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The Nigerian National Petroleum Company Limited (NNPC) has adjusted its pump price for petrol to ₦945 per litre, following a fresh pricing announcement by Dangote Petroleum Refinery that has sparked renewed competition in the downstream fuel market.  Dangote’s recent announcement set a new nationwide retail petrol price at about ₦739 per litre, with its gantry price reduced to ₦699 per litre—a significant drop designed to bring relief to motorists and households ahead of the festive season.  In response to shifting market dynamics and increased supply pressure from the Dangote refinery, the state-owned NNPC revised its own prices at retail outlets across major cities, bringing its petrol price to ₦945 per litre from a previous ₦955 per litre.  Motorists have welcomed the development, noting that increased competition in the downstream sector could help stabilize fuel costs that have been pushing up transport and living expenses nationwide. Fuel stations are cu...

The Central Bank of Nigeria (CBN) has issued a new directive requiring all Point of Sale (PoS) terminal operators to geo-tag their devices. This measure is part of a broader strategy to enhance the security of digital payments and reduce fraudulent activities within the financial system. According to a circular released by the CBN and signed by the Director of Payment System Management Department, the new policy gives operators a 60-day deadline to comply, effective from the date of the notice. Geo-tagging involves assigning a specific geographical location to each PoS terminal using GPS coordinates. The central bank stated that this move is designed to strengthen the oversight of terminal operations and provide a clearer framework for managing agency banking services. By knowing the exact physical location of every terminal, regulators and operators can more easily track and investigate suspicious transactions, thereby curbing incidents of fraud and money laundering. This ...