WAFFI TV | Business

Naira Appreciates By 0.48% At Official Market

The Naira strengthened on Tuesday in the official market, trading at 1,491.67 per dollar. Data from the Central Bank of Nigeria (CBN) website revealed a gain of N7.31, marking a 0.48% increase from Monday’s rate of N1,498.98 per dollar. Since December 2024, the Naira has remained relatively stable against the dollar, driven by ongoing reforms from the CBN aimed at enhancing transparency in the foreign exchange (FX) market.

3/5/2025, 9:13:31 AM

Dangote, NNPCL Petrol Price War To Benefit Consumers~ Rewane

Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has predicted that petrol prices will keep dropping until June 2025. Speaking on Channels Television’s *Business Morning* on Tuesday, Rewane stated that the downward trend would persist until mid-year. He also highlighted that the ongoing price competition between Dangote Refinery and NNPCL would ultimately favor consumers. He said, “So, generally, between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization. “In a price war, nobody wins; the consumers win in the short run, and then eventually, the market goes back to where it should be. But, at the end of the day, between now and June, the price leadership will be firmly established,” Rewane said.

3/4/2025, 4:04:48 PM

FCCPC To Arraign MTN CEO, Others May 28 For Alleged Breach Of Act

The Federal Competition and Consumer Protection Commission (FCCPC) is set to arraign Mr. Karl Toriola, Managing Director and CEO of MTN Nigeria Communications Plc, on May 28. Toriola, along with MTN Nigeria and other executives, faces charges for allegedly failing to provide documents and information requested by the commission, violating the FCCPC Act. The company, its CEO, and senior executives Tobechukwu Okigbo (Chief Corporate Services and Sustainability Officer) and Ikenna Ikeme (General Manager, Regulatory Affairs) will appear before Justice H.J. Yilwa at the Federal High Court in Abuja. According to the charge, FHC/ABJ/CR/354/2024, filed by a legal team led by Akoji Achimugu, the suspects were to be arraigned, but they were absent in court. Justice Yilwa, upon inquiry, was informed by FCCPC lawyer Chizenum Nsitem that he had just taken over the case and needed time to review the file. The court adjourned proceedings to May 28. Additionally, the Nigerian Copyright Commission (NCC) had earlier filed a separate charge, FHC/ABJ/CR/111/2024, against MTN Nigeria, Toriola, Senior Executive Officer Nkeakam Abhulimen, telecommunications service provider Fun Mobile Ltd, and its CEO, Yahaya Maibe. This case, currently before Justice Inyang Ekwo, was filed on March 20, 2024. The prosecution alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation.” The commission accused the defendants of unlawfully using Maleke’s musical works and sound recordings, which are under existing copyright, as “caller ring back tunes” without the artist’s authorization. The allegedly infringed musical works include *911, Minimini-Wana Wana, Stop Racism, Ewole, 911 Instrumental, Radio, Low Waist,* and *No Bother.* The defendants are also accused of illegally distributing these works to subscribers without permission, violating the artist’s rights. In a third charge, they were alleged to have possessed the copyrighted musical works and recordings for purposes other than personal or domestic use. The Copyright Commission stated that the alleged offenses are punishable under Section 20 (2) (a), (b), and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004. Justice Ekwo had previously adjourned the case to May 15 following the Attorney-General of the Federation (AGF)’s interest in taking over the prosecution.

3/4/2025, 3:45:52 PM

TCN Says Power Generation Reaches 5,713MW

The Transmission Company of Nigeria (TCN) has announced that the country’s power generation reached 5,713.60 megawatts (MW) on Tuesday. In a statement, TCN noted that this figure exceeded the 5,543.20MW recorded on February 14. However, the highest power generation in Nigeria remains 5,801.60MW, achieved on March 1, 2021. The company also reported an increase in maximum daily energy output, which rose to 125,542.06 megawatt-hours (MWh), surpassing the 125,159.48 MWh recorded last month. “Additionally, a new all-time high in daily energy generation was set yesterday at 125,542.06 MWh, exceeding the previous record of 125,159.48 MWh from February 14, 2025, by 382.58 MWh,” the statement added. Minister of Power, Adebayo Adelabu, had assured Nigerians that power generation would reach 6,000MW by December 2024. However, this target was not met due to challenges such as vandalism, grid collapses, and poor power infrastructure.

3/4/2025, 12:20:51 PM

Expect More Fuel Price Drop– PETROAN, IPMAN To Nigerians

Petrol Price War Intensifies as NNPCL, Dangote Slash Rates Petroleum retailers and marketers have indicated that Nigerians should anticipate further reductions in petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a fresh price war. On Monday, NNPCL announced new petrol prices of N860 and N880 per litre in Lagos, Abuja, and other parts of the country. Waffi TV reports that NNPCL retail outlets along the Kubwa expressway, the Central Business District, and other locations have already adjusted to the new pump price of N880 per litre. Just days earlier, Dangote Refinery lowered its petrol price to N880 per litre at MRS filling stations and other outlets in Abuja, intensifying competition between the two firms. With both companies battling for market share, Nigerians now have the option to choose between NNPCL and Dangote fuel stations. Since February 2025, Dangote petrol has been selling at a more competitive price compared to NNPCL. Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry, and the Independent Petroleum Marketers Association of Nigeria's President, Abubakar Maigadi, noted that the ongoing competition would likely lead to further price reductions. Gillis-Harry described the situation as a beneficial business strategy that has brought relief to Nigerians struggling with high living costs. “The new price has been reflected on our portal. “This price reduction will be a huge relief to many Nigerians struggling to make ends meet. “The reduction in PMS prices is expected to positively impact Nigerians’ lives. We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers,” he said. On his part, Maigandi said what is happening in the downstream oil and gas sector is the beauty of deregulation. According to him, “It is not surprising because Dangote petrol is selling at that rate. “This is what we have been telling the government to deregulate the sector. The price will start coming down. Investors have started coming. “The reduction in petrol price means joy to Nigerians and marketers,” he said.

3/4/2025, 7:36:57 AM

Naira Down To N1,510/$ In Parallel Market

The Naira weakened to N1,510 per dollar in the parallel market yesterday, down from N1,505 per dollar last weekend. However, it strengthened to N1,499 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira dropped to N1,499 per dollar from N1,500 per dollar last Friday, reflecting a N1 appreciation. As a result, the gap between the parallel market and NFEM rates widened to N11 per dollar, up from N5 per dollar last weekend.

3/4/2025, 7:27:15 AM

NNPC Reduces Petrol Price To N860/Litre

The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This adjustment comes amid a price war among oil marketers and independent dealers, driven in part by fluctuations in global crude oil prices. The new price, effective Monday, represents a notable decrease from the previous average of N920 per litre. Last week, Dangote Petroleum Refinery also reduced its ex-depot petrol price from N890 to N825 per litre, marking its second price cut in February. In its public notice, NNPCL listed three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.

3/3/2025, 6:23:11 PM

Subscribe to our newsletter

advertisement