Dons EzeDANGOTE REFINERY: PETROL PRICES UNLIKELY TO GO DOWN – EXPERTS
DANGOTE REFINERY: PETROL PRICES UNLIKELY TO GO DOWN – EXPERTSExperts have said that the commencement of operations at Dangote Refinery will not lead to a significant drop in petrol prices in Nigeria.The experts, who spoke in an interview on Thursday, said the refinery’s operations will lead to a more stable and predictable supply of petroleum products, reducing the volatility in prices caused by importation and supply chain disruptions.However, they cautioned Nigerians against expecting a sudden and drastic drop in pump prices.Last Monday, Devakumar Edwin, vice president at Dangote Industries Limited, said the 650,000 barrels per day Dangote Refinery has begun the processing of petrol.Mr Edwin explained that the Nigerian National Petroleum Company Limited (NNPC Ltd), Nigerias sole importer, would buy its product exclusively.Speaking to reporters, the President of Dangote Group, Aliko Dangote, said the petrol refined from the refinery would hit filling stations across the country within 48 hours, depending on the NNPC Ltd.Speaking on the latest development Thursday, Dan Kunle, an energy expert, emphasised that the narrative of price crashing is “wrong”, noting that the pricing of petroleum products will still be determined by global market forces and other factors.“This narrative of price crashing is a wrong narrative. Let me take you back to basic economics. Production capacity and supply capacity are the most important aspects of any goods or commodity or services that citizens enjoy. If the production capacity and the supply system is weak, you can never enjoy steady supply and steady price.“The circumstance in which this country is today, the first thing Nigerians should look out for is the production capacity of petroleum products and the supply chain guarantee; it is then you can begin to see whether price can be stable and not be jumping every day and then you can begin to say, since the production capacity have scaled up so much, prices may begin to fall or to remain stable,” Mr Kunle said.He explained that the stability of supply and production capacity will lead to a stable price, not necessarily a cheap one.“So, when MTN came to market, MTN and Airtel, was the price of the telephone cheap? No it wasn’t because it was at an entry level, it was a take off period, so for now, people should not carry this wrong narrative that because Dangote is refining crude oil locally, it means the price will be cheap. No, the price can be stable because there is something we call production capacity and supply capacity,” he said.Mr Kunle said if Dangote refinery has production capacity but does not have guaranteed supply of crude, the raw material, at a reasonable price, the output will hardly translate to cheaper petrol.“It’s not possible in pragmatic economics,” he said.According to him, if the cost of the crude is very high, the output of the products from crude will also be relatively high.“If Dangote gets crude at international price and they translate it to naira, sufficient crude, 700,000 barrels per day and they translate it to naira, and they give him every day unfailingly, and he refines it, that gives Nigeria a stable source of supply of Premium Motor Spirit (PMS) and if that continues like that, you can now say, supply of PMS locally is now more than even excess, then the price may adjust reasonably down, depending on the cost of production of the crude, so the cost of PMS is a derivative of the cost of the crude.“If crude oil is $100 per barrel and it costs Nigeria $48 to produce, that means when you give that crude oil to Dangote to refine, or to any refinery to refine, $100 multiplied by the exchange rate, because you’re selling to him in naira, so when he adds his…
FIVE TIMES TINUBU’S GOVT PROMISED TO KICKSTART PH REFINERY
FIVE TIMES TINUBU’S GOVT PROMISED TO KICKSTART PH REFINERYSixteen months into President Bola Ahmed Tinubu’s administration, sworn in May 29, 2023, the hope of Nigeria’s refineries returning to life, as promised, is fast becoming a mirage.Before the 2023 general elections, the president had, among other things, promised to make the state-owned refineries in Port Harcourt, Warri, and Kaduna operational. Not only that, the then Presidential candidate of the All Progressives Congress (APC) also allayed the fear of Nigerians over possible hikes in fuel prices, assuring that his government, if elected, would ‘bring it down’.While none of these has been achieved, the Group Chairman of Dangote Industries Limited, Aliko Dangote, threw a subtle jab at the Nigerian government on Tuesday, September 3rd, 2024, when he described the official rollout of PMS, also known as petrol, from his refinery as history made for the country after decades of not producing a single litre of gasoline.Before Dangote’s announcement of his company’s milestone, NNPCL had earlier quashed the fading hope of Nigerians buying petrol below N500 per litre again since President Bola Tinubu removed the fuel subsidy in May 2023. Amidst scarcity and persistent long queues, Tribune Online reports that the nation’s oil company increased the pump price from N617 to N865 per litre nationwide.The joy of an Indigenous refinery, Dangote, commencing production of petroleum products was shortlived. Nigerians’ hope, seemingly resting on the shoulders of the billionaire