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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 becomes first fiat currency on Binance








Most top exchanges that provide fiat-to-crypto trading services focus on the US dollar, or at least on the euro or yen. This is because they are the most traded currencies, with the USD enjoying the status of a global reserve currency. Nevertheless, Binance went the other way by adding the national currency of an African country as its first fiat service, reports stated.

Last month, Bitcoin was the most popular particularly in Africa and especially in Nigeria. The country leads the current ranking of top regions where the Google search trends of “Bitcoin” term note the highest frequency.

Nigeria is struggling with a humanitarian crisis on its north-eastern side, which affects the economy. Citizens find it difficult to use their national currency as a store of value as Naira devalues from year to year. Now they can use Binance to buy Bitcoin, BUSD or BNB in exchange for Naira.

Binance launched the new fiat solution in partnership with the payment system, Flutterwave.

Interestingly, USD/NGN rose almost 18% yesterday, hitting a new record high at 361. Previously, one US dollar bought about 306 Naira. The pair had fluctuated between $300 and $330 for about three years. The last time when USD/NGN traded above $350 was in the summer of 2016, and it lasted a few days only.

The recent drop demonstrates once again that Naira is an unstable currency that doesn’t deserve people’s trust. Binance’s launch came on time.

The primary reason behind the yesterday crash is a sudden decline in Nigeria’s foreign reserves. Last week, the Central Bank of Nigeria said that the reserves depleted by $5 billion in about four months, to $40.79 billion, the lowest level year-to-date and the biggest drop in 2 years.

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Location: Lagos, Nigeria

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