Economy
Stop Rejecting Old Naira Notes, NURTW Tells Members
The National Union of Road Transport Workers (NURTW), has directed its members to continue to receive the old naira notes, till deadline of the Federal Government’s extension of the new currency swap policy on Feb. 10.
The Union’s President, Prof. Tajudeen Baruwa, gave the directive on Monday when the Director-General, National Orientation Agency (NOA), Dr Garba Abari, paid him a courtesy visit in his office in Abuja.
Newsmen report that the newly redesigned naira notes which are being swapped with old notes includes the N200, N500 and N1000 denominations.
Baruwa urged his members to give relevant government’s agencies the opportunity to implement the monetary policy.
He said that he had discussed the issue of rejection of old naira notes with the NOA boss for proper sensitisation.
“We have discussed with the Director-General of NOA that most people are rejecting the old naira notes in spite of the deadline extension and he promised to do something about it.
“I think we should give him a benefit of doubt; I am hopeful before Feb. 10, they will do something and I know with such intervention, the public will not reject the old notes again.
“We on our part, are going to support NOA to sensitise our members on the government’s policy as regard new naira notes.
“We are having the National Executive Council Meeting tomorrow. We will use the opportunity to enlighten our NEC members on the policy.
“And we will ensure that handbills and flyers are given to our state executives to take the message to the grassroots,” he said.
Baruwa described the visit of the NOA boss as very important, adding that, “the people have been calling the union’s leadership to assist them because they believe it has a role to play in the implementation of the banknotes swap policy.
“I have acquired lot of experiences through this visit. We will share the posters they gave us to every nook and cranny of the state.
“Then on our own, we will embark on jingle to enlighten commercial drivers and the public in general,” he said.
Earlier, Abari said the visit was to collaborate with the union on the government’s currency redesigned policy in order to take the message to the grassroots and give a feedback.
According to him, this is what we are going to send back to relevant agencies saddled with the responsibility of implementing the monetary policy in the country.
“We are also embarking on community sensitisation to address issues of fake new bank notes.
“There is need for Nigerians to look out for specific security features on the new notes such as the coat of arm when you raise the note to view it, security ink and mark on the notes.
“These are the signs and this is the reason why NURTW needs to come in,” the NOA boss said. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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