Connect with us

Business

Again, OPEC Increases Nigeria’s Crude Oil Production Quota To 1.8mbpd

Published

on

The Organisation of the Petroleum Exporting Countries (OPEC), yesterday, raised Nigeria’s crude oil production quota to a new target of 1.799 million barrels per day (mbpd) for July 2022.

This is an increase of 27,000bpd when compared to the 1.772mbpd target approved in June to a new target of 1.799mbpd for July.

Vanguard had reported that Nigeria’s production output averaged 1.42mbpd in May. The figure is 70,000bpd higher than the average crude oil production in April, which stood at 1.35mbpd.

However, according to a statement issued by the organisation at its 29th OPEC and non-OPEC Ministerial Meeting, “OPEC+ also adjusted upward the monthly overall production by 648,000bpd for the month of July with a target production of 43.206mbpd.

“The 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on June 2.

Advertisement

“The meeting noted the most recent reopening from lockdowns in major global economic centres. It further noted that global refinery intake is expected to increase after seasonal maintenance.

“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.”

READ ALSO: Nigeria’s Crude Oil Production Drops To 1.417mbpd In February – OPEC

The report also stated that, the meeting extended the compensation period until the end of December as requested by some underperforming countries, and requested that underperforming countries submit their plans by June 17.

The meeting directed that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

VANGUARD

Advertisement

Advertisement
Comments

Business

JUST IN: CBN Increases Interest Rate To 24.75%

Published

on

By

The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Advertisement

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

Advertisement
Continue Reading

Business

JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Published

on

By

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

Advertisement

Details later

Continue Reading

Business

Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

Published

on

By

The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

Advertisement

READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

Advertisement
Continue Reading

Trending