Economy
Fuel distribution: Dangote takes delivery of CNG trucks
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Dangote Petroleum Refinery & Petrochemicals says it has commenced the receipt of 4,000 compressed natural gas-powered trucks needed for its fuel distribution logistics programme set to start on August 15.
In a statement on Sunday, the company said the initiative aimed to transform the fuel distribution landscape within Nigeria by reducing logistics costs and enhancing supply efficiency for customers.
“The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720bn.
“This expenditure underscores the company’s commitment to pioneering innovative solutions as the world’s largest single-train refinery continues to expand its operational capabilities.
“The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd, Devakumar Edwin.
The arrival was met with enthusiasm from refinery personnel and customers alike, many of whom were present to witness the tangible progress towards improved fuel accessibility,” the statement read partly.
Speaking, the Group Chief of Branding and Communication, Dangote Industries Limited, Mr Anthony Chiejina, said the commencement of the initiative marked a groundbreaking development in Nigeria’s fuel distribution network.
“Given the complexities inherent in global supply chains, the delivery of these specialised CNG-powered tankers is indeed commendable. This approach ensures that we maintain operational efficiency while scaling up the fleet.
“Our unwavering commitment to this programme is reflected in our ongoing collaboration with key regulatory bodies and stakeholders to facilitate seamless deployment. We believe this initiative will significantly lower distribution costs and improve fuel availability for our customers nationwide,” Chiejina stated.
He added that over the next six weeks, the refinery expects at least 60 shiploads of these trucks to arrive in the country.
“This innovative distribution model is expected to catalyse efficiency gains across Nigeria’s downstream petroleum sector, fostering greater transparency, reducing transportation bottlenecks, and ultimately enhancing energy security for the nation,” he added.
In June, the Dangote refinery revealed its plan to deploy 4,000 CNG trucks across Nigeria for the nationwide distribution of petroleum products. “This bold initiative is projected to save Nigerians over N1.7tn annually in fuel distribution costs,” the company said.
The scheme is expected to significantly benefit over 42 million Micro, Small, and Medium Enterprises by lowering energy costs and improving profitability.
“This strategic programme is part of Dangote’s broader commitment to eliminating logistics bottlenecks, enhancing energy efficiency, promoting environmental sustainability, and supporting Nigeria’s economic development. Lower fuel distribution costs will reduce production expenses, alleviate inflationary pressures, and stimulate overall economic growth.
“The initiative is also expected to revitalise dormant filling stations, creating over 15,000 direct jobs across the logistics value chain, including positions for drivers, station managers, and attendants at the new CNG stations,” the statement noted, stressing that the programme would help curb cross-border smuggling of petroleum products while supporting a more efficient and environmentally friendly distribution system.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 24th June 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.
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, 24th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 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 ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
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