Business

Naira Recovery Against Dollar To Begin February 2021 – CBN

Published

5 years ago

December 28, 2020

The Central Bank of Nigeria (CBN) says the naira will begin recovery against the dollar and other global currencies from February 2021.

This was contained in the latest CBN Business Expectation Survey released by its Statistics Department.

The survey respondent firms, however, envisage higher interest rates from January, March till June 2021.

According to the report, although the naira has for several months depreciated against the dollar, the local currency appreciation against the greenback will start from February 2021 till July same year.

The December 2020 Business Expectations Survey was conducted online from December 7 to 11, 2020, with a sample size of 1,050 businesses nationwide.

A response rate of 91.3 per cent was achieved and the sample covered agriculture/services, manufacturing, wholesale/retail trade, and construction sectors. The respondents were made up of small, medium, and large corporations covering both import-oriented and export-oriented businesses.

On the state of the naira, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the local currency has lost over 26.72 per cent of its value so far in 2020.

He attributed naira’s continued decline to a heightened forex supply shortage, demand pressure, and rationing.

Rewane noted that for the naira rates to converge would require the adoption of a fully floating exchange rate system determined by the forces of demand and supply.

Also, the International Monetary Fund (IMF) had called for unified exchange rate for the naira to promote growth and attractive foreign capital.

The CBN had last month devalued the naira by N6 to a dollar. The naira devaluation brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank.

In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorised dealers, Bureaux De Change and Service Providers were advised to add N6 across all rates.

The naira was a month ago exchanging at N500/$ at the parallel market before it appreciated to N465/$ at the weekend. The local currency has, however, remained stable at N379/$ on the CBN’s official rate, a check at the apex bank’s website showed.

(NATION)

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Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

16 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

18 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

2 days 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.