Business
CBN Sets Exchange Rates For Euro, Pounds, And Other Currencies
CBN Sets Exchange Rates For Euro, Pounds, And Other Currencies....KINDLY READ THE FULL STORY HERE▶
In an effort to steer Nigeria’s economy towards stability, the Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso has initiated a series of comprehensive reforms and policy adjustments……..READ ALSO
These measures, aimed at stabilizing the naira and restoring its value, are beginning to yield positive results, as evident from recent developments in the foreign exchange market.
The CBN’s proactive measures have successfully halted the naira’s decline, representing a significant turnaround from its previous low of 1,900 per dollar in late February to a much-improved rate of nearly 1,200 per dollar at the parallel market as of Tuesday.
Key strategies implemented by the CBN include the unification of exchange rate windows, which has eliminated disparities and confusion regarding currency values.
The liberalization of the FX market has encouraged a freer flow of foreign exchange, enhancing liquidity and access for businesses and individuals.
Additionally, the CBN has addressed FX backlog obligations for banks and airlines, introduced a Price Verification System, and imposed limits on banks’ Net Open Positions to foster greater transparency and risk management within the banking sector.
In a significant move, the CBN has removed the daily cap of N2 billion on the remunerable Standing Deposit Facility, allowing for more flexibility in liquidity management. The Bureau De Change segment has also undergone comprehensive reform to improve regulation and prevent misuse.
Highlighting its commitment to market interventions, the CBN recently sold dollars to Bureau De Change (BDC) operators, with plans to distribute $10,000 to each BDC at a rate of N1,101 per dollar.
Operators are instructed to maintain a sale spread not exceeding 1.5 percent above the CBN’s rate, ensuring fair access and pricing for consumers.
These interventions mark a departure from previous sales in March, where BDCs received $10,000 at a rate of N1,251 per dollar.
The CBN’s latest interventions reflect its aggressive approach to currency stabilization and economic management, aimed at fostering sustained economic growth and stability.
As these reforms take effect, there is growing optimism among financial analysts and the public that Nigeria is on a promising path toward economic recovery and stability.
Below are the CBN’s buying and selling prices for Euro, Pounds, and other currencies:
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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