Business

CBN, ICPC, CSO, Others Monitor POS Transaction In Edo Markets

Published

2 years ago

February 10, 2023

As part of its efforts to ameliorate the suffering of the people occasioned by the recent naira notes scarcity, the Central Bank of Nigeria (CBN), Benin Branch, on Thursday, commenced the monitoring of banks agents also known as Point Of Sales (POS) payment with lower charges to resident in Benin City.

The banks agents under the strict supervision of the officials of CBN, Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC) and members of the Edo State Civil Society Organisations (EDOSO), were paying their customers a maximum of N5000 per N100 charges.

At the popular Oba Market, Ring Road in Benin, traders and sellers who benefitted from the effortless withdrawal of cash from the POS agents commended CBN for the initiative, saying the exercise would ease their stress of queuing for long hours at the Banks.

They appealed for optimization of the money from N5,000 to N20,000 at least so as to enable them meet other challenges.

The leader of the market women at Ekiosa, Mrs.Janet Ogiamien Iyase thanked the CBN for coming to their rescue through this initiative.

She said they have earlier cried to the state government who invited them to a stakeholders meeting with the leadership of the various banks in the state.

Mrs. Iyase said they were almost losing it, noting that they can neither buy nor sell because there was no money.

“I pray that God should bless the CBN for coming up with this method of cushioning our pains.

“We have really suffered in the past few days but today, I am happy because the money I should have gone to withdraw from the bank, I can now withdraw from you right away”, Iyase said.

Another woman, Mrs. Eghosa Ogiamien Obayagbona who made a withdrawal of N5000 after paying the sum N100 as charges, said the process was seamless.

She added that she had earlier gone to the bank to withdraw money but after wasting much time, she was told that there was no money.

Speaking to journalists during the exercise, the Director, Risk Management Department of CBN, Dr. Blaise Ijebor, said the exercise was to avail the people who have paid into their banks account the old naira notes to withdraw their money for their transaction.

Dr. Ijebor added that it was also aimed at reducing the long queues in the banks.

“We are at Oba Market and we want to help in reducing queues in banks.

“So, we are coming to the markets to allow people who had paid in their old naira notes into the banks to be able to withdraw N5000 at the normal charge of N100 so that we can serve the people and reduce the queues and tension at the banks.

“A lot of people are complaining that they cannot withdraw the money they paid into the banks, now we are giving them the opportunity right here in the market to collect money so that they can continue to transact.

“This is an opportunity for people to get their money and for business to continue to thrive in Edo state”, he said

The CBN director, however, disclosed that “we will be doing this in the next several days to reduce the queue in the bank”.

Business

Naira Depreciates Against Dollar

Published

1 week ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

3 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

2 months ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.