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NNPC Releases 387.6m Litres As Fuel Scarcity Persists

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The over two weeks long scarcity caused by the withdrawal of the methanol-blended Premium Motor Spirit, popularly called petrol, imported into Nigeria in January, persisted on Wednesday in Abuja and other states.

Amidst the scarcity, the Nigerian National Petroleum Company Limited on Wednesday released the details of how it distributed a total of 387.59 million litres of PMS in one week to bridge the petrol supply gap.

According to the NNPC in a statement, the petrol distributed to Nigerians through retail filling stations from February 14 to 20, 2022, represented an average daily distribution of 55.4 million litres.

A breakdown of the NNPC weekly national evacuation report released on Wednesday showed that 80 per cent of all the PMS took place at 20 high loading depots, while 20 per cent took place at the other loading depots.

The oil firm said the top 20 high loading depots used were Pinnacle-Lekki, which evacuated the highest volume of 70.8 million litres; NIPCO, 22.6 million litres; and AITEO, 22.3 million litres.

Others include Swift, 16 million litres; 11 Plc, 15.9 million litres; Bovas Bulk, 15 million litres; and Frado, 14.6 million litres.

The NNPC named other depots to include Keonamex, 13.7 million litres; MRS Ltd, 11.9 million litres; Rainoil, 11.6 million litres; AYM Shafa, 11.2 million litres; and TSL, 11.2 million litres.

It continued, Rainoil Lagos, 11.2 million litres; Matrix, 10 million litres; Conoil Lagos, 9.7 million litres; AA Rano, 8.8 million litres; Bluefin, 8.4 million litres; HOGL, 8.2 million litres; Ibafon Calabar, eight million litres; and Mainland, 7.5 million litres.

With the distribution of 385.59 million litres in one week, the scarcity of petrol was arrested mildly, but the queues in Abuja and neighbouring Nasarawa and Niger states were seen on Wednesday.

The two filling stations, (Conoil and Total) in front of the NNPC headquarters in Abuja, for instance, had queues on Wednesday, as motorists still waited patiently to be served petrol.

The methanol-blended product, according to NNPC, was imported into the country by four oil marketers through four PMs cargoes under NNPC’s Direct Sale Direct Purchase arrangement.

The four companies that supplied the methanol-blended petrol, as contained in the NNPC’s statement, include MRS, which made the importation through a vessel named MT Bow Pioneer.

Others include Emadeb/Hyde/AY Maikifi/Brittania-U Consortium through a vessel identified as MT Tom Hilde; Oando through a vessel named MT Elka Apollon; and Duke Oil.

Emadeb, Oando, Brittania-U and MRS had since denied the allegation against them by the NNPC.

In the midst of the crisis, NNPC promised that over 2.3 billion litres of PMS would be delivered before the end of February 2022 to totally arrest the situation.

The Punch

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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