Economy
Shell, NNPC remitted $142m to NDDC in 2023
Shell Petroleum Development of Nigeria Limited and Shell Nigeria Exploration and Production Company Limited remitted $142.5m to the Niger Delta Development Commission in 2023.
A statement by Shell Nigeria’s Manager, Media Communications and NGO Relations, Mr Bamidele Odugbesan, disclosed that SPDC paid $112.5m while SNEPCo remitted $30m, compared to $59.04m by SPDC and $20.73m by SNEPCo in 2022.
He noted that the contributions came from the Shell companies on behalf of themselves and their respective partners—the Nigerian National Petroleum Company Limited; TotalEnergies, EP Nigeria Limited; NAOC; and Esso Exploration and Production Nigeria Limited—as statutory contributions to the interventionist agency.
SPDC Director and Country Head of Corporate Relations, Igo Weli, said the company’s support for NDDC was part of its aspirations for the development of the Niger Delta, which had also seen a wide range of social investments, including health and education.
“With the continuous support of our partners, we will continue to discharge our obligations to communities through statutory payments to agencies and projects executed in partnership with stakeholders,” Weli stated.
Odugbesan disclosed that Shell Companies in Nigeria have supported community development programmes in the country since the 1960s, benefiting many Nigerians.
“Support for education has led to the award of more than 3,450 secondary school grants, 3,772 university grants and 1,062 cradle-to-career scholarship grants since 2016.
“Another investment has seen the introduction of the Health-in-Motion programme, providing free medical services directly to communities. Over one million individuals have benefited from the programme since its inception in the early 2000s.
“Also, the global Shell LiveWIRE entrepreneurship programme supported 73 businesses through training and mentorship programmes leading to 97 employment opportunities for Nigerians,” he submitted.
The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria’s fifth interest rate hike to 27.25 per cent.
FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday.
This represents N95.82 depreciation against the dollar.
Similarly, at the black market, the naira dropped by N10 to close at N1675 per dollar on Tuesday compared to the N1665 exchange rate the previous day.
This comes despite the increase in the foreign exchange turnover to $166.36 million on Tuesday from $100.21 million traded on Monday.
The drop in the value of the naira at both foreign exchange markets comes on the heels of the CBN Monetary Policy Committee’s fifth interest rate hike on Tuesday.
By Mario Deepromoter
The Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso’s watch.
This is just as Cardoso clocked a year in office after his appointment on September 15, 2023.
The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.
This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.
In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.
The MPC is currently meeting to decide on whether to hike interest or pause the increase.
Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.
Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.
By Mario Deepromoter
The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.
On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.
Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira 0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)
Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.
Why Nnamdi Kanu asked Justice Nyako to step down – Family
Hardship: Bring succour to Nigerians, Orji Kalu tells Tinubu
CSOs reject Edo election results, allege electoral violations
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
News21 hours agoArbitration Tribunal orders Senator Tokunbo Afikuyomi to vacate Abuja property
-
News24 hours agoBandit linked to kidnap of 121 Kaduna Baptist pupils, killed
-
News24 hours agoKogi Assembly accuses EFCC of assassination attempt on Ododo, Yahaya Bello
-
News24 hours agoFEC approves construction of 40 houses for justices, judges in Abuja
-
News24 hours agoRivers Assembly hails court’s judgement, urges FG to Include state in flood response plan
-
News24 hours ago11 DisCos collected N1.07tr revenue in 2023- NERC
-
News18 hours agoWe lost 29,000 Yoruba People K!lled By Herdsmen, Separation Only Option — Akintoye On Yoruba Nation’s Survival
-
Politics18 hours agoJUST IN: Obaseki is politically dead, Oshiomhole fuels battle with outgoing gov