Business

CBN Vows To Penalize Shipping Lines Over Undocumented Exports

Published

2 years ago

May 9, 2023

The Central Bank of Nigeria (CBN) has threatened to penalize shipping companies exporting undocumented cargoes from the country.

CBN Governor, Godwin Emefiele said this today while speaking at the RT200 Non-Oil Export Summit 2023 in Abuja.

The theme of the summit is “RT200: Challenges and Prospects”.

Emefiele said the development of the non-oil export sector is crucial given that it holds vast potential for generating a significant amount of foreign exchange earnings.

He said the CBN regularly monitors and appeals to exporters to document their exports and repatriate proceeds so it can be utilized optimally for the benefit of the country’s economy.

He, however, said the apex bank was aware that some people try as much as possible to sidetrack the process by attempting to export their cargo without documentation.

“About three years ago, I had a meeting at the Central Bank of Nigeria in Lagos with the shipping lines. I had said the central bank will be beaming some satellites on undocumented exports.

“We had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export cargo without documentation that we will penalize them including placing their accounts on post-no-debit (PND).

“We have so far not done anything like that just because we feel that the shipping lines will be responsible to do what is right. But, if we do not see the kind of cooperation that we expect, I’d have to insist that we do what we need to do,” he said.

Speaking on the success of the RT 200, the CBN Governor said earnings from non-oil exports increased by 40 percent from $3 billion in 2021 to $5.6 billion at the end of 2022.

The RT200FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.

“Today, I am happy to note that the RTX 200 programme has led to tremendous progress in export proceeds repatriation since its establishment in February 2022.

“In February of 2022 and March, it was only N62 million. By the second quarter, which was April to June, it had risen to about 600 million. By the third quarter, (July to August or September), it had risen to over 900 million.

“Available data shows that repatriation due to the programme increased by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022.

“The momentum for 2023 is equally issuing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window,” Emefiele added.

Business

Naira Depreciates Against Dollar

Published

2 hours 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

2 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

1 month 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.