BenueFamily Blog

The Nigerian currency has been struggling against the US dollars for some months now since the price of crude oil in the international market fell. The market indication as at yesterday July 13th,2015 showed that the Naira now equals $241. According to financial experts from Nigerian, the ban placed by Central Bank of Nigeria on importers from accessing Nigerian foreign exchange markets for the importation of 41 items has led to the volatility of the Naira-Dollar exchange rate at the black market. Meanwhile, the international foreign exchange rate as we checked on Google.com still remains at N198 per dollar.

Mr Yakubu Dogara Speaker of the House of Representatives, has spoken on the better way to remove the contentious fuel subsidy that has been troubling the government ever since. The speaker said, the only way to remove subsidy is by amending or repealing the Price Control Act or the executive proclamation setting up of the Price Control Board. Dogara spoke while receiving the National Executive of the Independent Petroleum Marketers Association of Nigeria (IPMAN) led by its president Elder Chinedu Okoro, on Monday.