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Naira vs Cedi: Which Currency Holds More Power?

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The Nigerian Naira (₦) and the Ghanaian Cedi (₵) are two of West Africa’s most widely traded currencies. Both play crucial roles in their respective economies, but when placed side by side, key differences emerge in terms of strength, purchasing power, and regional influence.

Exchange Rate Strength

As of today:

1 Ghanaian Cedi ≈ ₦122

1 Nigerian Naira ≈ ₵0.0082

This shows that the Cedi is “stronger” in nominal terms because a single Cedi can be exchanged for over a hundred Naira. By pure exchange rate, the Cedi appears more powerful.

Purchasing Power at Home

However, “strength” is not just about exchange rates. What matters most for citizens is purchasing power — how much food, goods, or services you can buy locally.

Nigeria: Despite the Naira’s weaker exchange rate, everyday items such as food, transportation, and housing are often cheaper in Nigeria compared to Ghana, thanks to its large domestic market and some local production. But inflation and currency instability reduce its real purchasing power.

Ghana: The Cedi buys more abroad than the Naira, but inside Ghana, high inflation and import costs make many goods expensive. This means that while the Cedi looks stronger, its purchasing power for average households is often limited.

How Powerful Are They Against Each Other?

In direct terms, the Cedi is far more powerful than the Naira in exchange value — it takes over ₦100 to equal ₵1. But in terms of daily living costs and local purchasing power, the difference is less clear: Nigerians may spend fewer Naira on some basic goods than Ghanaians spend in Cedis.

See also  Trump urges Turkey to stop buying Russian oil as Erdogan chases deal on F-35s

Still, when it comes to international trade, imports, and regional transactions, the Cedi holds more weight because it retains higher value against global currencies like the US Dollar, compared to the fast-depreciating Naira.

Conclusion

Stronger by exchange rate: Ghanaian Cedi.

Better in real local purchasing power: Neither currency dominates — both struggle with inflation, though Nigeria’s larger economy sometimes allows cheaper domestic goods.

Overall power against each other: The Cedi clearly outweighs the Naira in exchange value, but both currencies face serious challenges in sustaining purchasing power for their citizens.

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NNPC sets 36-year oil production record at 355,000bpd

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The Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has surged by 52 per cent in just two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025, a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1st, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development,” the statement said, stressing that the achievement reflects a “genuine transformation” underway within the company.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as fresh evidence that Nigeria’s energy revival “is not a dream but already happening.”

See also  Food imports soar 45% as local production falters

Ojulari noted that by exceeding its own production benchmarks, NNPC E&P has demonstrated that the essential building blocks needed to scale national output are being firmly established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production, equipment, processes, capabilities, and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPLs’ delivery brings them closer to reality,” he added.

Ojulari said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable, dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, stressing that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation, a core requirement for any modern energy company seeking global relevance,” Ntia said.

According to him, the company’s approach ensures that scaling output does not undermine worker safety, environmental protection or community wellbeing.

Similarly, the Managing Director of NNPC E&P Limited, Nicolas Foucart, said the new production record reflects the broader transformation sweeping through NNPC Limited.

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“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today,” Foucart noted.

He added that the gains translate into increased national revenue, stronger energy security and a more resilient economic foundation.

“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication.”

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, goals industry players previously considered optimistic.

NNPC E&P Limited, a wholly-owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a critical driver of this revival. The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

See also  FIRS grows tax collection to N47.39tn

The latest 355,000 bpd performance, the company’s highest since 1989, is a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.

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NNPC / Heirs Energies ends gas flaring at OML 17, seals deals with offtakers

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The NNPC / Heirs Energies OML 17 Joint Venture on Tuesday signed Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme and approved Non-NGFCP frameworks.

At the ceremony held in Lagos, the JV said the event marked a significant transition from regulatory approvals to structured commercial execution, enabling flare gas volumes across OML 17 to be captured and deployed for productive use, including power generation, industrial applications, cooking gas and compressed natural gas, in alignment with Nigeria’s gas development priorities and energy-transition objectives.

