Naira Appreciates Against US Dollar In Parallel Market

The Nigerian currency, the Naira, strengthened to ₦1,585 per dollar in the parallel market on Friday.

This shows an improvement from ₦1,590 per dollar recorded on Thursday.

In a similar vein, the Naira rose to ₦1,574.2 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.

According to data from FMDQ, the indicative exchange rate for NAFEM decreased to ₦1,574.2 per dollar, down from ₦1,593.62 per dollar on Thursday, reflecting an appreciation of ₦19.42 for the Naira.

Additionally, the volume of dollars traded in the market surged by 127.5 per cent, reaching $323.11 million compared to $141.99 million traded the previous day.

As a result, the gap between the parallel market rate and the NAFEM rate expanded to ₦10.8 per dollar, up from ₦3.52 per dollar on Thursday.

We Are Not Buying Crude Oil In Naira – CORAN

Meanwhile, the Crude Oil Refiners Association of Nigeria (CORAN) has said its members are yet to buy crude oil in naira in line with the federal government’s directive.

The Publicity Secretary of CORAN, Echie Idoko, said while the announcement by the federal government was commendable, its implementation requires a regulatory framework.

Echie Idoko said this on Wednesday in an interview. Idoko explained that members of CORAN are giving the government the necessary time to address issues still inhibiting the implementation of the policy.

“Currently, none of our members have started lifting crude oil in naira. While the announcement was promising, several steps are still needed to make it actionable.

“The FEC’s statement was a starting point, but a regulatory framework is necessary. We need clear guidelines on quantities and procedures. We understand this is a recent development and are giving the government time to address these issues,” he said.

Idoko added that local crude oil refiners also expect the federal government to consult with them in drafting the regulatory framework of the policy.