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Economy

We’ve No Plans to Increase Fuel Prices, Says NNPC

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The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol.

It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product.

NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries.

Ughamadu noted that Kyari had observed at the event that the huge disparity in the pump price of petrol between Nigeria on the one hand and her neighbouring countries, on the other hand, tended to encourage cross-border leakages.

This, according to Ughamadu, was why the NNPC boss sought the support of the leadership of the National Assembly to curb the malaise of smuggling.

The oil firm advised Nigerians to disregard the insinuation of a planned hike in the price of petrol by NNPC.

It stated that statutorily, NNPC was not even in a position to regulate the price of petroleum products, adding that the corporation’s role as an operator must be differentiated from that of any of the industry regulators.

Ughamadu stated that as directed by relevant agencies of the government, the pump price of petrol remained N145 per litre.

NNPC cautioned petroleum products’ marketers not to sell petrol above N145 per litre following the disclaimed rumour.

It advised Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources, the industry regulator, or to any law enforcement agency around them, on any station selling petrol above N145 per litre.

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Economy

Naira Depreciates Further, Sells at N1,517/$

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The Naira, on Monday, continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, said that the Naira was sold as high as N1,517 per dollar on Monday morning.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission (EFCC) operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

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Economy

Bloomberg Report Captures Naira As World’s Worst Performing Currency

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Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

CBN governor, Yemi Cardoso, had previously hailed the naira as the best-performing currency globally as of April 2024.

The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.

Cardoso attributed this achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.

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Economy

Naira Begins Week on a Low, Trades at N1,419/$1 in Official Window

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The Naira began the week on a losing note against the American dollar on Monday, April 29, 2024 at the official window to trade at N1,419/$1.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Monday, the Naira lost N19.88 against the dollar compared to the previous exchange rate of N1,399.23/$1 on Friday, April 27, 2024.

The intra-day high and low recorded during the day were N1,451/$1 and N1,060 /$1 respectively, representing a wide spread of N391/$1.

However, the Naira gained against the dollar at the parallel section of the market trading at N1,330/$1 representing a gain of N100 compared to the N1,430/$1 it traded the previous day.

Contrastingly, the Naira gained against the pound. The domestic currency appreciated by N10 against the British Pound to trade at N1,640/£1 as against the previous trading price of N1,650/£1 representing a gain of N10 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,430/€1 as against the rate of N1,450/€1 the previous trading rate indicating a gain of N20 for the Nigerian currency.

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