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MTN, the South African telecom giant has found itself again in another trap of fine, and this time in Uganda

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MTN says it is appealing to the Uganda Commercial Court for the $662, 000 USD it imposed on it for anti-competitive manners and other unlawful offences against the mobile money business EzeeMoney Ltd.

MTN Group Executive for corporate affair, Chris Maroleng, said “MTN Uganda is appealing the judgment and therefore the matter has not been finalised”.

It all started when EzeeMoney, which runs an e-money business, obtained a contract from MTN for the provision of digital transmission [E1] and 30 fixed telephone lines to carry out its mobile money business.
After agreeing to the terms of the contract, EzeeMoney then contracted Yo! Uganda Limited (YUL) to implement the service after Uganda Communications Commission, the regulator, approved it on December 2012, to use the 7711 short code to enable its customers to subscribe for e-money services. However in 2013, MTN after doing a review of the contract, canceled it, saying EzeeMoney was a direct competitor to its mobile money business.Through AF Mpanga and company advocates, EzeeMoney went to court, saying MTN’s action “restricted and distorted competition.” EzeeMoney said MTN also damaged its ties with YUL and deprived it of services of other telecommunications operators. It argued that MTN used its exclusivity agreements to stop its agents from working for any other firm with similar business, further limiting competition.

Delivering judgement in a suit filed by Ezeemoney limited on November 6th, the presiding judge, Justice Henry Peter Adonyo ordered MTN to stop acting in an unlawful and anti-competitive manner, which denies other businesses an opportunity to prosper. Justice Adonyo said MTN should pay Shs 800m to EzeeMoney in general damages for loss of business.

He also directed the telecommunications company to pay a penalty of Shs 1.5bn in punitive damages to deter not only MTN but also warn other companies against uncompetitive business tactics.

MTN is facing similar fine with Nigeria Communication Commissions for not disconnecting about 5 million customers’ SIM cards which are not registered. Though the deadline pay the $5.2 billion expired November 16, the commission is giving the telecom giant extension grace which is not really specified.
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Exchange Rate

Dollar to naira exchange rate today 14 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 14 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.79 and sold at ₦414.79, making an average of  ₦414.29 for $1 on Thursday January 13.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.15 on Wednesday January 12, and closed at ₦416.50 on Tuesday January 11. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦172.99m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 14, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

Nigeria suspends cooking gas export

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Nigeria will no longer export cooking gas and will channel the procuct 100 percent to domestic market, the Nigeria LNG Limited announced on Thursday.

The board of directors had approved the supply of 100 per cent of the Liquefied Petroleum 3pGas (butane and propane) produced by the company to the Nigerian market.

The NLNG said in a statement that it would prioritise the domestic market for 100 per cent of its butane (cooking gas) production.

The Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.

He said, “Committing 100 per cent of our LPG supply is a major milestone in our journey of domestic gas supply. We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 per cent of our LPG production to the domestic market.”

According to Mshelbila, gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period.

He said, “Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it.”

“Nigeria LNG Limited supplied LPG both to the Nigerian and international markets before now. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

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Exchange Rate

Dollar to naira exchange rate today 12 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 12 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.44 and sold at ₦414.44, making an average of  ₦413.94 for $1 on Tuesday January 11.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.25 on Monday January 10, and closed at ₦416.00 on Friday January 7. This amount to 0.06 per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Current turnover at the forex market stands at ₦104.92m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Wednesday January 12, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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