Business
Selling Crude oil to Dangote in Naira Begins October 1
The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, on Sunday, confirmed that the supply of crude in naira by the Nigerian National Petroleum Company Limited to the Dangote Petroleum Refinery is to begin on Tuesday, October 1, 2024.
On September 13, 2024, the committee announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.
“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.
The Chairman of the Technical Sub-Committee is Zacch Adedeji, who doubles as Chairman of the Federal Inland Revenue Service.
When contacted on Sunday and asked if the plan for the crude oil supply to the $20 billion Lekki-based plant is still intact, the Special Adviser on Media to the FIRS Chairman, Mr Dare Adekanmbi, responded in the affirmative.
He said, “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans.
He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.”
This implies that NNPC is to supply about 11.5 million barrels of crude oil to the Dantote refinery monthly, and based on the deal, the plant will release equivalent volumes of refined diesel and petrol to the domestic market also in naira.
Source: PUNCH
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 65
GREAT BRITISH POUND (GBP) ₦1,834.04
EURO (EUR) ₦1,567.00
SWISS FRANC (CHF) ₦1,671. 98
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦201. 34
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02
SAUDI RIYAL (SAR) ₦361.62
SOUTH AFRICAN RAND (ZAR) ₦84.23
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
BREAKING: Adeleke coasts to victory winning 19 LGs, APC’s Oyebamiji secures 11 LGs
#OsunDecides2026: Accord Party in early lead, APC trails behind
#OsunDecides2026: Adeleke Urges Tinubu to Protect Votes During Collation
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Politics2 days agoOsun Election: President Tinubu mobilises Voters “Go Out to Vote Candidate of Your Choice on Saturday Without Fear
-
Crime3 days agoSITREP: Rival Cult Groups Clash on Freedom Way Near the Dome, Sparking Chaos
-
Politics2 days agoThe Top Three Gladiators Locking Horns For Osun Governorship
-
Politics2 days agoAccord says Imumolen has no electoral value
-
Business2 days agoNaira Exchange Rates Friday, August 14
-
Politics2 days agoOsun governorship election will be transparent, says INEC
-
News2 days agoNMMA shortlist 972 entries for 2026 awards
-
Sports2 days agoCommittees hit the ground running for 8th Kwara State Sports Festival