Nigeria’s Inflation Surges to 32.70% in September 2024 Amid Fuel Price Hike
Nigeria’s inflation rate jumped to 32.70% in September 2024, a sharp rise from 32.15% recorded in August. This increase, reported by the National Bureau of Statistics (NBS) in its Consumer Price Index and Inflation report for September, has largely been driven by a series of fuel price hikes across the country. One of the key […]
Dangote Petrol: IPMAN and PETROAN Suggest Potential Price Decrease
Nigeria has been grappling with soaring fuel prices, but a glimmer of hope is on the horizon as petroleum marketers prepare to buy petrol directly from the Dangote Refinery. With the Nigerian National Petroleum Company Limited (NNPC) no longer acting as a middleman, this shift is expected to reduce the cost of fuel for Nigerian […]
Petrol Prices Rise to ₦1,350 Per Litre in Osun State: Impact on Motorists and the Economy
Petrol prices in Osun State have sharply increased, with reports indicating that consumers are now paying between ₦1,350 and ₦1,400 per litre at various petrol stations. This significant price hike follows a decision by the Nigerian National Petroleum Company Limited (NNPC) to raise prices on Wednesday, leading to immediate adjustments at filling stations across the […]
NNPC Ends Exclusive Purchasing of Petrol from Dangote Refinery
In a significant development in Nigeria’s oil industry, the Nigerian National Petroleum Company Limited (NNPCL) has officially ended its role as the sole buyer of petrol from Dangote Refinery. This change means that petrol marketers will now need to purchase fuel directly from the refinery, marking a shift in the dynamics of fuel distribution in […]
Higher Interest Rates Are Difficult for Borrowers But Essential for Controlling Inflation – Cardoso
The Central Bank of Nigeria (CBN) has recently taken a decisive step to combat rising inflation by raising the Monetary Policy Rate (MPR) to 27.25%. This bold move, announced by Governor Olayemi Cardoso, reflects the bank’s commitment to addressing the economic challenges facing the country. While this decision may be painful for borrowers, Cardoso insists […]
Nigeria Begins Naira-for-Crude Oil Sales from October 1, 2024
The Nigerian government has officially begun selling crude oil and refined petroleum products in exchange for naira, starting October 1, 2024. This initiative, known as the naira-for-crude program, is aimed at strengthening the local currency and improving the availability of petroleum products throughout the country. By eliminating the need for foreign currency in these transactions, […]
CBN Sells $543.5 Million to Stabilize Nigeria’s Foreign Exchange Market
In September 2024, the Central Bank of Nigeria (CBN) took decisive action to stabilize the foreign exchange (FX) market by selling a total of $543.5 million to authorized dealer banks. This intervention occurred between September 6 and September 30, aiming to mitigate the market volatility that arose from rising demand for foreign currency, particularly due […]
Petrol Prices in Nigeria Could Increase Again, According to Marketers
Nigerians might soon see an increase in petrol prices. Oil marketers are raising concerns due to the rising cost of crude oil, which has hit around $78 per barrel. This situation could lead to more challenges for people who rely on petrol for their daily needs. Billy Gillis-Harry, the President of the Petroleum Products Retail […]
Import Expenses for Used Vehicles Fall by 83% to N138.62 Billion
In the first half of 2024, Nigeria witnessed a remarkable decline in its import bill for used vehicles, commonly referred to as tokunbo. According to the National Bureau of Statistics (NBS), the import bill plummeted by 83%, falling to N138.62 billion from N819.15 billion during the same period last year. This drastic decrease raises questions […]
Naira Falls to N1,700/$ in Parallel Market — Lowest Rate in Seven Months
In a significant turn of events, the naira has fallen to N1,700 per dollar in the parallel foreign exchange market, marking its lowest point in seven months. This drop occurred on Friday, representing a 1.49% decrease from the previous day’s rate of N1,675/$. This recent decline is particularly striking, as it mirrors the naira’s earlier […]