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    Petrol imports drop 54% as Dangote boost supply

    Petrol imports drop 54% as Dangote boost supply

    World Bank retains Nigeria’s growth at 3.6%

    World Bank retains Nigeria’s growth at 3.6%

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Sixteen years after meltdown, NGX market cap surges by 347.5%

    Sixteen years after meltdown, NGX market cap surges by 347.5%

    FG’s gas-powered vehicle scheme runs into major hitch nationwide

    FG’s gas-powered vehicle scheme runs into major hitch nationwide

    Nigeria’s money supply rises 4% to N119.1trn

    Nigeria’s money supply rises 4% to N119.1trn

    We are ending era of wasteful, opaque tax waivers, says Tinubu

    We are ending era of wasteful, opaque tax waivers, says Tinubu

    CBN policies may lower inflation to 22.1% – W’Bank

    CBN introduces financial instruments to deepen non-interest banking sector

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      Petrol imports drop 54% as Dangote boost supply

      Petrol imports drop 54% as Dangote boost supply

      World Bank retains Nigeria’s growth at 3.6%

      World Bank retains Nigeria’s growth at 3.6%

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Sixteen years after meltdown, NGX market cap surges by 347.5%

      Sixteen years after meltdown, NGX market cap surges by 347.5%

      FG’s gas-powered vehicle scheme runs into major hitch nationwide

      FG’s gas-powered vehicle scheme runs into major hitch nationwide

      Nigeria’s money supply rises 4% to N119.1trn

      Nigeria’s money supply rises 4% to N119.1trn

      We are ending era of wasteful, opaque tax waivers, says Tinubu

      We are ending era of wasteful, opaque tax waivers, says Tinubu

      CBN policies may lower inflation to 22.1% – W’Bank

      CBN introduces financial instruments to deepen non-interest banking sector

      Trending Tags

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        Petrol imports drop 54% as Dangote boost supply

        Petrol imports drop 54% as Dangote boost supply

        World Bank retains Nigeria’s growth at 3.6%

        World Bank retains Nigeria’s growth at 3.6%

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Sixteen years after meltdown, NGX market cap surges by 347.5%

        Sixteen years after meltdown, NGX market cap surges by 347.5%

        FG’s gas-powered vehicle scheme runs into major hitch nationwide

        FG’s gas-powered vehicle scheme runs into major hitch nationwide

        Nigeria’s money supply rises 4% to N119.1trn

        Nigeria’s money supply rises 4% to N119.1trn

        We are ending era of wasteful, opaque tax waivers, says Tinubu

        We are ending era of wasteful, opaque tax waivers, says Tinubu

        CBN policies may lower inflation to 22.1% – W’Bank

        CBN introduces financial instruments to deepen non-interest banking sector

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          Petrol imports drop 54% as Dangote boost supply

          Petrol imports drop 54% as Dangote boost supply

          World Bank retains Nigeria’s growth at 3.6%

          World Bank retains Nigeria’s growth at 3.6%

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Sixteen years after meltdown, NGX market cap surges by 347.5%

          Sixteen years after meltdown, NGX market cap surges by 347.5%

          FG’s gas-powered vehicle scheme runs into major hitch nationwide

          FG’s gas-powered vehicle scheme runs into major hitch nationwide

          Nigeria’s money supply rises 4% to N119.1trn

          Nigeria’s money supply rises 4% to N119.1trn

          We are ending era of wasteful, opaque tax waivers, says Tinubu

          We are ending era of wasteful, opaque tax waivers, says Tinubu

          CBN policies may lower inflation to 22.1% – W’Bank

          CBN introduces financial instruments to deepen non-interest banking sector

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            Petrol imports drop 54% as Dangote boost supply

            Petrol imports drop 54% as Dangote boost supply

            World Bank retains Nigeria’s growth at 3.6%

            World Bank retains Nigeria’s growth at 3.6%

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            FG’s gas-powered vehicle scheme runs into major hitch nationwide

            FG’s gas-powered vehicle scheme runs into major hitch nationwide

            Nigeria’s money supply rises 4% to N119.1trn

            Nigeria’s money supply rises 4% to N119.1trn

            We are ending era of wasteful, opaque tax waivers, says Tinubu

            We are ending era of wasteful, opaque tax waivers, says Tinubu

            CBN policies may lower inflation to 22.1% – W’Bank

            CBN introduces financial instruments to deepen non-interest banking sector

            Trending Tags

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              Petrol imports drop 54% as Dangote boost supply

              Petrol imports drop 54% as Dangote boost supply

              World Bank retains Nigeria’s growth at 3.6%

              World Bank retains Nigeria’s growth at 3.6%

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Sixteen years after meltdown, NGX market cap surges by 347.5%

