Economy
FG plans cooking gas export ban to crash price
The Federal Government is to stop the exportation of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to increase its volume domestically so as to warrant a crash in price.
It stated on Thursday that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas.
Although the volume of LPG consumption in Nigeria depends on the specific timeframe, figures obtained from the Nigerian Midstream Downstream Petroleum Regulatory Authority indicated that in 2022, the total cooking gas consumption across the country was 1.4 million metric tonnes.
Data from the agency put total domestic production during the review period as 600,000MT, while imports accounted for 800,000MT.
In 2021, total consumption was estimated at around 800,000MT, as domestic production was about 300,000MT, while the volume that was imported in that year was put at 500,000MT.
Cooking gas consumption has been increasing significantly, with ambitious targets to reach five million metric tonnes by 2029, as LPG dealers stated that though Nigeria exports the commodity, the country relies heavily on imports to meet domestic demand.
This implies that the Federal Government could stop the export of over 600,000MT of cooking gas based on its drive to crash the price of the commodity locally.
Findings showed that the cost of refilling a 12.5kg cylinder of cooking gas in Abuja, Lagos, Kano and some other states had climbed to about N18,000. It was specifically N17,500 in Abuja on Thursday, a product that sold for less than N9,000 in November last year.
LPG dealers under the aegis of Nigerian Association of Liquefied Petroleum Gas Marketers had predicted mid last year that a 12.5kg cylinder would cost N18,000 going by the incessant hikes in its cost.
To tackle this, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, constituted a committee in November 2023, headed by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
But up till today (Thursday), the cost of the commodity has maintained a northward movement, as many LPG users are gradually shifting to the use of charcoal.
But while speaking on the sidelines of the internal stakeholders’ workshop in Abuja on Thursday, Ekpo stated that the Federal Government had asked LPG producers to stop exporting the commodity.
He named some international oil companies including Mobil, Shell and Chevron as producers, stressing that the government was interfacing with them to crash cooking gas prices.
In November 2023, a kilogram of cooking gas was about N700, but the product is now sold at about N1,400/kg. Some operators stated that the cost would increase further if the government fails to intervene.
Ekpo said, “With the issue of gas, you have seen the demonstration of the Federal Government by withdrawing all taxes and levies from the importation of gas related equipment. It is a big incentive.
“On the issue of LPG (cooking gas), we are interacting with the critical sectors to ensure that there is no exportation of LPG. All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and, of course, the price will automatically crash.
“I’m in contact with the regulator, NMDPRA, we have meetings almost on a daily basis and with the producers of the gas like Mobil, Chevron and Shell. So there is that hope that things will turn around.
“And that is also why we are having this engagement to know exactly what the problems are, so that we can address them once and for all.”
When told that the removal of Value Added Tax on LPG seems not to be reflecting on the cost of the commodity, the minister stated that cooking gas investors were trying to maximise their profit from the sale of the product.
“Excuse me, it is not going to reflect that way. We are dealing with human beings. A policy has been put in place and these people, the investors, want to maximise the profit that they are going to get from it all.
“So at the end of the day we had to come in, which is why you have the regulator. We are interfacing with them to make sure they crash the price. We are meeting with them on a daily basis,” Ekpo stated.
It was reported in December 2023 that the Federal Government had exempted the importation of LPG and its equipment from the payment of customs duty and Value Added Tax, as the move was expected to result in a drop in the cost of cooking gas across the country.
This was disclosed by the Federal Ministry of Finance in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; Comptroller-General of the Nigeria Customs Service; and the Chairman of the Federal Inland Revenue Service.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed the letter.
Meanwhile, when asked on Thursday to state when government vehicles would start running on Compressed Natural Gas as always championed by the government, the gas minister stated that he would speak on this later.
“The Presidential Initiative on CNG was set up before the inauguration of the ministers, but I’m interfacing with them. The Federal Government committee is working towards realising the goals. So the moment I get a clearer picture about it I will address you accordingly,” Ekpo stated.
Nigeria has over 208 trillion standard cubic feet of gas reserves and is now viewed as a gas-rich nation.
But most of the country’s gas resources remained untapped due to several reasons such as lack of investments in the sector, the shift from fossil fuels, policy issues, among others.
Ekpo was also asked whether the government would allow operators in the sector to run most of their transactions in naira, as against the popular practice of dollar transactions, and he said the matter would be discussed at the meeting by stakeholders.
“If you were there when the director on gas was presenting what we discussed during the stakeholders meeting on February 6, 2024, it (the concern) was presented, and I will have the views of the implementers and regulators today. Then from there we can take a decisive decision on how to address it,” the minister stated.
