Protesters in Benin the capital city of Edo state have threatened to picket fuel stations selling above the government approved pump price in the state.
They also called for the setting up of pump price control committee in the state.
Civil Society groups and residents in Benin city made their position known during a protest against the continued Fuel price hike in the state.
Long queues have become a norm as motorists struggle not only to get premium motor spirit known as petrol but also to pay for it at exorbitant rates.
The product which is officially pegged between 180 and 190 naira is now being sold as much as 600 naira.
Angered by this, residents of Benin City took to the streets in protest, threatening to picket any fuel station that sells above the regulated pump price.
The protesters barricaded major roads thereby causing traffic gridlock in Benin city.
They marched along different streets to the government house where the Chief of Staff to the Governor addressed them.
They are asking the state government to set up a Price control committee to check the prices of petrol and other essential commodities.
There were heavy security presence around the Oba Ovoramen square as the protesters moved to the State House of Assembly to meet with the speaker.
CBN PROMISES TO WORK WITH PoS OPERATORS TO SMOOTHEN CURRENCY SWAP PROCESS
The Central Bank of Nigeria says it will work with POS agents to ensure a smooth transition from the old to the new naira notes.
The apex bank launched this intervention in Port Harcourt in response to the difficulty being experienced by bank customers since the first cash
swap deadline was announced.
Banking halls began to witness large crowd of customers who were trying to exchange the old naira notes for the new one, before the CBN’s first
deadline- January 31st.
As circulation and acceptance of the old notes dropped, people in need of money had no other choice than to turn to the ATMs.
Whether it’s a cash swap or a withdrawal, the commercial banks have been unable to handle the high demand for the new naira notes.
That’s why the CBN is bringing in POS agents to ease the pressure on the banking system and make the process easier for customers.
The POS agents are allowed a weekly maximum withdrawal limit of 500,000 naira.
Those engaged for this purpose can only give out a maximum of 10,000 naira to one customer.
Customers are also restricted to a 20,000-naira maximum withdrawal from the ATMs.
This means that the commercial banks still have much work to do even though their performance so far still leaves much to be desired.
The CBN says the direct cash swap service will visit all 23 local government areas of Rivers State until the last day of the new deadline.
FG ENDS SOLID MINERALS FAIR, CHARGES OPERATORS ON SYNERGY WITH GOVERNMENT
Nigeria has ended its first ever Solid Minerals Resources Trade Fair and Seminar with a call for synergy between the government and the Organised private sector to maximise gains.
The three-day seminar also charged the organised private sector to add value to solid minerals before export.
The Nigeria-Israeli Chamber of Commerce, Industry and Agriculture hosts the first ever solid Minerals resources trade Fair tagged MINEXPO 2023.
In focus is the Role of the Organised Private sector in achieving sustainable and inclusive economic growth and development through solid Minerals.
The Director General, National Metallurgical Development Centre, Linus Asuquo, is the speaker at the event
He believes the foundation of any industrialised nation is usually firmly rooted in its minerals and metal sector.
Other contributors underscore the dire need for the country to tap into the economic gains abounding in the sector, particularly in bridging the unemployment gap
Linus Asuquo worries about the low participation of the Organised Private sector despite the abundance of solid minerals in Nigeria.
In 2015, the contribution of the sector to the gross domestic product was N1.03 billion.
Seven years after in 2022, it recorded a slight increase to N1.07 billion at a time South Africa had a GDP in the mining sector of N5.5 trillion.
Of more concern is the stagnant state of Ajaokuta Steel Company, conceived to revolutionise the nation’s economy.