businessman, was clouded by uncertainties, especially on pricing and the back-and-forth that trailed the announcement of the NNPCL as the sole off-taker from the private refinery.Many had expected that, with an indigenous refinery now operational, the price of petrol would drop, given that the cost of exporting crude oil abroad for refining would no longer be a factor. However, this is far from the reality, as there is no guarantee that the commencement of the Dangote refinery will reduce fuel prices.Bearing this in mind, conversations are beginning to shift back to the nation’s oil refineries. Many Nigerians are asking questions about the state of things after many assurances of bringing the national assets back to life. Don’t forget the NNPCL recently announced its readiness to hand over Port Harcourt, Warri, and Kaduna refineries to private companies to run.In this article, Tribune Online takes a look at five different times Tinubu’s government has promised to kickstart the Port Harcourt refinery to no avail.During Tinubu’s Meeting with Labour Leaders in August 2023On 2nd August 2023, President Bola Tinubu assured that the Port Harcourt refinery would start production by December 2023, following the completion of the ongoing rehabilitation contract between the NNPCL and the Italian firm, Maire Tecnimont SpA.According to a statement by Dele Alake, the then Special Adviser to the President on Special Duties, Communications, and Strategy, the assurance was given after Tinubu’s discussions with Joe Ajaero, President of the Nigeria Labour Congress (NLC), and Festus Osifo, President of the Trade Union Congress (TUC).The promise was part of the President’s efforts to end nationwide protests by the unions following the government’s removal of the petrol subsidy.Minister of State for Petroleum’s Visit to the Refinery in August 2023On 25th August 2023, during a visit to the Port Harcourt Refining Company (PHRC) Ltd. plant in Port Harcourt, Rivers State, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced that the refinery would commence operations by December 2023.He noted that the $1.5 billion rehabilitation of the Port Harcourt refinery was part of Tinubu’s administration’s efforts to end the importation of petroleum products. He added that the Warri and Kaduna refineries would also be operational by 2024.After Mele Kyari’s Meeting with the Senate Ad-hoc Committee in March 2024On 14th March 2024, the Tinubu administration again promised to kickstart the refinery. The Group Chief…
PETROL FROM DANGOTE REFINERY HITS NIGERIAN MARKET ON SUNDAY
AT LAST, PETROL FROM DANGOTE REFINERY HITS NIGERIAN MARKET ON SUNDAY The much-anticipated Premium Motor Spirit (PMS), better known as petrol from Dangote Refinery, is set to hit the Nigerian market by Sunday, 15th September.According to inside sources quoted by Businessday, the refinery, located in Lagos State, is set to commence the distribution of its refined petrol to marketers across Nigeria. To ensure a smooth transition, marketers have been instructed to start sending their trucks to the refinery today (Friday) to facilitate the lifting process. The move is expected to significantly boost the country’s fuel supply, reduce dependence on imported fuel, and alleviate the challenges faced by consumers. According to sources the price of petrol in the market would not change yet despite the expected introduction of PMS from Dangote Refinery with the initial daily allocation of 25 million litres, set to be delivered through the Nigeria National Petroleum Company (NNPC) Trading Limited. Meanwhile, the Independent Petroleum Marketers Association of Nigeria ( IPMAN) has expressed readiness to buy Premium Motor Spirit (PMS), popularly known as petrol, from Dangote Refinery, provided the price is lower than what is currently available to them. IPMAN president, Abubakar Maigandi, said his members are ready to patronize Dangote fuel but are currently not aware of the price of petrol from the refinery. He outlined that they would be having a meeting with Dangote Refinery, adding that they have no reason to boycott products from the facility, particularly if it eventually turns out that its prices are lower. He said, “After a meeting with our members today (Thursday), we are ready to buy Petrol from Dangote Refinery in any condition provided the price is not more than the price we are getting from other places. “NNPCL, you know they are the sole importer, the company sells to us at an average price of N875 per liter. “For the NNPCL product, we sell at N930 or N940 depending on how the product was obtained. While at the depot, we buy at N990 per liter. We are marketers, anywhere we can get it at a lower rate, we will go there. “In the letter to us, Dangote said the PMS is ready. The price was not stated. “We can’t boycott Dangote Refinery; if Dangote Refinery’s petrol is cheaper, how can marketers boycott the product? “We don’t have any issue with Dangote Refinery.” The statement comes as a direct response to the submission by the Vice President of Dangote Industries Limited, Edwin Devakumar, who accused local petroleum marketers of boycotting Dangote Refinery’s petrol despite offering lower prices. Edwin made the allegation while speaking during an X space session organised by Nairametrics, where he said only 3 percent of local petroleum marketers were interested in buying its recently rolled-out petrol.
