Business
Naira appreciates at parallel market
The naira has sustained its momentum at the parallel market, appreciating N710 per dollar in Lagos on Friday.
The development represents N115 or 13.9 percent gain compared to the N825 to a dollar it traded on Wednesday.
Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, who spoke to newsmen, quoted the buying rate of the greenback at N700 and the selling price at N710 per dollar, leaving an N10 profit margin.
The traders said there was moderation in demand for dollars by citizens.
“I have plenty of dollars in my hand but people are not buying as much as before. I have not yet sold anything today,” Abubakar, a trader at the Alade Market, Ikeja, told newsmen.
A currency trader at Victoria Island, simply identified as Musa, said he is currently buying the local currency at N700/$ and selling it for N740 per dollar on Friday morning.
He said he and some of his colleagues were recording losses because they had bought the dollar at about N800 but now have no choice but to sell for a lower amount.
“I am losing some money too but I am not selling anymore till it goes back up. They (other currency dealers) will keep and sell when it goes up,” Musa told newsmen.
He also attributed the appreciation of the naira against the dollar to a rumour that any US dollar bill issued before 2022 would not be acceptable by January 2023.
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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