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President Bola Tinubu has directed the immediate deployment of about 100,000 compressed natural gas (CNG) conversion kits nationwide to cushion the impact of rising fuel prices on Nigerians, following the escalation of conflict in the Middle East. The executive chairman of the Presidential Initiative on Compressed Natural Gas (Pi-CNG), Ismaeel Ahmed, disclosed this after a meeting with the President at the State House, Abuja on Tuesday, March 10. Ahmed said the President's directive is part of a broader push by the Federal Government to cut transportation costs and expand alternative energy use amid global oil market volatility triggered by the ongoing United States–Israel war with Iran. “The President, as usual, is always trying to get information on what is going on, especi...

Nigeria recorded a major increase in non-oil exports in 2025, with total earnings reaching N12.36 trillion between January and December, according to new data from the National Bureau of Statistics. The latest Foreign Trade in Goods Statistics report shows the figure rose sharply from N9.09 trillion in 2024, signaling stronger export activity outside the country’s traditional oil sector. The development reflects ongoing efforts by policymakers in Nigeria to diversify the economy by expanding exports in agriculture, manufacturing, and solid minerals, reducing the country’s long-standing dependence on crude oil revenue. Recent export trends show fluctuations before the current surge. Non-oil exports stood at N3.14 trillion in 2022, before dropping to N2.56 trillion in 2023. The ...

Egypt has raised domestic fuel prices by up to 30 percent, citing “exceptional” global energy pressures linked to the ongoing Middle East conflict that has disrupted oil supplies and shipping routes. The increases were announced on Tuesday, March 10, by the Egyptian Ministry of Petroleum and Mineral Resources and apply to gasoline, diesel and natural gas used in vehicles. In a statement, the ministry said the price adjustments were driven by disruptions in global supply chains, rising geopolitical risks and increased maritime shipping and insurance costs, which have pushed petroleum product prices to levels not seen in years. Global oil markets have been volatile during the conflict involving Israel, Iran and the United States. Oil prices briefly climbed above $119 per barrel ...

Dollar to Naira Exchange rate What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 9th March, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market? Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1420 and buy at ₦1400 on Monday 9th March, 2026, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in&n...

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku, has confirmed that over 100,000 airport access cards have been issued across the country. This is part of the ongoing efforts to implement the Federal Government’s cashless policy at airport tollgates. Kuku revealed on Monday, that 62,000 of the cards were issued within just three days of enforcing the cashless policy at airports, a development that turned chaotic as the rollout of the policy at major airports triggered disruptions. The development comes as motorists have continued to enjoy free access into Nigerian airports for the past five days after President Bola Tinubu ordered that the airport gates be thrown open in response to the disruption caused by the policy’s enforcement. ...

The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week. The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday. The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days. It also revised the gantry price of Automotive Gas Oil, commonly...

Chinese state-run refiners are considering resuming crude imports from the United States after a nine-month suspension, driven by the ongoing supply crisis in the Middle East, S&P Global’s Platts reported on March 9. S&P Global reports that the additional 20% tariffs on US crude remain in place, but analysts and refinery sources indicate they may be temporarily overlooked if supply disruptions continue. “Beijing may even temporarily exempt the additional tariff on US energy if the supply crisis sustains, as this will be a national emergency. “US ethane is an example — it is exempt from the additional tariff because China almost fully relies on US supply,” a Beijing-based market analyst told Platts. Last Thursday, China told its largest oil refiners to suspend ex...

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Inflation in Venezuela surged to about 475 percent in 2025, the highest rate in the world, according to figures released by the country’s central bank. The sharp rise in prices was largely driven by economic pressure linked to tighter sanctions imposed by the United States during the final period of rule by former president Nicolas Maduro. Data published on Friday, March 6, by the Central Bank of Venezuela showed that full-year inflation far exceeded the International Monetary Fund forecast of 269.9 percent. The bank also reported that accumulated inflation during the first two months of 2026 had already reached nearly 52 percent, although it did not provide an outlook for the rest of the year. Venezuela’s economy was heavily affected by Washington’s “maximum pressure” campaig...

Long queues have begun reappearing at filling stations offering cheaper petrol, as motorists scramble to purchase Premium Motor Spirit (PMS) for less than ₦1,000 per litre. A market survey carried out on Saturday morning showed that private car owners and commercial drivers crowded stations owned by MRS Oil Nigeria Plc, especially along the Ibadan–Lagos Expressway, where petrol is currently selling for about ₦937 per litre. The development follows a fresh rise in petrol prices by several marketers after global crude oil prices increased and the Dangote Petroleum Refinery adjusted its price. According to a report by Channels Television, checks revealed that while motorists thronged MRS stations selling fuel at ₦937 per litre, many other filling stations along the same route had alr...