Economy
Your current naira notes will become outdated by February, 2023—CBN warns Nigerians
the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN
and the country.
percent of currency in circulation is outside the vaults of commercial banks,
N500 and N1,000 banknotes.
from December 15, 2022.
“All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby
suspended with immediate effect.
cash returned/paid into their accounts.
Economy
NNPC Retail sensitizes auto mechanics on CNG Adoption, Oleum lubricant range
Economy
News Alert: Again, NNPCL increases fuel pump price to N1,030 per litre in Abuja, N998 per litre in Lagos
— terminates exclusive purchase agreement with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its various outlets in Abuja on Wednesday.
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
On Monday, October 7th, 2024,NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
Consequently the national oil company is no longer the sole off-taker while marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.
By implication and with the N1030 pump price of NNPCL, pump prices of the product by the major and independent marketers are now expected to be over the NNPCL pump price.
Economy
NNPC sells Dangote September fuel delivery at N950.22 per litre in Lagos
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.
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