Economy
OPEC appoints Nigeria’s Adeyemi-Bero board of governors’ chairman
Nigeria has reaffirmed its leadership in the global energy sector with the appointment of Mr Ademola Adeyemi-Bero, Nigeria’s Governor for the Organisation of the Petroleum Exporting Countries, as Chairman of the Board of Governors for 2025.
A statement published on OPEC’s website noted that his appointment was confirmed at the 189th meeting of the OPEC Conference on Tuesday.
The statement partly read, “The conference appointed Mr Ademola Adeyemi-Bero, Governor of the Federal Republic of Nigeria for OPEC, as Chairman of the Board of Governors for the year 2025, and Eng. Adeeb Al-Aama, Governor of the Kingdom of Saudi Arabia for OPEC, as Alternate Chairman for the same period.”
Before he was appointed the Chairman of the OPEC Board of Governors, Adeyemi-Bero was confirmed as Nigeria’s OPEC Governor for the year 2025.
This role highlights Nigeria’s influence within the OPEC and underscores the nation’s commitment to shaping global energy policies.
Congratulating Adeyemi-Bero in a statement by his Special Assistant on Media and Communication, Nneamaka Okafor, on Tuesday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, hailed Adeyemi-Bero’s elevation as a testament to the country’s active contributions to the global oil industry.
The statement partly read, “He emphasised that this appointment provides Nigeria with a vital platform to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy.
“The Honourable Minister also expressed profound gratitude to Ambassador Gabriel Aduda, the outgoing Nigerian OPEC Governor, for his exemplary service. He acknowledged Ambassador Aduda’s instrumental role in advancing Nigeria’s interests within OPEC and ensuring the country’s influential presence in global energy discussions.”
The OPEC Conference brought together representatives from member countries to address significant issues, including reports from the Secretary-General and the Economic Commission Board, and to deliberate on critical internal matters.
The conference also extended the tenure of Haitham Al Ghais as OPEC Secretary General for another three years, effective August 1, 2025.
Member nations commended his exceptional leadership and the Secretariat’s unwavering commitment to the organisation’s objectives.
Economy
SEE Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024
Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.
How Much is a Dollar to Naira Today in the Black Market?
As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:
•Buying Rate: N1665
•Selling Rate: N1675
These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.
Dollar to Naira Black Market Rate – December 17, 2024
•Buying Rate: N1665
•Selling Rate: N1675
Dollar to Naira CBN Rate Today
The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:
•Highest Rate: N1555
•Lowest Rate: N1520
It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.
Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.
Economy
SEE Today’s Black Market Dollar (USD) To Naira (NGN) Exchange Rate – 16th December 2024
The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:
•Buying Rate: ₦1,660
•Selling Rate: ₦1,670
This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.
Central Bank of Nigeria (CBN) Rate for Dollar to Naira
•Highest Rate: ₦1,549
•Lowest Rate: ₦1,520
The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.
CBN Takes Tough Action on New Naira Notes
In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.
The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.
Economy
NNPCL Crashes Petrol Price, See New Petrol Price
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
According to a reporter from Dailypost who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway said.
A motorist, Ezekiel Njoku, confirmed the development.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
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