Economy
Petrol to sell at N935 per litre from today-IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement.
IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
Alhaji Maigandi Garima, IPMAN National President, who made this known on Sunday in an interview with the News Agency of Nigeria (NAN) in Abuja, lauded the Dangote refinery for the development.
NAN reports that Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.
In the bid to ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
The price reduction which is designed by Dangote refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery and the refinery is saving us in this festive period,’’ he said.
The IPMAN president said previously it was loading at N970 per litre at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price will drop to N935.
Garima said the downstream sector competition being witnessed currently was expected by marketers since due to deregulation, adding that it would see the price of fuel dropping continuously.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he said.
He recalled that during the 2023 yuletide, per litre of fuel was sold at N2, 000 in the Northern and Eastern part of the country because fuel was being imported at that period.
He added that the highest price of which fuel could be sold there currently is N1, 100 because refineries are running in the country.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.
He however commended the Naira for the crude swap deal, adding that it is a good development for the growth of the economy.
The NNPC Ltd. had also slashed fuel ex-depot price from N1, 020 to N899.
The fuel price reduction reflects response to deregulation and increased industry competition.
(NAN)
The Black Market Dollar-to-Naira Exchange Rate for 20th April 2026 Can Be Accessed Below.
IMPORTANT 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, 20th April 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Monday 20th April, 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 ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1348
Lowest Rate ₦1340
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.
The Central Bank of Nigeria (CBN) in collaboration with the Financial Markets Dealers Association (FMDA) has introduced the Nigerian Overnight Financing Rate (NOFR).
The new initiative is a standardized benchmark, aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market.
The introduction of the NOFR was made known in a statement issued on Sunday by the Director, Corporate Communications of the CBN, Mrs. Hakama Sidi Ali.
The apex bank explained that the NOFR was developed to align Nigeria with global best practices in short-term interest
rate benchmarks.
Moreover, it said the initiative is expected to improve price discovery and transparency, while promoting consistent pricing of money market instruments.
“It will enhance the effectiveness of monetary policy, support financial innovation, boost investor confidence, and strengthen risk management across the financial system,” the CBN said.
The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan.
Also, it complements African benchmarks such as the JIBAR in South Africa.
The CBN added that the benchmark was adopted after a stakeholder engagement session held on February 27, 2026, with market participants formally endorsing the initiative.
It further disclosed that following the subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator.
“The bank will ensure governance, transparency, and regular publication of the rate,” the statement stated.
The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.
According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.
When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.
At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.
According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.
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