BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market – Newstrends
Connect with us

Business

BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market

Published

on

BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market

The Naira witnessed a notable surge on Thursday, reaching a high of N1750 per dollar in the parallel market, commonly known as the black market.

This surge represents a substantial 7.43% increase, with the currency strengthening by N130.00 compared to the previous day’s closing rate of N1,880.

The surge coincides with Nigeria’s intensified efforts to counter the ongoing depreciation of the Naira.

In response to the currency’s decline, Nigeria has ramped up measures to stabilize its value. These efforts include cracking down on informal foreign currency street traders and targeting a popular cryptocurrency trading platform.

Throughout the week, the naira experienced a significant decline in value, hitting a low of N1,880 to the dollar on Thursday.  

This depreciation has widened the disparity between the unofficial market rate and the official rate of the naira, presenting challenges to the government’s goal of unifying the two rates. 

READ ALSO:

Despite the Central Bank of Nigeria’s implementation of various policies aimed at boosting the supply of foreign exchange (forex), these developments persist, underscoring the complexities of managing currency stability in the face of economic challenges. 

  • However, the Great British Pound (GBP) remained flat at £1/N2260, same as was recorded the previous day. 
  • Additionally, the Naira against the Euro traded flat, closing at N1960/EUR1 compared to N1960/EUR1 also reported the previous day. 

In the cryptocurrency market where forex is sold using stablecoins, the Naira also settled at N1,708.40/$1 as of 1.15 pm. 

Nairametrics reported that the National Security Adviser’s Office, led by Nuhu Ribadu, in collaboration with the Central Bank of Nigeria (CBN), has initiated a joint effort to combat forex speculation and tackle the issues affecting the country’s economic stability.  

In a statement on Tuesday, a spokesperson for Ribadu’s office, Zakari Mijinyawa, the partnership is set to include coordinated actions with leading law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).   

Mijinyawa pointed out that the activities of speculators, operating both domestically and internationally through different mechanisms, have played a significant role in the naira’s depreciation, thereby exacerbating inflation and leading to economic instability in Nigeria.  

BREAKING: Naira strengthens by 7.43% to N1750 against dollar at the black market

Business

Fuel price set to drop as marketers prepare loading from PH refinery @ N500/litre

Published

on

Fuel price set to drop as marketers prepare loading from PH refinery @ N500/litre

There are indications that petrol price will drop soon at filling stations across the country as marketers are set to start loading the product from the rehabilitated Port Harbour refinery.

Many marketers are expecting to receive the fuel at N500/litre, going by a new report by Sunday Punch.

Currently, Newstrends reports that imported petrol is being sold in different parts of the country between N568/litre and N680/litre, depending on the city and its distance to the deport of loading.

Already, workers at the Port Harcourt refinery are said to be set for production on the directives of the Nigerian National Petroleum Company Limited.

Dealers confirmed on Friday that the PHRC was almost set to start releasing products, projecting a N500/litre price for Premium Motor Spirit, popularly called petrol, from the Port Harcourt refinery in Rivers State.

They also expressed optimism that the Dangote Petroleum Refinery would crash PMS price below N500/litre when it starts releasing products. Dangote refinery is projected to start supplying petrol to the market in May, as it currently supplies diesel to dealers.

On Thursday, it was reported that operators under the aegis of the Independent Petroleum Marketers Association of Nigeria, Rivers State Branch, told our correspondent that they paid a visit to the Port Harcourt refinery and found out that the plant might start releasing refined petroleum products this month.

This, according to them, was because the plant had been largely completed, a development that was confirmed on Friday by the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu.

According to the IPMAN PRO, marketers, particularly independent dealers, have started making plans on how to purchase and load products from the refinery, adding that operators are optimistic about a price reduction from the refinery.

Asked whether the refinery has put a price on the PMS to expect from the plant, Ukadike replied, “Not yet. However, NNPC is still giving us PMS at N567.7/litre, so we want to believe that the Port Harcourt refinery should give us the product at N500/litre or less than that.”

