Favour's blog

The Nigerian National Petroleum Company Limited (NNPCL) has implemented a significant reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail stations—just 48 hours after a sharp hike. Blueprint reports that the price at various NNPCL outlets in Abuja has dropped from ₦955 to ₦900 per litre. The price adjustment has already taken effect at stations located in Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Kubwa Expressway. The move signals a ₦55 per litre reduction after Monday's sudden spike in pump price. Independent marketers have also responded with price cuts. Ranoil and Empire Energy stations in Gwarimpa now sell petrol at ₦955 and ₦950 per litre, respectively—down from ₦971 and ₦970. This development comes amid public outcry over soaring fuel costs and signals a possible stabilization effort by the national oil company.

The Central Bank of Nigeria (CBN) has reported that the currency in circulation reached an all-time high of N4.8 trillion as of November 2024. This marks a significant 7% increase from the N4.5 trillion recorded in October. Data from the CBN reveals that currency outside banks also surged, rising from N4.2 trillion in October to a record-breaking N4.6 trillion in November. This reflects an increasing preference among Nigerians to hold cash outside the banking system. Currency in circulation, which represents the physical cash used for transactions between consumers and businesses, has grown consistently throughout 2024. Starting the year at N3.65 trillion in January, over one trillion naira was added to the cash in circulation by November. The trend has been attributed to Nigeria's expanding money supply, which economist Dr. Paul Alaje links to inflationary pressures. Speaking on the matter, Alaje explained, “Money supply is expanding, but this is an offshoot of the CBN’s devaluati...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for a reduction in petrol prices nationwide, urging the Dangote Refinery to adjust its ex-depot price from ₦970 per litre following a drop in the estimated cost of landing petrol to ₦900.28 per litre. This appeal comes as Nigeria continues its naira-for-crude initiative, which began in October 2024, enabling the Nigerian National Petroleum Company Limited (NNPCL) to supply crude to local refineries in exchange for naira. The program, piloted with the Dangote Refinery, aims to reduce reliance on imported petroleum products and stabilize fuel prices. Reports indicate that 23 million barrels of crude oil have been supplied to the Dangote Refinery over the past two months. However, the refinery has struggled to meet its production capacity of 650,000 barrels per day due to insufficient crude supply from the NNPCL. Vice President of Dangote Industries Limited, Devakumar Edwin, disclosed that NNPCL had only deliver...

  Abuja, Nigeria – Nigeria's Vice President, Senator Kashim Shettima , revealed that Nigerian startups established by migrants raised more than $800 million in investments in 2022. This significant achievement was disclosed during the 10th Annual National Migration Dialogue , held at the Presidential Villa in Abuja, on Monday. The event, themed "Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights," underscored the essential role of Nigerian migrants in both national and global development. Shettima highlighted that Nigerian migrants contribute substantially to the country's economy, not only through diaspora remittances but also through entrepreneurial ventures abroad. "In 2022 alone, Nigerian startups founded by migrants attracted over $800 million in investments," Shettima said, stressing the immense potential that these individuals bring to the global stage. The Vice President also emphasized Nigeria's leadership in diaspora ...

 Naira Appreciates by N137 in a Week Due to New CBN Forex Platform The naira experienced a notable appreciation of N137.69 against the U.S. dollar in one week, following the Central Bank of Nigeria's introduction of a new foreign exchange platform. Exchange Rate Movement As of Friday, December 6, 2024, the naira closed at N1,535/$ on the official market, compared to N1,672.69/$ on November 29, representing an 8.24% gain. Throughout the week, the naira steadily strengthened, with rates improving daily: Monday, Dec. 2: Closed at N1,660/$ Tuesday, Dec. 3: Closed at N1,625/$ Wednesday, Dec. 4: Closed at N1,608/$ Thursday, Dec. 5: Closed at N1,567/$ Factors Behind the Appreciation 1. New FX Platform: The Bloomberg BMatch system, launched on December 2, 2024, introduced automated trade-matching for transparency and efficiency in the FX market. 2. Eurobond Offering: Nigeria raised $2.02bn through oversubscribed Eurobonds, boosting dollar liquidity. 3. Improved Reserves: Nigeria's rese...