The cost of landing Premium Motor Spirit (PMS), or petrol, in Nigeria has dropped by 20.34% to ₦971.57 per litre over the past three months, driven by shifts in the global oil market and supply chain adjustments. However, despite this decrease, retail petrol prices in Nigeria have spiked significantly, reaching ₦1,060 per litre at NNPCL […]
Category archives: Business
Black Market Dollar to Naira Rate Today – 10th November 2024
Dollar to Naira Exchange Rate Today – 10th November 2024 The black market (parallel market) exchange rate for the Dollar to Naira, as of 10th November 2024, is provided below. Discover the current buying and selling rates for exchanging dollars in Nigeria’s informal market. Dollar to Naira Rate Today (Parallel Market) These rates indicate the […]
Dangote Refinery to Begin Fuel Exports Across Africa Amid Domestic Price Hike
The Dangote Refinery, with a capacity of 650,000 barrels per day, is preparing to export fuel to South Africa, Angola, Namibia, and other African countries, despite high fuel prices in Nigeria. Sources reveal that advanced negotiations are underway with these nations, while preliminary talks have also begun with Niger, Chad, Burkina Faso, and the Central […]
Dollar to Naira Exchange Rate at Black Market for November 9, 2024
Today, the black market exchange rate for the U.S. dollar to Nigerian Naira remains high, with Bureau De Change operators in Lagos buying at N1,730 per dollar and selling at N1,740 as of November 8, 2024. This rate reflects ongoing currency pressures despite the Central Bank of Nigeria’s directive for forex transactions to occur through […]
Economist Projects N1,200 Petrol Price and Naira Exchange Rate of N1,550 per Dollar by January 2025
In a recent economic outlook, Bismarck Rewane, economist and CEO of Financial Derivatives Company Limited, forecasted a possible increase in Nigeria’s petrol price to N1,200 per litre and a Naira exchange rate of N1,550 per dollar by early 2025. During a session at Lagos Business School titled “Democracy on Trial! Trump – Going Back to […]
Dollar to Naira Exchange Rate and Rice Prices Surge in Nigeria
Dollar to Naira Black Market RatesThe dollar-to-naira exchange rate in Nigeria’s black market reached N1,735 for buying and N1,750 for selling on November 7, 2024. These rates are available at the Lagos Parallel Market, though the Central Bank of Nigeria (CBN) does not officially recognize these figures. The CBN rate, meanwhile, shows a slightly lower […]
NDIC’s Rigorous Supervision Shields Nigerian Banks from Liquidation
The Nigeria Deposit Insurance Corporation (NDIC) is taking active measures to maintain the stability of Nigerian banks and prevent arbitrary liquidations through rigorous supervision, as shared by Ajiya Bazarma, NDIC’s Zonal Controller in Bauchi. During the 2024 World Savings Day event in Gombe, Bazarma highlighted NDIC’s role in overseeing bank operations to safeguard depositors’ interests, […]
Civil Society Groups Urge President Tinubu to Investigate Fuel Import Monopoly Impacting Nigerian Economy
The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to investigate alleged actions by a “powerful group” that is reportedly blocking local refinery development and pushing for the continued importation of Premium Motor Spirit (PMS). NICOCSO claims this group’s activities threaten Nigeria’s economic stability by depleting resources, weakening the Naira, […]
Trump’s Election Victory Drives Oil Prices Higher Amid Market Volatility
Oil prices saw an upward shift yesterday following Donald Trump’s re-election, despite an initial drop of over $2 per barrel due to a report from the U.S. Energy Information Administration (EIA) showing an unexpected rise in U.S. crude stockpiles. Brent crude futures increased by 38 cents to $75.91 per barrel, while U.S. West Texas Intermediate […]
Black Market Dollar to Naira Rate Rises Amidst Economic Concerns, DAPPMAN Rebukes Dangote Refinery on Fuel Pricing
Dollar to Naira Black Market Rate Hits N1730 as Fuel Price Dispute Escalates The dollar-to-naira exchange rate in Nigeria’s black market continues to rise, with Bureau de Change operators in Lagos buying at N1725 and selling at N1730 as of November 6, 2024. This parallel market rate remains significantly higher than the Central Bank of […]