Nigeria’s black market naira nears central bank rate for consumers -traders – Reuters

LAGOS, March 24 (Reuters) – Nigeria’s naira firmed to 390 per dollar on the black market on Friday, up 2.6 percent from its previous session and near the central bank’s rate for consumers, traders said.

The central bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to 375.

On the official interbank market, the currency was quoted at 307 on Friday. February’s partial devaluation effectively created multiple exchange rates in Africa’s biggest economy. (Reporting by Chijioke Ohuocha, editing by Larry King)

 

Naira: Senator commends CBN over bullish intervention – The Nation

CBN

A member of the National Assembly, Sen. Hope Uzodinma, has commended the Central Bank of Nigeria (CBN) for its effort at strengthening the Naira against the dollar.

Uzodinma, who represents Imo West Senatorial District, told the News Agency of Nigeria (NAN) in Abuja that the recent appreciation of the naira was commendable and should be sustained to put the economy back on track.

He called on relevant stakeholders, including government agencies, to support the CBN in taking further measures that would check the exchange rate.

“The Central Bank of Nigeria must be supported in its efforts at bringing down the foreign exchange rate and make Naira stronger.

“If trade facilitation is to be realised, if business will blossom in Nigeria, we need a strong currency and the key to any strong economy is predominantly based on the value and concept of the exchange rate.

“So, if our local currency is strong, if our purchasing power is strong, it means that our economy will be strong.

“The only way this can happen is to support the current effort of the Central Bank of Nigeria to encourage them to ensure that the exchange rate for US dollar to a naira will come up.

“Government has a responsibility to support our policy managers and economic managers in their various policies.

“Whatever has made the exchange rate as at today to be better than few weeks back, we have a responsibility and a duty as a matter of fact to support it,’’ he said.

Uzodinma, who is the Chairman, Senate Committee on Customs, Excise and Tariff, urged the CBN to ensure that commercial banks complied with foreign exchange guidelines, particularly on import and export.

“The guidelines as produced by the CBN are very straight and strict.

“But, what has happened over the years, why is the government revenue missing, is it because of poor monitoring?

“If the commercial banks, the importers and exporters are made to comply with the foreign exchange rate, the comprehensive import supervision scheme will be able to produce the expected result,’’ he said.

Arik resumes operations after settling row with labour unions – The Cable

The management of Arik Air says it has resolved the impasse with labour unions, which affected it operations on Thursday.

The airline said the impasse, which was led by the Lagos State branch of National Union of Air Transport Employees (NUATE),  Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and  National Association of Aircraft Pilot and Engineers (NAAPE) was resolved in a meeting mediated by the Nigerian Civil Aviation Authority (NCAA) this evening.

In a statement released on Thursday night, Arik Air announced the normalization of operations with effect from “tomorrow, Friday morning on all routes”.

The management equally apologise to its customer for the disruption of services today following the picketing of its operations by the unions.

“We sincerely apologise to our customers for the disruption of our operations today caused by the picketing of our services,” Roy Ilegbodu, chief executive officer of Arik Air, said.

“We have resolved the issue with the unions and wish to inform the traveling public that our services will resume tomorrow morning.

“We reassure our customers of on time departure and great travel experience and look forward to welcoming them onboard our flights.”

Meanwhile the airline has reactivated its online platform for customers to book and pay online through all its network. The airline’s on time departure performance has improved to over 80% over the last three weeks.