Category: Finance and Economy

NNPCL Budgets 8 million Barrels Of Crude Monthly For $8.8bn Debt Payment – Report

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The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis. This is…

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Finance and Economy

FG Suspends VAT On Cooking Gas, CNG, Diesel

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The Federal Government has announced the suspension of the Value-Added Tax on Liquefied Petroleum Gas (cooking gas), Compressed Natural Gas, Automotive Gas Oil(Diesel) and other reliefs to boost investment and tackle economic hardship in the country. It also announced VAT reliefs for the importation of key energy products and infrastructure, including diesel, feed gas, electric…

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Finance and Economy

Naira Appreciates In Parallel Market

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The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday. However, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on…

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Exchange and Forex

Naira Deoreciates Against Dollar Ahead Of Nigeria’s 64th Independence Day Holiday

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The naira depreciated slightly against the dollar at the foreign exchange market ahead of Nigeria’s 64th Independence Day holiday on today. FMDQ data showed that the naira closed at N1541.94 per dollar on Monday from N1540.78 exchanged on Friday last week, losing N1.16. Meanwhile, the naira remained flat and unchanged at N1700 per dollar exchange…

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Exchange and Forex

Crude Sale In Naira Begins Tuesday As Nigerians Look Forward To Fuel Prices Cut

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The Federal government has confirmed that it will begin the supply of crude in Naira by the Nigerian National Petroleum Company Limited to the Dangote Refinery from Tuesday, 1 October 2024 to reduce the cost of Premium Motor Spirit(Petrol). Dare Adekanmbi, the spokesperson to the Chairman of the Technical Sub-Committee on Domestic Sales of Crude…

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Finance and Economy

Naira Depreciates Massively Against Dollar Following CBN’s Interest Rate Hike

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The naira depreciated 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…

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Exchange and Forex

Petrol Price Will Crash If We Lift Directly From Dangote Refinery, Oil Marketers Assure Nigerians

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The independent Oil marketers have assured Nigerians of a drop in prices of Premium Motor Spirit (PMS) or petrol once they start direct lifting of products from the Dangote Refinery. The assurance came after a rise in prices of products following commencement of product lifting by the state oil company, NNPCL from Dangote Refinery. Prices…

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Finance and Economy

Dangote Tells FG It’s Time To End Fuel Subsidy Payment

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Chairman of Dangote Group, Aliko Dangote, has said it’s time for the Nigerian Government to end the fuel subsidy regime. Dangote said fuel subsidy would lead to the Nigerian government “paying what they are not supposed to be paying,” hence the need to end it. In an interview with Bloomberg TV on Monday, the business…

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Finance and Economy

IPMAN Denies Having Petrol From Dangote Refinery In Members’ Filling Stations

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Its been a full week since the Nigerian National Petroleum Company Limited commenced loading Premium Motor Spirit, popularly called petrol, at the Dangote Petroleum Refinery, but most filling stations across the country have yet to get the product. IPMAN, the Independent petroleum marketers association of Nigeria, a body who’s members operate over 70 per cent…

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Finance and Economy

Naira Depreciates As Dollar Quantity Declines On Thursday

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The supply of Dollar and other currencies dropped at the foreign exchange market as the Naira exchange rate depreciated on Thursday. FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day. This represents a $57.97 million decrease in FX transactions turnover on a…

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Exchange and Forex