Economy
Nigeria recorded N5.81tn trade surplus in Q3 – NBS
Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics.
However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter.
The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Total exports for the quarter surged by 98.00 per cent to N20.49tn, compared to N10.35tn in Q3 2023.
This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
The NBS report read, “Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024.”
The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.
Crude oil exports alone amounted to N13.41tn, a 57.06 per cent increase from N8.54tn in Q3 2023.
Exports of other oil products, including liquefied natural gas and petroleum gases, also saw a massive 303.93 per cent rise, totalling N4.58tn.
In addition to oil exports, agricultural exports saw an extraordinary increase of 301.87 per cent, reaching N884.07bn, compared to N219.99bn in Q3 2023.
This growth was despite a slight decline of 9.20 per cent from the previous quarter.
Exports of solid minerals and manufactured goods also performed well, rising by 86.58 per cent and 419.93 per cent respectively.
Spain was Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy.
These countries benefitted from Nigeria’s crude oil, LNG, and other petroleum exports.
On the imports side, Nigeria’s total import bill for Q3 2024 stood at N14.67tn, an increase of 62.30 per cent from N9.04tn recorded in the same period in 2023.
Compared to the previous quarter, imports rose by 8.71 per cent.
The report read, “The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5tn).”
The rise in imports was driven largely by manufactured goods, which increased by 76.44 per cent to N6.98tn, and raw materials, which saw a 66.11 per cent rise to N1.58tn.
Other notable imports included agricultural products, valued at N882.24bn, reflecting a 37.06 per cent increase from Q3 2023.
China continued to dominate Nigeria’s import trade, followed by India, Belgium, the United States, and Malta.
Key imported goods included motor spirit, gas oil, durum wheat, and used vehicles.
Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.
How Much is a Dollar to Naira Today in the Black Market?
As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:
•Buying Rate: N1665
•Selling Rate: N1675
These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.
Dollar to Naira Black Market Rate – December 17, 2024
•Buying Rate: N1665
•Selling Rate: N1675
Dollar to Naira CBN Rate Today
The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:
•Highest Rate: N1555
•Lowest Rate: N1520
It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.
Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.
The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:
•Buying Rate: ₦1,660
•Selling Rate: ₦1,670
This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.
Central Bank of Nigeria (CBN) Rate for Dollar to Naira
•Highest Rate: ₦1,549
•Lowest Rate: ₦1,520
The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.
CBN Takes Tough Action on New Naira Notes
In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.
The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
According to a reporter from Dailypost who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway said.
A motorist, Ezekiel Njoku, confirmed the development.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
SEE Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024
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