Tag: Naira

  • NLC urges crude sales to Dangote in Naira

    NLC urges crude sales to Dangote in Naira

    The Nigeria Labour Congress (NLC) Lagos State chapter, has urged the Federal Government to prioritise selling crude oil to the Dangote Refinery in Naira.

    Lagos NLC Chairperson, Funmi Sesi, made the appeal during a Tuesday tour of Dangote Petroleum Refinery and Fertiliser Ltd. by Labour Writers Association of Nigeria (LAWAN) members and NLC officials.

    Sesi said compelling the refinery to import crude or buy locally in dollars undermined the promise of reduced fuel prices for Nigerians.

    “This country has crude oil in abundance. Why is Dangote still importing crude or paying in hard currency for locally produced crude?” she asked.

    “If the government truly wants to lower fuel prices and support local refining, it must sell crude oil to Dangote in Naira,” she added.

    According to her, sourcing crude locally in local currency would significantly reduce operational costs and lead to a sustainable drop in fuel prices.

    The union leader praised Dangote Ltd. for creating a transformative national asset that helps bridge Nigeria’s fuel supply gap, creates jobs, and boosts industrial capacity.

    She said the scale and strategic importance of Dangote Group’s investments were already delivering measurable benefits to Nigerians.

    “Today, we have seen the refinery, the fertiliser plant, and other investments in this axis. The size and impact are enormous and impressive,” she said.

    She described the projects as clear efforts to improve essential product availability, create jobs, and advance Nigeria’s industrialisation.

    Following the removal of petrol subsidies, Nigerians faced a sharp rise in Premium Motor Spirit (PMS) costs. She said Dangote’s refinery entry helped stabilise prices.

    Sesi noted that Dangote’s operations had significantly lowered PMS and other refined product prices, demonstrating private sector leadership in the industry.

    “With a 650,000-barrel daily capacity, this refinery can serve Nigeria and West Africa. We also saw large vessels exporting fertilisers to other countries,” she said.

    She praised Aliko Dangote for building a fully operational, world-class refinery that meets domestic and regional refined petroleum needs.

    Sesi also commended the production of Euro-5-compliant fuel with reduced sulphur content, aligning with global environmental standards and enhancing Nigeria’s market reputation.

    “This is the pride we want — a Nigerian company producing at global standards, changing the narrative, and boosting our global standing,” she said.

    She also lauded Dangote Fertiliser Company, which already exports to international markets, urging government support to improve food security and reduce imported agricultural inputs.

    Dangote Industries Vice President, Oil and Gas, Devakumar Edwin, said the refinery was addressing Nigeria’s dependence on imported refined products.

    He said it was setting a foundation for a sustainable, competitive refining industry that would benefit the national economy.

    Edwin revealed plans to deploy 4,000 Compressed Natural Gas (CNG)-powered trucks to distribute refined petroleum products nationwide.

    He said the CNG trucks would ensure domestic refining benefits and lower fuel prices are fully passed to Nigerian consumers.

    According to him, the CNG fleet would reduce logistics costs — a major contributor to pump prices.

    “The deployment of 4,000 CNG-powered trucks will help pass down domestic refining benefits and lower product prices to consumers,” he said.

    He clarified the aim was to improve distribution efficiency, not displace existing operators.

    Edwin added that CNG trucks are environmentally friendlier and cheaper to run, helping to make refined products more affordable nationwide.

    Let us unionise your workers – NLC tells Dangote Industries

    The Nigeria Labour Congress (NLC), Lagos State Chapter,  has urged Dangote Industries Ltd. to let its employees join workers’ unions to ensure protection of  their rights.

    The Chairperson, NLC, Lagos State Chapter, Mrs Funmi Sesi, made the appeal during a tour of Dangote Petroleum Refinery  and Dangote Fertiliser Plant by members of Labour Writers Association of Nigeria and officials of NLC, Lagos State Chapter,  on Tuesday.

    Sesi said that unionisation would  helped in organising workers and addressing their concerns, adding that it would help their employers to  improve operations.

    “On behalf of NLC President, Comrade Joe Ajaero, we want to say:  Dangote, please give us a chance to unionise your workers,” Sesi said.

