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New fuel price: Naira depreciates by N14 to N334/dollar

13 May 2016, 14:15

Abuja - The naira fell to 341 against the United States dollar at the parallel market from 321 following the removal of subsidy on petrol and the announcement of N145 per litre as the maximum pump price, Vanguard reports.

In announcing the deregulation of the downstream petroleum sub-sector, the Federal Government had said the decision became imperative in the face of extreme difficulties being faced by petroleum product importers in sourcing foreign exchange.

Also read: Tinubu - Petrol price hike pain necessary

Hence, the parallel market exchange rate, which had been stable at N320 per dollar since end of February according to Punch, rose to N334 per dollar at the close of business, yesterday.

President, Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwada, said the market on Thursday experienced increased demand due to the announcement that petrol importers should source dollars from secondary sources.

Source: Vanguard

- News 24


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