Business

Currency Outside Banks Rises 66% To N1.4 trn

Published

1 month ago

April 28, 2023

Currency Outside Banks, CoB, rose Month-on-Month (MoM) by 66 per cent to N1.4 trillion in March from N843 billion in February 2023.

This reflects the impact of the implementation of the Supreme Court order that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.

The Central Bank of Nigeria, CBN, Money and Credit data for March released today also showed that currency-in-circulation, CIC, stood at N1.68 trillion, representing a 71 percent rise from N982 billion in February 2023.

Recall that the implementation of the Naira redesign and withdrawal of old banknotes by CBN sucked in about N1.81 trillion from the Currency Outside Banks, CoB, while crashing Currency-in-Circulation to N1.4 trillion in January 2023.

The CBN Money and Credit data for January showed that Nigerians in response to the initial deadline of January 31st, 2023 deposited N1.81 trillion into the banking system in January.

Consequently, CoB, fell MoM by 70 per cent to N788.9 billion in January 2023 from N2.6 trillion in December 2022.

Also reflecting the impact of the initial deadline, currency-in-circulation (CIC) fell MoM by 54 per cent to N1.38 trillion in January 2023 from N3 trillion in December 2022 amidst the naira scarcity experienced in the country.

Part of the reasons for the Federal Government’s redesigning of the naira was to mop up excess cash outside the banking system and to rein in inflation.

Business

BREAKING: NNPCL Confirms Increase In Fuel Pump Price

Published

3 hours ago

May 31, 2023

Editor

The Nigerian Petroleum Company Limited (NNPC) has confirmed the adjustment of the pump price of PPM across its retail outlets, citing that the decision was hinged on the current market realities.

Recall report earlier had that the downstream sector of Nigeria’s petroleum industry was thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

Details soon…

Business

BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre

Published

4 hours ago

May 31, 2023

Editor

The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, did not respond when Vanguard called repeatedly for confirmation.

But an oil marketer, who pleaded anonymity, dismissed it as fake, adding: “How can any credible business base its pricing on an obviously fake random list circulating on social media?”

Business

Fuel Subsidy Gulped $10bn In 2022 – Shettima

Published

22 hours ago

May 30, 2023

Editor

Vice President Kashim Shettima has revealed that $10 billion was spent by the immediate past administration of Muhammadu Buhari subsidizing fuel in 2022.

He said the current administration was bent on exiting fuel subsidy because of its negative implications for the country as a whole.

Shettima reiterated his principal’s position on Tuesday, while reporting for duties on his first day in office at the Presidential Villa Abuja.

He said the current administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.

His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.

“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’