Petrol Price Reduced To N162.44 Per Liter, New Price To Take Effect From December 14th – FG
Following the meeting that held between the Nigeria labour leaders and the Minister of Labour and Employment, Dr Chris Ngige, the federal government has agreed to reduce petrol price by N5 from N168 per litre it is currently being sold to a new price of N162.44 per litre.
This new price will take effect from December 14, 2020.
Speaking after the meeting which began around 9 pm on Monday and ended at about 1:30 am on Tuesday, Dr Chris Ngige said a technical committee has been set up to foster price stability in the industry.
He also said that the committee will appraise the market forces and look into other related things that will enable price stability in the industry. The committees are expected to give a report on their findings and recommendations to the house on January 25, 2020.
He explained, “Our discussion was fruitful and the Nigerian National Petroleum Corporation which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today”.
The Labour Minister further explained that the reduction in petrol price did not affect the price of crude oil nor an act to suspend deregulation, but rather on areas where NNPC has agreed to cut cost on freight and demurrage as the main importer.
Ngige asserted that the reduction in petrol price was a joint effort of NNPC and labour representatives.
In respect to the electricity tariff, NLC and the government agreed to wait till January 25, 2020, which is the next meeting date when the special committee will revisit their complaints.
Dollar to Naira Exchange Rate Today March 27, 2023
As of March 27, 2023, the dollar to naira exchange rate is 1 USD to 753 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦753, Investors King reports.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦753 and ₦749 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N753 and sold for N749.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Investors King understands that although the dollar to naira opened at N753 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Monday, March 27th, 2023, individuals in the black market purchased one US dollar for N749 and sold it for N754. This shows that the value of the Naira has improved slightly compared to Thursday, March 22nd, 2023, when the local currency was exchanged at N740 and sold it for N755.
To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:
- Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
- Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
- Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
- Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar to naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
Cash Shortage in Nigeria Sees Fintechs And Supermarkets Record Massive Gains
The ongoing cash crunch in Nigeria as a result of the Central Bank of Nigeria’s (CBN) naira redesign policy has seen Fintechs and Supermarkets record massive gains.
The naira crisis and failure of banks to rise to the occasion have prompted a lot of individuals to resort to various fintech to carry out transactions.
While several bank apps became increasingly erratic, that transfers that were usually done in minutes took days to reflect, this prompted a huge migration of users to fintech platforms which onboarded many users thereby increasing their customer base despite the cash crisis.
These fintechs were reported to enable users, especially businesses carry out seamless transactions void of failed transactions which saw netizens give positive reviews about some of them on social media.
A large percentage of users disclosed that while using some of these fintechs to carry out transactions, they do not have to worry about network issues as the apps are always available 24/7. They also lauded them for offering relief to Nigerians, especially at a time of unprecedented transaction failure.
It is interesting to note that Fintech startup Opay which gained widespread adoption during this cash crisis, recently expressed appreciation to its millions of users over the increased usage of its platform in the last 3 months.
The payment and financial service company disclosed that its customer base crossed over 30 million registered app users, as well as 500,000 agents and 100,000 merchants. Also, while several businesses have lamented low sales as a result of the cash shortage, reports reveal that supermarkets across the nation have recorded massive gains during this period.
Following the difficulty involved in getting cash, individuals have continued to flood supermarkets as they have now resorted to buying things from these places where they can easily use their ATMs for payment.
Investors King reports that various malls/ supermarkets such as TwinsFaja, Jendol, Shoprite, Grocery Bazaar, etc have been overwhelmed with long queues of customers.
The recent cash crunch which is affecting businesses across the country has not only crippled economic activities but has become a major threat to the livelihoods of Nigerians.
With the endless complaints that have trailed this new policy, several interest groups under the aegis of the organized private sector of Nigeria have voiced their discontent over the government’s handling of the redesign of new naira notes, which birthed the current naira crisis that has hit every nook and cranny of the country.
In a bid to ease the cash crunch in the country, the Central Bank of Nigeria has recently ordered banks to pay out old notes to customers.
Recall that in a bid to reduce the amount of cash circulation outside the banking system as well as promote a cashless policy in the country, the Central bank of Nigeria on October 2022 announced the redesign of the higher denomination of the currency (N200, N500, and N1,000).
Meanwhile, the fallout of the cashless policy proved disastrous, with far-reaching socioeconomic consequences. Analysts disclose that the federal government and the CBN underestimated the cost-benefit side, which is now causing large-scale disruptions in the economy and loss of productivity.
Merger and Acquisition
Chad Nationalizes Exxon Mobil Assets Amidst Controversy
The Chadian government has announced that it has nationalized all assets and rights, including hydrocarbon permits and exploration and production authorizations, that belonged to Exxon Mobil’s subsidiary in the country.
The move comes after Exxon Mobil closed the sale of its operations in Chad and Cameroon to London-listed Savannah Energy in a $407 million deal in December.
However, the Chadian government contested the agreement, stating that the final terms were different from what Exxon Mobil had presented. It warned that it may ask courts to block Savannah’s purchase of Exxon’s assets in the country and take further steps to protect its interests.
The nationalized assets include a 40% stake in Chad’s Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 barrels per day. It also includes Exxon’s interest in the more than 1,000 kilometer Chad/Cameroon pipeline from the landlocked nation to the Atlantic Gulf of Guinea coast through which its crude is exported.
Exxon Mobil and Savannah Energy were not immediately available for comment on the matter.
This move by the Chadian government is not entirely surprising given the controversy surrounding the sale of Exxon Mobil’s assets to Savannah Energy. It remains to be seen what actions the government will take to protect its interests and whether Savannah Energy will be able to proceed with its purchase of Exxon’s assets in Chad.
The nationalization of Exxon Mobil’s assets in Chad is part of a broader trend of governments taking greater control of their natural resources. Many countries in Africa and beyond have been pushing for greater control over their resources and a larger share of the profits generated by foreign companies operating in their territories.
As natural resources become increasingly important in the global economy, it is likely that we will continue to see governments taking a more assertive approach to the management of their resources. The challenge for companies like Exxon Mobil will be to navigate these complex and evolving political landscapes while also delivering value to their shareholders.
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