admin
October 24, 2016
[img]http://edostate.com/PF.Base/file/attachment/2016/10/a5e3cff95cee9de75a8732a04b2aa0ef_view.png[/img] Protesters on Monday blocked the Uselu/Ugbowo section of the Benin-Lagos highway over plans by Egor Local Government Area of Edo to relocate traders. The protesters, under the aegis of Uselu Market Women Association, were resisting the directive to move to lock-up stores built by the council. The women, displaying placards, blocked both sides of the highway, preventing motorists from continuing with their trips. Some of the women said the N1.2 million charged for the stores was too expensive for them, especially given the type of businesses most of them has. The women said their problem was compounded by the action of the local council, which commenced the removal of their make shift shops on Monday. Mrs Celena Okon, one of the market women, described the council’s action ”as an act of wickedness”, in view of the current economic situation in the country. “What am I selling that you will force me to pay over a Million Naira for a single store? I believe they should consider the worth of our businesses individually. “Where do you expect a woman who sells only crayfish or tomatoes to get such a ridiculous amount of money to pay, when in actual fact most are in dire need of additional funds to grow their businesses,” Okon said. Another market woman, Mrs Imade Osifo, who described the situation as pathetic, said their decision to barricade the highway was for the world to know what they were going through. She said, “They want to force us to go into the stores and we have told them that we cannot afford the stores; that is why they are destroying our businesses.” Mrs Osifo also alleged that the council was ”insensitive to them”, especially against the backdrop of the different fees levied to allow them do business in the market. “When the plan to construct these lock-up stores came up, they (Council) told us that the prices will be pocket friendly, especially to some of us involved in petty trading. “But what do we have now, N1.2 million for a store is a price that most of us cannot afford; there is no way many of us can afford that now. “Even if the country’s economy was okay, how do you expect a woman who sells only salt and Maggi to generate such,” Osifo asked. All efforts to get authorities of Egor local council to comment on the situation proved abortive, as the Council’s Head of Service was said to be unavailable. When contacted on telephone, the Council’s spokesman, Mrs Prisca Ebvadiaro, said she was not in the position to comment on the matter. “I cannot speak on this; there is a committee that has been set up and as such, I cannot speak on it,” Ebvadiaro said. As at the time of filing the report, several motorists were stranded on the highway while other commuters have resorted to trekking to get to their destination. The women resisted attempts by the police to get them off the road. By: Ezekiel Enejeta

admin
August 25, 2016
[img]http://edostate.com/PF.Base/file/attachment/2016/08/e47a0c9752c416ab3c74b93f709eee22_view.jpg[/img] LAGOS, Aug 25 (Reuters) - Nigeria's naira was quoted at an all-time low of 409 to the dollar on the black market on Thursday, compared with 402 the previous day, after the suspension of some banks from forex trading made dollars even harder to obtain. [img]http://edostate.com/PF.Base/file/attachment/2016/08/f335c5ef553174a889b3307807151a8f_view.jpg[/img] The central bank suspended nine commercial banks from forex transactions on Tuesday for failing to pay money owed to the government - although one was readmitted after making a payment. Shares in some of the banks hit dropped by up to 7.8 percent. Traders said the local currency fell due to the impact of the suspensions, compounding the dollar shortages Nigeria has been suffering due to the slump in the price of its oil exports. [img]http://edostate.com/PF.Base/file/attachment/2016/08/c6e3a04222732c125a6989caee611f28_view.jpg[/img] "The suspension of some banks from transaction in the forex market has really increased pressure on the market," said Aminu Gwadabe, president of the bureaux de change association. Bank executives have been meeting central bank officials to resolve the forex issue as investors continued to dump their shares second day. Skye Bank fell the most of those suspended from foreign exchange transactions, shedding 7.81 percent, followed by Fidelity Bank down 3.0 percent. FBN Holdings shed 1.9 percent while Diamond Bank and FCMB were down 0.8 percent. The falls pulled the main index down 1.8 percent. On the interbank market, the currency gained 0.2 percent to close at 305 naira to the greenback with traders attributing the rise to central bank dollar sale to prop up the unit. The bank has been selling dollars almost daily to boost liquidity. [img]http://edostate.com/PF.Base/file/attachment/2016/08/fe6ee0360148c3160f34fbd085039a11_view.jpg[/img] However, currency forwards put the naira at 344.50 to the dollar in one months' time. On Thursday, the central bank settled $152.48 million of naira futures contracts it sold in June at an exchange rate of 279 naira per dollar, further draining its reserves, which is at its lowest in more than 11-years. [img]http://edostate.com/PF.Base/file/attachment/2016/08/1487df770b604009abbef58fd2dc77e0_view.jpg[/img] In June, the central bank abandoned its currency peg to the dollar, allowing the naira to weaken by 40 percent in a bid to attract more foreign investment. But so far trading in the official foreign exchange market has been limited as those with dollars prefer to sell them for a higher rate on the black market. (Reporting by Oludare Mayowa; Additional reporting by Chijioke Ohuocha; Editing by Alison Williams) [img]http://edostate.com/PF.Base/file/attachment/2016/08/9a95a38b3c26d1b139ce69993faaa089_view.jpg[/img]