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The Naira depreciated to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,635.15 per dollar from N1,631.21 per dollar last Friday, indicating N3.94 depreciation for the naira. However, the Naira yesterday rose to N1,660 per dollar in the parallel…
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…
Read More “NNPCL Budgets 8 million Barrels Of Crude Monthly For $8.8bn Debt Payment – Report” »
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…
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…
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…
Read More “Naira Deoreciates Against Dollar Ahead Of Nigeria’s 64th Independence Day Holiday” »
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…
Read More “Crude Sale In Naira Begins Tuesday As Nigerians Look Forward To Fuel Prices Cut” »
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…
Read More “Naira Depreciates Massively Against Dollar Following CBN’s Interest Rate Hike” »
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…
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…
Read More “Dangote Tells FG It’s Time To End Fuel Subsidy Payment” »
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…
Read More “IPMAN Denies Having Petrol From Dangote Refinery In Members’ Filling Stations” »