The agreements brought together Heirs Energies, as operator of the OML 17 Joint Venture, and approved flare gas offtakers under frameworks designed to eliminate routine flaring while converting previously wasted resources into economic value.

The offtakers are AUT Gas, Twems Energies, Gas & Power Infrastructure Development Limited (PCCD) and Africa Gas & Transport Company Limited.

Speaking at the ceremony, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services, Seyi Omotowa, representing NNPC Limited, described the milestone as a practical demonstration of Nigeria’s commitment to gas-based development.

“For us at NNPC Limited and NUIMS, flare gas commercialisation is not a compliance exercise; it is a strategic pathway to improving energy availability, deepening gas-based industrialisation and strengthening Nigeria’s position as a responsible energy producer. OML 17 has become a practical model of this vision, moving decisively from approval to delivery.”

He commended Heirs Energies for disciplined execution and investment, noting that the JV continues to set benchmarks for operational delivery and gas development within Nigeria’s upstream sector.

See also  Food imports soar 45% as local production falters

The Nigerian Upstream Petroleum Regulatory Commission Chief Executive, Gbenga Komolafe, who was represented at the ceremony by the Senior Manager, NUPRC, Mr Ojo Olalekan, reaffirmed the commission’s commitment to supporting the implementation of flare gas commercialisation projects and ensuring that operators and offtakers are enabled to deliver bankable, environmentally responsible gas-to-market solutions in line with the Petroleum Industry Act 2021.

“This ceremony demonstrates Heirs Energies’ commitment to eliminating routine gas flaring across OML 17 and aligns fully with the commission’s Gas Flare Commercialisation Programme and national energy and emission-reduction objectives,” he said.

Heirs Energies’ Chief Executive Officer, Osa Igiehon, noted that the agreements reflect the company’s broader gas-led strategy and brownfield excellence approach, focused on creating long-term value for Nigeria.

“Gas sits at the heart of Nigeria’s development journey. Through disciplined investment, partnership with regulators and credible offtakers, and a clear execution focus, we are converting waste into value, strengthening domestic energy supply and supporting responsible operations across OML 17,” he noted.

Igiehon added that the NGFCP and Non-NGFCP flare gas projects build on recent operational progress by the OML 17 Joint Venture, including a significant increase in gas delivery to the domestic market through brownfield interventions and infrastructure optimisation.

“The JV has also continued to deepen its host-community partnerships through targeted healthcare interventions, education support and skills-development programmes across its areas of operation.

“With the symbolic signing completed, the flare gas offtakers are expected to progress into full project implementation, working closely with the JV, regulators and communities to deliver commercial, environmental and social outcomes.

See also  FIRS grows tax collection to N47.39tn

“The OML 17 NGFCP initiative reinforces Nigeria’s position as a gas-led economy, supporting domestic power generation, industrial growth and responsible resource development while advancing the country’s energy-transition objectives,” he stated.

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NNPC E&P hits 355,000bpd, records highest output in 36 years

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The Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has increased by 52 per cent in two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025—a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989.

“The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management and structured field development,” the statement said.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as evidence that Nigeria’s energy revival “is not a dream but already happening.”

See also  Trump urges Turkey to stop buying Russian oil as Erdogan chases deal on F-35s

Ojulari said that by exceeding its own production benchmarks, NNPC E&P has shown that the essential building blocks needed to scale national output are being established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established.

“The achievement signals that the machinery of production, equipment, processes, capabilities and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPL’s delivery brings them closer to reality,” he added.

He said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable and dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, noting that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations.

“This ensures that scaling production does not compromise worker safety, community wellbeing or environmental protection,” Ntia said.

According to him, the company’s approach ensures that higher output does not undermine worker safety, environmental protections or community relations.

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

See also  Poor Nigerians, others to get tariff relief with the Electricity Act

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, targets that industry players previously considered optimistic.

NNPC E&P Limited, a wholly owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a key driver of the revival.

The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

The latest 355,000bpd performance—its highest since 1989—represents a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.

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