Earlier during his speech at the workshop, he said the aim of the event was to reposition the Nigerian gas sector for optimal performance, in line with President Bola Tinubu’s agenda to unlock Nigeria’s abundant gas resources for economic development and poverty eradication.
“This is the second in a series of engagements with stakeholders in the gas sector, the first being the consultative meeting I held with external stakeholders in the gas sector on February 6, 2024 which provided a platform for me to hear from the various associations and groups operating across the gas value chain with a view to understanding the pain points of the industry operators.
“It is my expectation that having heard from the operators in our industry, we as policymakers, regulators and policy implementers will internalise the feedback from our stakeholders and customers to proffer workable solutions to tackle the issues bedevilling our nation’s gas sector.
“With over 208 trillion standard cubic feet in proven gas reserves, Nigeria has no business with energy poverty, and it is imperative for us to rise up as a people to tackle these challenges head-on,” Ekpo stated.
He stated that as part of efforts to ensure a high level of performance and accountability within the Federal Government, the President, through the office of the Special Adviser on Policy and Coordination, had released the Presidential Priorities and Ministerial Deliverables for 2023 – 2027 to create a performance tracking mechanism for the Minister of Petroleum Resources and relevant agencies.
“The theme for this workshop – ‘Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development,’ is very apt and provides a platform for us to galvanise action and take the necessary steps to release this nation’s abundant gas reserves to accelerate our industrialisation and develop the economy for the good of our teeming population,” Ekpo stated.
The Chief Executives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ahmed Farouk, and the Nigerian Upstream Petroleum Petroleum Regulatory Commission, Gbenga Komolafe, were in attendance at the internal stakeholders’ workshop on Thursday.
Representatives from other agencies under the petroleum ministry such as the Nigerian National Petroleum Company Limited, Petroleum Technology Development Fund, directors from the Federal Ministry of Petroleum Resources, among others, were also in attendance.
By Gloria Ikibah.
Nigeria and India have reaffirmed their commitment to deepening bilateral relations, with economic cooperation, consular matters, education and cultural exchanges featuring prominently in talks between their foreign ministers.
Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, held bilateral discussions with her Indian counterpart, Dr S. Jaishankar, on the sidelines of the 18th BRICS Leaders’ Summit in New Delhi.
The summit was hosted by India under the theme, “Building Resilience, Innovation, Cooperation and Sustainability”.
A major issue discussed was the welfare of Nigerians living in India, particularly those who have overstayed their visas.
Odumegwu-Ojukwu sought a further extension of the existing amnesty arrangement to allow affected Nigerians to return voluntarily without facing penalties.
The two ministers also discussed the possibility of concluding a bilateral Memorandum of Understanding on the Transfer of Sentenced Persons.
Such an agreement will establish a framework for the humane and orderly transfer of eligible prisoners between Nigeria and India.
Economic relations also featured prominently during the meeting, with both sides exploring opportunities to expand trade and investment and strengthen mutually beneficial economic partnerships.
The ministers further identified education and cultural exchanges as key areas for improving people-to-people relations between the two countries.
Greater cooperation in these areas is expected to promote mutual understanding and create more opportunities for citizens of Nigeria and India.
The meeting formed part of Nigeria’s efforts to use its participation in the BRICS platform to advance bilateral partnerships, open up new economic opportunities and strengthen South-South cooperation.
Nigeria became a BRICS partner country in January 2025, providing a platform for Abuja to deepen engagement with major emerging economies while pursuing its broader economic and diplomatic interests.
The bilateral talks with India therefore added a practical dimension to Nigeria’s participation in the New Delhi summit, particularly in areas directly affecting Nigerians in India and the wider economic relationship between both countries.
By Gloria Ikibah
The Federal Government and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to strengthen coordination between fiscal and monetary policies as the country steps up efforts to tackle inflation and improve economic stability.
The agreement, signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and CBN Governor Olayemi Cardoso, in Abuja on Friday, establishes a structured framework for regular consultation, information sharing and policy coordination between the two institutions.
Speaking at the signing ceremony, Oyedele said the framework will make fiscal-monetary coordination a permanent institutional process rather than one dependent on the personalities occupying key offices.
He stressed that although the Ministry of Finance and the CBN have separate mandates and must retain their independence, their decisions ultimately affect the same economy.
According to him, government borrowing affects liquidity, interest rates and financing costs, while monetary policy also has implications for government finances. Exchange rates, tariffs, government spending and agricultural policies, he added, directly affect prices, revenues and economic activity.
According to Oyedele, bringing inflation sustainably into single digits was a major objective of the new framework, but stressed that the task could not be left to monetary policy alone.
