Business

‘We’re Working To Settle Nigeria, UAE Flight Row’ – Speaker

Published

3 years ago

December 14, 2021

Speaker of House of Representatives, Hon Femi Gbajabiamila, on Tuesday, held a meeting with the Ministers of Aviation, Senator Hadi Sirika, Foreign Affairs, Chief Onyema Ugochukwu and his junior over the flight ban between the United Arab Emirates (UAE) and Nigeria.

The meeting which was at the instance of the Speaker lasted for three hours behind close doors at the National Assembly complex in Abuja.

The meeting, the Speaker later told journalists was to find solution to the impasse between Nigeria and the United Arab Emirate which noted was robustly discussed.

He described the diplomatic relationship between Nigeria and the United Arab Emirate as crucial that should not be allowed to collapse.

“The United Arab Emirates has a long standing relationship between Nigeria and it should not be allowed to collapse as both countries stands to benefit much more economically.”

Also present at the meeting were representatives of Emirates Airline, the Chairman/CEO of Air Peace, Allen Onyema, and heads of agencies in the aviation sector.

The Speaker explained that steps taken to address the issues and that “in the next couple of days, this matter will be sealed, I believe. We’re engaged in parliamentary diplomacy. That’s what we’re doing.

“We’re not going to allow this to mar the giant strides made between the two countries.”

The Speaker noted that the UAE Government had already written Air Peace to allow the airline to operate seven slots of flights.

He commended the two ministers for their efforts in resolving the issues even as he appreciated Nigerians for their sacrifices and for standing by the Nigerian Government on the face-off.

On his part, the Minister of Foreign Affairs, Geoffrey Onyema, said the meeting under Gbajabiamila’s leadership was a fruitful one, noting that the action pointed to the relevance of Executive-Legislative engagements.

He said they were hopeful that all the issues would be resolved in no distant future.

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

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.

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

2 weeks ago

May 22, 2025

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.

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

3 weeks ago

May 17, 2025

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.

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.

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.