A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour Ifeoluwa & Akinola Ajibade
The Central Bank of Nigeria (CBN) will be enhancing supply of liquidity and stability in the foreign exchange market soon.
The apex banking regulatory body, in a statement, will achieve this goal, byselling foreign exchange to authorised dealer banks and licensed Bureaux De Change (BDCs), a development, which aligns with its mandate to ensure price stability and commitment to provide a well-functioning market in the country.
Recall that there have been fluctuations in the foreign exchange market, a situation which was attributed to demand pressure from corporate entities and seasonal summer demand.
And to address this, CBN has promised to make liquidity support to various segments of the official markets over the next few weeks.
The apex banking institution had on July 18 and 19, 2024 sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498.00/US$1 to N1,530.00/US$1.
Conversely, it purchased $9.5 million from four authorized dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1, with a value date of July 19, 2024.
The CBN will continue to monitor authorized dealer banks’ compliance with trading rules and regulations to promote ethical conduct and support stability in the foreign exchange market.
The public is advised to direct their foreign exchange demands to their banks and BDC operators, adhering to prevailing market regulations.
This move demonstrates the CBN’s commitment to ensuring a stable and liquid foreign exchange market, promoting economic growth and development.
By increasing supply and supporting authorized dealers, the CBN aims to mitigate demand pressure and stabilize exchange rates.
The regular sale of foreign exchange will help maintain a well-functioning market, fostering economic stability.
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