Category archives: Business

Human rights lawyer Femi Falana (SAN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) recent decision to set the price of petrol from Dangote Refinery. Falana argues that this move breaches the Petroleum Industry Act (PIA), which mandates that fuel prices should be governed by market forces following deregulation. Falana criticized the NNPCL for […]

The price of petrol produced by the Dangote Petroleum Refinery, as released by the Nigerian National Petroleum Company (NNPC) on Monday, could justify continued fuel importation into Nigeria, according to oil marketers. Marketers indicated that shipments of imported petrol were expected to start arriving in Nigeria from today (Tuesday). They also called for more transparency […]

As of Monday, September 16, 2024, the exchange rate for the black market, also known as the parallel market, is as follows: In comparison, the Central Bank of Nigeria (CBN) rates are: Petrol Price Increase Across Nigeria The Nigeria National Petroleum Company Limited (NNPCL) has announced an increase in petrol prices nationwide. This change follows […]

Equity investors adopted a cautious stance on Monday as they anticipated a significant interest rate cut by the Federal Reserve this week while also grappling with concerns over the Chinese economy. The yen appreciated to less than 140 against the dollar for the first time since mid-2023, ahead of the Federal Reserve’s decision on Wednesday […]

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it purchased Premium Motor Spirit (PMS), commonly known as petrol, at ₦898 per litre from the Dangote Refinery, dismissing earlier reports of a lower price. In a statement on Sunday, NNPCL spokesperson Olufemi Soneye clarified the true cost, countering claims of a ₦760 price tag. […]

The Nigerian National Petroleum Corporation Limited (NNPCL) has officially commenced the lifting of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery in Ibeju-Lekki, Lagos. Over the weekend, the first batch of petrol was loaded onto over 100 NNPCL trucks, marking a significant milestone for the refinery’s operations. A video shared on […]

President Bola Ahmed Tinubu is scheduled to return to Abuja on Sunday following his official visit to China and a brief stay in the United Kingdom, according to Mr. Bayo Onanuga, Special Adviser on Information and Strategy. During his visit to China, which commenced on September 2, Tinubu met with President Xi Jinping and signed […]

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for direct access to petrol from the Dangote Refinery, opposing the Nigerian National Petroleum Corporation’s (NNPC) control over the market. IPMAN’s National Publicity Secretary, Chinedu Ukadike, emphasized that the market should operate on a willing-buyer, willing-seller basis, ensuring fair competition. Despite earlier claims that NNPC […]

As of September 15, 2024, the exchange rate for the dollar to naira at the Lagos parallel market (black market) is N1665 for buying and N1670 for selling. The Central Bank of Nigeria (CBN) does not endorse these rates and directs individuals to use banks for Forex transactions. Black Market Rates: CBN Rates: Note that […]

As of today, 14th September 2024, the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) in the black market is as follows: These rates apply to the Lagos Parallel Market (Black Market), according to sources at the Bureau De Change (BDC). It is important to note that the Central Bank of […]