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Naira tumbles above the N2,000 mark against British pound

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The Naira has surpassed 2,000 per pound at the parallel market.

The Naira has declined in value compared to the U.S. dollar at 1,673 Naira per dollar on the parallel market.

The Naira is one of the weakest currencies in Africa.

The value of the Naira has been affected by the removal of the fuel subsidy, which caused the inflation rate to rise.

The British pound has recently reached a four-month high against the U.S. dollar.

The British pound is outperforming most of the world’s currencies, including the naira.

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Dangote refinery: Naira transaction for PMS to begin October 1st – NNPC

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September 16, 2024

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The Nigerian government has announced that it will begin paying Dangote Refinery in Naira for petrol supply starting October 1st.

This decision was made after a meeting with the Implementation Committee on the Naira crude oil sale.

The government also disclosed that the Dangote Refinery and other local refiners in Nigeria will begin to buy crude oil from the Nigerian National Petroleum Company (NNPC) Limited on October 1, 2024.

The NNPC will supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira.

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Dangote Refinery plans sea transport for 75% of local supply, targeting Warri, Port Harcourt, and Calabar

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September 16, 2024

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Dangote Refinery has announced plans to transport 75% of its local petroleum product supply via sea routes, targeting key locations like Warri, Port Harcourt, and Calabar.

This shift to sea transportation aims to reduce the higher costs associated with road distribution.

The refinery has the capacity to load 83% of its products by road, but it is ramping up efforts to evacuate nearly all production by sea.

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“Lagos: N950/l, Borno: N1,019/l” – NNPC announces increase in the pump price of petrol at filling stations nationwide.

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September 16, 2024

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The NNPC has announced an increase in the pump price of petrol at filling stations nationwide, with prices varying by location .

In Lagos, the price has been increased to N950 per liter, while in Borno, it has been increased to N1,019 per liter.

The price increase is due to several factors, including the global increase in crude oil prices, the removal of fuel subsidies, and exchange rate fluctuations.

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