Economy
There’s no law in Nigeria prohibiting importation of PMS-Govt regulator
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Wednesday, stated that no law prohibits Nigerian National Petroleum Company Limited (NNPCL) from importing when necessary.
The NMDPRA, while saying that all the petroleum products imported to the country this year are of standard quality, clarified that the NNPCL has not imported the Premium Motor Spirit (PMS) petrol this year.
The Executive Director, Distribution System, Storage and Retailing Infrastructure, Ogbugo Ukoha, who made this disclosure in a press briefing in Abuja, noted that local refineries met 50 per cent national consumption requirement while the shortfall is imported by Oil Marketing Companies (OMCs).
He explained that the contribution of local refineries has been less than a 60 per cent shortfall in January and February 2025.
He however specifically noted that none of the OMCs that owned refineries have imported petroleum products this year.
In his words, “So, just for clarity, what I am saying is that the contribution of local refining towards the sufficiency was less than 60 per cent in January and less than 50 percent in February 2025.
He added that “the shortfall is sourced by way of importation. Even though none of the OMCs that owned refineries have imported this year PMS.”
On quality, he said the NMDPRA always insists that all petroleum products meet the specifications of the Standard Organization of Nigeria (SON) and the Petroleum Industry Act (PIA) 2021.
According to him, the Authority does not permit the distribution of products that fall short of quality standards.
“You must meet those specifications, otherwise we will not let those products be distributed,” he said.
He announced that the NMDPRA has banned trucks carrying over 60,000 litres of hydrocarbon products from loading effectively from 1st March 2025.
Similarly, a statement by the NNPC spokesman, Femi Soneye, on Tuesday, while reacting to a report on the alleged importation of 200million litres, noted that while NNPC Limited has not imported PMS in 2025, “it is important to clarify that there is no law prohibiting NNPC Limited from importing when necessary”.
He added in the statement that “As a company primarily responsible for ensuring energy security in Nigeria if there were any PMS supply insufficiency in the future, NNPC Limited has the right and responsibility to intervene by importing to bridge the gap.”
…eyes big pie in telecom sector
Swift Telephone Network Limited, STN, has announced the award of a Unified Access Service Licence, UASL, by the Nigerian Communications Commission, NCC, as it joins Nigeria’s fast growing telecoms industry.
The milestone marks STN’s formal evolution from its early beginnings as a telephone call service operating under an umbrella structure, into an independent Nigerian telecommunications company positioned to build the next generation of digital infrastructure in Nigeria.
Chief Executive Officer of STN, Oluwole Adetuyi said: “This UASL is not just a licence. It is a new chapter. It represents where we started, what we have endured, how we have evolved, and where we are going. We are building in Nigeria, for Nigeria.”
STN’s journey mirrors the story of Nigerian enterprise. From humble beginnings providing basic telephony, the company has endured changing economic conditions, evolving regulations, and market challenges.
Through perseverance and adaptation, STN has transformed into a full-service operator ready to compete and create value at scale.
The UASL grants STN the ability to provide a full range of telecommunications services such as voice, data, and access across Nigeria.
Reflecting on the resilience of STN, Adetuyi said this milestone reinforces a larger truth about Nigerian businesses to stand the test of time.
“They can evolve, compete globally, and build institutions of lasting value from Nigeria. At a time when the digital economy is central to national growth, STN is proof that local ambition, backed by resilience, can deliver world-class infrastructure”, said Adetuyi.
As STN enters this new phase, the company is committing to building a truly Nigerian telecommunications ecosystem.
Some of the key pillars of the telecom firm include, “Investment in skills development and training for Nigerian engineers, technicians and digital professionals; Prioritising partnerships with Nigerian service providers, contractors and vendors across the value chain as well as collaborations with global technology partners to deepen indigenous technical capabilities.
Other key areas, according to the company, include infrastructure development, as it intends to roll-out telecommunications infrastructure to expand access and bridge the digital divide and creation of direct employment and opportunities for Nigerian entrepreneurs in distribution, retail and support services, including increasing Nigerian ownership and leadership in the telecoms value chain.
“Our ambition is simple: to help build Nigeria’s digital economy from the ground up,” Adetuyi said.
He added: “This licence gives us the platform. Nigerian talent, Nigerian partners, and Nigerian innovation will give us the momentum.”
Director,Legal and Regulatory Services,Mrs Yetunde Okafor,explained further that “STN will in the coming weeks announce strategic partnerships, infrastructure rollout plans, and programmes to engage investors and stakeholders as it begins commercial operations under the UASL.”
Swift Telephone Network Limited is an independent Nigerian telecommunications company.
Okafor said “from its origins as a telephone call service, STN has evolved into a UASL-licensed operator committed to building resilient, inclusive, and innovative digital infrastructure for Nigeria.”
Recall that the UASL issued by the NCC authorises the holder to provide a comprehensive range of telecommunications services including fixed, mobile, voice and data services across Nigeria.
Dangote Refinery-backed MRS filling stations have reduced their petrol pump price.
A market survey by DAILY POST on Monday showed that MRS filling stations in Abuja had adjusted their petrol pump price to N1,370 per litre from N1,395 per litre.
This represents a reduction of N25 per litre.
The new price has been implemented at MRS filling stations in Katampe and along the Lugbe Expressway in Abuja.
The development comes a week after Dangote Refinery reduced its gantry petrol price to N1,325 per litre from N1,350.
With the latest downward adjustment, petrol now sells for between N1,370 and N1,450 per litre in Abuja and its environs.
The price reduction by MRS filling stations could signal a possible downward adjustment by other filling stations, including the Nigerian National Petroleum Company Limited, NNPCL, which rely on petrol from Dangote Refinery.
The Black Market Dollar-to-Naira Exchange Rate for 28th September 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.
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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, 28th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Monday, 28th 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 ₦1385
Buying Rate ₦1375
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1329
Lowest Rate ₦1328
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