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April 24, 2024 Multichoice Hikes Dstv, Gotv Prices

Multichoice Hikes Dstv, Gotv Prices

Multichoice, the broadcasting company, has announced a price increase for its services in Nigeria, just four months after its last adjustment. The company has revised prices across all its packages, which will come into effect on May 1, 2024.

In this latest update, the DStv Premium package will rise from N29,500 to N37,000. Similarly, the DStv Compact+ will increase from N19,800 to N25,000, and the Compact package will go up from N12,500 to N15,700. The Comfam package will move from N7,400 to N9,300, while the Yanga package will increase from N4,200 to N5,100, and the Padi package will rise from N2,950 to N3,600. Additionally, the HDPVR package will be adjusted from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView from N4,000 to N5,000.

On the GOtv side, the Supa+ package will move from N12,500 to N15,700, the Supa package from N7,600 to N9,600, and the Max package from N5,700 to N7,200. The Jolli package will be increased from N3,950 to N4,850, the Jinja package from N2,700 to N3,300, and the Smallie package from N1,300 to N1,575.

This follows a similar upward adjustment in December 2023, which occurred shortly after the company reported a $72 million loss in its financial statement for the third quarter of the year. At that time, the company implemented a 20% increase across all its packages.

April 23, 2024 Dangote Once Again Reduces Prices of Diesel and Aviation Fuel to N940 and N980 Respectively

Dangote Once Again Reduces Prices of Diesel and Aviation Fuel to N940 and N980 Respectively

Dangote Petroleum Refinery has announced another round of price cuts for both diesel and aviation fuel, now priced at N940 and N980 per liter, respectively. This reduction follows closely on the heels of a previous price drop to N1,000 just two weeks ago.

Under this new pricing structure, customers purchasing five million litres or more from the refinery will benefit from the N940 per litre rate, while those buying one million litres or more will enjoy the N970 per litre rate.

Anthony Chiejina, the Head of Communication, emphasized that these adjustments align with the company's commitment to alleviating economic challenges in Nigeria. He highlighted a strategic partnership with MRS Oil and Gas stations, ensuring affordable fuel prices across their locations nationwide, with diesel priced as low as N1,050 per litre and aviation fuel at N980 per litre at major airports where MRS operates.

Chiejina also mentioned plans to extend this partnership to other major oil marketers, aiming to prevent retail buyers from facing inflated prices.

READ ALSO: Dangote Refinery Announces Reduction In Price Of Diesel

This latest price reduction marks the third significant decrease in diesel prices within three weeks, down from N1,700–1,200 to N1,000 and now to N940 per litre, along with a reduction to N980 per litre for aviation fuel.

President Bola Tinubu commended Dangote for the initial price reduction, acknowledging it as a commendable business move.

Ajayi Kadiri, Director General of the Manufacturers Association of Nigeria, hailed Dangote Refinery's decision, highlighting its potential to positively impact the national economy. He emphasized the ripple effect on critical sectors like industry, transportation, logistics, and agriculture, foreseeing a reduction in the high inflation rate and a resurgence in business operations.

April 22, 2024 Cardoso Vows To Strive For Stable Foreign Exchange Rate Despite Expected Fluctuations

Cardoso Vows To Strive For Stable Foreign Exchange Rate Despite Expected Fluctuations

Yemi Cardoso, the Governor of the Central Bank of Nigeria, acknowledged that achieving stability in the foreign exchange (FX) rate is a gradual process and cannot be accomplished overnight. He emphasized that fluctuations in the market will persist, but reassured Nigerians that the CBN is committed to fostering a stable exchange rate.

Speaking at a joint briefing during the recently concluded World Bank/IMF Spring Meetings in Washington, DC, Cardoso highlighted the ongoing efforts to stabilize the exchange rate. He acknowledged recent fluctuations in the value of the naira but underscored the importance of striving for stability and appropriate price discovery.

Cardoso disclosed the CBN's objective to double current diaspora remittance flows, despite recognizing the ambitious nature of this goal. However, he expressed confidence in Nigeria's capability to achieve it.

Regarding foreign portfolio investors (FPI), Cardoso noted positive feedback and engagement with them. He emphasized the importance of ongoing dialogue and updates on reforms to maintain investor confidence. Additionally, he anticipated further improvements in sentiment based on recent positive reactions from investors.

March 22, 2024 Dump Your Dollars To Avoid Tears Naira Will Appreciate

Dump Your Dollars To Avoid Tears Naira Will Appreciate

The Presidency has warned forex speculators that the naira will soon appreciate.

Presidential Special Adviser on Information and Strategy, Bayo Onanuga, who stated this, urged speculators to quickly dump their dollars to avoid "tears.”

Onanuga was reacting to the Central Bank of Nigeria's (CBN) disclosure that it had cleared the 7 billion-dollar foreign exchange backlog inherited by its governor, Yemi Cardoso.

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

ALI said the apex bank employed an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honored.

READ ALSO: CBN: We Have Settled All Valid Forex Backlogs

Reacting, Onanuga posted on X that, with the backlog of forex settled, the naira is set to appreciate further, faster.

He added that currency speculators should quickly dump their stock of dollars to avoid sorrow and tears.

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