The naira has appreciated against the US dollar at the parallel market, exchanging at N1595 and N1600 for buying and selling respectively. This is according to sources at the Bureau De Change (BDC) on Wednesday, August 14, 2024.
In a related development, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, has expressed optimism about the imminent commencement of commercial production at the Port Harcourt Refinery.
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He stated, “Port Harcourt Refinery is gearing up to be on stream to produce Petroleum in commercial quantity. We pray and hope that in the coming days or weeks, this comes to light.”
Gillis-Harry also emphasized the importance of the operational launch of both the Port Harcourt Refinery and the Dangote Refinery in eliminating fuel shortages across Nigeria. He added, “I went personally to the refinery. I saw efforts in place to ensure the refinery works.”
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Additionally, oil and gas specialist Zakka Bala noted that Nigeria’s energy security prospects depend on the rejuvenation of its Port Harcourt, Warri, and Kaduna refineries.
He stated, “While the Dangote Refinery operates with a profit motive, the government-owned refineries are intended to serve the needs of the Nigerian populace.”
