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Dollar To Naira Exchange Rate Today (Fri. Nov. 25, 2022)

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Dollar To Naira Exchange Rate Today (Fri. Nov. 25, 2022)

Dollar to naira, on Friday, November 25, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N443.26 per $1 on Tuesday, November 22.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded N765 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

Oil Marketers: Fuel Scarcity May Linger Scarcity

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Oil Marketers: Fuel Scarcity May Linger Scarcity

The frequent appearance of queues of desperate motorists at filling stations in search of petrol could affect the Christmas and New Year festivities, oil marketers stated.

It was also gathered that oil marketers were now free to sell petrol at any rate as the Federal Government was no more restraining them from dispensing the commodity at a regulated price.

Fuel queues have continued to appear and disappear since January this year despite the hike in the cost of the commodity by oil marketers without any approval from the Federal Government or sanctions imposed on them.

Rather than speak on the matter, the Federal Government, through its Nigeria Midstream and Downstream Petroleum Regulatory Authority, chose to remain mute.

Officials of the agency neither answered calls, nor replied to text messages sent to their mobile phones on issues of the scarcity of petrol nationwide.

Similarly, the sole importer of PMS into the country, the Nigerian National Petroleum Company Limited, has refused to make any comment on the development.

The NMDPRA, in its report on product sufficiency on Thursday, however, claimed that there was 33.17-day sufficiency of PMS in the country as of November 24, 2022. It also stated that about 2.1 billion litres of petrol was in stock despite the widespread queues nationwide.

But oil marketers countered the government as they argued that there had been concerns around logistics and the supply of products by the national oil company and sole importer.

They also stated that some new charges had been introduced in the downstream oil sector, which had given rise to a hike in the ex-depot price of petrol, adding that all these concerns could further make the current fuel queues to linger beyond December.

“Recently, there have been a lot of charges that marketers pay. There are some charges that the NNPC adds to the pump price, but recently we were told to be prepared to bear freight charges and others,” a major marketer, who pleaded not to be named due to lack of authorisation, stated.

The official added, “Also, pipeline charges that used to be 50 kobo before, are now N1 per litre. Now, these charges force depot owners to increase their ex-depot rates as against the one proposed by the NNPC.

“These and more concerns have led to the crisis in the downstream sector and it may stretch till December or even beyond if nothing tangible is done to address the challenges.”

Asked if the government was no more concerned about the pump price of petrol, the marketer replied, “Nobody cares about how much you sell now. That is why you cannot see the NNPC ex-depot prices to be the same in all the depots.

“There are some changes in rates now, which the NNPC cannot accommodate and they have to push it to marketers to absorb. This is why you see people sell at different rates.”

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Economy

Dollar To Naira Exchange Rate Today (Thur. Nov. 24, 2022)

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Dollar To Naira Exchange Rate Today (Thur. Nov. 24, 2022)

Dollar to naira, on Wednesday, November 23, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N443.26 per $1 on Tuesday, November 22.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded N765 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

TCN Blames Discos For Constant Grid Collapse

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TCN Blames Discos For Constant Grid Collapse

The Transmission Company of Nigeria (TCN), has blamed the power generation and distribution companies for the repeated collapse of the national electricity grid.

 It, therefore, asked the Gencos and Discos to “up their games” in the delivery of electricity.

The Chairman, Technical and Monitoring Committee, and member of the governing board of TCN, Nsima Ekere, disclosed this on the side-lines of the two-day official visit and inspection of the TCN store at Ojo and other transmission stations in Lagos by the board.

He said the Discos and Gencos should make adequate investments in their networks and infrastructures for Nigerians to enjoy some level of power stability.

He said TCN was not responsible for poor services to electricity consumers, as the faults should be traced to the generating and utility firms.

Ekere advised both electricity distribution companies and generation companies to improve on their capacities to distribute and generate power.

He said, “When this board came on stream, we were concerned about the issue of grid collapse. Then we set up a committee to look into the issue and we saw that it is a complex issue.

The fault is not TCN. It is from the Gencos and Discos because sometimes when we tell them to take more power, they take less. All these impact negatively on the grid.

That customers are able to get power does not depend on TCN capacity alone. The Gencos and Discos have to generate and distribute enough power for supply to improve.”

He said TCN was in the process of installing a SCADA system, which according to him, would help create stability and eliminate grid collapse.

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