              Sixteen years after meltdown, NGX market cap surges by 347.5%

              FG’s gas-powered vehicle scheme runs into major hitch nationwide

              FG’s gas-powered vehicle scheme runs into major hitch nationwide

              Nigeria’s money supply rises 4% to N119.1trn

              Nigeria’s money supply rises 4% to N119.1trn

              We are ending era of wasteful, opaque tax waivers, says Tinubu

              We are ending era of wasteful, opaque tax waivers, says Tinubu

              CBN policies may lower inflation to 22.1% – W’Bank

              CBN introduces financial instruments to deepen non-interest banking sector

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                Petrol imports drop 54% as Dangote boost supply

                Petrol imports drop 54% as Dangote boost supply

                World Bank retains Nigeria’s growth at 3.6%

                World Bank retains Nigeria’s growth at 3.6%

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Sixteen years after meltdown, NGX market cap surges by 347.5%

                Sixteen years after meltdown, NGX market cap surges by 347.5%

                FG’s gas-powered vehicle scheme runs into major hitch nationwide

                FG’s gas-powered vehicle scheme runs into major hitch nationwide

                Nigeria’s money supply rises 4% to N119.1trn

                Nigeria’s money supply rises 4% to N119.1trn

                We are ending era of wasteful, opaque tax waivers, says Tinubu

                We are ending era of wasteful, opaque tax waivers, says Tinubu

                CBN policies may lower inflation to 22.1% – W’Bank

                CBN introduces financial instruments to deepen non-interest banking sector

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                  Petrol imports drop 54% as Dangote boost supply

                  Petrol imports drop 54% as Dangote boost supply

                  World Bank retains Nigeria’s growth at 3.6%

                  World Bank retains Nigeria’s growth at 3.6%

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  FG’s gas-powered vehicle scheme runs into major hitch nationwide

                  FG’s gas-powered vehicle scheme runs into major hitch nationwide

                  Nigeria’s money supply rises 4% to N119.1trn

                  Nigeria’s money supply rises 4% to N119.1trn

                  We are ending era of wasteful, opaque tax waivers, says Tinubu

                  We are ending era of wasteful, opaque tax waivers, says Tinubu

                  CBN policies may lower inflation to 22.1% – W’Bank

                  CBN introduces financial instruments to deepen non-interest banking sector

                  Trending Tags

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                  Naira gains about 15% as dealers dump dollar, count losses

                  The Guardian | August 18, 2023
                  Naira gains about 15% as dealers dump dollar, count losses
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                  Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening.

                  Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback gripped the market.

                  A trader, who confided that he was desperate and looking for an opportunity to offload his hoardings said the naira could appreciate to around N700/$ this weekend. It sustained the rising momentum seen since the beginning of the week.

                  Another dealer, who revealed that he was still hoarding a substantial part of what he bought at an average of N920/$ last week, noted: “as we speak, there is no fixed rate. People sell at the slightest opportunity as they are not sure what the rate would be tomorrow. And the speed at which the hard currencies are falling against naira is too high. This is the cause of panic, and it is real.”

                  But even amid panic selling, The Guardian understands that trading volume is still very low, underpinning the level of illiquidity.

                  Hence, many observers have dismissed the uptrend of the value of the local currency as emotion-driven as opposed to strong market fundamentals.

                  The Guardian had reported that about 48 hours after President Bola Tinubu and Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, held a crucial meeting on the state of the foreign exchange (FX) market, there appeared to be a breather for the troubled currency as it recorded a moderate gain, trading at about N880/$ at the black-market mid-week.

                  Dollar had spiked last week hitting an all-time high of N950/$ at peer-to-peer (P2P) and parallel market amid fresh concern over scarcity.

                  If the current momentum is sustained, official and unofficial markets could achieve parity, converging around the same value, in the coming days. At the current rates, the arbitrage has narrowed to below N100/$.

                  Last week, the premium on the black market hit N200 per dollar for the first time since the June market liberalisation that was aimed at harmonising the multiple exchange rates.

                  At the height of the crisis last year, the premium rose to 100 per cent, the highest ever recorded since the country’s return to democracy in 1999. During the military era, the margin widened to over 100 per cent, triggering wholesale widespread manipulation, with banking licences procured for foreign exchange deals.

                  In the popular Zone 4, Abuja, yesterday, there was lamentation, as dealers groaned over losses of over N100 per dollar in some cases.

                  Adamu Alhassan, who is a bureau du change operator, said: “I am not happy about what has been happening since morning because most of us have lost some money. The rate was N950 just last week. But now, we are buying at N820 and selling at N850. We are not sure what to expect next.”

                  When reminded that the bureau de change operators enjoyed the boom while it lasted, he said: “Of course, what do you expect?”

                  Samuel Itodo, who came to buy dollars, was ecstatic about the gain recorded by naira in a few days and hoped it continued.

                  “I am very happy with what is happening with the dollar. Who will believe that the rate can crash to the level within days? I was apprehensive about the effect the falling exchange rate will have on the costs of living.

                  “As an import-dependent country, any rise in the dollar will automatically mean higher prices and higher cost of living. But can this be sustained on a longer term?” he said.

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