Economy
IPMAN threatens strike over customs’ seizure of petrol products
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The Adamawa State chapter of the Independent Petroleum Marketers Association of Nigeria has warned of a possible industrial clash with the Nigeria Customs Service.
This follows the recent seizure and sales of petrol products by customs personnel in the state.
IPMAN also threatened to cease operations completely, planning to down tools in protest against the ongoing confiscation of petroleum products by the Customs in Adamawa, which they argued was harmful to economic growth.
Last Thursday, the Customs announced the seizure of 199,495 litres of Premium Motor Spirit, known as petrol, with a Duty Paid Value worth N199.5m in the state.
The Comptroller General of the NCS, Bashir Adeniyi, at the press briefing explained that the seizure was made under Operation Whirlwind, in a joint effort with the Office of the National Security Adviser and the Nigeria Midstream and Downstream Petroleum Regulatory Authority to combat smuggling of petroleum products.
He noted that the seized products were intercepted through intelligence-driven operations and well-coordinated tactics to disrupt sophisticated smuggling attempts.
The seized petroleum products were auctioned to the residents of Adamawa State at the rate of N630 per litre in some designated filling stations, while those in 25 litres jerrycans will be disposed at N10,000 each.
Reacting to the incident, oil marketers in the state have strongly clarified that the seized and auctioned products were not smuggled, emphasising that the goods were legitimately sourced and were in full compliance with regulations.
The IPMAN National Publicity Secretary, Ukadike Chinedu, in an exclusive interview with Sunday PUNCH, expressed the grievances of its members, detailing the concerns of the association and highlighting the impact of recent actions on petroleum marketers in the region.
Chinedu stated that the Customs Service, contrary to its stated policy, did not hesitate to seize petrol products, even when presented with documents proving the legitimate purchase of the goods.
He said, “Customs recently auctioned petroleum products in Yola and our marketers were crying that some of these products were legitimately bought from refineries and were being transported to their filling stations which are not near the border. Also, who empowered customs to arrest such trucks and auction them?
“These marketers have invested their monies into the business and they are now threatening to go on strike if that kind of reckless seizure continues. The marketers said they have their receipts and other necessary documents but customs still seized and sold them.”
When reminded of the CGC comments that the tanker was seized at border areas, Ukadike quipped, “The claim that it was seized at border areas is a lie. There are communities and filling stations and they deserve to get products. Did the products even cross the border before they were seized?
“The Petroleum Industry Act stated clearly that there should be free movement of petroleum products within the country. They can only seize products when there are no filling stations where the tankers claim to be headed, then you know it’s a lie. If there is a filling station, Customs don’t have a right to stop them. They have threatened to go on strike and that will happen soon, if this issue persists.”
He further demanded an immediate resolution to the issue, warning that failure to address the matter could escalate into a full-blown industrial action.
The Black Market Dollar-to-Naira Exchange Rate for 19th July 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, 19th July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1425 and buy at ₦1412 on Sunday, 19th July, 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 ₦1425
Buying Rate ₦1412
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1382
Lowest Rate ₦1378
The Nigeria Deposit Insurance Corporation has urged youths in Ibadan to embrace the habit of saving, saying that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.
The Assistant Director, Communication and Corporate Affairs, NDIC, Mr Adegbenga Fagbuyi, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.
Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.
Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.
He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”
Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.
He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.
“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.
“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.
He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.
He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”
Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.
“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.
“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”
In his address, the Oyo State Commissioner for Education, Science and Technology, Olusegun Olayiwola, represented by the Permanent Secretary, Education Inspectorate, Ibadan North, Alhaji Lukuman Kareem, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.
He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.
“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.
The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.
Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.
The event was attended by the Permanent Secretary, Education Inspectorate, Ibadan Zone 1, Alhaji Kareem Lukuman, who also represented the Commissioner for Education, Science and Technology, Olusegun Olayiwola; the Assistant Director, NDIC, Mr Adegbenga Fagbuyi; the Principal (Senior School), Lagelu Grammar School, Ibadan, Mr Adeyanju Gbolagade; the Principal (Junior School), Lagelu Grammar School, Mr Adebayo Taiwo; as well as teachers and students of the school.
The Black Market Dollar-to-Naira Exchange Rate for 16th July 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, 16th July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1420 and buy at ₦1405 on Thursday, 16th July, 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 ₦1420
Buying Rate ₦1405
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1384
Lowest Rate ₦1379
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