• About Us
  • Contact Us
  • Privacy & Policy
Saturday, June 28, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

CBN: Dangote Refinery to Alleviate FX Demand and Curb Rising Food Prices

Vincent Amadi by Vincent Amadi
September 25, 2024
in Economy
Reading Time: 4 mins read
A A
0
CBN: Dangote Refinery to Alleviate FX Demand and Curb Rising Food Prices
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, recently expressed optimism regarding the impact of lifting refined petroleum products from the Dangote Refinery on Nigeria’s foreign exchange demand pressures and overall economic stability.

Speaking in Abuja on Tuesday during the presentation of a communiqué from the 297th Monetary Policy Committee (MPC) meeting, Mr. Cardoso highlighted the potential benefits of this development for the nation’s economy, particularly in terms of transportation costs and food prices.
Mr. Cardoso pointed out that transporting petroleum products from the Dangote Refinery would play a crucial role in reducing the pressure on Nigeria’s foreign exchange market, which has been exacerbated by the need to import refined petroleum products.

According to him, this move would not only help stabilize the exchange rate but would also have broader positive effects on the nation’s economic balance. “The committee expressed optimism that lifting refined petroleum products from Dangote Refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term,” said Cardoso.
By reducing transportation costs, which often contribute significantly to inflationary pressures, the move is expected to bring relief to Nigerian consumers. Food prices, which have been rising due to a combination of factors including transportation costs and energy price hikes, could see some easing.

“This is also expected to moderate foreign exchange demand for the importation of refined petroleum products, with a positive spillover on external reserves and improvement in the overall balance of payment position,” Mr. Cardoso elaborated, emphasizing the potential positive outcomes for Nigeria’s foreign reserves and overall economic balance.
Additionally, Mr. Cardoso shed light on the state of the Nigerian financial system, affirming its stability despite ongoing economic challenges. He reassured the public that Nigeria’s financial institutions remain resilient and well-managed, a sentiment shared by the members of the MPC.

“Members assessed the performance of key financial soundness indicators and noted with satisfaction that in spite of familiar headwinds, the banking industry remains safe, sound, and stable,” he stated.
However, the Central Bank Governor cautioned that while the financial system is currently stable, it is essential to maintain strong supervisory oversight to ensure that this stability continues. He stressed the importance of the banking sector’s role in supporting the broader economy and underlined the need for ongoing vigilance in overseeing the industry. “The committee, however, emphasized the need to sustain supervisory oversight on the industry to strengthen its continued support to the economy,” Mr. Cardoso added.
Turning to the issue of inflation, particularly food inflation, Mr. Cardoso identified several key risks that continue to pose challenges to the nation’s efforts to stabilize food prices. He cited factors such as flooding, which disrupts agricultural production, energy price hikes, fuel scarcity, and insecurity in farming communities as the primary drivers of rising food costs.

These issues, according to the CBN governor, are putting significant pressure on the consumer price index (CPI), which tracks the average change in prices paid by consumers for goods and services.
Given the weight that food prices hold within the CPI basket, the MPC took note of the federal government’s efforts to address insecurity, which has severely impacted agricultural production in certain regions.

Mr. Cardoso acknowledged the importance of these efforts, stating that addressing insecurity is crucial to stabilizing food supplies and ensuring food affordability for Nigerians. “Considering the weight of food in the consumer price index (CPI) basket, the MPC recognized the federal government’s efforts in addressing insecurity in farming communities,” he remarked.
In line with these efforts, the MPC also praised the federal government’s initiatives to reduce the food supply deficit by allowing duty-free imports of key food commodities. This policy aims to fill the gap created by domestic production challenges and ensure that Nigerian markets have adequate food supplies, thereby mitigating inflationary pressures.

Mr. Cardoso underscored the importance of remaining resolute in addressing food inflation and maintaining food security, particularly in light of the persistent risks posed by flooding, energy costs, and insecurity. “In addition, the MPC applauded the ongoing effort of the federal government to bridge the food supply deficit through the duty-free import window for food commodities,” he said.
In conclusion, the Central Bank Governor reaffirmed the CBN’s commitment to ensuring economic stability through sound monetary policies and by supporting federal government initiatives aimed at improving food security, stabilizing the financial sector, and addressing foreign exchange demand pressures.

