The Central Bank of Nigeria has resumed the sale of foreign exchange to Bureau De Change operators. In this latest move, the apex bank is selling to them at an exchange rate of N1,021 per dollar.

Additionally, the CBN has directed BDCs to limit their sales to an amount not exceeding 1.5 per cent above the purchase price.

This information was disclosed in a circular uploaded to the CBN’s website on Tuesday.

Details later…

Dangote Petroleum Refinery has again 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.

Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price is in consonance 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 price, 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 will 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 a better welfare and as such, we are happy to announce this 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 1200 to 1,000 Naira per litre barely two weeks ago.

This marks the third major reduction in diesel price in less than three weeks when the product 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.

Nigerian President Bola Tinubu had also commended Mr 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 (MAN), Mr. Ajayi Kadiri, said that “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 that “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of 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.”

Adebayo Adelabu, minister of power, has described the power sector crisis as “historical”, stressing it has defied all solutions.

Adelabu spoke in Abuja on April 22 during a visit from the Senate committee on power.

The national electricity grid has suffered a total system collapse thrice in 2024, with the first being on February 4.

The country suffered another nationwide blackout on March 28, while the third collapse was experienced on April 15.

Adelabu blamed issues in the industry on uncompleted projects, urging the committee to approve funds for the completion of over 120 projects that litter across the country.

To boost electricity, he said there are plans to increase power generation from 4000 megawatts (MW) to 6000MW by the end of 2024.

The minister said the federal government plans to achieve this milestone using the hydro and solar plants to increase the supply of electricity to households and businesses.

“The infrastructure are lying there, without adequate maintenance, the turbines are getting rust,” Adelabu said.

”With proper investment put in place, we can generate 6000 megawatts before the end of 2024.”

‘NIGERIA’S POWER SECTOR NEEDS GAS’

Adelabu said gas suppliers have refused to supply more gas because of the debt the federal government owes.

He told the committee the federal government owes the generation companies over N1.3 trillion and also owes the gas suppliers $1.3 billion.

The minister urged the committee to address the debt matter.

In her presentation, Nafisat Ali, executive director of Independent System Operator (ISO), said gas has become a major constraint in the industry, adding that DisCos were still rejecting load despite the power shortage in the country.

“Today there is no gas. We need gas,” Ali said.

“The DisCos don’t abide by allocation. That is the challenge.”

Addressing the debt issue, Eyinaya Abaribe, the committee chairman, said the panel would interface with the federal government to settle the gas debt.

“Every option for us is on the table. If the option is for us to interface with the federal government to do their part, because it is a debt, so they have to pay their debt, we will do so,” Abaribe said.

He also said the committee will focus its oversight on the ministry and the Transmission Company of Nigeria (TCN) concerning the implementation of the World Bank project.

Furthermore, Abaribe said the committee has invited NERC and other stakeholders to answer some questions concerning the recently reviewed tariff on April 29.

Abaribe said the committee would review the penalties for power assets vandalization.