On Friday, China’s central bank announced that it has extended its bilateral currency swap agreement with the Central Bank of Nigeria.

The People’s Bank of China announced on its website that the overall value of the agreement amounts to 15 billion yuan, which is approximately 2.09 billion U.S. dollars, or 3.28 trillion Nigerian naira.

The agreement remains in effect for a period of three years and may be extended through mutual agreement, as stated in the statement.

The statement indicated that renewing the currency swap agreement will enhance financial collaboration between China and Nigeria, increase the use of both currencies, and support the growth of bilateral trade and investment.

The Nigeria Labour Congress and Civil Society Organisations have called for further reduction in the pump price of Premium Motor Spirit (petrol), stressing that the recent drop in price to N935/litre is not satisfactory.

Dangote Petroleum Refinery in partnership with MRS recently announced a reduction in petrol price to N935/litre.

Before the announcement, the commodity sold for over N1,030/litre in Lagos and environs, while it cost more than N1,060/litre in Abuja and Northern states.

Recall that on Sunday, the Independent Petroleum Marketers Association of Nigeria said petrol was going to sell at N935/litre beginning from Monday based on the latest arrangement with the Dangote Petroleum Refinery.

IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.

But the announcement did not excite the labour union and CSOs, as they insisted on Monday that the cost of petrol should drop further.

Speaking with The PUNCH, a senior official of the Nigeria Labour Congress, Chris Onyeka, rejected any applause for the Federal Government and the Nigerian National Petroleum Company Limited over the recent reduction in the pump price of petrol.

He argued that the current pricing mechanism does not reflect the true cost of the commodity.

“Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria,” he said.

He argued that the costs embedded in the current pricing framework—including foreign labour, freight charges, insurance, logistics, and profits accrued abroad—unfairly burden Nigerians.

“Products are refined in Nigeria, yet the price you give Nigerians is based on imported products. Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this,” he stated.

Onyeka stressed that the only way to ascertain the correct price of PMS is by determining the actual cost of refining it domestically.

“We need to know how much it costs the NNPC to refine a litre of PMS in our local refineries, such as the Port Harcourt refinery. That is the price Nigerians should be paying,” he emphasised.

He called on the government to prioritise the welfare of Nigerians by ensuring that fuel pricing aligns with local realities.

This country belongs to all Nigerians. Let the government do the right thing that allows Nigerians to breathe. Let the poor breathe.

“The NLC’s position underscores growing discontent among Nigerians over the rising cost of living, with fuel prices being a major contributor to inflation and economic hardship,” he stated.

CSOs react

The Chairman, Centre for Accountability and Open Leadership, Debo Adeniran, said the reduced price of N935/litre was still expensive and unsatisfactory, noting that the government and private business could still give out free petrol to citizens.

“Well, we believe that if NNPC and the private sector actually give out PMS for free, they will still not run their business at a loss, because the other derivatives of petroleum products can still serve them, and can still make them to break even. So, even at that N900 and something, it’s still expensive.

“Dangote has kind of mooted the idea that it could drop to as low as N650. And if he has mulled this, then it means that it is the state, it is the NNPC that will have been the clog in the wheel of such progress. And you know also that we expected that fare prices, especially PMS prices, will drop below N200 when Dangote was expected to come on stream.

“So, it’s unfortunate that we are still talking about over N900 and they want us to jump up and rejoice for that. That is not satisfactory. They should just let us see the breakdown of their production cost and why it’s still there. I mean, there are countries like Libya under Gaddafi that gave out PMS for free and they didn’t run anything at any loss. So, I believe that it can still go further down,” he said.

The Executive Director of the Civil Society Legislative Advocacy Centre, Ibrahim Rafsanjani, commended the reduction of fuel prices by the NNPC and Dangote, but said the government could still reduce the price.

“Dangote’s own is about N899 or something like that. Well first and foremost, we are happy that there is a little reduction in the prices. But also based on analysis and based on facts and evidences, we believe that it is possible for the Nigerian government to further reduce the prices.

“Because if a private company can reduce the price and it still makes profit, we wonder why government-owned enterprises cannot really pity its citizens,” he said.

Price reduction

The Nigerian National Petroleum Company Limited on Monday reduced the pump price of petrol at its retail outlets in the Federal Capital Territory to N965/litre, down from N1,040/litre.

This occurred as MRS filling stations implemented a new petrol price of N935/litre at all its retail service stations nationwide, in accordance with the agreement signed with the Dangote Refinery.

Checks by our correspondent revealed that the Nigerian National Petroleum Company Limited affected the new price across its retail outlets in the capital city, to the delight of customers.

The new amount is the second price drop of N95 in less than two weeks from N1,060 earlier this month.

At its mega station located along Wuse Zone 4 and Olusegun Obasanjo Way, Central Area, the price of the commodity was sold at N965 per litre with commuters scrambling to join the long queue.

The national oil firm also slashed the petrol price to N965 at its Lugbe and Gudu area opposite Prince and Princess Estate outlets.

Reacting, a motorist at the central area station, who confirmed the price drop, applauded the national oil firm but called for a uniform across all stations for easy access.

He said, “Yes, NNPC has reduced its price to N965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price.”

Another driver, Hassan, said the changes would reflect in cost of transport but didn’t give a specific date.

He said, “This change is good news. We are excited about this price reduction and it will show in transport costs. N95 is a lot of money and it means we can now buy more litres to fuel our car.”