FUEL PRICE HIKE ALSO AFFECTS TINUBU – MINISTER
FUEL PRICE HIKE ALSO AFFECTS TINUBU – MINISTER The Minister of Labour and Employment, Nkeruka Onyejeocha, has revealed that President Bola Ahmed Tinubu is equally affected by the recent fuel price increase. The minister made the disclosure at a Town Hall engagement with organised labour and employers in Abuja, on Friday. According to Onyejeocha, the President is not only human but also faces logistical challenges due to scarce petroleum resources and financial constraints. She said: ” The President is aware of the hardship that the increase in petrol pump price has melted to Nigerians in the last few days. “It has brought hardship even to himself. The President is a human being. Let me tell you how it affects him; when he comes out there are no vehicles and sometimes they don’t get enough money to buy fuel. It affects everyone to be honest. “So I plead with all of us to show more understanding and know that when one is down everybody is down. There is nobody that is affected and that is why we should all put our hands and our heads, everything together under one roof to find a way forward that will bring in meaningful result to the nation. I pray you show more understanding.” Onyejeocha also addressed the delay in implementing the new minimum wage, attributing it to the failure of labour to finalize consequential adjustments. However, she expressed hope that ongoing meetings between the government and the tripartite committee would soon resolve the issue. She said, “As we speak there’s a meeting on government side this morning on the new minimum wage and consequential adjustment and by 2pm, the tripartite are meeting with the Head of Service. Once they get what we are supposed to pay they will start paying. “We will not be take responsibility why the figures has to delay because at the day we pass it, they suppose to have gone ahead constitute the committee then have a figure, because it doesn’t take rocket science to have figures of what we should really give So I believe that that one is something that will soon as possible.” The minister reaffirmed the government’s commitment to tackling socio-economic challenges and evolving solutions to emerging threats. “I therefore make no excuses as this Government of APC is determined and committed to tackling headlong all socio-economic ills that have troubled our nation and we shall by the grace of God Almighty evolve solutions to emerging threats to our well-being as a nation. “Recognizing this, the Federal Government has sought and continues to seek to collaborate with policy makers, in this case both employers and workers representatives who make development possible by generating and sustaining the momentum so that we together we can attain enviable heights of progress in our beloved country,” she said. On his part, the CBN Governor, Olayemi Cardoso, represented by Omolola Adegbenga, supported the minister’s stance. He urged Nigerians to show understanding and patience, as the decision to remove fuel subsidies was necessary for national growth and development.