“Our objective is to bring inflation sustainably into single digits and keep it there — and that cannot be monetary policy’s job alone,” he said.
The Minister said the Finance Ministry will contribute through disciplined spending, sound cash and liquidity management, efficient government financing and measures aimed at addressing structural causes of inflation, including food, energy, imported costs and logistics.
On food inflation, Oyedele said the government will work with relevant institutions and state governments to strengthen grain reserves, improve agricultural yields and irrigation, build climate resilience and address gaps in farm-to-market infrastructure.
He also ruled out any return to fuel subsidy, saying such a move would place additional pressure on public finances and the naira.
FG, CBN sign pact to tackle inflation
The Minister said improved foreign exchange stability and tax exemptions on fuel had contributed to moderating prices, while efforts to strengthen domestic production would remain important to reducing inflationary pressures.
Oyedele said access to reliable and timely economic data would be central to the new coordination framework.
Under the agreement, the Finance Ministry and CBN are expected to strengthen information sharing on government cash positions, financing plans, credit growth and foreign exchange flows.
“Better coordination starts with a common evidence base,” he said.
The Minister said the framework will provide for aligned macroeconomic assumptions, more consistent forecasts and clearer mechanisms for resolving areas where fiscal and monetary policies could work at cross purposes.
He added that the government was working with the National Bureau of Statistics to expand the quality and range of data available for economic policy decisions.
Oyedele also cited what he described as improving confidence in the Nigerian economy, including a balance of payments surplus of more than $5 billion in 2025 and external reserves of over $54 billion.
He pointed to increased non-oil exports, declining refined-product imports as domestic refining capacity expands, Nigeria’s return to Frontier Market status and its inclusion in JPMorgan’s new frontier local-currency government bond index.
The Minister, however, said the government’s ambition went beyond attracting short-term portfolio funds, stressing the need for patient capital that would support factories, infrastructure, technology and job creation.
He said this will require policy consistency and certainty, as well as a regulatory environment that did not impose unnecessary burdens on businesses.
He added that the framework will also consider the economic consequences of insecurity and illicit financial flows.
Oyedele said the Finance Ministry will continue to pursue fiscal discipline, improved liquidity management, stronger transparency and data systems, more efficient financing and reforms designed to increase production and ease structural inflation.
“Nigeria has one economy. Fiscal policy cannot succeed without price stability; monetary policy cannot deliver price stability if fiscal policy pulls in the opposite direction,” he said.
Cardoso: MoU formalises decades of collaboration
Cardoso described the signing as a significant step towards strengthening Nigeria’s macroeconomic management and economic stability.
He said fiscal and monetary policies were complementary instruments whose combined impact would be stronger when they worked in harmony.
The CBN governor stressed that the MoU did not create a new relationship between the two institutions, noting that they had collaborated for decades on inflation management, debt sustainability, budget financing, exchange rate stability and responses to economic shocks.
Rather, he said, the agreement formalised the longstanding relationship through structured processes for consultation, information exchange and policy coordination.
“This memorandum provides a structured framework for regular consultation, information exchange and policy coordination. It will strengthen collaboration in critical areas such as government cash management, debt issuance planning, liquidity forecasting, macroeconomic analysis and periodic policy consultations, thereby enhancing policy coherence and the effectiveness of economic management,” Cardoso said.
He said the framework would transform a relationship built largely on established practice into one anchored by clear processes and enduring institutional commitment.
According to Cardoso, the new arrangement would create predictable mechanisms for engagement, improve decision-making and strengthen the institutions’ capacity to respond to emerging economic challenges.
The CBN governor said the timing was particularly important as the apex bank advances its transition towards an inflation-targeting framework, noting that the effectiveness of such a framework also depends on a supportive fiscal environment.
He said the MoU will provide the foundation for an operational framework through which both institutions could align their actions, minimise policy trade-offs and pursue shared economic objectives.
Cardoso commended Oyedele and the technical teams from both institutions for their roles in bringing the agreement to fruition.
He reaffirmed the CBN’s commitment to sound monetary policy, macroeconomic stability and financial system resilience, saying the strengthened partnership would contribute to building a more stable and productive Nigerian economy.
The agreement is expected to deepen cooperation in government cash management, debt issuance planning, liquidity forecasting, macroeconomic analysis and periodic policy consultations, while preserving the distinct mandates and institutional independence of the Finance Ministry and the CBN.
The Black Market Dollar-to-Naira Exchange Rate for 18th September 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.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 18th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1375 and buy at ₦1380 on Friday, 18th September, 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 ₦1375
Buying Rate ₦1380
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1332
Lowest Rate ₦1324
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