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What will sustain naira’s appreciation, Cardoso explains

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The governor of the Central Bank of Nigeria, Olayemi Cardoso, says continued liquidity in the foreign exchange market will sustain naira’s appreciation. Cardoso disclosed this on Wednesday during the ongoing International Monetary Fund/World Bank Spring Meetings held in Washington, D.C., United States. He explained that Nigeria’s FX market has sufficient liquidity, between $600 million and $1 billion.

Cardoso noted that the apex bank would continue encouraging a willing-buyer and willing-seller price discovery system in the country’s FX market.

According to him: “What we are encouraging is for the market to be a willing-buyer and willing-seller price discovery system, and ultimately, I perceive a future where the Central Bank would not intervene except in very unusual circumstances.

“What is important to us is sufficient liquidity in the market. We recorded trading of $1 billion; sometimes, it is $600 million or $700 million, as the case may be and will continue. So, as long as we have a vibrant currency market, why must we intervene? There has been little amount given to the Bureau de Change to get that segment going, and a small amount of money has gone into that to catalyse it because individuals must have access to funds for school fees, health, and the rest.”

Cardoso said a $600 million inflow came into the country’s foreign exchange reserves earlier.

Naira recorded a significant N75 gain against the dollar at the foreign exchange market on Wednesday.

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Electricity: NLC, TUC condemn higher tariff for non-existent electricity

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The  Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC),  have appealed to the  Nigerian Electricity Regulatory Commission (NERC) and Power Sector operators,  to reverse the  increase in electricity tariff within  one week.
President of  the  unions, Mr Joe Ajaero and Mr Fetus Osifo made the call on Wednesday in a joint speeche to  mark the  2024 Workers’ Day in Abuja.
The duo expressed dissatisfaction over epileptic power situation in the country which is affecting  economic growth of the country.
According to them, it’s imperative that any nation incapable of effectively and efficiently managing its energy resources, faces certain ruin.
“One of the pivotal factors constraining our nation is our glaring incompetence in managing this sector for the collective welfare of our citizens.
“Power, regardless of its source, remains paramount in Kickstarting any economy, while oil and gas are indispensable for robust energy success in every country. “
They said it was absolutely critical for the government to collaborate with the people to establish frameworks that ensure energy works for all Nigerian.
According to the duo, the plight of the power sector remains unchanged over a decade after privatisation of the sector.
“The reasons are glaringly evident. As long as those who sold the companies remain the buyers, Nigerians will continue to face formidable challenges in the power sector.
” It is unethical to force Nigerians to pay higher tariff for non-existent electricity.
“Estimated billing is an extortion and a day light robbery against Nigerians, ” the duo said. ”
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Fuel queues will fizzle out soon – Reps

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The House of Representatives, has reassured that the long queues at filling stations in the country, will soon fizzle out soon.

Rep. Ikenga Ugochinyere, Chairman, Petroleum Downstream said this at a joint news conference in Abuja on Wednesday.

“We hereby express our concerns over the temporary presence of fuel queues in petrol stations across the country.

“However, we are convinced that this is temporary based on our investigation, and in a couple of days, we shall get over it,” he said.
Flanked by Rep. Henry Okojie, the Chairman, Petroleum Midstream, Ugochinyere said that investigations had revealed that the scarcity was artificial.
“We have discovered that there is availability of petrol products. We have it on good authority that we have in our storage facilities at least, about 1.5 billion liters of petrol,” he said.

He said that 1.5 billion liters can last for 30 days.

“We have gotten assurances from the regulators in the distribution value chain that these bottlenecks have been cleared. In the course of this public holiday, more grounds will be covered.

“From our findings, the issues that necessitated the disruptions that led to the appearance of fuel queues in petrol stations have been cleared.

They said that it would take a few more days for things to return to normalcy, while calling on Nigerians not to panic over this development.

“We have gotten assurances from the regulators and the unions that these challenges will be cleared in a few days,” he said.
Ugochinyere added: “It will require more time, like two to three days, for products to be distributed to all stations nationwide.

“As a committee that is charged with downstream and midstream oversight, we have been monitoring this development.”

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Some Borno pensioners still earn N4,000 monthly – NLC

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The Nigeria Labour Congress (NLC), Borno State chapter, has said that some retirees in the state were still being paid N4,000 monthly as pension.

The NLC Chairman, Mr Yusuf Inuwa, said this in an address to mark the 2024 May Day celebration, on Wednesday in Maiduguri.

He advocated for upward review of the pension to improve the social and economic wellbeing of retirees.

“Your Excellency, we wish to table before you that as at this moment there are some pensioners who are still receiving N4,000 as pension per month which is grossly inadequate.

“We, therefore, pray for His Excellency intervention for upward review of the monthly pension”, Inuwa pleaded.

He also called for the implementation of the national minimum wage, payment of outstanding leave and transport grants to local government employees in the state.

The NLC chairman, who noted the commitment of the workers towards the transformation agenda of the state government, lauded the Babagana Zulum’s administration for the feat achieved in the area of workers’ welfare.

He listed some of the achievements to include implementation of promotion benefits to workers in the mainstream, payment of gratuities to families of deceased workers, and provision of subsidised buses for workers and members of the public.

Also, the State Chairman of the Trade Union Congress (TUC), Mr Babayo Hamma, urged the state government to adopt the minimum wage aporoved by the Federal Government.

The state deputy governor, Alhaji Umar Kadafur, lauded the harmonious relationship between labour and the state government.

Kadafur who listed some of the training opportunities provided for the workers including the N2 billion free interest facility, reiterated government to the welfare and training of workers.

Also, Prof. Ibrahim Umara of Political Science Department, University of Maiduguri, who highlighted the theme of this year’s May Day, “The People First”, called for proactive active measures to address energy crisis in the country.

He urged government to adopt siund policies that would enabled the Dangote Refinery,  to supply fuel at a subsidised rate to service local consumption.

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