MARKETERS COMPLAINED TO TINUBU THAT OUR GAS IS TOO CHEAP – DANGOTE
MARKETERS COMPLAINED TO TINUBU THAT OUR DIESEL IS TOO CHEAP – DANGOTE Marketers of petroleum products in Nigeria have reportedly written to President Bola Tinubu to complain that the drop in price of Dangote Refinery’s diesel to N900 per litre, is negatively affecting their businesses. Devakumar Edwin, Vice President, Dangote Industries Limited, disclosed this on a Twitter Spaces session organized by Nairametrics. “Petroleum product marketers in Nigeria have written to President Bola Tinubu to complain that the refinery local prices which have dropped from N1,200 to N1,000 and now N900 per litre are impacting their businesses negatively,” he said. Edwin highlighted some of the challenges facing the Dangote Refinery and its impact on Nigeria’s fuel supply and prices. According to him, the refinery, located in the Lekki Free Zone near Lagos, struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum product importers. Niger gov gives condition for paying new minimum wageTinubu must dissociate from Buhari’s administration – Arewa Think Tank“As a result of this poor local patronage, the refinery exports most of its diesel and aviation fuel,” he said. Edwin had earlier said Dangote Refinery products would be exported if the Nigerian National Petroleum Company Limited and other petroleum dealers in the country refuse to patronise it. “We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of PMS. So, that was the last stage. The only thing now left out is petrochemicals.” “So, the good news for the country is we have started producing PMS from our refinery,” he had said on a radio programme. Asked if the petrol would be sold locally, Edwin replied, “Well, I explained how there has been a kind of a blockade from lifting our products within the country. The traders have been trying to block (it), and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country. “But if the traders or NNPC are not buying the product, obviously, we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared. Edwin expressed surprise that the company started facing different challenges it never expected when the refinery was set to commence operations. He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria is still exporting crude and importing refined petroleum products after over three decades. “The philosophy is to take the crude, and instead of exporting the crude, refine it, add value; export the finished products, and supply the finished products locally. But unfortunately for us, we started facing challenges with the crude supply. “What is happening today? We are struggling to get the crude. We are now importing the crude from the US, we are importing from Brazil, and from other parts of the world. So, the whole philosophy has gone upside down. After all these decades, we are exporting crude, importing products,” he added. “The same thing is continuing. We are not getting enough crude allocation, and the crude is still being exported. We are forced to import crude from outside. Yes, we are getting some crude locally, but it’s not adequate.” Daily Trust reports that the Dangote Refinery, with a capacity of 650,000 barrels per day, started naphtha exports in March, low-sulphur straight run fuel oil (LSSR) exports in May, and began selling diesel and jet fuel domestically in April. In June, it started exporting diesel fuel meeting European specifications.
HOW TINUBU GOVT USED RESEARCH INSTITUTES AS FRONTS TO DOLE OUT MONEY TO UNRELATED PROJECTS
HOW TINUBU GOVT USED RESEARCH INSTITUTES AS FRONTS TO DOLE OUT MONEY FOR UNRELATED PROJECTS A review of the public payments portal, Govspend has shown that Nigeria Research institutes are fast becoming conduits for carrying out tasks that are outside their stated legal frameworks.Most times the monies spent on these projects inserted into these research institutes’ budgets are usually more than what is spent on projects that are actually legal functions of these institutes, .These projects range from buying tricycles, building boreholes, among others.This is despite the fact that these institutes were basically set up for research purposes, to bolster development in the country.For instance, details on the portal showed that the Federal College of Produce Inspection and Stored Products Technology, Kano spent the sum of N13.9 million as 30% mobilisation for construction of 39-solar street lights in Ikom/Boki federal constituency, Cross Rivers State.Another sum of N13.1 million was paid as 30% mobilisation in respect to construction of classroom blocks in selected schools in Ikom/Boki federal constituency of Rivers State by the same college in Kano State.In August 2023, a sum of N46.9 million was paid by the federal college for installation of Solar street lights in Bora town, Bauchi state.All of these do not fall under its statutory functions.In December 2023, the Cocoa Research institute located in Ibadan paid the sum of N173.3million for provision of Solar powered street lights in Asari-Toru local government area of Rivers state.On 5th December 2023, the Cocoa research institute also paid the sum of N17.3million for purchase of tricycles for youth empowerment and women in Katagum, Bauchi state.These expenditures fall outside of statutory functions, In fact none of the expenditures for the institute statutory functions actually got up to N173.3 million based on data reviewed by SaharaReporters.A search on the website of the organisation shows that the Cocoa institute was set up with a mandate around Cocoa, Kola, Coffee, and Tea.The institute is mandated to use technology and science to improve productivity around these stated crops.The Nigerian Building and Road Research Institute was set up basically for purpose of research, for instance functions listed on its website included; research on local building and construction materials to determine the most efficient ways for their usage, research on local construction, foundation and earth-works for buildings and bridges especially on open soil.However, some of the payments made by these institutes, which were inserted into its budget, negate their core functions.On 31st December 2023, the sum of N87.2 million was recorded as paid by the institute to purchase transport cars to empower constituents in Kwara North.While the functions of the institute is basically research, a sum of N392.2 million was stated as used to build roads in Kwami and other areas by the institute, this was stated for 31st December, 2023.Another N153 million was paid for construction of Efu Nkochi road.A sum of N62.68 million was stated to have been used for solar street lights in Agwara/Borgu federal constituency, Niger State.These developments are despite the stated dearth in the country’s research industry.SaharaReporters recently reported how a lawmaker, James Faleke used a Federal Cooperative College in Kaduna to buy vehicles for traditional rulers in Ikeja federal constituency of Lagos state.Experts who spoke to SaharaReporters blamed these developments on the federal law of the country, which makes lawmakers insert different and spurious constituency projects into ministries, departments and agencies, most times without the knowledge of these agencies.These insertions also come when research institutes are calling for more government funding.
