Connect with us

Business

Naira Gains ₦14.94 in Official Market, Improves in Parallel Trade

Published

1 week ago

on

Spread the love

 

The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Akelicious reports that the naira has experienced fluctuations throughout the week.

This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

Kindly follow Ekwutosblog for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Port-Harcourt Refinery Fully Operational

Published

17 hours ago

on

December 21, 2024

By

Port-Harcourt Refinery Fully Operational
Spread the love

PRESS RELEASE

Port-Harcourt Refinery Fully Operational

The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

Preparation for the day’s loading operation is currently ongoing.

Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

21st December, 2024

Continue Reading

Business

Competition is affecting Dangote Refinery, Dangote is ready to sell on Credit to any marketer that can buy a truck and the marketer will get the second truck on credit.

Published

3 days ago

on

December 19, 2024

By

Spread the love
Dangote Refinery faces competition from several sources, including: 

  • Fuel importers
    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continues to issue licenses for refined product imports, which can make it harder for Dangote to meet local demand. 

  • Marketers
    Marketers have different views on whether to pay Dangote in advance for petrol. Some say that advance payments can put financial pressure on marketers, especially those with limited capital. Others say that advance payments are necessary to ensure the refinery’s operations run smoothly. 

  • Legal disputes
    Oil marketers are in a legal dispute with Dangote over the refinery’s request to restrict import licenses. 

  • Direct purchasing
    Marketers can now purchase petrol directly from Dangote Refinery and other local refineries. This allows marketers to negotiate commercial terms directly with the refineries, which can create a more competitive market environment. 

The start of operations at the Dangote Petroleum Refinery and other refineries has increased transparency and market competition in West Africa. 

Continue Reading

Business

Yuletide: Dangote Refinery slashes petrol price to N899.50

Published

3 days ago

on

December 19, 2024

By

Spread the love

Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches.

The refinery had previously cut the price to N970 per litre on November 24.

The latest reduction aims to ease transportation costs during the festive period, a time when Nigerians often face increased travel expenses.

This was disclosed in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday.

Continue Reading

Trending