BREAKING: CBN resumes forex sale to BDCs at N1, 021/$

  • Again, Dangote slashes diesel, aviation fuel prices to N940, N980

The Central Bank of Nigeria has resumed the sales of dollars to Bureau De Change operators.CONTINUE FULL READING>>>>

It disclosed this in a circular referenced TEM/FEM/PUB/001/013 uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department, Hassan Mahmud.

The apex bank said it is set to sell $10,000 to BDCs at N1, 021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Earlier, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 percent above the purchase price.

The current rate is 7.27 percent less than the previous price.

This current release is hoped to further strengthen the local currency.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 percent of the purchase price.”

This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

PAY ATTENTION:  Wike Blows Hot!!! “It Was The Most Barbaric Act That Has Ever Been Seen” – Wike Condemns Killing Of Soldiers In Delta

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

As the CBN continues to defend the naira, the latest data on its website showed that Nigeria’s foreign exchange experienced a sharp decline.

According to the latest data from the Central Bank of Nigeria, the external reserves reached a new low of $32.1bn on April 18, 2024, over 31 days, the reserves decreased by $2.35bn, falling from $34.45bn on March 18, 2024

However, during the International Monetary Fund/World Bank Spring Meetings, the CBN governor, Olayemi Cardoso clarified that the bank would avoid intervening in the exchange unless unusual circumstances arose.

He emphasized that the recent slight shift in reserves was unrelated to defending the naira.

Again, Dangote slashes diesel, aviation fuel prices to N940, N980

In a related development, Dangote Petroleum Refinery on Tuesday announced a further reduction in the prices of both diesel and aviation fuel to N940, and N980 per litre respectively.

This is coming in the wake of its widely celebrated price reduction to N1, 000 barely two weeks ago.

The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

PAY ATTENTION:  BREAKING: We Don’t Know What Crime To Charge Former CBN Governor Emefiele With – Akpabio

Speaking on the new development, the Head of Communication, Anthony Chiejina, explained that the new price aligns with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable prices, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1, 050 and aviation fuel at N980 at all major airports where MRS operates.”

He further stated that the partnership would be extended to other major oil marketers.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.”

It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from N1, 200 to N1, 000 per litre barely two weeks ago.

PAY ATTENTION:  Check Out 8 Animals That Can Make You A Multi-Millionaire If You Can Find Them (Photos)

This marks the third major reduction in diesel price in less than three weeks when the product was sold at N1, 700 to N1, 200 and also a further reduction to N1, 000 and now N940 for diesel and N980 for aviation fuel per litre.

President Bola Tinubu had also commended Dangote for the initial price reduction, describing it as an “enterprising feat.”

Reacting to the latest development, the Director General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadiri, said, “The decision of Dangote Refinery to first crash the price from about N1, 750/litre to N1, 200/litre, N1, 000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

He added “The trickle down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, amid inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”CONTINUE FULL READING>>>>

blank
blank
x