Ukadike stated efforts were really ongoing at the plant to begin the production of petrol and other refined products, as recently announced by the NNPC.

READ ALSO:

On March 15, 2024, it was reported that the Group Chief Executive Officer, NNPC Ltd, Mele Kyari, stated that the Port Harcourt refinery would commence operations in about two weeks.

He also stated that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery would commence operations in December.

 The NNPC boss had disclosed this during a press briefing after he appeared before the Senate Ad-hoc Committee investigating the various Turn Around Maintenance projects of the country’s refineries.

He said, “We did a mechanical completion of the refinery that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery. It is also undergoing regulatory compliance; processes that we are doing with our regulator and this will soon be completed and it will be ready.

“Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

Kyari had also told the Senate that over 450,000 barrels of oil had been stocked into the Port Harcourt refinery.

Meanwhile, Ukadike also told our correspondent on Friday that marketers were putting in place measures that would enable them to purchase products in bulk, going by the fact that the Dangote Petroleum Refinery did not sell less than one million litres when it commenced the sale of diesel.

“So when they resume at Port Harcourt refinery and they key into what Dangote has done by selling in bulk, it means that we the independent marketers particularly in the South-East should be able to have a company that can be able to buy up to four/five million litres from the refinery.

“We are also planning to reach NNPC Trading to see whether they will be able to send 20,000 metric tonnes of PMS to our depots, strictly for independent marketers.

READ ALSO:

“From every indication, the Port Harcourt refinery is almost set to start releasing products. The government has told us that the plant will start production, at least by the end of this month. So we don’t want to be caught unprepared, for instance, if they say we should pay for two million litres and we can’t be able to pay,” the IPMAN official stated.

Ukadike also stated that oil marketers were discussing with their banks, adding that the financial institutions “are ready to fund such bulk allocations so that we can be able to distribute it nationwide because we have the reach.”

The Port Harcourt Branch Chairman, IPMAN, Tekena Ikpaki, had earlier told our correspondent that the management of the Port Harcourt refinery had assured dealers that the plant would begin operations soon, as operators in Rivers State were set to take product from the facility.

Dangote may crash prices

The oil dealers are also awaiting the potential entry of PMS from the Dangote refinery into the domestic market, with hopes that the company would crash the price of petrol below N500/litre.

The anticipation stemmed from the manners in which the Dangote refinery recently crashed the price of diesel to N1,200/litre in March when the cost of the commodity was around N1,600. The refinery later crashed the price of diesel to N1,000/litre.

The National President, IPMAN, Abubakar Maigandi, said the refinery might sell petrol at N500/litre or below.

Linking this to the rebound of the naira against the dollar, Maigandi told one of our correspondents that the product might be sold at a relatively cheaper price.

READ ALSO:

While saying the refinery is yet to begin the sale of petrol, the IPMAN president noted: “We are happy the price of diesel is coming down, thanks to Dangote refinery. As for petrol, the sale has not started. We hope petrol too will come down to like N500.

“But if the dollar continues falling, it may go back to the normal rate”.

However, the Major Energies Marketers Association of Nigeria said the PMS from the Dangote refinery would be sold at the import parity rate.

The Executive Secretary of MEMAN, Clement Isong, said, “I expect the price to be at import parity. Why (will it go down to N500 or low)? Petrol pricing is at the international price. It is based on an international reference. You buy petrol based on a willing-seller, willing-buyer basis,” Isong said in a telephone conversation.

Meanwhile, the Chief Executive Officer of Dangote Group Aliko Dangote, has hinted that in few days diesel will be sold at N1000 nationwide, adding that profiteers overtime have benefitted from the astronomic rise.

Dangote made this disclosure in Gombe while fielding answers to journalists shortly after attending nuptial ceremony.

