Business
Updated: Concern mounts as naira falls to ₦550 per dollar
The naira has continued its free fall against the United States dollar and other major currencies as it traded between N540 and N550 to one dollar at the parallel market on Thursday.
The drop comes about a week after it was sold at N530 against the American currency.
The British pound was trading at N740 across in the same market on Thursday, it was learnt.
Finance experts and bureau de change operators are worried over the situation. Indeed the BDC operators are speculating that the downward trend will likely continue and that the rise hit N100 per dollar by the end of the year.
The exchange rate has been on a downward slope after the suspension of foreign exchange transactions with the BDC operators by the Central Bank of Nigeria.
The CBN in July placed a ban on foreign exchange sales to the BDC operators, with an indefinite suspension issuance of licences to money changers.
The bank then instructed commercial banks to set up teller points in branches, so that dollars and other foreign currencies would be made available to Nigerians.
The Chairman of the BDC operators at the Lagos airport, Mr Danladi Sunday, blamed the CBN for the development.
He said while the CBN had directed commercial banks to sell dollars, the banks only sold to those he called cabals.
“The stoppage of dollars to bureau de change is the cause of this problem. The CBN said they would be giving to commercial banks and the commercial banks are not selling to everybody, they are only selling to their cabals,” he told Daily Trust in an interview.
“And once the demand is higher and supply is lower, definitely, the money is going to be high. The solution now is for the CBN to call us back. Once they call us back, the money would come down,” he added.
When President Muhammadu Buhari assumed office in May 2015, the naira was trading at about N187 to a dollar.
The administration has faced backlash for its handling of the country’s fiscal and monetary policies.
Officials however dismissed the criticisms, saying the government came on board at a time of perilous economic situation that stemmed from decades of mismanagement by previous administrations.
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
Business
Naira records marginal appreciation, exchanges for N1,700/$
Naira records marginal appreciation, exchanges for N1,700/$
The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
Naira records marginal appreciation, exchanges for N1,700/$
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