Economy

Sustainable Transportation: There Is No Going Back On CNG – FG

Published

6 months ago

June 29, 2024

Stakeholders say they are optimistic about the future of sustainable transportation, envisioning a greener, more efficient road transport system.

With fuel subsidy gone, the Nigerian government has been seeking new avenues to cushion the economic effect on citizens with regards to cost of transportation, and one of such initiatives is the drive towards Compressed Natural Gas (CNG) which stakeholders now believe will be a more sustainable and economical fuel alternative in Nigeria.

At a recent forum in Abuja key stakeholders having deliberated for hours, concluded that there is no going back on the adoption of CNG as it avails Nigerians a more cost efficient fuel which is friendly to their purses and to the environment.

At the stakeholders meeting convened by the Presidential Initiative on CNG (PCNGI) and Portland Gas, in partnership with the National Agency for Science and Engineering Infrastructure (NASENI), it was agreed that the adoption of CNG is a more sustainable way to transform the nation’s transport system.

Tosin Coker – a representative of Engr. Michael Oluwagbemi, head of the PCNGI, opened the session by emphasizing the government’s dedication to promoting CNG as a viable and sustainable alternative to traditional fuels.

Mr Coker highlighted the potential of CNG to significantly reduce carbon emissions and improve the overall efficiency of Nigeria’s transportation sector.

He further revealed that the federal government is offering subsidy for public transporters to convert their vehicles to compressed natural gas as part of effort to accelerate the adoption of CNG to reduce the use of premium motor spirit.

Stakeholders had lamented that it would cost between N1.2 million and N1.5 million for the kits required to convert petrol or diesel-powered vehicles to start running on CNG, however, Mr Coker in assuaging theses fears, revealed that the government has attracted foreign investment to the tune of 50 million dollars and as such interventions will be implemented to reduce the conversion cost.

Chief Aloga Ogbogo, Executive Secretary of the Road Transport Owners, spoke on the practical benefits of CNG for road transport operators. He underscored the economic advantages, noting that CNG adoption would lead to lower operational costs. He also called for an increased government support to ensure a smooth transition to CNG across the transport sector.

Providing insights into the technical support and infrastructure development necessary for the widespread adoption of CNG, Mr. Folajimi Mohammed, Managing Director of Portland Gas, assured stakeholders of Portland Gas’s commitment to facilitating this transition.

He noted that as partners with the government, all necessary infrastructure and technical expertise to ensure a smooth and efficient transition to CNG for transportation in Nigeria will be made available.

The meeting concluded with a consensus on the urgent need for collaborative efforts to accelerate CNG adoption in Nigeria even as stakeholders say they are optimistic about the future of sustainable transportation, envisioning a greener, more efficient road transport system.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024

Published

10 hours ago

December 18, 2024

Naijablitznews

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

Published

2 days ago

December 16, 2024

Naijablitznews

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

Published

4 days ago

December 15, 2024

Kayode Sanni-Arewa

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.