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Just In: CBN raises interest rate to 26.75% amid surging inflation.

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The Central Bank of Nigeria (CBN) Monetary Policy Committee has raised the interest rate by 50 basis points, from 26.25% to 26.75% amid surging inflation.

CBN Governor, Olayemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja on Tuesday, July 23. The MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.

The MPC also retained the Cash Reserve Ratio (CRR) of deposit money banks at 45% and merchant banks at 14% and retained the Liquidity Ratio at 30%.

According to him, the decision to further increase the interest rate is to tackle the country’s rising core inflation and food inflation which stood at 34.19 per cent and 40.87 per cent, respectively in June.

He said members of the MPC are not oblivious of the need to address the rising prices of food in Nigeria, necessitating the interest rate hike.

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Port-Harcourt Refinery Fully Operational

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1 day ago

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December 21, 2024

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Port-Harcourt Refinery Fully Operational
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PRESS RELEASE

Port-Harcourt Refinery Fully Operational

The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

Preparation for the day’s loading operation is currently ongoing.

Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

21st December, 2024

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Competition is affecting Dangote Refinery, Dangote is ready to sell on Credit to any marketer that can buy a truck and the marketer will get the second truck on credit.

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3 days ago

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December 19, 2024

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Dangote Refinery faces competition from several sources, including: 

  • Fuel importers
    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continues to issue licenses for refined product imports, which can make it harder for Dangote to meet local demand. 

  • Marketers
    Marketers have different views on whether to pay Dangote in advance for petrol. Some say that advance payments can put financial pressure on marketers, especially those with limited capital. Others say that advance payments are necessary to ensure the refinery’s operations run smoothly. 

  • Legal disputes
    Oil marketers are in a legal dispute with Dangote over the refinery’s request to restrict import licenses. 

  • Direct purchasing
    Marketers can now purchase petrol directly from Dangote Refinery and other local refineries. This allows marketers to negotiate commercial terms directly with the refineries, which can create a more competitive market environment. 

The start of operations at the Dangote Petroleum Refinery and other refineries has increased transparency and market competition in West Africa. 

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Yuletide: Dangote Refinery slashes petrol price to N899.50

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December 19, 2024

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Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches.

The refinery had previously cut the price to N970 per litre on November 24.

The latest reduction aims to ease transportation costs during the festive period, a time when Nigerians often face increased travel expenses.

This was disclosed in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday.

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