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NNPC breaks silence over reported increase in petrol pump price

Filling station, fuel petrol subsidy

The Nigerian National Petroleum Company Limited (NNPC Ltd) has stated that there would be no increase in the price of petrol in the near future. Olufemi Soneye, the company’s chief corporate communications officer, also warned motorists against panic buying. The statement came amid reports that the corporation battled with petroleum merchants under the auspices of … Read more

CBN restricts crypto bank account operators from cash withdrawal

cbn 1

The Central Bank of Nigeria, CBN, has announced that cash withdrawals from accounts formed for virtual and digital asset transactions will be prohibited. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for … Read more

Dangote refinery gets 4th shipment barrels of crude

Dangote Oil Refinery Company 974x548

On Monday, the Dangote Petroleum Refinery received the fourth shipment of one million barrels of bonny light crude oil from the Nigeria National Petroleum Corporation Limited. According to a statement from the $20 billion corporation, the fifth crude oil cargo is expected soon. The plant had earlier received three shipments of crude oil, as officials … Read more

Naira ends 2023 with 96.55% loss to dollar at official market

Dollar and naira

The value of the naira had dropped to never-before-seen lows, affecting all aspects of life and driving inflation in the country to decades-high levels. The naira’s value has risen from N450 to the dollar at the official end and N750 to the dollar at the parallel market to selling at N1200 on the streets and … Read more