Port Harcourt Refinery not Ready for Regular Operation, says Energy Consultant.

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Banks colluding with PoS operators to disrupt naira circulation, says CBN

The Central Bank of Nigeria has cautioned PoS operators over cash availability.

This was made known in a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday.

The CBN noted that there is a collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

The apex bank has warned both parties to immediately desist from such acts or face the law.

The apex bank’s reactions came after public outcry that the naira is still not accessible to Nigerians while PoS operators harp on the opportunity to exploit customers.

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Ethiopia becomes Africa's latest Sovereignty default

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Port Harcourt Refinery Commences Operation

The Port Harcourt Refining Company, PHRC, Limited, with a combined capacity of 210,000 barrels per day, commenced operation on Wednesday, DAILY POST learnt.

The development comes months after the Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri said in August that the Port Harcourt refinery will commence operation in December 2023.

Accordingly, data showed that the Nigerian government has spent N11.35 trillion ($25 billion) in the past ten years on fixing the country’s three refineries.

Credit: Prince Epeni B Donokoromor