On Tuesday, Dangote Petroleum Refinery announced a further reduction in diesel and aviation fuel prices to N940 and N980 per litre, respectively. This follows its highly heralded price cut to N1,000 just two weeks ago. Customers purchasing five million litres or more from the refinery would see a price increase of N940, while those purchasing … Read more
The Central Bank of Nigeria (CBN) said it has concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. In a statement on Monday, the apex bank said investors were over-subscribed for the exercise which was completed on March 1, 2024. The CBN offered … Read more
Liquefied Petroleum Gas (LPG), also known as cooking gas, has increased by 38% month on month (MoM), to N16,250 for a 12.5kg cylinder, up from N11,735.72 in January 2024. Furthermore, the price of one kilogram of gas increased by 37% to N1,300 from N950 during the same period. The latest data from the Nigeria Bureau … Read more
Manufacturers indicated on Monday that a bag of cement cannot be sold for less than N7,000 due to rising production costs. They claimed that the price jump was caused by an increase in operating expenditures. The manufacturers have agreed to cut the price per 50kg bag from between N9,000 and N15,000 to between N7,000 and … Read more
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained that the move to relocate departments and personnel in the bank’s headquarters in Abuja to other branches is due to “overpopulation”. Cardoso spoke on Monday during an interview on Arise Television. When asked if the CBN headquarters is over-populated, Cardoso said: “It is over-populated” adding … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The Central Bank of Nigeria, CBN, on Wednesday raised concerns over the increase in foreign currency exposures among Nigerian banks. In a bid to manage risks and prevent potential losses with systemic implications, the CBN issued stringent lending requirements for commercial banks. The requirements are contained in a circular addressed to all banks and signed … Read more