“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Confusion as tanker fire halts traffic on Lagos-Ibadan Expressway
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Confusion reigns on the Magboro Bridge of the Lagos-Ibadan Expressway as traffic has been brought to a halt after a petrol tanker explosion early Wednesday morning.
The tanker going out of Lagos was said to have gone up in flames around 4:15am, grinding traffic to a halt.
It was not immediately clear if there were casualties arising from the inferno which officials of the Federal Road Safety Corps (FRSC), police and firefighters have been battling to contain.
In a caution notice by the FRSC, motorists especially those using the Lagos-Ibadan corridor were urged to use other alternative routes or be ready for the delay.
The FRSC Corridor Commander, Kehinde Hamzat, said, in the notice, “The Federal Road Safety Corps wishes to advise the general public on the need for adequate planning of their trips for today for users of the Lagos-Ibadan Corridor.
“The tanker explosion on Magboro bridge on the outward Lagos section of the expressway which occurred at about 0415hrs in the early hours of the day, Wednesday 2nd December, 2020 has called for the need to adjust ones movement for the day.
“The fire is still burning as at 0520hrs and this means a total standstill situation of vehicular movement along the expresway.
“Relentless efforts are still being made to extinguish the fire by men of Fire Service backed up by men of other agencies around the scene of the inferno.
“We therefore advise the general public to have an adequate planning for their trips for those who cannot cancel their planned journeys. We also advise that travellers who are bound to transit in and out of Lagos from the neighbouring state to explore alternative routes where necessary.
“All hands on deck to ensure that the situation is professionally managed and the road returned to proper use for the public.”
Business
Dangote Refinery can sell petrol to any marketer – NNPC
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Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
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Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
![](https://newstrends.ng/wp-content/uploads/2023/06/Naira-back-market-dollar-to-naira-scaled.jpg)
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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