Business

Naira To Dollar: Edo Businessman Wants FG To Intervene

Published

2 years ago

September 25, 2023

An Edo State businessman, Mr. Osazee Gift Osazuwa, has called on the Federal Government to wade in and tackle the falling rate of the naira against the dollar.

He made the call in Benin while addressing Journalists as regards the current exchange rate of the naira against the dollar.

Osazuwa said on Saturday, the naira was sold for 1,000/$ at the black market, a trend he described as “very worrisome.”

He said the falling strengthen of the naira against the dollar is not helping them in the electronics business as they have to spend more to buy goods due to the exchange rate.

Osazuwa said if the naira keeps falling without any action from the Federal Government to salvage the situation, it might get worse and thereafter push them out of business.

Osazuwa, while expressing confidence on President Bola Tinubu’s ability to revamp the nation’s moribund economy, said those of them in the electronics business still have hope that he has the magic wands to turn it around.

He called on the Federal Government to arrest the situation before it gets out of hands.

He said if the government can check the falling rate, stem the tide and restore the dignity of the naira against the dollar, the country will be better for it.

Also speaking, Mr. Matthew Oshodin, decried the high cost of living in the country which is made worse by the fuel subsidy removal.

He said Nigerians are currently finding it difficult to cope rising from the high cost of fuel that has robbed off on every other aspect of the economy.

Oshodin further used the medium to call on the federal government to fix up the nation’s moribund refineries rather than sharing N5 billion as palliatives to states.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

21 hours ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week 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.