Category: Finance and Economy

Disregard Marketers’ Projection On Our Petrol Price – Dangote Refinery

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Disregard Marketers’ Projection On Our Petrol Price – Dangote Refinery

The management of the Dangote refinery has stated that it has not fixed the price of the Premium Motor Spirit, popularly called petrol. The Group’s Chief Branding and Communications Officer, Anthony Chiejina, made this known in a statement on Tuesday while reacting to a report with the headline “Marketers Project N600/litre for Dangote Petrol”. According…

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Finance and Economy

Naira Appreciates To N1,580/$ In Parallel Market

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Naira Appreciates To N1,580/$ In Parallel Market

THE Naira yesterday appreciated to N1,580 per dollar in the parallel market from N1,585 per dollar last weekend. Similarly, the Naira yesterday appreciated to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570.99 per dollar from N1,574.2 per dollar…

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Exchange and Forex

FCCPC To RegulatePrice Racketeering, Engage Market Associations

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FCCPC To RegulatePrice Racketeering, Engage Market Associations

The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage market leaders and other stakeholders in the supply and distribution chain to address unfair pricing practices amidst rising inflation. This was disclosed in a statement by the Commission’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello on Monday, August 12. The commission claimed…

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Trade and Commerce

Again Naira Appreciate Against Dollar At Official FX Market

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Again Naira Appreciate Against Dollar At Official FX Market

The naira maintained its appreciation against the dollar at the official foreign exchange market on Thursday. FMDQ data showed that the naira gained N2.9 at N1593.62 per dollar on Thursday from the N1596.52 exchanged on Wednesday. The naira also strengthened against the dollar on Thursday to trade at N1610 on the black market. This showed…

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Exchange and Forex

Naira Appreciates Significantly Against The Dollar Inspite Of Protests

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Naira Appreciates Significantly Against The Dollar Inspite Of Protests

The naira recorded a significant gain against the dollar in the foreign exchange market despite the ongoing hunger protests. FMDQ data showed that the currency appreciated to N1607.15 against the dollar on Monday from N1617.08 exchanged last Friday. This represents a N9.93 gain Meanwhile, in the black market, the naira remained flat, maintaining the same…

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Exchange and Forex

Naira Weakens Further Against The Dollar

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Naira Weakens Further Against The Dollar

The naira continued its decline against the dollar on the foreign exchange market on Monday. FMDQ data showed that the naira further weakened by N2.11 to N1,611.40 per dollar on Monday from N1,609.29 traded last Friday. Similarly, the naira-to-dollar exchange rate at the black market dropped by N5 to N1,600 on Monday from N1,595 traded…

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Exchange and Forex, Finance and Economy

NNPC Gets Presidential Order To Sell Crude Oil To Dangote In Naira

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NNPC Gets Presidential Order To Sell Crude Oil To Dangote In Naira

President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other upcoming refineries in Naira. The Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, made this known in a statement via X. According to him, Tinubu’s decision was aimed at ensuring the…

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Finance and Economy, Trade and Commerce

Naira Depreciates To N1,603.8/$ In NAFEM

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Naira Depreciates To N1,603.8/$ In NAFEM

Nigerian Naira yesterday depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Sighted data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, indicating N37.95 depreciation for the naira. The volume of dollars traded (turnover) in the market fell…

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Exchange and Forex

Naira Falls To N1,575/$ IIn Parallel Market

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Naira Falls To N1,575/$ IIn Parallel Market

The Naira yesterday fell to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday and also depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on Tuesday,…

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Exchange and Forex

Naira Plummets Against Dollar Amid CBN Interest Rate Increase

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Naira Plummets Against Dollar Amid CBN Interest Rate Increase

The naira dipped against the Dollar in the foreign exchange markets even as the Central Bank of Nigeria increased interest rate. A Bureau De Change operator in Wuse Zone 4, Abuja, Dayyabu Ashiru told newsmen that the naira exchanged for N1,590 per dollar on Tuesday from N1,570 the previous day. “We buy at N1,580 per…

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Exchange and Forex