Economy
Contradiction as NMDPRA Shows Petrol Consumption Drops to 52m Litres Per Day
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the consumption of Premium Motor Spirit (PMS), otherwise known as petrol, in the country dropped by 16.8 per cent in July to 52 million litres daily from 64.96 million litres recorded in June 2023.
This is according to a report by Vanguard, which cited NMDPRA as the source of the data. It gave a comprehensive breakdown of petrol stock levels and sufficiency metrics as of various dates in 2023.
This information contradicts recent information given by the chief executive of the agency, Mr Farouk Ahmed. He had said daily consumption of petrol dropped from 65 million litres before subsidy removal to 46.3 million litres as of July.
This contradiction spurred a recent move by the Nigerian Extractive Industries Transparency Initiative (NEITI) to investigate accurate data on the volume of petrol consumption in the country.
The NDMPRA information also showed various data, including land-based and marine stock, dead stock, sufficiency days, and stock distribution among key Nigerian petroleum stakeholders.
It showed that as of the end of the review month, the country has a land-based stock of petrol, excluding dead stock, was 1.120 billion litres, while marine stock, which accounts for berth and offshore availability, amounted to 521 million litres. Combining the above figures, the total stock less dead stock reached 1.641 billion litres.
Depot deadstock stood at 83.637 million litres, contributing to the overall stock. By taking into account dead stock, the total inclusive stock amounted to 1.725 billion litres.
There was land-based days sufficiency calculated at 21.55 days, and marine days sufficiency, considering berths and offshore areas, was determined to be 10.02 days. The combined total days sufficiency was measured at 31.57 days.
Meanwhile, as of the of the review month, The land-based stock of petrol was reported as 1.059 billion litres and marine stock, including berth and offshore availability, was noted at 826.447 million litres. The total stock, excluding dead stock, came to 1.885 billion litres.
Depot deadstock was reported as 83.095 million litres. Incorporating dead stock, the total inclusive stock reached 1.968 billion litres.
Land-based sufficiency was calculated at 16.31 days, while marine days sufficiency stood at 12.72 days. The combined total days sufficiency was 29.03 days.
Petrol stock levels were distributed among key stakeholders, with the Nigerian National Petroleum Corporation (NNPC) Limited holding a stock of 293.380 million litres while
Members of the Major Oil Marketers Association of Nigeria (MOMAN) had 91.202 million litres, and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) held the highest share at 753.825 million litres.
As of July 31, 2023, the national inland PMS stock amounted to 1.203 billion litres; a breakdown showed that the state oil company held 377.68 million litres, MOMAN had 60.973 million litres, and DAPPMAN’s share was 765.16 million litres.
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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