Aliko Dangote, Chairman of Dangote Group, has attributed the ongoing fuel scarcity in Nigeria to the inaction of retailers. He emphasized that over 500 million litres of fuel are currently stored in his tank farm, ready for distribution, yet the retailers responsible for purchasing and distributing the fuel have not come forward to collect it….
On Tuesday, the naira saw an increase in value against the dollar in the official foreign exchange market. According to FMDQ data, the naira rose to N1630.35 per dollar on Tuesday, up from N1670.65 on Monday, marking an appreciation of N40.3. In contrast, the black market saw the naira decline slightly, trading at N1748 per…
Petroleum marketers have articulated their request for a N100 billion intervention from the Nigerian Government, aimed at preventing business collapses in the wake of rising Premium Motor Spirit prices. Oil marketers are currently awaiting a favorable response from the government regarding their appeal for this substantial intervention fund. In an exclusive interview with DAILY POST…
The Central Bank of Nigeria (CBN) has confirmed that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. CBN spokesperson Sidi Ali Hakama made this announcement in a statement released on Thursday. This clarification comes in response to rumors suggesting that the old Naira notes would no longer be…
Nigeria Customs Service (NCS) has reported a revenue generation of N4.2 trillion in the first nine months of 2024. Bashir Adeniyi, the Comptroller General of NCS, made this announcement during a workshop in Lagos on Saturday. Adeniyi, who was represented by Dera Nnadi, the Comptroller of the Customs Area Controller at Tincan Island Port Command,…
In the past 48 hours, the naira has depreciated by N106.7 against the dollar in the official foreign exchange market. This decline follows a further weakening of the naira as foreign exchange supply decreased on Wednesday. According to FMDQ data, the naira fell to N1659.69 per dollar on Wednesday, down from N1658.97 on Tuesday, marking…
The House of Representatives has frowned at the Executive, led by President Bola Tinubu, over delays in submitting the 2025 budget proposal to the National Assembly. The lower chamber added that the time the National Assembly required to exercise its functions as enshrined in Section 88(2)(b) was technically being taken away by the non-compliance with…
The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024. The World Bank disclosed this in its latest edition of Africa’s Pulse report. Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region. The report…
Nigeria’s petroleum marketers have revealed that Dangote Refinery will be meeting with them on Tuesday and Wednesday. The Spokesperson of Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike disclosed this in an interview with Arise TV on Sunday. According to him, the more actions were taken in terms of petrol distribution, the price of…
Petroleum marketers have indicated that President Bola Tinubu has taken the advice of Aliko Dangote, the President of Dangote Group, by fully removing the petrol subsidy. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), shared this insight during an interview with journalists. His comments followed the recent increase in fuel prices…