He said, “Some persons have held the business for a very long time; they were profiteering but we decided that we can afford to sell it at N1000 which is 60 per cent drop. Areas like here (Gombe), Borno, Bauchi it was selling for N1,700 – N1,800 but right now in the next few days, you will not buy diesel for more than N1000 anywhere in Nigeria.”

Fuel price set to drop as marketers prepare loading from PH refinery @ N500/litre

PUNCH

Continue Reading

Auto

We expect massive roll-outs of Nigeria-made cars by December 2024 – Minister

Published

on

We expect massive roll-outs of Nigeria-made cars by December 2024 – Minister

 

Nigeria now has the capacity and materials to manufacture made-in-Nigeria cars for local use and export, the Federal Government has said.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, stated this at the Automotive Component Manufacturers meeting in Abuja.

She said local manufacturers should be be held responsible if they fail to deliver massively Nigeria-made cars at the end of this year.

The minister said notwithstanding challenges facing the nation’s automobile industry, with the enabling environment being provided by the government, manufacturers should be held responsible if the cars are not rolling out by December 2024.

Newstrends reports a total of 37 firms were licensed automobile manufacturers/assemblers in Nigeria as of March 2023.

This figure is contained in the NADDC Updated List of the Accredited Locally Manufactured Brand in Nigeria.

Nigeria is said to currently produce less than 10 per cent of the 400,000 vehicles being used in the country.

The minister said, “As far as we are concerned, the auto industry is now set to go. We are counting on all stakeholders to make that happen.

“If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”

A statement by the ministry’s Director of Information and Public Relations, Adebayo Thomas, said the minister emphasised the need for collaboration among manufacturers, dealers, regulatory bodies and other players in the automobile industry.

She stressed that by working together, they could address challenges, streamline processes and drive innovation.

Even as she emphasised the need for local content, she urged stakeholders to maintain high-quality standards in vehicle manufacturing, safety features, emissions control and after-sale services.

This, she said, would boost consumer confidence and attract investment.

Continue Reading

Business

N50,000 presidential grant: 100,000 small businesses benefit in first phase

Published

on

N50,000 presidential grant: 100,000 small businesses benefit in first phase

A total of 100,000 small businesses across the country have so far received a presidential grant of N50,000 under the first phase of the Trade Grants Scheme.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this, adding that one million nano businesses would benefit from the scheme.

A report by Saturday Punch quoted the minister as saying this through her aide, Terfa Gyado, in an interview with the newspaper.

Newstrends notes that the grant aimed at driving sustainable economic growth at the grassroots level will be disbursed with 70 per cent going to women and youths, 10 per cent individuals with disabilities, and five per cent senior citizens, and the remaining 15 per cent allocated to other groups.

Bank of Industry (BOI) was appointed as the executing agency for the funds.

The minister said the disbursement which began a few weeks ago would be distributed to 1,291 nano businesses in each of the 774 local governments in the country.

The Federal Government in December announced the Presidential Conditional Grant Scheme to empower small businesses as part of the Presidential Palliatives Programme.

It said a total of N200 billion would be disbursed through the BoI to support manufacturers and businesses across the country.

Aniete, giving an update on the scheme, said all verified applicants would receive their grants in subsequent phases.

The minister said, “The Presidential Conditional Grant Scheme kicked off a few weeks back and disbursement has been made to the first batch.

“Each grant applicant gets N50,000 while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number and their National Identification Number.

“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.”

The minister said the grant was paid directly to beneficiaries’ accounts after proper verifications with a target to reach one million small businesses in the 774 LGs and the six council areas in the Federal Capital Territory.

“The target is for one million nano businesses across the 774 local governments across the federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.

“So far, the disbursement has hit about 100,000 small businesses and they have got the initial disbursement and the target remains one million. “Disbursement is still ongoing and we are still waiting for data from across all the states and it is an ongoing process.”

Continue Reading

Trending

Skip to content