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Tag: Naira

  • See new rate as Naira appreciates against Dollar

    See new rate as Naira appreciates against Dollar

    The Naira appreciated on Friday in the official market, trading at N1,536.82 to a dollar.

    Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N1.84.

    This represents a 0.11 per cent increase compared to the N1,538.66 per dollar recorded on Thursday.

    The gain followed four days of slight depreciation between Monday and Thursday.

    On Monday, March 24, the Naira closed at N1,531.19 per dollar. On Tuesday, it traded at N1,532.39, and on Wednesday, it exchanged at N1,537.62.

    In spite of these slight losses, the Naira has remained relatively stable against the US Dollar since December 2024, due to CBN’s reforms promoting transparency in the foreign exchange market.

  • Suspension of naira-for-crude will push Nigerians into multidimensional poverty – ActionAid

    Suspension of naira-for-crude will push Nigerians into multidimensional poverty – ActionAid

    ActionAid has raised concerns over the ongoing crisis in the petroleum sector, sparked by Dangote Petroleum Refinery’s suspension of petroleum product sales in naira.

    Mr Andrew Mamedu, Country Director of ActionAid Nigeria (AAN) expresssd this concern in a statement on Tuesday in Abuja.

    Mamedu criticised the suspension, stating that it has caused panic buying, hoarding, and speculative price increases, worsening economic hardship for Nigerians.

    “The suspension of the naira-for-crude agreement will push more Nigerians into multidimensional poverty, deepen social inequalities, and create further economic instability.

    “Rising fuel prices will increase transportation costs, making it harder for low-income earners to commute, access essential services, or sustain small businesses,” he said.

    AAN urged the Federal Government to take swift action to restore public confidence, protect citizens from further economic strain, and ensure transparency in the energy sector.

    Mamedu also called on the government to provide clear information on local refining and crude supply.

    He warned that failure to do so raises serious concerns about transparency, accountability, and governance in the petroleum industry.

    “The Nigerian National Petroleum Company Limited’s (NNPCL) preference for importing Premium Motor Spirit (PMS) instead of prioritising local refining is deeply concerning.

    “We call for independent third-party monitoring of crude oil transactions, fuel pricing, and distribution to ensure transparency and accountability,” he added.

    The organisation also demanded a comprehensive review of pricing models to prevent exploitation by depot owners and marketers.

  • JUST IN: Dangote refinery suspends sale of fuel in Naira

    JUST IN: Dangote refinery suspends sale of fuel in Naira

    Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira.

    In a statement issued on March 19, 2025, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude received, necessitating an adjustment in sales currency.

    The company assured customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC) Ltd., it will promptly resume fuel sales in the local currency.

    Additionally, Dangote Refinery addressed rumors circulating online, refuting claims that it had halted loading due to an incident of ticketing fraud.

    The management described such reports as ‘malicious falsehood’ and reaffirmed the robustness of its operational systems, stating that no fraud-related issues had occurred.

    The statement reads: “Dear Valued Customers, We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira.

    “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.

    “Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust and we have had no fraud issues. We remain committed to serving the Nigerian market efficiently and sustainably.

    “As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period.”

  • Naira gains 1.9% to close at N1,517.93

    Naira gains 1.9% to close at N1,517.93

    The Naira ended the week positively on Friday, trading at N1,517.93 to a Dollar in the official market.

    Data from the Central Bank of Nigeria (CBN) showed that the Naira, which had been falling since March 5, gained N29.89.

    This represents a 1.9 per cent increase compared to Thursday, when it closed at N1,547.82 to the Dollar.

  • NNPC clarifies Naira crude contract with Dangote Refinery

    NNPC clarifies Naira crude contract with Dangote Refinery

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its contract with Dangote Refinery for the sale of crude oil in Naira was structured as a six-month agreement.

    The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Monday in a statement said this was subject to availability, and expires at ending of March 2025.

    He said discussions were ongoing towards emplacing a new contract.

    The spokesperson explained that the clarification became necessary because of the recent reports on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

    “Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

    “In aggregate, the NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

    “NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.

  • Naira depreciates by 0.43%

    Naira depreciates by 0.43%

    The Naira depreciated in the official market on Monday, trading at N1,498.98 to a Dollar.

    Data from the Central Bank of Nigeria (CBN) showed the Naira lost N6.49.

    This represents a 0.43 per cent decline compared to Friday, Feb. 28, when it closed at N1,492.49 to the Dollar.

    The loss followed a three-day appreciation recorded the previous week.

    In spite of this, the Naira has remained relatively stable against the US Dollar due to CBN’s reforms promoting transparency in the Foreign Exchange (FX) market.

    Analysts continue to commend the CBN for the local currency’s steady progress since December 2024. (

  • Naira continues to nosedive against Dollar at Black Market

    Naira continues to nosedive against Dollar at Black Market

    The Naira has continued to slide further against the dollar at the parallel foreign exchange market on Thursday.

    A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, said that the Naira dropped to N1500 per dollar on Thursday from N1490 exchanged on Wednesday.

    This showed that the Naira fell by N10 against the dollar on Thursday compared to the N1,490 per dollar exchange rate the previous day.

    Recall that this is the second time this week, the naira had weakened at the black market.

    Meanwhile, at the official market, the Naira rose slightly by N0.04 to N1,499.07 on Thursday from N1,499.11 on Wednesday.

  • Naira gains as CBN sustains FX reforms

    Naira gains as CBN sustains FX reforms

    The Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62.

    This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73 to the Dollar.

    The Naira has remained relatively stable against the US Dollar since December 2024, following CBN’s sustained reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.

    Analysts have continued to commend the CBN’s sweeping reforms to support the local currency.

    Bismarck Rewane, financial expert and CEO of Financial Derivatives Company Ltd., also praised CBN’s efforts in media appearances on Friday and Monday.

    He stated that the apex bank spent $8 billion to defend the Naira, insisting the interventions were necessary and aligned with the bank’s mandate.

  • CBN lavished $8bn to shore up Naira against Dollar at FX Market

    CBN lavished $8bn to shore up Naira against Dollar at FX Market

    The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has lavished almost $8 billion defending the naira at the foreign exchange market in the last months.

    Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.

    He was reacting to the decision by the Monetary Policy Committee to retain the country’s interest rate at 27.50 percent at the same time, maintaining other MPR parameters.

    Explaining the reason the Naira has appreciated to N1,505 and N1,507 across parallel and official foreign exchange markets, he noted that the apex bank has several initiatives to support the country’s currency.

    “We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” Rewane stated.

    According to him, Nigeria’s January inflation figure, which dropped to 24.48 percent after the Consumer Price Index rebasing, does not reflect the reality of ordinary Nigerians.

    “There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he said.

  • NAIRA bounces back in three-day appreciation against Dollar on black market

    NAIRA bounces back in three-day appreciation against Dollar on black market

     

    The naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

    This comes as a Bureau de Change operator in Wuse Zone 4, Abuja, revealed that the naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

    On a day-to-day basis, the naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

    In the last three days, the naira has gained N15 against the dollar in the black market.

    In contrast, in the official market, the naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

    The apex bank’s exchange rate data showed that the naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.