Category archives: Business

Residents in the Federal Capital Territory are facing difficulties locating the sales points for the N40,000 subsidised rice launched by the Federal Government on September 5, 2024. Despite the fanfare surrounding the sale of 30,000 metric tonnes of rice, many citizens are still unsure where to purchase the rice, leading to frustration. Locals have reported […]

Oil marketers in Nigeria may begin importing petrol following a statement by the Nigerian National Petroleum Company Limited (NNPCL) that it will only purchase petrol from the Dangote Petroleum Refinery if international market prices exceed Nigeria’s pump prices. This is contrary to previous claims by Dangote that NNPCL would be the sole off-taker of its […]

The Dangote refinery might shift its focus to exporting Premium Motor Spirit (PMS) due to the Nigerian National Petroleum Company Limited (NNPC) refusing to become the sole buyer of its products. The NNPC stated it would only purchase Dangote’s fuel if it were cheaper than international market rates. While the refinery was ready to supply […]

As of 7th September 2024, the black market exchange rate for the dollar to naira in Lagos shows that players are buying dollars at N1670 and selling at N1680. Despite these rates, the Central Bank of Nigeria (CBN) has emphasized that it does not recognize the parallel market, urging individuals to approach their banks for […]

The Federal Government announced that China will actively promote increased investment in Nigeria as part of efforts to rejuvenate the Nigerian economy. This development follows President Bola Tinubu’s recent visit to China and Nigeria’s participation in the 2024 Forum on China-Africa Cooperation Summit. Minister of Foreign Affairs, Yusuf Tuggar, revealed that the visit led to […]

The Nigerian National Petroleum Company Limited (NNPC) has denied accusations made by the Muslim Rights Concern (MURIC) that it is monopolizing products from Dangote Refinery Limited (DRL). In a statement issued on Saturday by Chief Corporate Communications Officer Olufemi Soneye, the NNPC clarified that it does not have exclusive rights to purchase products from DRL […]

The dollar to naira exchange rate in the black market (parallel market) for today, 7th September 2024, stands as follows: These rates are based on information from Bureau De Change (BDC) sources. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize these parallel market rates and advises individuals to use […]

The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will begin lifting petrol from the $20 billion Dangote Petroleum Refinery on September 15. However, the price of the petrol will be influenced by foreign exchange rates and market forces due to the deregulated nature of the market, as stated by NNPC Executive Vice […]

Iheanacho Responds to Otedola’s Remarks on Depot Owners Former Minister of Interior, Emmanuel Iheanacho, has responded to billionaire businessman Femi Otedola’s suggestion that fuel depot owners should dismantle their facilities and sell them as scrap. Otedola made the comment during the launch of operations at the Dangote Refinery. In a statement, Iheanacho, who is also […]

Current Dollar to Naira Exchange Rates What is the current exchange rate for the U.S. Dollar to the Nigerian Naira in the black market, also known as the parallel market (Aboki fx)? Below are the rates for September 5, 2024. You can trade your dollar for naira at the following rates. Black Market Exchange Rate […]