Economy
42 Million Litres of Imported Fuel Set to Arrive as Local Refiners Struggle to Meet Demand
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About 42.3 million litres of imported Premium Motor Spirit (PMS), commonly known as petrol, is set to arrive in Nigeria, according to oil marketers on Friday. They emphasized the need for local refineries to boost output as importation remains necessary to meet domestic fuel demand.
Petrol dealers pointed out that imports would continue until Nigeria’s local production, including from modular refineries and the Dangote Petroleum Refinery, can sufficiently supply the market. As of now, production levels at these refineries fall short, compelling dealers to rely on imported supplies of diesel and petrol.
In early September, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the Dangote Refinery would initially supply 25 million litres of petrol daily, rising to 30 million litres starting in October 2024. According to NMDPRA, an agreement was reached with NNPC to supply local crude to Dangote’s refinery in Nigerian currency.
“NNPC has agreed to commence crude oil sales to Dangote Refinery in naira, starting with a supply of 25 million litres of PMS this September, which will increase to 30 million litres by October 2024,” NMDPRA posted on social media.
However, oil marketers claim the Dangote facility, valued at $25 billion and based in Lekki, has not yet reached these volumes, making further imports necessary to fill the gap. One major dealer, who requested anonymity, reported, “We expect about 32,000 metric tonnes of PMS to arrive next week, equivalent to around 42.3 million litres.”
Two prominent marketers are collaborating on the importation, supplementing supplies previously brought in by other dealers. “The consignments are shared between major marketers. This doesn’t exclude us from buying from Dangote Refinery, but in a deregulated market, we have the freedom to source competitively,” the dealer explained.
From October 18 to 20, 2024, four vessels carrying approximately 123.4 million litres of petrol docked at Nigerian ports, enhancing fuel supplies nationwide. These deliveries confirm a recent report that revealed oil marketers are actively importing fuel to support the Dangote Refinery’s limited output.
Another dealer commented, “Many marketers are ramping up imports, while those who cannot import buy from Dangote. The market’s now open, so everyone sources as they need. It’s essential, especially since local production is still insufficient.”
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, confirmed that while IPMAN members haven’t yet started importing PMS, the market is now open to anyone with the capacity to import.
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 8th 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, 8th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1395 on Tuesday, 8th 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 ₦1405
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326
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