President Muhammadu Buhari on Monday, instructed the NNPC to review agreements behind a programme to swap crude for refined products, his spokesman said on Monday. The Nigerian Extractive Industries Transparency Initiative (NEITI) revealed in earlier audits of the oil and gas industry that there is at least a $600 million gap in revenue due to a discrepancies between the value of the crude and the products delivered.
Also on Monday, President Muhammadu Buhari sacked his army, navy, air force and defence chiefs in a widely expected move to boost the fight against insurgent group, Boko Haram. The new appointees include a former Multinational Joint Task Force chief, T.Y. Buratai, who is also from Borno state, the worst hit by the Boko Haram attacks.
Stocks fell to a more than three-month low and the naira hit another record low on the parallel market on Monday, as central bank restrictions fed unofficial trade in dollars traders revealed. The naira weakened on the black market to another record low on Monday at 241, as importers banned from accessing foreign currency at the official interbank market by the central bank three weeks ago continued to scramble in the unofficial market. The NSE All Share Index closed down 0.32 percent on Monday, 11.5 percent lower than its 2015 peak, hit on April 2.