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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Banks Burrowings From CBN Hit N12.46 Trn



By Favour & Akinola Ajibade 


Indications emerged that Commercial and Merchant have burrowed a total of N12.46 trilion from. Central Bank of Nigeria( CBN) in order to meet up with their fiscal and other needs.
Industry sources said that banks intensified efforts to burrowed more money from CBN in the past eight months,  as bad economy bites harder in the country. This period covers between January to August, 2023.
" Aside from August 2023 ending this week, commercial banks and merchant banks borrowed a total of N12.46tn from the CBN during the first eight months of this year".
 According to data from CBN, accessed by News Mirror, financial institutions had, in the first eight months of 2022, borrowed N6.96tn from the central bank, representing an increase of 79 percent. Commercial banks and merchant banks access lending from the apex bank using the Standing Lending Facility (SLF) window and cash  from the  cash with the Standing Deposit Facility window (SDF). 
Findings shows that  banks during the first eight months of 2023 accessed the SLF window against the backdrop of CBN’s tightening monetary policy stance. The apex banking regulating body has the SLF, a short-term lending window for commercial banks and merchant banks to access liquidity to run their day-to-day business operations.

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