Bitcoin surpassed the $91,000 mark for the first time on Wednesday, continuing its postelection momentum as traders digested the latest U.S. inflation data.

The cryptocurrency climbed over 2% in trading, reaching a high of $91,705.

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The surge came after the October Consumer Price Index (CPI) report showed prices increased by 0.2%, bringing the annual inflation rate to 2.6%, a result that was largely in line with analysts’ expectations.

The steady inflation data fueled investor confidence in assets like Bitcoin, which is often viewed as a hedge against inflation due to its limited supply.

Bitcoin’s recent rally has coincided with a broader uptick in risk assets since the U.S. presidential election.

Investors seem optimistic that fiscal policies under the new administration could drive further growth in the crypto market, though some remain cautious about inflationary pressures.

Other major cryptocurrencies followed Bitcoin’s upward trajectory.

Ether and Solana both saw gains of around 1%.

Dogecoin, meanwhile, soared by 8%, building on its postelection boost.

The meme-inspired token has seen increased attention following the news that Tesla CEO Elon Musk played a role in President-elect Donald Trump’s campaign and has join his administration,

Analysts say that this shift could continue as inflation and fiscal policy debates evolve in the months ahead.

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, in Nigeria’s capital city.

Though Pastor Adeboye did not explicitly name the Dangote Petroleum Refinery, many read his remarks to have echoed ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

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With the Ibeju-Lekki, Lagos based Dangote Refinery about the only facility currently refining petrol in Nigeria, many read Pastor Adeboye’s comments to reflect the dispute between the refinery and oil marketers, who seek to continue importing refined products.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result.

He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Pastor Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption.

He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

The marketers, according to the renowned pastor, appear to have gone into alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recall that the Crude Oil Refineries Owners Association of Nigeria (CORAN) had urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).

Group CEO of the NNPC Ltd., Mele Kyari has reiterated the company’s commitment to resolving Nigeria’s energy trilemma, by ensuring energy security, sustainable growth and energy affordability.

This was contained in statement by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, issued on Monday evening on its verified handle on micro-blogging site, X.

According to the statement, Kyari disclosed this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition themed: “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth and Affordability” in Lagos, on Monday.

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The GCEO, who was the Special Guest of Honour at the occasion, also said the company has perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6 billion standard cubic feet (bscf) of gas supply for domestic market.

“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd. is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network,” Kyari stated.

According to him, NNPC Ltd. is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply; Naira-for-crude transactions in order to stabilise the local currency and regulate forex markets.

This, he added, will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy options, such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).

“Currently, NNPC Ltd. supplies over 1.6 bscf of gas per day to the domestic market through infrastructure we either own outrightly or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet,” Kyari added.

Explaining that the Company is expanding its efforts to enhance domestic energy access, the NNPC Ltd. helmsman said the next 3-6 months will see significant project launches, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.

Kyari, who commended President Tinubu’s efforts to relieve forex pressures by reducing fuel imports and strengthening Nigeria’s local refining capacity, emphasised the need for collaboration, innovation, and technology in achieving Nigeria’s energy goals.

“Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.”

On NNPC Ltd.’s mandate to guarantee energy security as stipulated by the Petroleum Industry Act, 2021, Kyari said the Company has fostered partnerships and investments aimed at enhancing local production and generating revenue for economic diversification.

Reacting to claims that NNPC Ltd. is sabotaging the efforts of domestic refineries, Kyari said the NNPC Ltd. is part-owners of the Dangote Refinery, stressed further that such an investment is a strategic move aimed at strengthening domestic fuel supply.