Economy
Petrol Price Hike: Confusion in Buhari’s Government?
By Adedapo Adesanya
There seems to be confusion in the government of President Muhammadu Buhari as two agencies in the ministry he oversees, the Ministry of Petroleum Resources; the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) are not displaying synergy.
On Friday, Nigerians woke up to the news that the price of petrol in the country has been increased to N212.61 per litre. The increment was announced by the PPPRA in a report published on its website on Thursday night, a copy obtained by Business Post.
The hike in the pump price came despite assurances from the NNPC that Nigerians will not pay more to purchase the product, a derivative of the crude oil that is abundant in the country.
The PPPRA, which is the agency responsible for fixing prices of petroleum products in Nigeria, released its price template for petrol for the month of March 2021 calling on marketers to sell a litre of premium motor spirit (PMS) or petrol between N209.61 and N212.61, while the ex-depot price was fixed at N206.42 per litre.
This new policy meant that Nigerians would buy fuel at N212 per litre compared to N162 – N171 from the previous price, an increase of over 23 per cent.
The decision was immediately met with outrage as Nigerians lamented that the decision would further create hardships in the country.
However, on Friday morning, the NNPC rushed to social media to announce that there was no increase in the ex-depot price of the commodity for the month, backing a promise it had made in a statement released in February.
Business Post has now gathered that the PPPRA has deleted the price template it put out last night. It was observed that the document was removed after the NNPC maintained that there has not been an increase in the price of the product.
This has left many to wonder if there is no synergy between the national oil company and the pricing regulator.
The PPPRA said the expected ex-coastal price of petrol for the month is N175.73 per litre.
But with average lightering expenses, NPA, NIMASA charge, jetty thru’ put charge, storage charge and average financing cost fees which totals N13.88, the landing cost of petrol in Nigeria stood at N189.61 per litre.
The PPPRA further said the fees collected as wholesalers’ margin, administrative charge, transporters allowance, bridging fund and marine transport average, the ex-depot price stood at N206.42 per litre and with a retailers margin of N6.19 per litre, the price band was fixed at N209.61/litre and N212.61/litre.
See a copy of the petrol price template released by the PPPRA on Thursday night below;
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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