of currency speculators.
According to him, critical stakeholders in the financial market are, by the feat of the apex bank, witnessing a convergence in the prevailing rates between the parallel market and the BDCs.
Our source gathered that the MPC rose from its meeting retaining the Monetary Policy Ratio (MPR) at 14 per cent alongside other monetary policy parameters.
The CBN pledged to intensify its intervention at the nation’s foreign exchange market until the Naira attained full recovery.
The apex bank added that it would continue its liquidity mop up in the overall interest of the economy.
Business
CFAO Hits Nigerian Automobile Market With New Land Cruiser Prado
CFAO has added to its fleet of cars in the motoring industry with the recent launch of the 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of others for the Nigeria market.
Unveiling the product in Port Harcourt on Tuesday, the General Manager, CFAO Mobility, Port Harcourt, Julius Fasetire, said the model is exceptional tailored for Nigeria’s market.
According to him, the unveiling was an exclusive opportunity for Nigerians to explore the latest in automotive excellence, discover new vehicle options , and benefit from Toyota by CFAO’s end of year bonus.
He further explained that CFAO is an authorised distributor of Toyota vehicles in Nigeria, committed to providing high quality vehicles and services to meet the needs of customers across the country.
“With an extensive network of service centres, Toyota by CFAO offers top-notch sales, service and support to ensure a seamless ownership experience”, he declared.
By: Nkpemenyie Mcdominic, Lagos
Business
Marketers Threaten Boycott Of PH Refinery
There are indications that oil marketers may boycot patronising the newly opened Port Harcourt Refinery Company (PHRC), which commmenced crude oil production last Tuesday.
This follows their request that PHRC, under the management of the Nigerian National Petroleum Company Limited (NNPCL), must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery.
Meanwhile, contrary to NNPCL’s claims, while reactiing to claims that its petrol price was about N1,045/litre, said the refinery had not released its prices, as products from the plant were currently dispensed to only NNPCL stations.
NNPCL’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing its prices and had yet to commence bulk sales, saying that its purchasing portal is still closed.
In the midst of this, The Tide’s source also gathered that oil marketers imported 105.67 million litres of petrol into the country five days ago.
The marketers confirmed that NNPC was selling petrol at N1,045/litre, saying that they may be compelled to opt for petrol importation as a means of meeting local demands.
The source exclusively gathered that a total sum of 78,800 metric tonnes representing 105.67 million litres of petrol was imported into the country in the last five days, specifically identified November 23 and November 28.
The NNPC said the 60,000-capacity newly rehabilitated complex of the old Port Harcourt Refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.
The company added that NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.
There’s also a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.
It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.
However, claims that the national oil firm’s PMS price was higher than that of Dangote triggered diverse reactions from marketers.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated that though NNPC had yet to release any price for the products from the refurbished Port Harcourt refinery, a high price would discourage marketers, because Dangote currently sells his petrol at N970/litre, while imported petrol is around that price.
He, however, noted that there was the possibility that the NNPC would review its prices downward when the Port Harcourt refinery comes fully on stream.
Business
NCDMB, ICPC Set To Mark Anti-Corruption Day
Following its unequivocal and successive ranking as Nigeria’s top performing organisation in efficiency and transparency from 2022-date, the Nigerian Content Development and Monitoring Board (NCDMB) has unveiled plans to mark the 2024 World Anti-corruption Day on Thursday, 5th December at its headquarters, the Nigerian Content Tower, Yenagoa, Bayelsa State.
The theme of this year’s celebration, according to a statement from the Board’s Department of Corporate Communications is “Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight against Corruption”.
The statement added that the celebration at the NCDMB is organised by the agency’s Anti-Corruption Unit (ACTU) led by the Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu.
The event, according to the Board, will be marked with a workshop that will feature paper presentations by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and key officials of the Board.
Another highlight of the day will include the grand finale of the debate competition among six federal government colleges from the six zones of the country, plus a representative from Bayelsa State, which is selected automatically as the host state of NCDMB.
The selected schools are Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State; Federal Government College, Warri, Delta State; and Federal Government Girls College, Kazaure, Jigawa State.
Others are, Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
Two students, accompanied by an adult from each of the schools will be camped in Yenagoa, the Bayelsa State capital, by the NCDMB for four days during which preliminary debates will be held to determine the best two teams.
The debate, whose grand finale is to be held at the magnificent 17-storey Nigerian Content Tower (NCT), Yenagoa, is being organised to instill the ethics of transparency and public interest in Nigerian students to promote critical thinking, research, and public speaking skills among that segment of the population.
This segment, according to the Board, are generally viewed as potential future leaders of thought and industry in the country, and encourage students to engage with complex issues that underline good governance and democracy in Nigeria, just as prizes will also be awarded to winners.
By: Ariwera Ibibo-Howells, Yenagoa
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