Naira Strengthens-Against Dollar In Parallel Market: Positive Shift For Nigeria’s Currency (Details)

In a recent turn of events, the Nigerian currency, the Naira, showcased a positive momentum in the parallel market, reaching ₦1,375 per dollar as opposed to ₦1,500 per dollar on the preceding Tuesday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a decline, slipping to ₦1,339.33 per dollar.

Data provided by FMDQ revealed a notable increase in the indicative exchange rate for NAFEM, soaring to ₦1,329.65 per dollar from ₦1,173.88 per dollar, marking a depreciation of ₦155.77 for the Naira. Consequently, the margin between the parallel market and NAFEM rates narrowed to ₦45.35 per dollar, a significant shift from ₦326.12 per dollar observed earlier.

Amidst these financial fluctuations, the Federal Government unveiled a significant initiative aimed at promoting clean cooking energy across the nation. Titled the LPG Grassroots Penetration under the ‘Decade of Gas’ endeavor, the program aims to distribute approximately 250,000 gas cylinders to women residing in rural areas.

At the launch event held in the Apo Resettlement area of Abuja, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reiterated the government’s commitment to bolstering domestic gas consumption. Ekpo emphasized the health benefits associated with transitioning to clean cooking gas, particularly for women and girls, who often bear the brunt of health hazards linked to traditional cooking fuels.

Ekpo articulated the ambitious goal of converting 250,000 households annually to clean cooking gas by 2030, asserting the feasibility of this target. He underscored the program’s broader objective of reducing dependency on solid fuels such as firewood, kerosene, and charcoal, which have long been prevalent energy sources in many households.

The Coordinating Director of the ‘Decade of Gas’ program, Ed Ubong, shed light on the initiative’s funding structure, highlighting substantial contributions from the private sector. The program’s overarching aim is to phase out the usage of wood and kerosene in households, thereby ushering in a cleaner and more sustainable energy paradigm.