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Oil marketers raise alarm as petrol landing cost hits N278

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Oil marketers under the aegis of the Major Oil Marketers Association has hinted subsidy increase as the landing cost of petrol rises to N278.

This was occassioned by the rise in price of crude oil in the international market to $80 shortly on Tuesday, making experts to worry that subsidy payments would increase.

The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm on Tuesday, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.

The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre.

“The truth is for as long as we continue to subsidise the price of fuel, we are borrowing money to consume. This means we are selling short the future generations. We need to adopt mass transportation to cut the per capita consumption of fuel and also reduce our dependence on importation to reduce the stress on the naira.”

Analysis revealed that subsidy payments on petrol had amounted to N905.27bn in eight months from the Nigerian National Petroleum Corporation’s data. Nigeria fell short of its August quota set by the Organisation of Petroleum Exporting Countries and its allies.

This has raised concerns about double stress on the country’s finances from the angle of increased subsidy payments without a corresponding increase in crude oil earnings.

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Exchange Rate

Dollar to naira exchange rate today 26 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 26 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦414.82 and sold at ₦415.82, making an average of  ₦415.32 for $1 on Monday January 25.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦415.21 on Tuesday January 25, and closed at ₦416.33 on Tuesday January 25. This amount to 0.02 per cent decrease for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦95.52m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Wednesday January 26, 2022 opened at ₦565 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

CBN retains benchmark interest rate at 11.5%

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The Central Bank of Nigeria’s Monetary Policy Committee has retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged.

This was announced by CBN Governor Godwin Emefiele on Tuesday January 25, at the apex bank’s headquarters in Abuja.

The MPR which has remained unchanged for months, is a powerful tool for regulating interest rates in the economy.

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Business & Economy

FirstBank partners Rotary Club on infrastructure devt. in Lagos school

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First Bank Nigeria Ltd. in collaboration with Rotary Club of Lagos have donated four blocks of renovated classrooms, library and borehole to Lafiaji Senior High School, Lagos, to enhance learning and sanitation.

Mr Babawale Agbeyangi, president, Rotary Club of Lagos, said at the inauguration of the projects on Tuesday that they would improve health and education in the state.

Agbeyangi noted that the club also partnered FBNHoldings to create a conducive learning environment for the students.

He said the club conducted cervical screening and vaccination for 200 female students of the school, trained the teachers in ICT and donated equipment to ensure students had access to STEM education.

The president commended the bank and FBNHoldings for supporting the project, noting that it would assist to shape the future of the students.

Agbeyangi said the club would continue to take action on sustainable projects that would have lasting impact on communities.

Dr Adesola Adeduntan, Managing Director, FirstBank, said the project resonated with the bank’s corporate responsibility and sustainability projects in health and education.

Adeduntan, represented by Mrs Chinwe Bode-Akinwande, Head, Digital Marketing, FirstBank, said the bank had provided education intervention with far reaching impacts over the last 27 years.

“During the peak of the COVID-19 pandemic, FirstBank launched a platform aimed at moving one million students in the nation to e-learning, and supported 20,000 public schools in Lagos with mobile learning devices.

“Notably, the initiatives have received global recognition and awards,” he said.

Adeduntan noted that investment in education would secure the future of the students and development of the nation.

According to him, returns expected from the projects is outstanding performance from the students.

He enjoined the students to maximise the use of the facilities to their advantage.

He advised the students to continue to imbibe the culture of hygiene and physical wellbeing, noting that health was wealth.

Adeduntan commended Rotary Club for its humanitarian efforts aimed at improving lives and the society.

Mrs Folasade Adefisayo, Lagos State Commissioner for Education, commended the club and its partners for supporting the state in improving the welfare of students and standard of education.

Adefisayo noted that the state was embarking on infrastructural upgrade of schools across the state, saying the government alone could not bridge the infrastructure gap in the education sector.

She said the state was committed to improving welfare and quality of education, noting that its dedication assisted to improve the state’s success rate in WAEC to 79 per cent.

Similarly, Mr Muyideen Alade-Folawiyo, Chairman, Lagos Island East Council Development Area, said the project aligned with the state and council’s objectives for health and education.

Alade-Folawiyo said the classrooms would ensure that the students learnt in a conducive manner, while the borehole would reduce incidence of waterborne diseases.

Also, Mr Folorunsho Egharva, Principal of the school, appreciated the club and its partners, pledging to ensure judicious use of the facilities.

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