Business
Exchange Rate Between Naira And Dollar Falls At The Black Market
The exchange rate between the naira and the US dollar fell further to a record low of N735/$1, recording a dip of 0.68% on Friday morning, 30th September 2022 on the black market, compared to N730/$1 recorded on Thursday.
This is according to information obtained from black market traders who spoke to Nairametrics.
Meanwhile, the exchange rate at the Investors and Exporters window fell by 0.15% to close at N437.03/$1 on Thursday, 29th September 2022, when compared to N436.37/$1 recorded in the previous session. This is despite a surge in the amount of traded FX in the window.
Total forex turnover stood at $223.3 million, representing an 86.9% increase from $119.49 million that exchanged hands in the previous trading session.
The local currency, on the other hand, at the cryptocurrency peer-to-peer FX market, traded at a minimum of N736.8/$1 on Friday morning, recording a slight depreciation of 0.25% as against N735/$1 traded at the same time on Thursday, 29th September 2022.
Nigeria’s external reserve stood at $38.32 billion as of 28th September 2022, a decline of 0.1% from $38.36 billion recorded the previous day.
The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.
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 $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Ododo surrenders Yahaya Bello to EFCC
Naira depreciates to N1,770/$ in parallel market
Port Harcourt Refinery begins crude oil processing
‘Thank you for keeping me since 1942’ — Mama Rainbow writes God
Tinubu writes reps, seeks Oluyede’s confirmation as COAS
Tacha announces relocation to UK
Governor Nwifuru suspends health, housing commissioners
‘You’ll pay huge price for allowing illegal migrants into US’, says Trump as he vows to punish Canada
Sanwo-Olu suspends media aide over misrepresentation of facts
Tope Adebayo speaks on his ‘best director’ win at BON Awards
Soma debunks ex-girlfriend’s abuse allegation, threatens lawsuit
Polygamy best form of marriage for Africa, says Okey Bakassi
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
-
Business1 week agoLagos state government to commence upgrade of major junctions in Ikeja axis, seeks residents’ cooperation
-
Special Features4 days agoIyabo Ojo, Brainjotter, Dayo Oketola, Penzaarville, Tomiwa and others to speak at the Bodex Social Media Hangout 5.0
-
Education1 day agoAkwa-Ibom to probe 26 schools as video depicts poor nutrition at boarding house
-
News1 week agoNnamdi Emeh: Suspect Facing Charges In Court, Process Independent Of Police Influence
-
Politics1 week agoAiyedatiwa takes commanding lead in Ondo guber poll after winning 15 of 18 LGAs
-
Business3 days ago31 electricity towers affected as vandals destroy transmission lines in Edo communities
-
Special Features5 days agoDG ARCON, Dr Olalekan Fadolapo to speak at Bodex social Media Hangout 5.0
-
News1 day agoLagos state government shuts establishments in Gbagada, Ogudu, others over noise pollution, environmental violations