NNPCL Announces Move go Stabilize Naira

The Nigerian National Petroleum Company Limited (NNPCL) has announced its move stabilise Naira by boosting Nigeria’s gas production.

Mele Kyari, the Group Chief Executive Officer made the pledge on Thursday, adding that NNPCL will channel gas into both local and international markets, with the aim of reviving prosperity in the country.

During a visit to President Bola Tinubu at his Lagos residence, Kyari revealed his confidence in the government’s focus on delivering gas to domestic and international markets, which aligns with the goal of restoring prosperity.

The Central Bank of Nigeria (CBN) had implemented various circulars and directives, leading to a remarkable recovery of the local currency.

Thereafter, the naira strengthened from N1,900 per dollar in late February to nearly N1,200 per dollar in the parallel market on Thursday.

Even at the official market, where it had weakened against the greenback to over N1,500 per dollar, the naira rebounded to about N1,230 per dollar on Monday.

Kyari further stressed that the NNPCL will leverage favorable international market prices for its commodities to bolster the naira’s value.