Business
Petrol Prices Surge to N950 per Liter in Katsina as Average Hits N770.54
According to the Nigeria Bureau of Statistics (NBS), the price of Premium Motor Spirit (Petrol) reached its peak at N950 per litre in July 2024. The NBS July Petrol Price Watch report indicates that Katsina State experienced the highest price, set at N950 per litre.
Following closely are Jigawa and Benue States, where the prices were N903.08 and N846.95 per litre, respectively.
In contrast, Kwara, Edo, and Akwa Ibom States reported the lowest average retail prices for petrol, with Kwara at N650.00, Edo at N669.75, and Akwa Ibom at N673.75 per litre.
The average price of petrol for July 2024, as reported by NBS, was N770.54 per litre. This significant increase in fuel prices follows the Nigerian government’s decision to remove fuel subsidies. Before this policy change, the price of petrol was N238 per litre in May 2023.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
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.
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