Naira appreciate, gains further by 1.8% against dollar

The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira appreciate, gains further by 1.8% against dollar

Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development
Retreat

The Ministry of Petroleum Resources as well as its agencies and parastatals are expected to brainstorm on emerging developments in the oil and gas industry, at a sectoral retreat scheduled to hold in Abuja.

Mrs Oluwakemi Ogunmakinwa, Deputy Director, Press and Public Relations, Ministry of Petroleum Resources, said in a statement on Sunday that the retreat would focus on the Ministerial Deliverables (2023-2027) for the oil and gas sector.

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The retreat with the theme: “Building Synergy for Enhanced Development in the Oil and Gas Sector” would hold between March 26 and March 28.

Ogunmakinwa stated that the retreat would also fashion the way forward for the industry as earmarked by President Bola Tinubu.

“In the course of the retreat, heads of agencies under the ministry will be required to make presentations on the mandate, vision and mission of their respective organisations,” she stated.

According to Ogunmakinwa, the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo will be attending the retreat.

The Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, Directors in the Ministry, as well as the Chief Executive Officers (CEOs) and Directors from the Agencies under the supervision of the Ministry would also be in attendance.

It would be recalled that President Bola Tinubu had the first year Ministerial Retreat with Ministers, Presidential Aides, Permanent Secretaries and top government functionaries from Nov. 1 to Nov. 3, 2023.

The retreat by the president was to chart a path for progress and prosperity of the nation, where he charged the participants to deliver on their mandates for the sake of Nigerians.

Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development

Naira appreciates by 1.5% against dollar
Naira

The Naira experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday.

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the dollar.

However, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,468 and N1,301 against the dollar.

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The reports recalls that the Central Bank of Nigeria (CBN) had earlier announced the completion of clearance of the valid foreign exchange backlog, signaling a positive development in the forex market

On the impact of forex intervention, researchers at Cordros Securities said, “The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors (FPIs) inflows into the forex market.”

They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.

Naira appreciates by 1.5% against dollar
Naira