With the Dangote Refinery playing a pivotal role in moderating the demand for imported petroleum products, the CBN remains hopeful that these measures will lead to improved economic conditions in the near future, benefiting both the banking sector and Nigerian consumers alike.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

1 day ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

1 week ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Fubara, Wike, and Amaewhule in first public outing since presidential peace meeting
National

Fubara, Wike, and Amaewhule in first public outing since presidential peace meeting

55 minutes ago
Prominent Kano businessman, grandfather to Dangote, Alhaji Aminu Dantata passes on at 94
National

Prominent Kano businessman, grandfather to Dangote, Alhaji Aminu Dantata passes on at 94

1 hour ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

16 hours ago
Breaking News: APC National Chairman Ganduje Resigns
National

Breaking News: APC National Chairman Ganduje Resigns

20 hours ago
Tinubu Probes Wike for alleged allocation of 2,082 Hectares of Abuja Land to Son
National

Tinubu Probes Wike for alleged allocation of 2,082 Hectares of Abuja Land to Son

23 hours ago
Wike, Fubara End Political Rift, pledges to work together
National

Wike, Fubara End Political Rift, pledges to work together

1 day ago

POLITICS

PDP Crisis Deepens as NWC Members Reject Anyanwu

PDP Crisis Deepens as NWC Members Reject Anyanwu

2 days ago
President Tinubu should Declare State of Emergency in Benue – Security expert Babaeko

2027 ELECTIONS: Tinubu Dismisses 2027 Coalition, Calls Opponents Political IDPs

2 days ago
INEC Receives 110 Applications from Associations Seeking Registration as Political Parties Ahead of 2027 Elections(see list)

INEC Receives 110 Applications from Associations Seeking Registration as Political Parties Ahead of 2027 Elections(see list)

3 days ago
PDP Crisis: PDP Confirms Samuel Anyanwu as National Secretary

PDP Crisis: PDP Confirms Samuel Anyanwu as National Secretary

3 days ago
Reno Omokri is a delusional liar, talks rubbish nonstop – Segun Showunmi

Reno Omokri is a delusional liar, talks rubbish nonstop – Segun Showunmi

4 days ago
SDP Suspends National Chairman Gabam Over Alleged ₦100M Fraud

SDP Suspends National Chairman Gabam Over Alleged ₦100M Fraud

4 days ago

YOUR ECONOMY

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

1 day ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

1 week ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

2 weeks ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

2 weeks ago

E & P

Breaking: Jhon Durán set to joins Fenerbahçe, leaving less than 7 months after joining Al Nassr
Sports

Breaking: Jhon Durán set to joins Fenerbahçe, leaving less than 7 months after joining Al Nassr

by Steven Atogi
1 hour ago
0

Colombian youngster and top tier striker, Jhon Durán is set to join Turkish Super Lig side Fenerbahçe for €10m. The...

Brighton FC signs Super Falcons goalkeeper Chiamaka Nnadozie

Brighton FC signs Super Falcons goalkeeper Chiamaka Nnadozie

2 hours ago
Breaking: NAPTIP declares Speed Darlington wanted

Breaking: NAPTIP declares Speed Darlington wanted

20 hours ago
Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

2 days ago
MultiChoice Slashes DStv Decoder Price by 50%

MultiChoice Slashes DStv Decoder Price by 50%

3 days ago
Favour Ofili Dumps Nigeria for Turkey After AFN’s Olympic Blunder

Favour Ofili Dumps Nigeria for Turkey After AFN’s Olympic Blunder

6 days ago

YOUR THOUGHT & HISTORY

Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
16 hours ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
3 days ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Fubara, Wike, and Amaewhule in first public outing since presidential peace meeting

Fubara, Wike, and Amaewhule in first public outing since presidential peace meeting

June 28, 2025
Prominent Kano businessman, grandfather to Dangote, Alhaji Aminu Dantata passes on at 94

Prominent Kano businessman, grandfather to Dangote, Alhaji Aminu Dantata passes on at 94

June 28, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address