Business

Subsidy: Oil Marketers Plan Petrol Import As CBN Floats Forex

Published

2 years ago

June 16, 2023

Oil marketers have intensified efforts to import petrol into the country, following the liberalisation of foreign exchange rates by the Central Bank of Nigeria, CBN.

The prevalence of multiple foreign exchange rates and other problems had prevented the marketers from importing the product, forcing them to depend on NNPC Limited for domestic supplies.

But with the CBN’s action, the oil marketers, who spoke with Vanguard, yesterday, expressed optimism that their first shipment would arrive the country in the next few weeks.

Chief Executive Officer/Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, said: “We intend to import in the next few weeks.”

Similarly, Managing Director/CEO of 11 Plc, Adetunji Oyebanji, said: “We will take a look. I think we are getting closer than ever.”

On his part, National President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Okoronkwo, said the association was currently considering importation.

Chairman of Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Dame Winifred Akpani, who led stakeholders to visit President Bola Tinubu, had tasked him to adopt measures capable of ending fuel crises in the country, while achieving stability in Nigeria’s downstream sector.

She had said: “Our further humble request to the president is that all dues and levies to government agencies, particularly NPA Plc and NIMASA, be reduced to the barest minimum and payable in naira. This will drastically reduce the pressure on our foreign exchange rate reserve and keep in check the pump price of petrol.

“All charges and taxes imposed by the regulator, NMDPRA, as stipulated in the Petroleum Industry Act, PIA 2021 be suspended until we achieve market stability.

“The 2.5 per cent security deposit requested by NNPC Limited for all purchases be scrapped as they overload marketers. The government should revise the clause in the PIA 2021, which restricts importation to only companies with active local refining licenses and/or proven track records of international crude oil and petroleum products trading.

“In conclusion, we would add that stability in the petroleum industry will ultimately lead to the much-needed energy transition.

“We anticipate less dependence on fossil fuels which will result in more investment and faster development of gas and electricity as alternative sources of energy.

“We thank you once again for this opportunity and pray that our beloved nation will experience sustainable growth and economic prosperity under your astute leadership.”

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

2 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

2 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

5 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.