Economy

Dangote Refinery Set To Deliver First Fuel In Weeks

Published

2 years ago

February 12, 2024

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Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria.

The country has relied on imports for most of the fuel it consumes but the $20bn refinery is set to turn the country into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics

The first fuel should be hitting the market “anytime from now”, a senior Dangote executive, speaking anonymously as the details were not public, told Reuters.

The development means Nigeria has been exporting less oil in recent months and could soon import less gasoline and diesel for domestic needs from oil majors and trading houses – a multibillion-dollar annual trade that has persisted for decades.

Nigeria’s national oil firm, NNPC Ltd, is set to supply the 650,000 barrel per day (bpd) plant with 4-million barrels in March, a source with direct knowledge of the matter told Reuters, bringing the total supplies since December to 12-million barrels, or roughly 100,000 bpd.

The source added that NNPC was allocating cargoes to the refinery on a spot basis.

Dangote is also set to receive two cargoes of US WTI crude from oil trader Trafigura, two of the sources said.

Neither privately owned Dangote Refinery nor state-owned NNPC immediately responded to an official Reuters request for comment.

Daily Trust findings revealed that the refinery is producing and storing diesel, naphtha, jet fuel, and residual oil, one of the sources said.

Tests to determine if the supplies meet quality standards are in final stages, the Dangote executive added.

Reaching full capacity could take months and Dangote has said it will start by refining 350,000 bpd and aims to ramp up to full production later this year.

Economy

CBN Forex Intervention Trigger New Changes In Dollar To Naira Exchange Rate May 13, 2026

Published

4 hours ago

May 13, 2026

EMMANUEL AGAJI

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The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.

Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.

Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.

Nigeria Exchange Rates – Wednesday, May 13, 2026

Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight

Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.

However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.

Important Notice

Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.

Economy

Nigeria meets 99.2% of OPEC crude oil production in April

Published

10 hours ago

May 13, 2026

Admin

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2% of its Organization of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.

This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.

The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.

“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.”

The report revealed the that the figure also represents a 7.58% increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.

Economy

See Black Market Dollar To Naira Exchange Rate Today 12th May 2026

Published

1 day ago

May 12, 2026

EMMANUEL AGAJI

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Dollar To Naira Exchange Rate

The Black Market Dollar-to-Naira Exchange Rate for 12th May 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

What’s the dollar to naira black market today, 12th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 12th May, 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 Forex to approach their respective banks
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1367
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.