    She also urged the company to employ more indigenes of its host communities.

    The labour leader said that labour law stipulated that 70 per cent of  workforce should be from an organisation’s catchment area, and 30 per cent could be expatriates.

    Responding, Mr Devakumar Edwin, the Vice President, Oil and Gas, Dangote Industries Ltd., said that the company was committed to training and employing members of  its host communities.

    Edwin said that the company had a well-established training centre at Obajana in Kogi.

    He added that the company planned to establish another training centre  in Lagos State.

    He said that the Dangote Group had become a nurturing ground for Nigerian engineers, scientists and technicians, many of whom had gone on to work as expatriates in various countries.

    Edwin assured the labour leader of the company’s commitment to human capital development, staff welfare and overall wellbeing of the economy.

    “We have to ensure that the host communities are happy; otherwise, we will not be able to work.

    “If  someone is interested in his business, his first focus will be to ensure that the host communities are happy,” he said.

    According to him, the company employed  22 per cent of its workforce from its host  communities, 50 per cent from the state, and the rest from other parts.

  • Naira loses against Dollar at official market

    Naira loses against Dollar at official market

    The Naira opened the trading week almost static on Monday, trading at N1,532.54 to the U.S. Dollar at the official market.

    According to data released from the official website of the Central Bank of Nigeria (CBN), Naira lost 20 kobo against the Dollar.

    This represents a 0.01 per cent loss when compared to the previous trading figure of N1,532.34 per dollar recorded at the close of trading on Friday.

  • Naira makes slight gain at official market

    Naira makes slight gain at official market

    The Naira closed the trading week bullish on Friday, trading at N1,532.34 to the U.S. dollar at the official market.

    According to data released on the Central Bank of Nigeria’s official website, Naira gained 77 kobo against the dollar.

    This represents a 0.05 per cent gain when compared to the trading figure of N1,533.11 per dollar recorded at the close of trading on Thursday.

    The local currency which recorded steady appreciation the previous week, also opened the new trading week on Monday, July 14, 2025 with an N11.37 gain against the dollar.

    However, Nigeria went into national mourning following the death of former President Muhammadu Buhari on Sunday, July 13, 2025 at a hospital in London at the age of 82.

    President Bola Tinubu declared seven days national mourning and a public holiday on Tuesday in honour of the late former President.

    Buhari was laid to rest on Tuesday in his hometown, Daura in Katsina State.

    After resumption from the public holiday on Wednesday, the Naira slumped recording a loss of N11.36.

    On Thursday the local currency further slumped losing N2.85 before making a slight recovery of 77 kobo on Friday.

  • Naira depreciates by 0.17% against Dollar

    Naira depreciates by 0.17% against Dollar

    The Naira on Friday experienced a slight depreciation at the official market, trading at N1,528.56 to a Dollar.

    Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

    This represents a 0.17 per cent loss when compared to N1,525.82 recorded on Thursday.

    The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

    On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

    The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN over its foreign exchange market reforms that supported price discovery and liquidity.

  • Naira gains N3.42 against Dollar as IMF hails CBN fx reforms

    Naira gains N3.42 against Dollar as IMF hails CBN fx reforms

    The Naira on Wednesday gained N3.42 against the dollar, trading N1526.15 at the official market amid commendation by the International Monetary Fund (IMF).

    Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira appreciated by 0.22 per cent.

    The local currency traded on Tuesday at N1,529.57 to a dollar.

    Meanwhile, the IMF in its 2025 Article IV Consultation report on Nigeria, has praised CBN on its reforms on foreign exchange (forex) market, which supported price discovery and liquidity.

    IMF said the reforms to the forex market and foreign exchange interventions (FXIs) had brought stability to the Naira.

    It explained CBN’s measures had curbed forex volatility and improved transparency and market integrity.

  • Naira gains N2.05k against Dollar at official market

    Naira gains N2.05k against Dollar at official market

    The Naira on Friday appreciated at the official market, trading at N1,547.36 to a dollar.

    Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira gained N2.05.

    This represents a 0.13 per cent gain when compared with Thursday when the local currency traded at N1,549.41 to a dollar.

