The Central Bank of Nigeria (CBN) has phased out high-interest foreign exchange (FX) swaps to stabilise financial markets.

It has settled 80 per cent of FX forward obligations, thereby boosting liquidity and market confidence.

Deputy Governor, Monetary Policy, Mohammed Sani, said the CBN has also maintained robust external reserves to support exchange rate appreciation.

He stated these in a presentation titled “Enhancing FX Market Efficiency” at a meeting of the Economic Management Team (EMT) convened by the Federal Government to assess critical economic policies and progress in key sectors.

Sani highlighted the launch of the Electronic Foreign Exchange Matching System (EFEMS), which aims to improve transparency and enhance market operations.

The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, focused on strengthening economic resilience.

A statement by Mohammed Manga, Director, Information and Public Relations at the Ministry of Finance, said the meeting noted efforts to address market reforms and agricultural performance.

Edun commended the progress made in the foreign exchange and agricultural sectors.

He urged stakeholders to accelerate efforts toward achieving economic stability, food security, and sustainable growth.

He emphasised the importance of coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at ensuring affordable food and improved living conditions for Nigerians.

Minister of Agriculture, Senator Abubakar Kyari, presented a report on the 2024 wet season performance, revealing a 4.5 per cent increase in overall crop production.

However, millet production declined slightly by 0.2 per cent.

The minister expressed concern over rising production costs, particularly maize, which surged by 69.7 per cent, and significant food price increases, with cowpea prices rising by 300 per cent.

He lamented the food crises reported in 31 states, which have severely impacted the Northeast.

Despite these challenges, there were slight improvements in mechanisation and farmland expansion, with a two per cent increase in tractor use and a 2.3 per cent rise in cultivated farmland.

The Ministry of Agriculture outlined ambitious plans for 2025, which include boosting food security through hybrid seed production, technology adoption, and climate-smart practices; promoting export crops such as cocoa, sesame, and ginger; and enhancing rural infrastructure with cold chain facilities, feeder roads, and electrification.

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.

This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.

The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Expressway, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “This move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

President Bola Tinubu donned his bragging hat on Monday when he announced that for three straight months, he has fulfilled Nigeria’s financial obligations without touching remittance by Nigerian National Petroleum Company Limited (NNPCL) or exploring Ways and Means from the Central Bank of Nigeria (CBN).

“Push me to my brag mode, in the last three months, I’ve not taken a penny from NNPC before I meet my other obligations. To me, that is excellent,” a gleeful Tinubu told reporters on Monday during a chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

The former Lagos governor said he has met Nigeria’s financial obligations “without falling back to the old order, without going into Ways and Means, I’ve met all obligations”.

When asked whether he was scoring himself, the President said, “Why not? Will you score me? I should grade myself if I do my homework right”.

In September 2024, Nigeria’s apex bank chief Olayemi Cardoso blamed his embattled predecessor Godwin Emefiele for harming the Nigerian economy through the excess printing of money and the pumping of liquidity into the system.

“In 2015, the money supply was about N19tn, and in 2023, it was N54tn. That’s a huge increase, a very huge increase. And then a substantial amount of that was through ways and means.

“So, essentially, the printing of money resulted in a huge amount of money chasing the same amount of goods or a relative amount of goods. I think that context is very important to have.”

Known as the Ways and Means, the apex bank offered short-term financing to the Federal Government to cover its budget shortfalls.