Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Favour Ifeoluwa & Akinola Ajibade
The Central Bank of Nigeria (CBN) has accused dealers of providing misleading information on transactions concluded in the financial market..
According to CBN, unauthorized dealers are the bane of the problems in the market, as shown by findings carried out recently.
It said that ongoing investigations have revealed instances of underreporting transaction rates and the practice of “second checks” on foreign exchange and fixed-income transactions.
In a circular to all market dealers,the apex banking body said it had allowed financial market transactions to be conducted on a “willing buyer willing seller” basis, where prices are expected to be quoted and displayed transparently. However, many players in the market are reportedly flouting this order, causing distortions in the market.
“The attention of the CBN has been drawn to the practice of Authorised Dealers (and their customers) in reporting inaccurate and misleading information on transactions concluded in the financial market,” said Aliyu Ashiru, acting director of the financial markets department at the CBN, in a circular issued to all market dealers on Monday.
“This behaviour is not compliant with the ethical standards associated with a sound financial market. Deliberate attempts to create price distortions by reporting false transaction details amount to market manipulation, which will not be tolerated and will henceforth face sanctions,” Ashiru added.
The monetary authorities are employing various means to ensure the unification of the exchange rate.
On Monday, the CBN announced it had released $500 million to various sectors. This came barely a week after the bank paid approximately $2.0 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.
Comments
Post a Comment