Paris’ Place VendOme is home to many historic maisons, but across the city, entrepreneurial independent jewellers are springing up to offer fresh visions

Paris’ Place VendOme may be the home of high jewellery, but this rarefied world is only the glittering tip of the city’s iceberg of gem-filled creativity.

Under the waterline, a new generation of independent labels is rising, ready to bring their colour-filled designs, and inspirations that range from the natural world to art movements like art deco or Brutalism, into the light.

Here are six names who are setting the pace in Paris’ independent jewellery scene.

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1. Mira Stella

Designs inspired by nature at Mira Stella. Photo: Handout

The soil around Sophie Bouilhet-Dumas’ family home in Normandy is fertile indeed. Not only does it support verdant countryside, but it also sprouted Mira Stella, a fine jewellery brand named after the founder’s mother and grandmother.

Where others might have seen ephemeral beauty in nature, she saw treasures that transcended the ages. And since Bouilhet-Dumas is also a scion of the family that founded silversmith Christofle, it felt natural to reproduce the likes of hydrangea petals, sea kale seeds and flax pods in 18k gold.

Oak bark, chicory petals and heart-shaped quaking grass, a plant in the same family as wheat and rice, have since joined Mira Stella’s repertoire. Snippets of botanical information accompany each piece on the website, but if you are in the area, make sure to visit the brand’s boutique, a delightful ray of pink, warm light tucked away in the picturesque streets of Paris’ Saint-Germain-des-Pres.

2. Lucas Bauer

Lucas Bauer earring. Photo: Handout

Nature also influences the work of Lucas Bauer. Not surprisingly, considering he credits a parrotfish encountered while diving as changing the course of his career after nine years spent designing jewellery and accessories in the women’s fashion studio of Louis Vuitton.

This graduate of the famed ecole de la Chambre Syndicale de la Couture Parisienne learned jewellery design on the job, aided by the idea that the precision and planning of patternmaking could be applied to his new medium.

For his eponymous label, Bauer’s inspirations are now found in deeper places: underground in mycelium, the fungal network that permeates our soil; or below the waves for algae. These tie into his idea that all things are connected and united, ourselves included, which is why his jewellery curls around the body organically.

Bauer made his Paris Fashion Week debut with a range that included fine jewellery designs made from recycled gold and stones sourced from existing stock.

3. Viltier

Viltier ring. Photo: Handout

Iris de La VillardiEre and Thomas Montier Leboucher were childhood friends who lost touch, eventually reconnecting over Instagram. Their catch-up conversations uncovered complementary skill sets and experiences in the jewellery world and from there sprang Viltier, a name composed of the first syllables of their last names.

Their first collection, featuring two U shapes connecting with diamonds to form a graphic oval, was a hit thanks to a retro-infused shape with fluted edges ideally realised with hard stone inlays.

Soft curves and plenty of sparkle are distinguishing features of Viltier designs, from the Clique RiviEre necklace and its dancing line of diamonds, to New Edge’s numerous takes on ways to add diamonds to a deceptively simple form.

When in Paris, don’t miss their Rue de Verneuil showroom, an impeccably decorated lounge filled with art and striking furniture in the Carre des Antiquaires area of the Left Bank.

4. Statement

A stand-out necklace from Statement. Photo: Handout

An entrepreneur to the core, Amelie Huynh left not one but two promising careers – one on Place VendOme with Chaumet and the other in advertising – to strike out on her own and launch jewellery brand Statement.

She uses diamond-set silver as her signature, a favoured combination for 19th century French jewellers. The metal’s symbolic association with femininity and the moon also struck a chord.

Art deco geometries, a flair for Brutalist architecture and Huynh’s own taste for voluminous pieces inform her work, which is all about making a personal statement – using jewels as a way to mark milestones, moments and memories.

More recently, she has added 18k gold to her palette and added styles with pearls, giving her striking designs a softer spin.

5. Gemmyo

The delicate geometry of Gemmyo. Photo: Handout

Regular visitors to Paris may remember adverts peppered around the city depicting a fluffy pink kitten. The images are entirely a product of Photoshop, Gemmyo founder Pauline Laigneau assures us, but that bold symbol has achieved its aim of putting her label on people’s lips.

In the years since its launch in 2011, Gemmyo’s delicate designs and smartly priced jewellery have done the rest. Among highlights are the stackable Art Deco line, the colourful Gemmyorama with drop-shaped stones, and the recently launched Entaille, with its minimal gold carving that gives a more unisex vibe.

Most recently, the brand debuted a limited-edition range featuring Umba sapphires, rare gems found in Tanzania and naturally polished by the waters of the river that gives them their name. Coming in a palette of warm tones that range from blushing pink to sunset orange, they became the sold-out stars of designs available exclusively at Gemmyo’s Paris boutiques.

6. Maison Avani

A symphony of sapphires: earrings from Maison Avani. Photo: Handout

Any jewellery aficionado turns into a kid in a candy shop when faced with trays of delicately pink/orange Padparadscha sapphires, but even siblings Milan and Thilan Ponweera, whose family supplies such stones from Sri Lanka to top jewellery houses, couldn’t resist the draw of the vibrant pink of Mahenge spinels.

Named for the Sanskrit word for “earth”, the brothers’ Maison Avani pays homage to such vivid gemstones in high-end designs offered in a bijou store on Place du Marche Saint-Honore in Paris.

While the painterly designs of creative director Milan are a great place to start, custom designs are also a tempting avenue offered by the Ponweera brothers – for instance, the recent peony-inspired range produced in collaboration with another pair of siblings, Stephanie Primet and Caroline Cnocquaert, who head up Paris’ oldest florist, Lachaume.

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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.