WAFFI TV | Business

Naira Depreciates To N1,565/$ In Parallel Market

The naira weakened in the parallel market yesterday, falling to N1,565 per dollar from N1,555 on Monday. However, it strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,533.5 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved slightly, rising from N1,533.8 to N1,533.5 per dollar — a 30 kobo gain. As a result, the gap between the parallel market and the NFEM rate widened to N31.5 per dollar, up from N21.2 on Monday.

8/6/2025, 6:52:41 AM

Naira Appreciates To N1,555/$ In Parallel Market

The Naira appreciated yesterday to ₦1,555 per dollar in the parallel market, up from ₦1,560 per dollar recorded last weekend. Similarly, the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,533.8 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from ₦1,535.5 to ₦1,533.8 per dollar, reflecting a ₦1.7 gain for the naira. As a result, the gap between the parallel market and NFEM rates narrowed to ₦21.2 per dollar, compared to ₦24.5 per dollar last Friday.

8/5/2025, 7:25:32 AM

JUST IN: NNPCL Increases Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS) across its retail outlets. Checks by DAILY POST revealed that NNPCL stations in Abuja have adjusted their fuel prices to N955 per litre, up from the previous N890. The new pump price has taken effect at several NNPCL outlets, including those along the Kubwa Expressway, Wuse, and other parts of the Federal Capital Territory. Similar price hikes have also been observed at NNPCL filling stations in Kogi and Nasarawa States. This represents a N65 increase per litre. The development comes after independent marketers and filling station operators in Abuja raised their petrol prices over the weekend to between N950 and N971 per litre. Their adjustment followed Dangote Refinery’s upward review of the ex-depot price of petrol from N820 to N858 per litre.

8/4/2025, 6:37:23 PM

Naira Appreciates To N1,560 /$ In Parallel Market

The Naira appreciated yesterday to N1,560 per dollar in the parallel market, strengthening from N1,565 recorded on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to N1,534 per dollar. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate weakened slightly to N1,535.5 per dollar from N1,534 on Wednesday, reflecting a marginal depreciation of N1.5. As a result, the gap between the parallel market and NFEM rates narrowed to N24.5 per dollar, down from N31 the previous day. This week, the parallel market recorded a N30 depreciation in the exchange rate, in contrast to the 50 kobo gain observed last week. Meanwhile, the official market experienced no significant movement, with the naira neither appreciating nor depreciating over the course of the week.

8/2/2025, 6:35:48 AM

US Imposes Fresh 15% Tariff On Nigeria, Other African Countries

The President of the United States, Donald Trump, has officially imposed a 15 percent import tariff on Nigeria, Zimbabwe, Zambia, Uganda, Mozambique, Mauritius, Ghana, Malawi, Lesotho, Madagascar, and several other African nations. This was disclosed in a statement issued by the White House on Thursday. The directive, titled “Further Modifying the Reciprocal Tariff Rates,” states that the new tariffs will take effect from 12:01 a.m. on goods imported for consumption or withdrawn from warehouses. In addition to the African countries, the U.S. government also imposed higher tariffs on South Africa and Libya (30 percent each), Tunisia (25 percent), and several other nations including the United Kingdom (10 percent), India (25 percent), and Japan (15 percent). It will be recalled that on April 2, 2025, the U.S. government issued an Executive Order announcing wide-ranging import tariffs targeting multiple countries, including Nigeria. The Centre for the Promotion of Private Enterprise has since highlighted the potential consequences of these tariffs on the Nigerian economy.

8/1/2025, 1:58:04 PM

Naira Down To N1,565/$ In Parallel Market

The naira weakened further on Thursday, falling to N1,565 per dollar in the parallel market, down from N1,540 on Wednesday. In the Nigerian Foreign Exchange Market (NFEM), the naira also depreciated, closing at N1,534 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate dropped by N3, moving from N1,537 to N1,534 per dollar. As a result, the gap between the parallel market and the NFEM rate widened to N31 per dollar, compared to N13 the previous day.

8/1/2025, 7:22:30 AM

NNPCL Drills Four Oil Wells In Kolmani, Bauchi

Mr. Yusuf Usman, a Director at the Nigerian National Petroleum Company Limited (NNPCL), has announced that the company has successfully drilled four oil wells in the Kolmani area of Bauchi State. He reaffirmed NNPCL’s dedication to the exploration and development of oil and gas resources in Nigeria’s northern region. Usman made this known on Wednesday in Kaduna during a two-day interactive session on Government-Citizens Engagement organized by the Sir Ahmadu Bello Memorial Foundation. “So far, the NNPCL has drilled four wells in the Kolmani area of Bauchi State, and is currently evaluating the appropriate technology to be deployed for the next phase of drilling operations. “In support of President Tinubu’s Compressed Natural Gas (CNG) Initiative, five CNG and Liquefied Natural Gas (LNG) plants are under construction in Kogi. “These plants are expected to enhance gas supply and accessibility across the northern region,” Usman said while highlighting some of the achievements of the company under the Tinubu-led administration that benefited the north and other parts of the country.

7/30/2025, 6:23:32 PM

NNPCL Rules Out Sale Of Port Harcourt Refinery

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has categorically ruled out the sale of the Port Harcourt Refining Company, affirming the company’s commitment to completing its full rehabilitation and keeping it under national ownership. Ojulari made this clarification during a company-wide town hall meeting on Tuesday at the NNPC Towers in Abuja. His remarks were in response to speculations arising from his earlier interview with Bloomberg at the 2025 OPEC Seminar in Vienna, where he had stated that “all options were on the table” regarding the refinery’s future. In a statement released by the company on Wednesday, Ojulari explained that the current position is based on detailed technical and financial assessments of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri—and does not represent a policy reversal. “The ongoing review shows that the earlier move to operate the Port Harcourt refinery before completing its full rehabilitation was misguided and economically unsound,” he stated. He noted that while work is progressing on all three refineries, the Port Harcourt facility’s complexity demands deeper technical collaboration to ensure successful completion and modernization. Selling the asset, he stressed, is now an unlikely option as it could lead to further value loss. Ojulari’s stance received resounding approval from the hundreds of staff present at the town hall, who applauded the company’s renewed emphasis on strategic business planning and asset retention. The statement further noted that the town hall served not only as a performance evaluation session but also as a forum for transparent dialogue. Executive Vice Presidents from NNPCL’s key business divisions—Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—shared updates, acknowledged previous challenges, and presented strategic plans moving forward.

7/30/2025, 4:09:45 PM

Naira Appreciates To N1,530/$ In Parallel Market

The naira appreciated to ₦1,530 per dollar in the parallel market yesterday, up from ₦1,540 on Monday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to ₦1,532.5 per dollar, closing ₦2.5 below the parallel market rate. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from ₦1,535.5 per dollar on Monday to ₦1,532.5 per dollar, marking a ₦3 gain. As a result, the gap between the parallel and official market rates widened to ₦2.5 per dollar, compared to 50 kobo the previous day.

7/30/2025, 6:33:26 AM

Naira Depreciates To N1,540/$ In Parallel Market

The naira yesterday weakened to N1,540 per dollar in the parallel market, down from N1,535 per dollar recorded last weekend. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,535.5 per dollar. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate rose to N1,535.5 per dollar from N1,534.5 per dollar last Friday, reflecting a N1 loss for the naira. As a result, the spread between the parallel market and NFEM rates remained steady at 50 kobo per dollar.

7/29/2025, 6:27:14 AM

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