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The naira has reportedly depreciated against the dollar at the foreign exchange market to begin the week as FX supply dropped further.
FMDQ data showed that the naira slightly weakened at N1635.15 per dollar on Monday compared to N1631.21 exchanged on Friday last week.
Read Also: NNPC Steps Down As Sole Buyer Of Dangote Refinery Petrol
This represents a marginal N3.94 depreciation against the dollar.
Similarly, at the black market, the naira depreciated to N1775 per dollar on Monday from the N1770 exchange rate at the close of last week.
This development comes as Foreign Exchange daily transaction turnover further slumped to $126.24 million on Monday from $238.36 million on Friday.
The Eastern Updates recalls that the Central Bank of Nigeria introduced fresh FX code guidelines to stabilise the naira last Thursday.
The naira has continued to experience fluctuations despite interventions by the apex bank.
Last week, the naira lost N89.27 against the dollar.
In other news, The Nigerian National Petroleum Company Limited, NNPCL, has reportedly stepped down from its role as the sole buyer and ‘middle man’ of sale negotiations of Dangote Refinery’s Premium Motor Spirit (petrol).
The implication is that petroleum marketers would have to purchase petrol directly from Dangote Refinery.
An official of NNPCL reportedly told reporters: “Yes, it is true. We can no longer continue to bear that burden.”
This comes weeks after NNPCL lifted petrol from Dangote Refinery on 15th September 2024.
Recall that upon the lifting of petrol from Dangote Refinery, NNPC announced fresh fuel prices across its retail outlets nationwide.
The development saw the petrol pump increase to between N950 and N1,100 per liter in petrol filling stations in the Federal Capital Territory, Abuja.
Meanwhile, the NNPCL’s latest move to quit its role as sole off-taker of Dangote Petrol had fueled fresh anxiety about another fuel price hike.
