Connect with us

Business

Naira Appreciates In Parallel Market

Published

on

Today, the naira appreciated N1,580 per dollar in the parallel market, compared to N1,582 on Thursday.

However, the Naira depreciated to N1,538 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,538 per dollar from N1,536 per dollar Thursday, indicating N2 depreciation for the naira.

Advertisement

Consequently, the margin between the parallel market and NFEM rate narrowed to N42 per dollar from N46 per dollar on Thursday.

READ ALSO Naira Appreciates In Parallel Market

However, in their Weekly Financial Market outlook for next week, analysts at CowryAsset Management Limited projected mixed performance for the naira as demand pressure deepened.

Advertisement

“Looking ahead, we anticipate a mixed outlook for the Naira as demand pressures for the greenback intensify, with foreign exchange, FX, users and speculators continuing to exploit arbitrage opportunities.

“ Nevertheless, we expect the CBN to sustain its weekly interventions in an effort to stabilise the local currency.”

Advertisement

Business

Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

Published

on

By

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.

This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.

NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.

Advertisement

This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.

READ ALSO:Marketers Get Dangote’s Free Fuel Supply

In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

Advertisement

The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.

The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.

Advertisement

READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.

Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.

Advertisement

Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.

Continue Reading

Business

Marketers Get Dangote’s Free Fuel Supply

Published

on

By

Marketers on Friday confirmed that Dangote Refinery’s compressed natural gas-powered trucks have started delivering fuel to their stations at no cost to them.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Shettima, confirmed this to our correspondent in an interview on Friday.

Recall that Dangote Refinery rolled out over 1,000 CNG trucks on Monday, saying the entire 4,000 would be in the country before October.

Advertisement

The direct fuel distribution scheme was initially scheduled to commence on August 15, but was delayed due to logistics challenges in China.

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

A total of 4,000 CNG trucks were ordered from China for delivery in Lagos. However, the plan was stalled as there were insufficient vessels to transport the trucks.

Advertisement

Speaking with our correspondent, the IPMAN president said independent marketers in the South West have started receiving the trucks in their stations to offload petroleum products.

Shettima said only registered marketers can receive the free delivery from Dangote Refinery.

He said the stopping of fuel sales to unregistered marketers by the refinery is not a big deal, as marketers can register on the Dangote portal anytime they are ready.

Advertisement

READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

“If you don’t register, your name will not appear on the system unless you register through the portal, which the company has been announcing for a long time. But marketers can register at any time, even at night, because it’s not difficult. You will just input all your information and register. So, that one is not an issue at all,” Shettima said.

He told our correspondent that marketers in Lagos, Ogun and Ondo have confirmed the receipt of Dangote’s logistics-free fuel.

Advertisement

“Dangote has started the free delivery. Already, the trucks have started moving. In most parts of the Western Zone, they have already started discharging their products, since it is closer to Lagos. So the plan is moving seriously. And my marketers are very pleased with the development.

“I can confirm to you that my members have started receiving the trucks in Lagos, Ondo, Ogun, Ibadan and others,” Shettima stated.

READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable

Advertisement

Speaking on the price, the IPMAN boss explained that prices would drop from N865 to N841 the moment petrol gets to the stations under the new arrangement.

“The prices have started coming down; even here now, when you push it to Abuja, you will see the price reduction. Wherever he discharges, all the independent marketers, anywhere he discharges, you will see there will be a price change.

“The MRS filling stations have started reducing prices, they have with independent petroleum marketers. Any marketer who applies for the product and receives it will reduce the price,” he stressed.

Advertisement
Continue Reading

Business

Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Published

on

By

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

Advertisement

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

Advertisement

“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

Continue Reading

Trending

Exit mobile version