Category archives: Business

Petroleum product marketers in Nigeria have raised concerns with President Bola Tinubu regarding the impact of Dangote Refinery’s reduced diesel price on their businesses. The local price of diesel has reportedly dropped to N900 per litre, which marketers argue is adversely affecting their operations. Challenges Faced by Dangote Refinery Devakumar Edwin, Vice President of Dangote […]

Dollar to Naira Exchange Rates – Black Market Overview The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) in the black market, also known as the parallel market, remains volatile. On Wednesday, 11th September 2024, the exchange rate stood at N1655 to buy and N1665 to sell, according to Bureau De […]

Nigeria’s crude oil production rose to 1.35 million barrels per day (mbpd) in August, according to the Organisation of the Petroleum Exporting Countries (OPEC) September Monthly Oil Market Report. This increase marks a slight rise from July’s production level of 1.31 mbpd, reflecting an additional 45,000 barrels per day. This report presents a different picture […]

Four days before the September 15, 2024, date announced for the Nigerian National Petroleum Company Limited (NNPC) to begin lifting Premium Motor Spirit (PMS) from the Dangote Refinery, investigations reveal that no commercial agreement has been reached between the two parties. Despite public statements made earlier by NNPC’s Executive Vice President of Downstream, Adedapo Segun, […]

The dollar to naira exchange rate in the black market on 10th September 2024 saw a dollar bought at N1650 and sold at N1660, according to sources from the Bureau De Change (BDC). The Central Bank of Nigeria (CBN) continues to emphasize that it does not recognize the parallel market and encourages individuals to approach […]

Oil marketers have expressed concern over the delayed announcement of the price of petrol from the Dangote Petroleum Refinery, as the landing cost of imported Premium Motor Spirit (PMS) has surged to approximately ₦1,120 per litre. Dealers fear that if the Dangote refinery sets a high price for petrol, they may need to resume importation […]

The Naira depreciated to N1,660 per dollar in the parallel market, down from N1,645 last week Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated slightly to N1,580.46 per dollar, reflecting a N12.86 gain from last weekend’s rate of N1,593.32. The dollar trading volume in NAFEM decreased by 22%, from $254.17 […]

A Nigerian national, Bimbo Toyin Akinyemi, has been caught attempting to defraud a Kansas resident of cryptocurrency, according to the Kansas Attorney General’s Office. The failed scam resulted in Akinyemi facing over $50,000 in civil penalties. In a statement titled, “State of Kansas, U.S., Thwarts Attempt by Nigerian Crypto Scammer,” it was revealed that Akinyemi […]

As of September 9, 2024, the black market exchange rates for the dollar to naira are as follows: in Lagos, the buying rate is N1,640 per dollar and the selling rate is N1,650 per dollar, according to Bureau De Change (BDC) sources. For comparison, the Central Bank of Nigeria (CBN) rates are: buying at N1,628 […]

The Nigerian stock market ended last week on a bearish note, driven by rising petrol prices, which surged from around N600 to between N855 and N1,000 per liter. The private sector raised concerns about the negative impact on businesses due to the energy crisis. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped by 0.2%, […]