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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon
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Naira consolidates gain against dollar


    

Naira notes

The Naira on Monday consolidated its gain against the dollar at the Forex market.

Since the resumption of the sale of Diaspora remittances to Bureau De Change by Travelex, the Naira had continued to appreciate.

At the official inter bank market, the Naira closed at N304.75 from N306.71 posted on Friday.

It firmed against the dollar and other currencies at the parallel market as it closed at N470, N580 and N510 from N473, N590 and N512 posted on Friday.

Trading at the BDCs segment saw an upward review of the official price of the dollar to N380 by the Central Bank of Nigeria.

In his remarks, Alhaji Aminu Gwadabe, said that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.

Gwadabe, who is the President, Association of Bureau De Change Operators of Nigeria, said that the move was to discourage speculators.

He said that the sustained appreciation of the nation currency would discourage the patronage of parallel market traders.

Gwadabe said that the activities of parallel market traders had continued to widen the gap between the official and parallel market rate.


Source;NAN

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