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Price Crude Oil In Naira To Strengthen Currency, Expert Advises FG
A financial expert, Mr Okechukwu Unegbu, has advised the Federal Government to consider pricing the country’s crude oil, in Naira in order to strengthen the local currency.
Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the newsmen in Abuja.
According to him, the country’s crude oil, bonny light, is of the highest quality and most sought after in the international market.
He said that the government could afford to ignore OPEC regulations and start pricing its crude oil independently in Naira, adding that it would not reduce patronage.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain.
“Nigeria should do something about pricing its oil in Naira. We should leave the regulations of the Organisation of Petroleum Exporting Countries (OPEC), and price our oil independently,” he said.
Unegbu also advised the government to ignore most economic prescriptions by the Bretton Woods institutions and produce indigenous solutions to the nation’s economic challenges.
Also, an economist and a past president of Abuja Chamber of Commerce and Industry, Dr Chijioke Ekechukwu, said that the Naira could be strengthened if the country could earn substantial foreign exchange revenue on a daily basis.
Ekechukwu urged the Federal Government to use every possible avenue to increase the country’s export base to earn more forex.
He advised the government to ensure that the country’s crude oil sales met OPEC quota of 1.8 million barrels per day.
He said that the government should ensure that the revenue from crude oil sales came in on a daily basis through the Central Bank of Nigeria (CBN).
“If we sell our exports on a daily basis, we must get the revenue on a daily basis.
“The revenue must come through the CBN, and the apex bank must receive and distribute such revenue almost immediately.
“But if we have inflow coming in as revenue and the CBN is not seeing it, the NNPC is selling but we do not know where the money is going to, there will be shortage of forex.
“We need a situation where we earn forex on a daily basis, and we have excess of it in the market for both the banks and the Bureaux De Change.
“Until we have such a situation and we are able to meet all the demands of importers, the exchange rates will not come down in a hurry,” he said.
According to him, the Federal Government should also initiate a deliberate policy of total curtailing of importation so that what we cannot source locally should not be consumed.
He said that such a step would drastically reduce the demand for the dollar and other foreign currencies.
“It is either there will be a deliberate policy of total curtailing of importation so that whatever we cannot source locally we do not need, so that the demand for foreign exchange will drop, “ he said.
The expert said that the idea of unifying the dual exchange rates and floating the Naira as done by President Bola Tinubu, without a strong export base, had been counter-productive.
He urged the Federal Government to revisit the policy decision.
“Floating the Naira when your balance of trade is heavy on the negative side was ill-advised.
“We were not prepared with enough in our foreign exchange reserves. We did not have enough revenue in foreign exchange to float the Naira.
“If possible, the policy should be reversed so that we can go back to moderating the foreign exchange market, “ he said.
Ekechukwu also advised that payments of fees to foreign universities should be curtailed.
“There should be a deliberate policy to reduce payments to foreign universities, “ he said.
According to a renowned economist, Prof. Ken Ife, if inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation’’ of the economy.
Ike said that the importation section required four billion dollars monthly to import goods and services into the country.
“But because we have excess liquidity in the system, speculators are simply keeping the dollar as a store of value. Excess liquidity is a major challenge to the Nigerian economy.
“People with so much Naira go looking for dollars. They are now betting on the Naira, and the forward bet on the Naira is that it will continue to go down.
“Everybody keeps holding the dollar and using the dollar to trade with the expectation that the Naira will continue to fall.
“If the expectation is that the Naira will appreciate, people will quickly sell their dollars,’’ he said.
The Tide reports that the Naira experienced a free fall after Tinubu unified the dual exchange rates and floated the currency in 2023.
The policy, coupled with the prevailing dollar illiquidity had seen the Naira exchanging for as high as N1,900 to the dollar in February.
However, the currency started gradual appreciation in March, peaking at N1, 100 to the dollar at the parallel market in early April.
This was as a result of the monetary policy tightening by the CBN, and attempt to improve dollar liquidity by selling some treasury bills to foreign portfolio investors,
The Naira, again, started losing steam and becoming weak towards the end of April, and now exchanges at N1,400 to the dollar.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.