Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Nigeria’s FX turnover surges to N23.95tn
Nigeria’s foreign exchange (FX) market saw remarkable growth in November 2024, with total turnover reaching $14.39 billion, equivalent to N23.95 trillion. This was revealed in the latest FMDQ Markets Monthly Report. The report highlighted that the FX turnover for the spot and derivatives markets totaled N58.22 trillion and N0.81 trillion, respectively. The Spot FX Market […]
Marketers upbeat on further fuel price cut as Tinubu stamps subsidy removal
Nigeria’s oil marketers are hopeful that petrol prices will continue to fall in the coming days. Currently, prices are between N935 and N965 per litre, with some stations in Abuja offering the lower prices. This price drop follows President Bola Ahmed Tinubu’s decision to remove the fuel subsidy, a move he says was necessary to […]
Dangote fuel sells at N935/litre at MRS cheaper than NNPCL
In a significant development for Nigerians, Dangote petrol is now being sold at a reduced price of N935 per litre at MRS filling stations across the country. This price is N105 cheaper than what’s being sold at Nigerian National Petroleum Company Limited (NNPCL) retail outlets, where petrol costs N1040 per litre. In Abuja, the price […]
Petrol To Sell ₦935/Litre From Today – IPMAN
As of today, December 23, 2024, petrol prices in Nigeria will drop to N935 per litre. This new price is a result of a recent agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Dangote Refinery, which has adjusted its pricing structure to support a nationwide reduction in fuel costs. According to IPMAN’s […]
Port Harcourt refinery stops operation again, NNPC keeps mum
The Port Harcourt Refinery, a state-owned facility in Nigeria, has reportedly halted its operations again, just weeks after resuming production. This news comes as a surprise to many, considering the refinery had recently undergone a significant $1.5 billion rehabilitation. According to a member of the Petroleum Tanker Drivers (PTD), petrol lifting at the refinery stopped […]
Corruption: ICPC talks tough as Nigeria’s 330 MDAs fail financial, governance tests
The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) has revealed concerning findings regarding the performance of Nigeria’s Ministries, Departments, and Agencies (MDAs) in terms of ethics and anti-corruption compliance. The report, based on the Ethics and Integrity Compliance Scorecard (EICS) for the past year, shows that none of the 330 assessed MDAs fully […]
Abuja, 19 States Face Over 40% Food Inflation Rate As Christmas Nears
As Christmas draws near, Nigerians are feeling the pressure of rising food prices. A recent report from the National Bureau of Statistics (NBS) revealed that in November 2024, Abuja and 19 other states recorded food inflation rates above 40%. This sharp rise in food prices is adding to the financial strain on many families across […]
BREAKING: Dangote Slashes Petrol Price To N899 Per Litre
In a move aimed at offering relief to Nigerians ahead of the holiday season, Dangote Petroleum Refinery has reduced the price of petrol (Premium Motor Spirit, PMS) to N899.50 per litre. This change, announced early Thursday morning, is set to provide some much-needed comfort to consumers during this busy time of year. The company said […]
Dangote Refinery Extends Export To Three African Countries
The Dangote Refinery has recently expanded its reach by exporting Premium Motor Spirit (petrol) to several African countries, including Cameroon, Angola, Ghana, and South Africa. This marks a significant achievement for the refinery, which is part of the larger Dangote Industries, founded by Nigerian billionaire Aliko Dangote. Devakumar Edwin, the Vice President of Oil and […]