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See current Naira value as against Dollar

tvceadmin — Mon, 29 Feb 2016 17:43:00 +0000

TVC E. Naira recovers against the dollar in the parallel market

The naira has resumed its recovery against the dollar in the black market after suffering a setback.

There are strong indications that the efforts of the Central Bank of Nigeria (CBN) to stabilise the naira may have started yielding the expected results according to the Leadership.

A CBN official last week noted that the deployment of a number measures by the bank may have turned the tide in the foreign exchange (FOREX) market and led to the severe punishment suffered by currency hoarders and speculators.

The CBN had earlier insisted that speculators were behind the market bubble since the upper week which dealt negatively on the naira, sending it down to an all-time low of almost N400 to the dollar.

The CBN governor, Godwin Emefiele, had accused speculators who connived with bureau de change operators to undermine the efforts of the bank of propping up the naira and warned that such speculators would eventually be punished by the market. Last week, it became apparent that the recent depreciation of the naira was not as a result of genuine demand but the insatiable urge of speculators, many of whom had got burnt in the sharp appreciation of the naira.

The value of the naira which started the week at N367 rose to N350 by Tuesday and N305 by Wednesday. There had been a wide gap between the selling price and the buying price on Wednesday. Money changers bought from customers at N270 per dollar but sold at average of N305 per dollar.

A bureau de change operator explained that the wide gap between the buying rate and selling rate was due to the attempt by operators to minimise their loss.

He said, “People had bought when the rate was N370, and they are already making losses. But by combining dollars bought at N270, the average buying rate becomes N320. So at N305, they are still losing about N15 per dollar.”

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Adamawa, Taraba States comply with new pump price – DPR

tvceadmin — Wed, 06 Jan 2016 08:34:19 +0000

TVCE [YOLA] – Petroleum product is now been sold at N86, 50k in most of the filling stations in Adamawa and Taraba States.

Most of the filling stations visited by TVC NEWS in Yola, Adamawa state capital sold the product at the new pump price with small queues of motorists and

Some of the motorists who spoke to TVC NEWS commended Federal Government for making the product abundantly available.

The Secretary of Independent Petroleum Marketers of Nigeria in Adamawa State Mr Ibrahim Gayus said that the association as law abiding organisation has complied with Federal Government directive.

The Department of Petroleum Resources (DPR) who spoke through its Controller of Operations, in charge of Adamawa and Taraba, States Engr Musa Akenn Sunday said that mechanism has been put in place to checkmate defaulters of the new pump price.

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Refineries producing 6.76 million litres of petrol daily – NNPC

tvceadmin — Tue, 05 Jan 2016 21:57:17 +0000

The Nigerian National Petroleum Corporation on Tuesday announced that the nation’s three refineries in Kaduna, Port Harcourt and Warri have attained a combined daily production capacity of over 6.76 million litres of petrol.

The corporation in a statement issued by its Group General Manager, Group Public Affairs Division, Ohi Alegbe, said the oil firm’s petrol production was projected to increase to over 10 million litres per day by the end of January 2016.

The NNPC gave a breakdown of the petrol yield from the various plants. It said while Port Harcourt refinery which was re-streamed a week earlier was producing some 4.09 million litres, the Kaduna was contributing some 1.29 million litres and Warri, which was re-streamed on Sunday, was producing 1.38 million litres.

The corporation said, “The PMS volumes from the refineries, which are currently operating at an appreciable percentage of their nameplate capacities, will help stabilise the fuel supply and distribution situation in the country.”

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