    The Naira, which opened the week with a 0.3 per cent gain on Monday, when it traded at N1,544.62, closed the trading week stronger again on Friday.

    The Naira recorded slight depreciation by 0.04 per cent on Tuesday when it traded at N1,545.26 against the dollar.

    However, the local currency remained almost static on Wednesday and Thursday, trading at N1,549.20 and N1,549.41 respectively, representing a minute loss of 0.01 per cent.

  • Naira dips after sallah, democracy breaks

    Naira dips after sallah, democracy breaks

    The Naira ended the trading week on a bearish note Friday, closing at N1,549.35 to the U.S. Dollar at the official market.

    Data from the Central Bank of Nigeria’s website showed that the local currency lost N9.62k against the Dollar.

    This marks a 0.6 per cent loss compared to the N1,539.72 per Dollar recorded on Wednesday, June 11, before the Democracy Day break.

    The Naira, which had seen relative stability since December 2024, showed signs of fluctuation during this week’s trading session.

    The Sallah holiday began on Friday, June 6, and was extended to Monday, June 9.

    Following the holiday, the FX market opened on Tuesday and Wednesday before closing again for the June 12 Democracy Day holiday.

    On Tuesday, the Naira traded at N1,540.04, representing a 0.8 per cent gain from N1,553.11, the closing rate on Thursday, June 5.

  • NASS’ ‘Naira abuse’ street party – By Pius Mordi

    NASS’ ‘Naira abuse’ street party – By Pius Mordi

    I supported Olanipekun Olukoyede’s war against spraying of the Naira at parties and how it was trampled upon. It is abhorrent, disdainful and insulting to our collective psyche. Rightly, his Economic and Financial Crimes Commission (EFCC) moved against the practice.

    A number of people were invited for questioning over what he called the ‘Naira abuse’. Some were actually jailed while others opted for plea bargain. Apart from a few persons nabbed at burial ceremonies, a common denominator of the rest questioned is that they are all in the entertainment industry or ‘celebrities’ as they are called.

    From Cubana Chief Priest, AY, E-Money and a  Muhammad Kabir said to be a Kaduna-based content creator on Tik Tok, they all had a chat with the anti-graft agency. Their sin was ‘abuse of the Naira’ more popularly called ‘spraying’.

    The defining moment of EFCC’s crusade will come when Olukoyede decides on what to do with his invitation to High Chief Government Oweizide Ekpemupolo, ex-militant and major federal government contractor on securing pipelines in the Niger Delta. On account of a video on social media where Tompolo as the ex-militant is more popularly known was seen ‘sprayed’ while performing religious rites in his domain, the EFCC ‘invited’ him. It is the most daring move in Olukoyede’s campaign against ‘naira abuse’.

    But the abuse of the currency has a different interpretation by Nigerians from what fancies the EFCC. Recently, BudgIT, the civil society organisation, revealed that the National Assembly inserted 11,122 projects worth N6.93 trillion in the 2025 federal budget. That is not strange. What has caught the attention of Nigerians is that a total allocation of N393.29 billion was set aside for the installation of 1,477 streetlights by members of both the green and red chambers.

    That, to Nigerians, is the real abuse of the Naira. It is one huge street party where every federal lawmaker will be ‘sprayed’ N266 million for every street light installed across the country. It is one huge and endless street party. My problem with the Naira abuse party is not in the obscene amount set aside for each street light which, according to knowledgeable people on the project, can be executed with maximum N5 million.

    NASS members are used to such abuse of the Naira. My problem is with EFCC’s definition of ‘naira abuse’. To Olukoyede, the problem with the Naira is its ‘spraying’ by partying folks. The budget padding even when it is done with so much impunity and ignominy is nothing to worry about. It is when ordinary folks spray a few naira notes at social events.

    But I think I understand his dilemma. How can budget padding be proved or prosecuted? Yes, a standard street lamp may cost less than N5 million per unit.

    In the 1920s America, there was a certain Al Capone. Al Capone ruled a crime empire that controlled everything – gambling, prostitution, bootlegging, bribery, narcotics trafficking, robbery, “protection” rackets, and murder. And it seemed that law enforcement could not touch him. The FBI and other anti-crime agencies knew all the crimes associated with Al Capone, but could not get round to secure enough proof to get a conviction.

