Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.
Business
Oil price falls to $95 a barrel over plans to restore Iran nuclear deal
Oil prices plunged on Tuesday amid a considerable progression in restoring Iran’s 2015 nuclear deal with world powers.
Brent crude futures, the global oil benchmark, fell $1.3 percent to $95.31 a barrel.
US West Texas Intermediate, on the other hand, fell $1.2 percent to $89.51.
The agreement is expected to clear the way for Iran to boost its crude exports in a tight market.
The Iran nuclear agreement, formally known as the joint comprehensive plan of action (JCPOA), is a landmark accord reached between Iran and a group of world powers known as the P5+1 – the US, UK, France, China, Russia and Germany, in July 2015.
Under its terms, Iran agreed to limit its nuclear activities and open its facilities to more extensive international inspections in return for the relaxing of economic sanctions.
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In 2018, Donald Trump, former US president, pulled out of the nuclear agreement but recently efforts were renewed to restore the deal.
On Monday, the European Union put forward a “final” text to revive the deal.
“What can be negotiated has been negotiated, and it’s now in a final text,” Josep Borrell, the bloc’s foreign policy chief, said in a tweet on Monday after the talks concluded and negotiators headed back to their nations’ capitals for consultations.
“I’m not sure traders are particularly hopeful considering how long it’s taken to get to this point and with there still reportedly being points of contention,” Craig Erlam of brokerage OANDA told Reuters.
In Nigeria, an embattled oil sector has continued to experience dwindled crude oil production, which steadily dropped in July to an average of 1.08 million barrels per day (bpd).
Oil theft and diminishing investments are issues the sector has to contend with.
On Monday, Mele Kyari, group chief executive officer (GCEO), NNPC Limited, said Nigeria loses $1.9 billion monthly to crude oil theft.
The Cable
Business
Naira trades at N1,415/$ on parallel market
Naira trades at N1,415/$ on parallel market
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.
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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.
Business
CBN extends suspension of cash deposit charges by bank customers
CBN extends suspension of cash deposit charges by bank customers
The Central Bank of Nigeria (CBN) has directed commercial banks to extend suspension of charges on cash deposit until September 30 this year.
This directive was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.
Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.
The new circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”
Business
Fuel: Independent marketers introduce new pump price
Fuel: Independent marketers introduce new pump price
New reports indicate a surge in fuel pump prices across the nation, with both major and independent marketers adjusting their rates.
Investigations conducted in Abuja and Lagos reveal a significant disparity in petrol prices between stations owned by major and independent marketers.
Major marketers are keeping their prices relatively steady, whereas independent operators have increased their rates by 20 to 30%.
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Presently, major marketers are vending at an average of ₦605 per litre, while independent marketers are setting prices at around ₦730 per litre.
Independent marketers attribute the price hike to a breakdown in the system of the Nigerian National Petroleum Company Limited (NNPCL), pointing to advantageous Business-to-Business transactions benefiting major marketers.
They clarify that independent marketers no longer have direct access to imported petroleum products at depot prices.
Further investigations indicate that while petrol is available at stations throughout Lagos, prices have not decreased.
A motorist, Olatunde, disclosed purchasing petrol for ₦850 per litre at a station along the Iju-Ishaga area of Lagos, despite the absence of queues. He noted this as a significant increase compared to the previous ₦630 per litre.
Fuel: Independent marketers introduce new pump price
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