ENUGU GOVERNOR, PETER MBAH, FLAGS OFF REVITALISATION OF UNITED PALM PRODUCTS
ENUGU GOVERNOR, PETER MBAH, FLAGS OFF REVITALISATION OF UNITED PALM PRODUCTS Governor of Enugu State, Dr. Peter Mbah, Thursday, performed the formal flag-off of the revitalisation of the Enugu United Palm Products Limited, EUPPL. The flag-off, which took place at Ibite-Olo, Ezeagu LGA of the state, was sequel to the N100bn deal between the Enugu State Government and Pragmatic Palms Limited, PPL, in May this year. At the event during which he equally performed the groundbreaking for the staff quarters at the plantation, Mbah thanked the people of the state for believing in his vision and determination to revive and convert the state’s moribund assets to productive assets. “For me, this flag-off is a triumph of vision over cynicism. Recall that a few months ago, when we announced an investment of N100bn in partnership with Pragmatic Palms Limited, the news was greeted with a lot of cynicism and doubt. We had a lot of naysayers and critics, who ascribed all sorts of things to this humongous investment. But as you have seen, we were absolutely clear as to what we wanted to achieve and accomplish for our people in Enugu State. “So, what this groundbreaking ceremony represents for us is a new lease of life for Pragmatic Palm Product Limited. It also shows that we are getting closer to our dream to transform Enugu State as a premier destination for investment, industry, tourism, business and living. “Therefore, I want to use this opportunity to reassure the management and executive of PPL of our commitment to supporting every step of this investment,” he said. Speaking, the Managing Director/CEO of Pragmatic Palms Limited (PPL), Prof. George Nwangwu, rolled out a five-year aggressive plan to reposition EUPPL as one of the leading integrated oil palm establishments in Nigeria, playing in the upstream, midstream, and downstream sectors. He added that the firm would create 3,500 direct and indirect jobs. In the upstream, he said that with only 40 per cent of the 6,700 hectres of land planted so far, EUPPL would embark on aggressive planting of the unplanted lands, increasing the planted area to at least 20,000 hectres in five years. In the midstream, Prof. Nwangwu said, “We will set up world-class oil mills across the three locations as well as increasing the oil production capacity over time. “We will also set up and improve our refining capacity to produce crude palm oil, palm kernel oil, olein, stearin, biodiesel, as well as refined, bleached, and deodorised oil. “In the downstream, we plan to have a share of the retail market by setting up the largest network of agents to aggregate fresh fruit bunches from around our catchment area.” In her remarks, the Commissioner for Trade, Investment and Industry, Adaora Chukwu, recalled that EUPPL, originally established by the government of the defunct East Central State in 1970 on 6,700 hectares traversing Ibite-Olo in Ezeagu LGA, Ugwuoba in Oji River LGA, and Umulokpa in Uzo-Uwani LGA, though initially viable, was crippled by mismanagement, obsolete equipment, and limited market access. She, however, said that the N100bn joint venture sealed between the state government and Pragmatic Palm Limited in which the state provides the land/plantations, while PPL provides finance for 60 per cent of the transaction, would see to the turnaround of the company to the immense benefit of the state through job creation, economic diversification, infrastructural development, revenue generation, technology development, innovation, among others. The Commissioner for Agriculture and Agro-Industrialisation, Patrick Ubru, said the partnership between the Enugu State Government and PPL towards the revitalisation of EUPPL was very strategic to the overall vision of the Mbah administration for the agriculture sector. Meanwhile, the host communities, lauded Governor Mbah for reviving the EUPPL after over 40 years of dormancy and…
NAIRA DEVALUATION WORSENS COST OF FUEL IMPORTATION AS NIGERIA SPENT N5.8TN IN SIX MONTHS
