Business

The Nigerian government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has resumed the issuance of petrol import licences to petroleum marketers in a fresh policy move. Reports indicate that six major marketers were granted licences to import about 720,000 metric tons of Premium Motor Spirit (PMS), popularly known as petrol. The development signals a notable shift from the recent emphasis on relying mainly on local refining, particularly the Dangote Refinery. The marketers approved for the imports include NIPCO, AA Rano, Matrix Energy, Shafa Energy, Pinnacle Oil and Gas and Bono Energy. According to the allocation, NIPCO is expected to import 120,000 metric tons, AA Rano and Matrix Energy 150,000 metric tons each, Shafa and Pinnacle 120,...

The exchange rate between the United States Dollar and the Nigerian Naira at the parallel market, popularly known as the black market or Aboki FX, has continued to attract attention among forex traders and Nigerians monitoring currency fluctuations. According to sources at the Lagos Bureau De Change (BDC) market on Friday, May 8, 2026, the Dollar was sold at ₦1,395 and bought at ₦1,385 in the black market. Black Market Dollar To Naira Rate Today Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1,385Selling Rate₦1,395 Meanwhile, the Central Bank of Nigeria (CBN) official exchange rates showed the Dollar trading within the range of ₦1,355 to ₦1,366. CBN Dollar To Naira Rate Today Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1,366Lowest Rate₦1,355 The CBN has ...

An Airline CEO has announced a number of airports are “already running out of jet fuel” as experts estimate a staggering 85,000 flights could be grounded in a single month ahead of the World Cup if the fuel crisis continues. This comes days after Nigerian singer Davido lamented that "the world happened" to him after an unavailability of jet fuel caused him to miss an event he was scheduled to perform at. Carsten Spohr, CEO of the German airline Lufthansa, has stated one of the firm’s passenger planes was unable to refuel due to fuel shortages, after touching down in Cape Town, South Africa, last week. The passenger jet was forced to fly 900 miles north to Namibia to fill up before returning to its original destination. Spohr said: “If you cannot reach your target airpor...

Several filling stations across Nigeria have reduced petrol pump prices in a bid to attract more customers. A market survey conducted in Abuja on Thursday revealed that stations operated by NIPCO, Eterna, and Mobil lowered their petrol prices to N1,350 per litre from previous rates ranging between N1,365 and N1,370 per litre. The latest adjustment represents a reduction of about N15 to N20 per litre. Confirming the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the price cut was driven by competition among marketers seeking increased patronage. According to him, marketers sometimes sacrifice part of their profit margins when sales decline in order to boost customer turnout and maintain returns on investmen...

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Chairman of BUA Cement, Abdul Samad Rabiu, has emerged as Africa’s second-richest individual, according to the latest Bloomberg Billionaires Index released on May 7, 2026. Reports indicate that Rabiu’s net worth climbed to $19.1 billion, placing him behind Africa’s richest man, Aliko Dangote. The development means Rabiu has overtaken South African billionaire Johann Rupert, whose fortune reportedly dropped to $17.7 billion. According to reports, Rabiu’s wealth has increased significantly this year, rising by approximately $8.88 billion since the beginning of 2026. His position on the global rich list also improved, moving him to 138th among the world’s wealthiest individuals. The businessman’s fortune reportedly stood at $15.9 billion just a week earlier, reflecting rapid growt...

Dangote Refinery has reversed the earlier announced ₦75 increase in the depot price of Premium Motor Spirit. The refinery decided to bring the price back to ₦1,275 per litre instead of N1,350 as earlier announced. Earlier on Wednesday, May 6, the refinery increased the price of its Premium Motor Spirit – the third upward adjustment within a week. The development forced marketers to immediately adjust their pricing templates before the refinery reversed the price hike. Recent hike in the price of petrol has been linked to the ongoing conflict in the Middle East, between the United States-Israel and Iran.

The exchange rate between the US dollar and the Nigerian naira in the parallel market, commonly known as the black market (Aboki FX), has been outlined for May 5, 2026. According to Bureau De Change (BDC) sources in Lagos, the dollar was sold at ₦1,400 and bought at ₦1,385 in the black market on Tuesday. Black Market (Parallel Market) Rates Selling Rate: ₦1,400 Buying Rate: ₦1,385 Meanwhile, the official rates from the Central Bank of Nigeria (CBN) showed a slightly lower range: CBN Official Rates Highest Rate: ₦1,370 Lowest Rate: ₦1,362 It is important to note that the CBN does not recognise the parallel market and advises individuals seeking foreign exchange transactions to go through authorised banks. Rates may also vary depending on location and market...

Founder and Group Chairman of Zenith Bank, Jim Ovia, has officially retired after completing his tenure in line with regulatory guidelines. The bank confirmed his exit in a corporate notice released in Lagos on May 5, 2026, stating that Ovia had reached the maximum 12-year tenure allowed under corporate governance rules for financial holding companies, non-interest banks, and payment service banks in Nigeria. According to the statement, Ovia played a pivotal role in shaping the bank’s growth and success. The Board commended his leadership, noting that his strategic vision, strong oversight, and commitment to high governance standards greatly strengthened the institution’s reputation and standing within the financial services industry.

The latest update on the dollar-to-naira exchange rate shows continued activity across both the parallel market and official channels. Black Market (Parallel Market) Rates As of Monday, May 4, 2026, traders in Lagos’ parallel market (commonly referred to as Aboki FX) are selling one US dollar at ₦1400 and buying at ₦1385, based on information from Bureau De Change (BDC) operators. Official CBN Rates According to the Central Bank of Nigeria, the official exchange rate for the dollar ranges between ₦1362 (lowest) and ₦1374 (highest). The apex bank continues to distance itself from the black market, advising individuals and businesses seeking foreign exchange to transact through authorized financial institutions. It’s important to note that forex rates may vary slightly depe...