Business
Kano Govt Stops Buhari Visit Over New Naira Note Crisis
Published
2 years agoon
By
Editor
Kano State Governor, Abdullahi Umar Ganduje has revealed that the State wrote to the Presidency that the visit of President Muhammadu Buhari to commission some projects be postponed.
He made this known during his interactive session with scholars, legislators, political leaders and business community in the State at the Government House, Kano, on Friday.
He noted that the decision was taken to avoid any unforeseen circumstance.
“As we are waiting for this important visit, we found ourselves in this situation, which puts citizens into untold hardship. For security purposes, we wrote to the Presidency that President Muhammadu Buhari’s visit to Kano be postponed.
READ ALSO: New Naira Notes: Panic, Confusion As Nigerians Count Down To Deadline
“We got an acknowledgement copy of the letter. People are really suffering because of this policy,” the governor said, referring to the crisis over the new naira note.
During the meeting with sections of citizens in the State, they accepted that the decision was a unanimous one.
Two serving Senators from the ruling All Progressives Congress (APC), Kabiru Ibrahim Gaya and Barau Jibrin, members of the House of Representatives and thirty legislators from the State House of Assembly were amongst the groups that put their weight behind the governor.
He lamented that, “There are no banks in most of our rural communities. How these people get new Naira notes is of great concern. Just look at what is happening in our urban areas, people go and spend hours upon hours in banks. And without any assurances of getting the new notes.”
Even at the Point of Sales (POS) according to the governor, one cannot transact with ease, hinting that many of them closed shops due to uncertainty, according to DAILY POST.
He emphasised that Kano being a commercial hub must be heard loudly, insisting that, “This problem affects all of us. Therefore, our voice must be heard in all nooks and crannies. We are a commercial hub. As such, our position must be loud and clear.”
READ ALSO: Banks Hoarding New Naira Notes For Next Month’s Elections – Shehu Sani
Governor Ganduje revealed further that under one platform, Nigerian governors, without consideration to party affiliation, sent delegates to President Buhari complaining about the hardship caused by the new development.
“Governors from all the political parties put heads together and sent delegates, but to no avail. So also traditional rulers followed the same path. But up till now, there is nothing in that respect,” disclosed.
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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
3 weeks agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
4 weeks agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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