Business
Naira gains after remaining constant for 2 days
The Naira on Friday appreciated against the dollar at the Investors and Exporters window, after remaining constant in value for two days.
The naira exchanged at N429.05, representing an increase of 0.08 per cent, compared with the N429.38 it exchanged for the dollar on Thursday.
The open indicative rate closed at N428 to the dollar on Friday.
An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N429.05.
The Naira sold for as low as 416.06 to the dollar within the day’s trading.
A total of 50.22 million dollars was traded in foreign exchange at the official Investors and Exporters window on Friday. (NAN)
Business
Fuel prices to fall as global cost of crude drops
Fuel prices to fall as global cost of crude drops
Nigerians are expected to pay less for Premium Motor Spirit, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.
The price of Brent is used globally to benchmark the prices of other crudes. major feedstocks – and by extension petroleum products prices.
The development was partly fueled by the US President Donald Trump’s announcement of sweeping new tariffs.
This was reportedly fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.
A report by Vanguard stated that the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.
Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.
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According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.
The Vanguard report quoted the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.
Business
CBN injects $197.71m to boost FX as Trump trade tariff spreads
CBN injects $197.71m to boost FX as Trump trade tariff spreads
The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers.
The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja.
She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.
According to Ms Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.
“The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.
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“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.
“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.
Ms Duke said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.
She said the CBN would continue monitoring global and domestic market conditions.
Ms Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.
“All authorised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code and uphold the highest standards in their dealings with clients and market counterparties,” she said.
CBN injects $197.71m to boost FX as Trump trade tariff spreads
(NAN)
Business
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.
This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.
However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.
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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).
They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
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