The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.

Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.

Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.

He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.

The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.

The Dangote Group has recently addressed the misinformation spread by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Tanker Owners Association of Nigeria (PETROAN), and other groups regarding the pricing of Premium Motor Spirit (PMS).

In a statement shared on their X handle, the company expressed their commitment to providing affordable, high-quality, domestically refined petroleum products while countering claims made by these associations.

Both IPMAN and PETROAN assert that they can import PMS at prices lower than those set by the Dangote Refinery.

However, the Dangote Group emphasized that their pricing benchmarks are aligned with international market rates, asserting that their prices remain competitive.

They cautioned that any claims of cheaper imported PMS should be viewed with skepticism, suggesting that such imports might be of substandard quality.

The group accused certain traders of colluding to bring in low-quality products, raising concerns about the health implications for consumers and the potential damage to vehicles in Nigeria.

In the context of the deregulated market, the Dangote Group pointed out that the Nigerian National Petroleum Corporation (NNPC) had established a price benchmark by selling PMS to domestic marketers at N971 per litre for shipments and N990 for trucks.

The Dangote Group has gone even further, selling PMS at N960 per litre for shipments while maintaining the price of N990 for truck sales.

They noted that these pricing decisions were made without full clarity on the exchange rates for crude oil purchases, indicating a commitment to transparency and fair pricing.

The statement also highlighted the troubling emergence of an international trading company that has recently set up operations next to the Dangote Refinery.

This company reportedly intends to blend substandard petroleum products, which could undermine the integrity of the domestic market.

The Dangote Group expressed concern that such actions would harm the growth of local refining capabilities in Nigeria.

The group’s stance aligns with practices observed in other countries where governments take steps to protect domestic industries.

For instance, the United States and European nations have imposed tariffs on electric vehicles and microchips to safeguard their local markets and encourage job growth.

By emphasizing the need for a robust domestic refining industry, the Dangote Group advocates for economic stability and job creation in Nigeria.

In conclusion, the Dangote Group has called on the public to disregard the misinformation spread by those who prefer to perpetuate a cycle of job exportation and poverty importation.