CBN LIMITS CARD ISSUING, MERCHANT ACQUIRING MARKET SHARE FOR FINANCIAL INSTITUTIONS. (PHOTO).

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 CBN limits card issuing, merchant acquiring market share for financial institutions The Central Bank of Nigeria (CBN) has introduced new measures aimed at curbing market concentration in the country’s payments ecosystem, including limits on the market share operators can hold across card issuing and merchant acquiring services. Card issuing refers to the provision of payment cards to customers, while merchant acquiring involves processing card payments on behalf of businesses. In a circular signed by Rakiya Yusuf, director of the payments system supervision department, on Monday, the apex bank said the measures are aimed at addressing concerns over market concentration, operational dependence, systemic importance and the localisation of payment transaction data. The CBN said rapid growth in electronic payments and digital financial services has increased the market presence of some operators, raising concerns about competition and resilience in the sector. “Accordingly, the CBN he...
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MINISTER DIRECTS NNPCL TO SELL PMS ABOVE N1000. (PHOTO)

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 Minister directs NNPCL to sell PMS above N1000


The Minister of State for Petroleum Resources, Heineken Lokpobiri has said that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost – currently at N1,117 per litre – to curb the smuggling of the products to neighbouring countries.


Lokpobiri who disclosed this recently in Abuja, added that security agencies are complicit in smuggling activities.


He said unless the NNPC Ltd imports and sells petrol above the landing cost, smugglers would continue to move petroleum products to neighboring countries.


The group chief executive officer of the NNPCL, Mele Kyari had last month met the Comptroller General of Nigeria Customs Service (NCS), Bashir Adewale Adeniyi on the rapid impact of the NCS’ “Operation Whirlwind” in reducing the smuggling of Premium Motor Spirit (also known as petrol) across Nigeria’s border communities.


During the meeting, Kyari said PMS evacuation to border states had decreased from 32 million litres per day to about 25 million litres within just two months.


The federal government had in May last year removed the subsidy on petrol, which raised the price from about N197 to about N650 per litre.


While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon.


In other countries around the region, the price of PMS ranges from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from trading economics statistics.


This development had heightened PMS smuggling out of Nigeria.


Lokpobiri’s submission at the event favours NNPC’s sale of imported fuel at a price above the landing cost to abridge the potential profit gap and disincentivise smuggling of the product to neighbouring countries for high profit-making by those involved in the shady business.

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