馃嚦馃嚞NigeriaWest Africa
Naira expected to weaken as fuel importers increase dollar demand
via Punch Nigeria10 min read
The Nigerian naira is anticipated to weaken against the United States dollar in the coming week due to increased foreign exchange purchases by fuel importers. Reuters reported this projection, noting that the naira, along with the Ghanaian cedi and Ugandan shilling, is expected to depreciate, while the Kenyan shilling and Zambian kwacha are forecast to remain stable. The depreciation is linked to fuel importers, who have received licenses from the Nigerian Midstream and Downstream Petroleum Regulatory Authority to import refined petroleum products, increasing their demand for dollars to build inventories. The naira was quoted at N1,368/$ on the official market, compared to N1,383/$ a week prior, and N1,420/$ in the parallel market. Downstream operators and the Independent Petroleum Marketers Association of Nigeria IPMAN have expressed concerns that continued fuel imports are driving up foreign exchange demand and price volatility, despite rising domestic refining capacity from facilities like the Dangote Petroleum Refinery. IPMAN's National Publicity Secretary, Chinedu Ukadike, stated that imported petrol is significantly more expensive than locally refined products and is not achieving its objective of moderating domestic fuel prices, putting undue pressure on the naira.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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