DANGOTE REFINERY TO SUPPLY 60 MILLION LITRES OF PETROL WEEKLY TO IPMAN TO BOOST CRUDE IMPORTS. (PHOTO).

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 Dangote Refinery To Supply 60 Million Litres Of Petrol Weekly To IPMAN To Boost Crude Imports The Dangote Petroleum Refinery has reached an agreement to supply 60 million litres of Premium Motor Spirit (PMS) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) on a weekly basis, which translates to 240 million litres per month. This comes as the $20bn Lekki-based refinery seeks to raise billions of dollars to import crude oil and increase production to reach its full capacity of 650,000 barrels per day. IPMAN National Publicity Secretary, Chinedu Ukadike, confirmed that the association is finalizing discussions with Dangote and expects to start lifting PMS from the refinery before the end of November. The agreement has already led to a drop in petrol prices by N10 to N15 due to increased competition in the downstream sector following deregulation. In the past 42 days, the Nigerian National Petroleum Company Limited (NNPC) and other marketers have imported over two bil
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HOUSE OF REPS ASKS CBN TO WITHDRAW OLD NAIRA NOTES, RELEASE SUFFICIENT NEW NOTES. (PHOTO).

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 House of Reps Asks CBN To Withdraw Old Naira Notes, Release Sufficient New Notes


Nigerian Lawmakers have urged the Central Bank of Nigeria (CBN) to ensure wide circulation of new notes of N200, N500 and N1000 as well as begin a gradual withdrawal of the old notes from circulation.


This call was made after a motion raised by Adam Victor Ogene (LP, Anambra), demanding that the Central Bank of Nigeria (CBN) should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.


Contributing to the discussion, the Labour Party lawmaker recounted the hardship, frustration, controversy and chaotic situation the implementation of the policy earlier caused in 2023.


He added that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.


"Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” the lawmaker said. 


In 2022, a controversy erupted in Nigeria after the Central Bank of Nigeria (CBN), under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of three denominations of banknotes: N200, N500, and N1000.


The existing notes were to remain valid until January 31, 2023. 


The move had sparked widespread debate and discussion across the country.


According to Emefiele, the decision was reached due to persisting concerns around the number of naira notes outside the banking system.

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