NAIRA DEVALUATION WORSENS COST OF FUEL IMPORTATION AS NIGERIA SPENT N5.8TN IN SIX MONTHS Data released by the National Bureau of Statistics has shown that petroleum worth N5.8 trillion was imported into the country in the first six months of 2024, representing first and second quarter of the year. A review shows that in the first quarter of the year, N2.6 trillion was spent on fuel importation, while N3.2 trillion was spent in the second quarter. This development comes amid the fall of naira which has made importation more expensive. For instance, the average exchange rate in January 2024 stood at N911.8, it however grew to N1383 in February, and N1528 in March. In April, it went down to N1272 and rose again in May to N1434 and N1489 in June. As of May 2023, when Tinubu emerged President, dollar to naira exchange rate stood at N462.5. The higher cost of dollar to naira means that Nigeria continues to spend more on importation, even with the same quantity of products. Nigeria also suffers from non-functional refineries, with its four refineries failing to function, leaving Nigerians at the mercy of fuel importation. The government is relying on the newly built Dangote Refinery and the refurbishment being done at government-owned refineries will reduce the bleeding to excessive importation.
PETROLEUM SMUGGLING RESPONSIBLE FOR NAIRA INSTABILITY, ECONOMIC WOES – NSA RIBADU
PETROLEUM SMUGGLING RESPONSIBLE FOR NAIRA INSTABILITY, ECONOMIC WOES – NSA RIBADU The National Security Adviser (NSA), Nuhu Ribadu, has raised the alarm over the increasing smuggling of petroleum products out of Nigeria, warning that the instability in the foreign exchange market would persist unless addressed. Speaking in Abuja on Monday at a stakeholder engagement for Operation Whirlwind, organised by the Nigeria Customs Service, Ribadu highlighted the severity of the issue. Ribadu commented, “We have been suffering due to smuggling, and if we want to address our economic problems, smuggling has to stop. It is difficult because it is like cancer and eats up everything. “It destroys us and even our security forces because of the very few individuals making profit from it and half of them are not even Nigerians. “I don’t think there is any country that suffers from smuggling like Nigeria and we have to address it now because with the trouble we are going through, we can’t stabilise Naira and if we can’t stabilise Naira, then we are in trouble.” He assured that his office would support the Customs Service and other security agencies in their efforts to combat the issue. “From May till date, the Customs has made about 27 seizures and detected smuggling networks in Badagry and Adamawa. Other activities have also improved border security and we have succeeded in ensuring fuel smuggling is reduced. “Our collaboration with NMDPRA has also been critical and germane. So far, we have seized 500,000 litres of PMS with 7 trucks amounting to 475m. The seizures were done in Kebbi, Sokoto, Lagos and Adamawa. We have opened other axes in Kwara, Niger, Katsina and Kano. “Because of this work, most of our officers are on death threats including myself and they sent us messages to desist from fighting, but we won’t relent because we ought to fight and ensure survival of Nigeria,” he stated. Comptroller General of Customs, Bashir Adewale Adeniyi, emphasised the need for continued effort in the fight against smuggling. “We won’t spare any effort in combating the menace and this explains why we launched Operations Whirlwind and we have made some progress. However, we need funding because we spend about N230 million monthly to sustain the operation and because it is not in our budget it is not sustainable and Customs may not be able to drive it alone. “As such, we will need funding collaboration and we intend to sustain it till the end of the year,” he added.
NAIRA NEARS N2,000 PER DOLLAR
NAIRA NEARS N2,000 PER DOLLAR The Naira raced to N2,000 per dollar at the black market on Saturday despite the Central Bank of Nigeria’s sale of dollars to the Bureau De Change operators. A BDC operator, Dayyabu Ashiru confirmed that Naira was exchanged for N1,670 per dollar on Saturday from the N1665 exchange rate last Friday. “We buy at N1665 per dollar and sell at N1670”, he said. The apex bank announced that it sold $20,000 each to legible BDC operators at N1580 per dollar rate last week. Meanwhile, the Naira appreciated last Friday at the official market to close the week at N1593.32 per dollar exchange rate.