Business
Nigeria’s Crude Oil Production Drops To 1.417mbpd In February – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022.
OPEC made this known in its Oil Market Report for March 2022, which was obtained by the News Agency of Nigeria ( NAN) on Tuesday in Lagos.
The report said the figure showed a decrease of 10,000 barrels per day when compared to the 1.427mb/d produced averagely in the month of January 2021.
“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d Month-on-Month.
“Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined,” the report said.
The report noted that Nigeria’s Gross Domestic Product grew about 4.0 per cent in fourth quarter of 2021, which was the fifth consecutive quarter of economic expansion.
READ ALSO: Brent Oil Ends Below $100/Barrel First Time In Three Weeks
It said this was amid the ongoing recovery from the pandemic effects that dragged down the country’s main economic activities.
The report said: “The annual inflation rate stood at 15.6 per cent in January 2022, almost unchanged from the previous month.
“On a monthly basis, consumer prices were up 1.47 per cent, following a 1.82 per cent increase in the previous month.
“Higher food costs related the geopolitical tensions could further fuel inflation.
“Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index surged to 57.3 in February from 53.7 in the previous month, as the non-oil private sector expanded the most since November 2019.”
It said the increasing oil price might provide ample support for the Nigerian economy but that the disruption to global trade flows and supply shortages could offset this positive impact.
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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