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Punch Newspapers

Naira set to weaken as fuel importers ramp up dollar buying after new licences

AI Market Summary
Nigeria's naira faces renewed depreciation pressure as newly licensed fuel importers frontload USD purchases to build inventories, widening FX demand amid ongoing fuel imports. The official and parallel rate gap underscores stress in local dollar liquidity. Downstream operators argue the import policy distorts prices and weakens domestic refiners' competitiveness, adding to currency volatility and near-term downside risks for NGN-linked EM FX sentiment.
Impact level
● Medium
Affected assets
NCFXUSD2ZAR/USDT-0.00%
AI Insight · NCFXUSD2ZAR/USDTAI Insight
▼ Bearish
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Nigeria’s naira is facing fresh depreciation pressure as fuel importers step up dollar purchases to build inventories after receiving new regulatory licences, lifting demand for foreign exchange. The currency was quoted at N1,368/$ on the official market, while the parallel market was around N1,420/$. Downstream operators say the import policy is intensifying FX pressure, distorting prices and hurting local refiners’ competitiveness. They point to imported petrol selling for about N1,350 per litre, far above the price of supplies from the Dangote refinery.
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