Economy

FG Releases Locations Nigerians Can Buy Fuel At Cheaper Price (Full list)

Published

7 months ago

July 13, 2024

Admin

In an effort to provide an affordable alternative and reduce the cost of transportation, the federal government has released a list of locations across the country where motorists can convert their petrol and diesel-powered vehicles to run on Compressed Natural Gas (CNG).

The conversion will be at no cost for commercial transporters across different unions, including the Road Transport Employers Association of Nigeria (RTEAN), the National Union of Road Transport Workers (NURTW), and the Nigerian Association of Road Transport Owners (NARTO), among others. Ride-share operators have also been included in the scheme, with a target of free one million conversions by 2027.

According to the program director and chief executive of the Presidential Compressed Natural Gas Initiative (P-CNGi), Michael Oluwagbemi, the cost of converting a petrol-powered vehicle to CNG ranges between N300,000 to about N600,000, depending on the type of car and components.

As part of the government’s response to the increase in fuel prices, NNPCL and NIPCO Gas have entered a strategic partnership to expand CNG stations across Nigeria. The collaboration is set to establish 35 CNG stations nationwide, of which 12 were commissioned in Lagos and Abuja in the past week.

Under the Presidential CNG Initiative, CNG is priced at around N200 per standard cubic foot for cars, taxis, and tricycles, while CNG for heavy commercial vehicles is sold at N260 per standard cubic meter (SCM).

The list of CNG conversion centres provided includes locations along the Lagos-Ibadan Expressway, Ibadan, Benin City, Warri, Ajaokuta, Abuja, Oron, and several other cities across the country.

This initiative aims to provide a more affordable alternative to traditional fuel, thereby reducing the burden on transportation costs for Nigerians.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 28 January 2025

Published

19 hours ago

January 28, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 28 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Tuesday, January 28, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

Naira rebounces against US Dollar, gains N10

Published

22 hours ago

January 28, 2025

Naijablitznews

The Nigerian Naira appreciated against the dollar in the parallel exchange market on Monday, recording a gain of ₦10.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, disclosed to DAILY POST that the Naira strengthened to ₦1,650 per dollar on Monday, compared to ₦1,660 recorded last Friday.

This improvement in the parallel market indicates a positive development for the local currency, which has faced persistent challenges in recent months.

However, in the official foreign exchange market, the Naira experienced a slight drop. According to data from the Financial Markets Dealers Quotation (FMDQ), the currency traded at ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a marginal depreciation of ₦2.43.

The Naira’s performance continues to show mixed sentiments across different market segments. While the parallel market has seen a modest gain, the official window reflects a slight loss. This volatility underscores ongoing challenges despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.

Recent Trends
Over recent months, the Naira has fluctuated in value due to a combination of factors, including fluctuating forex demand, limited dollar supply, and monetary policy adjustments. The CBN’s interventions, including forex reforms and measures to improve liquidity, have aimed to address these issues, though the currency continues to experience periodic pressure.

Economy

We’ll fix economy, security , fight corruption — VP Shettima

Published

1 day ago

January 28, 2025

Kayode Sanni-Arewa

Vice President Kashim Shettima has assured Nigerians of the commitment of the ruling All Progressives Congress, APC, administration to fight corruption, fix the economy, improve national cohesion and strengthen the independence of the judiciary.

Shettima gave this assurance at the national conference on strengthening democracy in Nigeria on Monday in Abuja.

The conference themed, ‘Strengthening Nigeria’s democracy: Pathways to good governance and political integrity’,was organised by the African Centre for Leadership, Strategy and Development.

Shettima, who was represented by his Special Adviser on political issues, Hakeem Baba-Ahmed, admitted that while democracy is not a perfect system, compared to others, it is the best form of government.

“We will listen and adjust where necessary, and we will account for our stewardship in all matters our challenging democratic systems demand.

“I am convinced that Nigeria shall rise again, answer to its full potential and lead the way to a future that has learnt lessons from a difficult past into a world in which our country will be a key player, and our young will be active champions of a democratic system because it speaks to them.

“It has been said many times that democracy is an imperfect system, yet superior to all others.

“We will continue to seek to provide evidence of the values of the democratic systems by, among others, fixing major weaknesses of our economy, securing our communities, fighting corruption, supporting free and fair elections, strengthening the independence of the judiciary and improving national cohesion,” he said.

Shettima urged Nigerians to support the current administration in this challenging but ultimately rewarding journey, dtressing that the Bola Tinubu administration has a major interest in the quality of the democratic system.