Business

NLC Directs Officials To Monitor Banks Over Cash Scarcity

Published

2 months ago

March 28, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Emefiele

The Nigeria Labour Congress (NLC) has directed its officials across the country to go round and monitor cash dispensing situations at the commercial banks.

This is coming ahead of today’s National Executive Council, NEC meeting, leaders of orfficials of state councils of NLC and industrial union affiliates are to take pictorial evidence of the actual situations at the banks, “whether the banks are dispensing cash or not, and report same to the NLC headquarters.”

The monitoring which ends by 12.30 pm will enable the NEC meeting that will commence by 1:00 p.m.at the Labour House, Abuja, takes a final decision on tomorrow’s planned nationwide strike over the cash crunch in the country.

The National leadership of NLC gave the directive yesterday (Monday, March 27).

An official of NLC who spokelsaid, “Yes, the directive was given yesterday. Union leaders are to go around their areas to monitor commercial banks this Morning before 12.30pm and show pictorial evidence of the situation at the banks.

“Whether they are dispensing cash or not. The pictorial evidencesl are to be forwarded to Congress headquarters to be us assess the activities of Commercial banks before the NEC meeting by 1pm to enable us take a final decision on tomorrow’s planned industrial action.”

Related Topics:Cash Scarcity Featured NLC

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Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

5 days ago

June 1, 2023

NewTimes

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

6 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.