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.

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 $20,000 to each BDC at N1,580/$

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