    He lived large, had friends in the Police and taunted the security agencies with his seeming invisibility. Until the Police decided to think outside the box. Al Capone had a lot of money and spent lavishly. But his tax returns were at odds with his lifestyle.

    When he was initially charged with under payment of tax, he jeered the Police with his famous proclamation that “tax evasion is a national pastime”. This was true then and moreso today. But unlike other tax evasion cases, the law wanted Al Capone to spend time. After his initial plea bargain was rejected by the judge, he got 11 years. And that was the beginning of the end for him.

    The real challenge is in proving that the ones to be installed may not even be worth more than the N266 million signed into law by the President. In this season of climate change, the lawmakers may have invented street lights that could solve the climate change challenge.

    I wonder how Olukoyede and his men sleep soundly with the feeling of accomplishment when ordinary pawns are the only ones that get jailed. Does the N266 million per street light budgeted by senators and members of the House of Representatives not constitute abuse of the Naira. It’s true no physical spraying of the currency is done out there, but what they set aside for themselves is one huge obscene street party. The amount to be ‘sprayed’ whenever a street light is put up is dirty and salacious.

    The fact that President Bola Tinubu expeditiously signed the 2025 budget with that expenditure embedded as part of the law on what should be spent gives the EFCC grand cover. If the Commander-in-Chief is cool with it, why should I be bothered to go after big fishes in the name of fighting naira abuse may have been how Olukoyede rationalised the brazen heist by the National Assembly.

    But if he wants Nigerians to be taken seriously with his campaign against ‘Naira abuse’, let’s see him make good his statement that nobody is above the law as he claimed when he justified his ‘invitation’ to Tompolo for questioning. The high chief is not known to venture out of his kingdom.

    I’m not sure how long the EFCC chief can wait for his ‘summon’ to be honoured. Maybe he will visit Tompolo. That will be quite interesting. Meanwhile, federal lawmakers will have their distinguished spraying party for installing 1,477 street lights!

  • Naira on steady appreciation, gains N12.34 against Dollar

    Naira on steady appreciation, gains N12.34 against Dollar

    The Naira further appreciated on Thursday, trading at N1,553.11 against the Dollar in the official foreign exchange market.

    Data from the Central Bank of Nigeria showed the Naira gained N12.35, representing a 0.79 per cent appreciation when compared to Wednesday’s trading at N1,565.46 per Dollar.

    The Naira has been on a steady appreciation, trading at N1,579.27 on Tuesday and N1,581.58 against the Dollar on Monday.

    The Naira, which also closed the previous week bullish, opened the new week with a gain of N4.56.

    These steady gains were recorded even as the recapitalisation for Bureau De Change Operators (BDCs) began on June 3.

  • Naira holds steady at N1,586.15 against Dollar

    Naira holds steady at N1,586.15 against Dollar

    The Naira remained unchanged on Friday, closing the week at ₦1,586.15 to the Dollar at the official foreign exchange market.

    It traded at the same rate on Thursday, having gained ₦4.59 against the Dollar earlier in the day.

    Data from the Central Bank of Nigeria showed the Naira appreciated on Monday and Tuesday, trading at ₦1,583.73 and ₦1,579.40.

    However, the local currency slightly depreciated on Wednesday, trading at ₦1,590.74 against the Dollar.

    Since December 2024, the Naira has maintained relative stability due to Central Bank reforms and government fiscal support measures.

    These developments have been viewed as signs of growing investor confidence and improved foreign exchange liquidity.

    Analysts continue to commend the Tinubu administration’s bold reforms in the foreign exchange sector.

    They note that market liberalisation, rate unification, and greater transparency have strengthened the FX framework.

    President Bola Tinubu, in his second anniversary address on Thursday, highlighted the reforms’ positive impact on the currency market.

    “While FX revaluation raised our debt-to-GDP ratio to 53 per cent, debt service-to-revenue fell from 100 to under 40 per cent.

    “We cleared IMF debts and increased external reserves from $4 billion in 2023 to over $23 billion by end-2024,” he said.