Business

CBN Issues Additional FX Guidelines; Lifts Restriction On Domiciliary Accounts, Others

Published

3 years ago

June 18, 2023

The Central Bank of Nigeria (CBN), last night issued further guidelines directing those seeking foreign exchange for Medical, school fees and Basic Travel Allowance to source them.from.the Investors’ and Exportees’ window.

The statement reads in full: ”Following the Central Bank of Nigeria (CBN) press statement of June 14, 2023, on new guidelines in the foreign exchange market, an extraordinary Bankers’ Committee meeting was held on Friday, June 16, 2023, to discuss its implementation and implications for the banking public.

“These policy changes aim to promote transparency, liquidity and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.”

According to the Director, Corporate Communications, Dr. Isa Abdulmumin, the CBN, in line with deliberations at the meeting, provided further guidance to Deposit Money Banks (DMBs) as follows:

“All visible and invisible transactions (medicals, school fees, BTA/PTA, airline and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.

“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.

‘Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN, including the “purpose” for such transactions.

“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations.

“The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to boost market confidence further.

“The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.

“The CBN will continue to engage stakeholders and issue further guidance as it implements the ongoing reforms.
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Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

7 hours ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

9 hours ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

1 day ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.