Breaking: Naira Falls Further At Official Market, See New Exchange Rate

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The Naira has fallen further at the official window and the black rate. 

 

The Nigerian currency, which is managed by the central bank, has fallen further against the United States dollar and is currently trading at ₦414.96/$1 at the official window after opening yesterday at ₦413.69/$.

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Note: The exchange rate between dollars and naira changes regularly and is not fixed.

The official Investors and Exporters (I & E) window exchange, where the Nigerian Naira is being traded, closed on Thursday, January 13, 2022, at ₦414.79/$, according to the data obtained from the CBN official website.

The Naira fell against the US dollar, opening at ₦413.69/$1 and closing at ₦414.96/$1 on Thursday, January 13th, 2022. This represents a 0.84% depreciation compared to the ₦413.40/$1 recorded in the Wednesday trading session.

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On Friday, January 13, in the black market, the Naira also crashed against the US dollar, opening at ₦562/$ and closing at ₦570/$.

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NLNG to suspend export of cooking gas, targets 100% production at Nigerian market.

 

Nigeria LNG Limited has announced that its board of directors has decided to supply 100% of the company’s liquefied petroleum gas (butane and propane) to the Nigerian market.

The NLNG said in a statement on Thursday that it would focus 100 percent of its butane (cooking gas) production on the domestic market.

To further deepen gas usage in Nigeria, the company said it had developed a scheme to sustainably supply propane for use in cooking gas blending, as well as in the agro-allied, autogas, power, and petrochemical sectors of the economy.

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The initiatives are intended to increase LPG availability in Nigeria, diversify its uses, and support the Federal Government’s Decade of Gas initiative, according to the statement.

With an estimated 400,000 metric tonnes of LPG supplied in 2021, the NLNG claims to be the largest single supplier of LPG into the domestic market.

Dr Philip Mshelbila, NLNG’s Managing Director and Chief Executive Officer, said the announcement demonstrated the company’s commitment to the continued growth of the domestic LPG market and its desire to expand its use as one of the world’s most versatile energy sources.

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“Committing 100 percent of our LPG supply is a major milestone in our domestic gas supply journey,” he said. We delivered our first butane cargo into the domestic market in 2007, assisting in the growth of the LPG industry in Nigeria from less than 50,000 tonnes per year to more than 1 million tonnes per year by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tons (or 28 million 12.5kg cylinders) to 400,000 metric tons (or 32 million 12.5kg cylinders), directing the majority of our production to the domestic market.”

“However, this was not enough for NLNG, which is why we have made this commitment to do everything we can to supply 100% of our LPG production to the domestic market.”

Mshelbila emphasized that gas is the cleanest of the fossil fuels, making it an important energy source to consider during this period of energy transition.

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“Other countries are revolutionizing their energy industries to drastically reduce carbon emissions,” he said. Nigeria, with its abundant gas resources, should not be left out of this effort.

“At the moment, gas is essential for life and living because it can support everything we’ll need to develop our economy and improve Nigerians’ living standards.” We need to shift the narrative, and NLNG is doing so in a pragmatic way.”

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