Business

Exchange rates between Naira and Dollar today

Published

2 years ago

October 20, 2022 3:44 pm

BodexNG

The exchange rate between the naira and the US dollar at the black market gained 0.13% to trade at N742/$1 on Thursday, 20th October 2022, from N743/$1 recorded in the previous trading session. This is according to information from black market traders who spoke to newsmen.

On the other hand, the naira at the cryptocurrency peer-to-peer FX market fell by 0.29% to trade at a minimum of N748.7/$1 on Thursday morning, when compared to N746.57/$1 traded at the same time on Wednesday, 19th October 2022.

Meanwhile, the exchange rate between the naira and the US dollar at the I&E official window closed at N441.5/$1 on Wednesday, 19th October 2022, a slight fall of 0.06% from N441.25/$1 recorded in the previous trading session.

However, the FX turnover at the I&E window increased by 71.73% to $127.65 million on Wednesday from the $74.33 million that was traded on Tuesday.

Nigeria’s external reserve stood at $37.76 billion as of 18th October 2022, a decline of 0.1% when compared to $37.96 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 exchange rate at the official market closed at N441.5/$1 on Wednesday, 19th October 2022, a depreciation of 0.06% from N441.25/$1 recorded in the previous trading day.

The opening indicative rate closed at N440/$1 on Wednesday, 19th October 2022.

Furthermore, an exchange rate of N443/$1 was the highest rate recorded during intra-day trading before it settled at N441.5/$1, while it traded as low as N425/$1 during intra-day trading.

A total of $127.65 million in FX value was traded in the Investors and Exporters window on Wednesday, which is 71.73% higher than the $74.33 million traded on Tuesday.

Business

Naira depreciates to N1,770/$ in parallel market

Published

2 hours ago

November 26, 2024 1:04 pm

BodexNG

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.

Business

Port Harcourt Refinery begins crude oil processing

Published

2 hours ago

November 26, 2024 12:52 pm

BodexNG

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”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

1 day ago

November 25, 2024 1:29 pm

BodexNG

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.

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