A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Akinola Ajibade
The Central Bank of Nigeria (CBN) has advised against succumbing to the speculative activities of some players in the foreign exchange market, as naira continues its downward trend against the dollar.
Currently, Naira to dollar hits N710, a development, which was attributed to rising demand for goods and services by Nigerians.
The apex bank gave this advice, yesterday,in Abuja, while explaining the reason behind the sudden rise in the value of United States' currency Nigerian currency in Abuja.
According to CBN's Director, Corporate Communications, Mr. Osita Nwanisobi, the apex banking regulatory body is comitted to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.
He said that bank was the international value of naira, claiming that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those paying tuition, medical fees amomg others.
He said anisobi said the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.e
He noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country. According to him, the Bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as at June 2022. Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year.
Continuing, he said interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, Stimulating production and reducing foreign exchange demand pressure.
Nwanisobi therefore said that the Bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the naira, which he observed is fuelled by speculative tendencies.
He urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.
He submitted that Monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange and admonished that: “It’s our collective duty as Nigerians to shore up the value of the Naira.
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