Economy

Dangote plan to distribute products will address losses, IPMAN

Published

3 weeks ago

June 21, 2025

Admin

Distribution of petroleum products from the 650,000 barrels per day Dangote Petroleum Refinery will save marketers losses due to price crash.

Independent Petroleum Marketers Association of Nigeria (IPMAN) National Public Relations Officer, Chief Chinedu Ukadike made this known to The Nation on phone on Friday.

He said since the refinery would power its 4,000 tankers for the distribution with the Compressed Natural Gas (CNG) which is cheaper, it means the marketers would get it cheaper and vend it cheaper.

“It will help because with the CNG trucks products will be cheaper in so many areas. And once we the independent marketers get products cheaper we will sell in our filling stations cheaper. So, the cheaper we buy, the cheaper we sell,” he said.

He further explained that the marketers would now activate their pump prices on the receipt of the products in the retail outlets without incurring losses.

Ukadike said the fear of price crashing before the product’s arrival at the fuel station has become history.

He said whenever they place an order banks would be present to record the price and bear part of the liability in the case of losses.

He described the new market regime from Dangote as a buffer zone.

Asked whether distribution of petroleum products by the refinery would address previous losses due to sudden price crash, the IPMAN National PRO said, “Definitely, it will save us because as at the point the product arrives at your filling station, you activate your price.

“Most of us don’t normally buy products in bulk before we will be able to get trucks to the stations, price will fall.

“So when we make order and also bringing in the banks also giving us credit facilities, when we take credit facilities from the bank, the bank will also bear part of losses because they will see how much we buy the product, how much Dangote is selling to us. So it will be a buffer zone.”

According to him, the concern of the marketers is energy security and compliance with the deregulation policy.

He applauded the refinery for the new market strategy of trucking products to willing marketers.

Ukadike allayed the fear that the 4,000 tankers would overshadow the independent marketers in the business.

According to him, 4,000 trucks are negligible compared to the over 50,000 tankers of the IPMAN members.

He wondered “what is 4,000 trucks? Independent marketers we have over 50,000 trucks. So 4000 is infinitesimal in the distribution. But it will also aid. So we are not perturbed at all, we are battle ready.”

Ukadike said IPMAN is at peace with anything that would fasten distribution of petroleum products in the country and ensure energy security.

He however appealed to the refinery to extend a hand of fellowship to the IPMAN members in order to also savour the opportunity.

He said the deregulation policy is the survival of the fittest, which would also make the marketers change their tactics.

He revealed that owing to the dynamics of the market, most of the Independent marketers have now resorted to round the clock sales.

He added, “We are re- planning our filling stations to be able to compete with other stakeholders in the industry. We are battle ready for this deregulation. There is no going back.”

Economy

FG Orders Banks to Report Monthly Transactions Over N5 Million to FIRS Starting 2026

Published

16 hours ago

July 9, 2025

Admin

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?

Economy

SEE Dollar To Naira Exchange Rate Today, Monday, July 7, 2025

Published

2 days ago

July 7, 2025

ADMIN

The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.

The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.

Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.

Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.

Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location

Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.

BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575

Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.

Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –

Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.

The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.

Economy

Naira shows sign of slight recovery

Published

1 week ago

June 30, 2025

ADMIN

Market data from forex tracking platforms such as ExchangeRate.guru and CBN’s authorized dealers show that: Today’s exchange rate: ₦1,543.74 per USD Previous close (Friday, June 27): ₦1,546.90 Month start (June 1): ₦1,588.26 Change since month start: ₦44.52 gain (2.88%) –

Despite gains in the official market, the black market (parallel market) continues to show a different trend. As of this morning: –

– Black Market Rate (Lagos): ₦1,590 – ₦1,620 per dollar Bureau De Change (BDC) rate: ₦1,580 – ₦1,600 per dollar TJ News Nigeria gathered that while the official rate is stabilising, street traders in major cities like Lagos, Abuja, and Port Harcourt report increased scarcity of USD, leading to slightly higher rates.