Business

Why Soaring Diesel Prices Will Affect Fuel Hike – Experts

Published

3 years ago

July 22, 2022

Analysts at the Lagos Chamber of Commerce and Industry and the Centre for the Promotion of Private Enterprise have said that the soaring cost of diesel is expected to accelerate inflationary pressure on the economy to the extent that the recent increase in the price of petrol may not be immediately felt.

Report had it earlier that Premium Motor Spirit, popularly known as petrol, would now be sold between N170/litre and N190/litre in filling stations across the country, following what is believed to be a subtle agreement between Federal Government officials and oil marketers.

The increase follows weeks of scarcity which have led to fare hikes across major cities in the country. During this time, fuel marketers had insisted that it was no longer sustainable to distribute the product at its N165/Litre benchmark and only a price review would fix the supply chain crisis.

Speaking on how the hike would affect organised businesses, the Chief Executive Officer of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, described the decision by the oil marketers and the Federal Government as a necessary compromise that would prevent a complete collapse of the supply chain.

Asked if the new pump price might trigger higher prices in the marketplace, Yusuf said, “Not necessarily, because, before now, the disruption that had been created by the inability of the marketers to distribute at N165 had already pushed the price above N200. Outside Lagos and Abuja, I can tell you that people are buying fuel for N190, N200 plus. If you compare that to the N180 that is now the benchmark, people are still better off. In terms of the impact on price, I don’t see any considerable adverse effect that this will have compared to when you allow the system to collapse completely.”

Also speaking, the Deputy-President of the Lagos Chamber of Commerce and Industry, Mr Gabriel Idahosa, said the inflation that was already being created by the significant increase in prices of diesel and kerosene would naturally eclipse the marginal increase in the price of PMS.

He said, “Because the diesel price has gone so high already, the fuel price increase from N165 to N180 may only reflect in some movements in the general public transportation who use petrol for their vehicles, but in terms of any significant impact on inflation, it will not be there.”

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Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.