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Fuel Price Increase Effect on Naira-Dollar Exchange Rate

fuel price

The naira is expected to depreciate following the Nigeria Federal Government’s decision to raise the fuel price by 67 percent to N145 per litre.

The Nigeria Naira weakened to 324 per dollar at the parallel market on Thursday, down 1.25 percent compared to last week’s close.

The Nigeria Naira traded at 199.40 per dollar on the official interbank market, and around the 197 official peg rate.

“There is dollar scarcity right now in the market, even at 324 naira you can’t find dollar to buy,” one trader said.

The expected pressure from fuel importers could further push down the naira value in the coming days, traders believe.

Africa’s top oil producer faces recurrent fuel scarcity problems. Petroleum Minister, Ibe Kachikwu, said the new fuel price review was made to address the problem.


Rev Francis Waive

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