Business
Group Pulls Out Of Bakers’ Strike

Amidst the strike by the Premium Breadmakers Association of Nigeria over rising production costs of bread, the Supreme Bakers and Confectioners Association on Thursday said they would not partake in the action in the national interest.
The PBAN had in a statement by its President, Emmanuel Onuorah, announced plans to halt production with effect from Thursday.
According to him, bakery has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.
Onuorah said bakeries were running in losses and the situation was no longer sustainable.
But while acknowledging that the nation’s economy, just as those of other countries globally, was currently experiencing a slump, the SBCA said the development demanded belt-tightening for both corporate and private individuals.
READ ALSO: Bakers Halt Bread Production Thursday Over Skyrocketing Costs
The President of SBCA, Edmond Egbuji, said these in a statement titled, ‘Our stand On the bakery debacle in Nigeria’, obtained by The PUNCH in Abuja.
He said, “We the Supreme Bakers and Confectioners Association wish to make our position clear on the current state of affairs in the bakery industry in Nigeria.
“The nation’s economy, just as those of other countries globally, is currently experiencing a slump.
This calls for belt-tightening for both corporate and private individuals.
“It would be recalled that some bakers associations on July 13, 2022, embarked on two weeks warning strike claiming it was due to a hike in the prices of baking materials.
Assembly, decries harsh policies
“According to the statement, the group will embark on the strike if the Federal Government does not give the necessary attention to their demands.
“Baking of bread and other confectioneries like other private businesses are facing the same global economic challenges that are not necessarily peculiar to Nigeria.
“We are working together with the Federal Government and some of the manufacturers and importers of baking materials to see how to cushion the effects on our members and the public.
“Bread is one of the common foods for the common man so to forcefully withdraw it from him will be disastrous.
“We, therefore, recognise that taking up a confrontational stance against the industry’s regulatory bodies or the federal government is not the way to go about it at the moment.
“We would rather continue to engage them in dialogue to fashion out a workable solution that would bring succour to the millions of Nigerians that are going through hard times.
READ ALSO: Hunger Looms As Bakers Set To Shut Down Industry Nationwide
“Our resolve is not to worsen the plight of ordinary Nigerians by denying them access to bread, which is currently one of their staple foods.
“Our intention is not to embark on strike action but rather to sit at a roundtable and come to grips with how to ameliorate the present difficulty confronting us.
“It is the intention of Supreme Bakers and Confectioners Association to join hands with the government to achieve this. Nigerians deserve to have their burdens made lighter, not worse.”
Business
Naira Extends Appreciation Against US Dollar

The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.
The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.
Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.
READ ALSO:Naira Records Significant Appreciation Against US Dollar
Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.
The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.
Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.
Business
Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.
Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.
This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.
READ ALSO:Naira Records Significant Appreciation Against US Dollar
At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.
The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.
Business
NNPCL Reduces Fuel Price Again

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.
In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.
This means that the NNPCL filling stations cut their price by N20.
The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.
READ ALSO:Fuel Price Cut: NNPCL GCEO Ojulari Reveals Biggest Beneficiaries
An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.
However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.
DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.
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