NNPCL promises increased gas production to stabilise naira

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday, promised to pump more of Nigeria’s gas into the local and international markets to “bring back prosperity to the country.”

Kyari said that by improving gas production, the NNPCL would play its part in stabilising the naira.

“It is also a perfect opportunity to reassure Mr President that his focus on delivering gas into our markets—both domestic and international markets—and bringing back prosperity to the country is right on course,” Kyari told journalists after he visited President Bola Tinubu at his Lagos residence where he is observing the Eid-el-Fitr holidays.

The CBN had rolled out several circulars and directives, leading to the rebound of the local currency from N1,900/dollar recorded in late February to nearly N1,200/dollar on Thursday at the parallel market.

The naira, which had fallen against the greenback to over N1,500/dollar at the official market, also rose to about N1,230/dollar on Monday.

Kyari said the NNPCL would leverage the favourable prices of its commodities in the international market to shore up the value of the naira further.