|
External Reserves
External reserves fall $1.65bn in six months "" Punch
Nigeria's foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria tried to unify the country's foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters' Window of the foreign exchange market to ensure the free float of the national currency against the dollar and other global currencies. In a circular, the bank said, ...The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. ...All segments are now collapsed into the Investors and Exporters window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks. Re-introduction of the "˜Willing Buyer.. Read more https://punchng.com/devaluation-external-reserves-fall-1-65bn-in-six-months/
Naira Scarcity
PoS operators return to cash buying as scarcity hits banks "" Business Day
Point of Sale (PoS) operators have returned to buying cash from traders and petrol station attendants as banks suffer from a shortage of naira cash. A PoS operator in Ajah, Lagos, told BusinessDay that ...there is no cash in the bank. We are back to buying cash from traders." Consequently, some operators have increased their transaction charges by 100 percent from N100 to N200 for cash of N5,000. Nigerian banks are struggling to pay customers who want to withdraw their money due to a cash shortage in the banking system. Some banks in Lagos, especially those in Surulere, Mushin, Kirikiri, Mazamaza and Ejigbo, among other areas, were seen rationing naira cash to customers. ...It's just a bit scarce, people are hoarding the cash, and CBN isn't releasing cash either. So we have to.. Read more https://businessday.ng/news/article/pos-operators-return-to-cash-buying-as-cash-scarcity-hits-banks/
Minimum Wage
NLC seeks new national minimum wage commensurate with cost of living "" The Sun
Nigeria Labour Congress (NLC) has said negotiation of a new national minimum wage in 2024 would be based on the prevailing cost of living in the country. Its President, Joe Ajaero, said this at the ongoing 19th edition of the NLC 2023 Harmattan School, organised by the Congress, yesterday, in Abuja. The theme of the event is ...Building workers' skills for policy eEngagement." The harmattan school is part of the NLC national schools where it trains and empowers members of its affiliated unions through skills development. Ajaero, represented by Benjamin Anthony, his deputy, said it was necessary for governments, at all levels, to recognise that life and living conditions are exceedingly difficult. ...The removal of subsidies on petroleum products has further worsened the challenges faced by working people. ...That is unleashing severe pain and contributing to galloping inflation and increasing.. Read more https://sunnewsonline.com/nlc-seeks-new-national-minimum-wage-commensurate-with-cost-of-living/
Crude Refining
NCDMB Proposes 3 New Modular Refineries In 2024 "" Leadership
The Nigeria Content Development and Monitoring Board (NCDMB) has revealed that three more Modular refineries will start operation in the country by 2024. The executive secretary of the board, Engr. Simbi Wabote, stated this on Tuesday during the opening ceremony of the 12th edition of practical Nigerian Content Forum held at the Nigeria Content Tower in Yenagoa, the Bayelsa State capital. With the theme, "˜Deepening Nigerian Content Amidst Divestment, Domestication and Decarbonisation', Wabote noted that the board had already partnered with a local refinery known as Waltersmith to establish a 5,000bpd modular refinery in Ibigwe, Imo State. He also disclosed that one modular refinery has already started production, adding that the refinery has produced and sold over 170 million litres or about 3,000 trucks of petroleum products this year alone which would.. Read more https://leadership.ng/ncdmb-proposes-3-new-modular-refineries-in-2024/
Maritime Sector
Senate summons NPA over $1.85bn, N1.87bn debt"" Business Day
The Senate has summoned the Nigerian Ports Authority (NPA) to explain the funds owed to the federal government by terminal operators totalling $1.85 billion and N1.87 billion. On Tuesday, Ahmed Wadada, the Chairman of the Senate Public Accounts Committee, issued a stern ultimatum, demanding the NPA's management to appear before the committee within 48 hours or face legal repercussions. Wadada expressed disappointment in the NPA's failure to respond to queries stemming from the 2019 audit report by the Auditor-General for the Federation, which highlighted the indebtedness of terminal operators. ...The NPA is found wanting on the Auditor-General for the Federation's annual report and the end-of-status inquiry. There are issues surrounding Lagos channel management.. Read more https://businessday.ng/news/article/senate-summons-npa-over-1-85bn-n1-87bn-debt/ | 
