Business

CBN tells Nigerians what to do to save Naira

Published

2 years ago

July 30, 2022 12:02 pm

BodexNG

The Central Bank of Nigeria (CBN) says Nigerians must avoid dealing with speculators in the foreign exchange (FX) market to save the naira from further decline.

Osita Nwanisobi, director of the apex bank’s corporate communications, said this in a statement on Friday.

The statement comes a few hours after some operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.

According to reports, the invasion was a covert operation to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.”

In the last few weeks, the naira has experienced further devaluation, dropping from about N580 to N707 per dollar at the parallel section of the foreign exchange market.

Nwanisobi blamed the current depreciation of the naira on “speculative tendencies.”

He added that CBN would continue to make deliberate efforts in the FX sector to avoid further downward slides in the value of the naira.

“Similarly, the Naira4Dollar incentive also increased the volume of diaspora remittances during the first half of the year,” he said.

“There are also interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF).

“They are also geared toward diversifying the economy, enhancing the inflow of foreign exchange, stimulating production and reducing foreign exchange demand pressure.

“We should look inwards and find innovative solutions to the country’s challenges.

“It is our collective duty as Nigerians to shore up the value of the Naira.”

Business

Port Harcourt Refinery begins crude oil processing

Published

3 mins ago

November 26, 2024 12:52 pm

BodexNG

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

23 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others