Business
Naira tumbles to N595/$ at parallel market as FX demand surges
The naira, on Thursday, depreciated further against the dollar at the parallel section of the foreign exchange market.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the naira at N595 to the dollar at the street market.
The figure represents a depreciation of N6 or 1 per cent compared to the N589 it traded last week.
The street traders put the buying price of the dollar on Thursday at N590 and the selling price at N595, leaving N5 profit margin.
They attributed the decline in the value of the naira to increased demand for the greenback (dollar) mostly by importers.
A parallel market (street/black market) is characterised by noncompliant behaviour with an institutional set of rules.
The Central Bank of Nigeria (CBN) has often maintained that the parallel market is not the true reflection of the naira.
On the official market side, the local currency depreciated at the investors and exporters window (I&E window) on Wednesday, exchanging at N418.75 to the dollar — a 0.12 per cent depreciation from N418.25 traded on Tuesday.
The open indicative rate closed at N417.70 to the dollar on Wednesday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.75.
The naira sold N410 to the dollar with a total of $115.78 million traded at the I&E window.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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