Economy
NDIC takes financial literacy campaign to secondary schools
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The Nigeria Deposit Insurance Corporation (NDIC) has intensified efforts to promote financial literacy and savings culture among young Nigerians by taking its financial education campaign to public secondary schools in Akwa Ibom State.
The NDIC, as part of activities marking the 2026 Financial Literacy Day, visited the Federal Technical College, Ukana Offot, in Uyo Local Government Area, on Friday where students were sensitised on the importance of prudent financial management and the culture of saving.
Speaking during the programme, the Controller of NDIC Port Harcourt’s Zonal Office, Mr. Adefemi Shaba, said the initiative was designed to improve financial literacy among young people and equip them with the knowledge required to make informed financial decisions in the future.
According to him, the programme, which featured discussions under the theme, “Smart Money Talks,” forms part of an annual awareness campaign jointly championed by the NDIC and the Central Bank of Nigeria (CBN).
He explained that the theme of NDIC in 2026 underscores the importance of having open conversations about money management and the need to build confidence among young people in handling financial matters.
Building a savings culture
Shaba said one of the major objectives of the campaign was to inculcate a savings culture in children and teenagers, noting that the habit of saving is best developed from an early age.
He stressed that while the lessons may not appear immediately relevant to some of the students, the knowledge acquired would become useful as they advance in their academic pursuits and eventually begin to earn and manage their own income.
“We are here to commemorate Financial Literacy Day 2026 and to introduce the students to saving habits and encourage them to cultivate the culture of saving. We do this so that as the students grow up, they already have the habit of saving embedded in them,” he said.
The NDIC official added that the sensitisation programme also provided an opportunity for the corporation to educate students on its mandates and its role in promoting stability and confidence in the Nigerian banking system.
According to him, many Nigerians, especially young people, are unaware of the functions of the NDIC and the importance of financial institutions in national development.
Empowering the younger generation
Also speaking, the Principal Manager, Communication and Public Affairs Department of the NDIC, Mrs. Sa’adatu Bowsan, described Financial Literacy Day as a global initiative aimed at promoting financial education and empowering young people with essential money management skills.
She said the programme specifically targets secondary school students because they represent the future of the country’s economy and financial system.
According to her, exposing children to financial education at an early stage would help them develop positive financial behaviours and prepare them to become responsible adults.
“We are here in Akwa Ibom State as part of the commemoration of Financial Literacy Day 2026, which is a global initiative of the Bankers’ Committee. We are here basically to teach financial literacy, targeting young people, particularly secondary school students,” she said.
Bowsan noted that the essence of the programme is to shape the mindset of young Nigerians towards prudent financial management, savings and responsible spending.
“The whole idea is to target them while they are still young. We realised that the young people of today will become the adults of tomorrow, and so we are inculcating the right habits in them so that they can become better managers of resources in the future,” she added.
Students commend initiative
Some of the students who participated in the programme expressed appreciation to the NDIC for selecting their school for the sensitisation exercise.
One of the beneficiaries, Miss Udeme Effiong, said the programme had broadened her understanding of financial literacy and the importance of developing good savings habits.
She noted that prior to the programme, she had little knowledge of financial planning and management but now understood the need to save and make informed financial decisions.
“I want to thank the NDIC for choosing our school for this important programme. I have learnt a lot about financial literacy and I can now explain to others what it means and why saving is important,” she said.
Promoting financial inclusion
Financial experts have continued to stress the need for increased financial literacy among Nigerians, especially young people, as part of efforts to deepen financial inclusion and encourage responsible financial behaviour.
The annual Financial Literacy Day campaign has become one of the key platforms through which the NDIC and the CBN seek to bridge the knowledge gap in financial education and promote a culture of savings among citizens.
Stakeholders believe that equipping young people with financial knowledge and skills will not only improve personal financial management but also contribute significantly to economic growth and national development.
The NDIC has, over the years, continued to expand its financial education campaigns across the country, targeting schools and other institutions with the aim of raising a financially informed generation capable of making sound financial decisions.
The Black Market Dollar-to-Naira Exchange Rate for 1st 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, 1st 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 ₦1390 on Monday, 1st 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 ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1343
Lowest Rate ₦1320
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at some of its retail outlets in Abuja.
The latest adjustment has pushed the price of petrol at affected NNPCL filling stations to ₦1,345 per litre, representing a ₦75 increase from the previous price of ₦1,270 per litre.
Checks conducted on Monday showed that NNPCL stations in parts of the Federal Capital Territory, including outlets around Gwarinpa and Wuse Zones 4 and 6, were dispensing petrol at the new price.
The increase comes amid a fresh wave of upward adjustments in petrol prices by several marketers across the country.
NNPCL Stations Adjust Pump Price
A staff member of an NNPCL retail outlet, who spoke on condition of anonymity, confirmed that the company had adjusted its pump price on Monday.
“Our petrol pump price was raised to ₦1,345 per litre today (Monday),” the attendant said.
The latest development means motorists who purchase 50 litres of petrol at the affected NNPCL stations will now spend approximately ₦67,250, compared with ₦63,500 under the previous ₦1,270-per-litre price.
The increase is expected to put additional pressure on motorists and other consumers who rely heavily on petrol for transportation and business activities.
Other Marketers Also Increase Prices
The NNPCL adjustment follows similar price reviews by several independent petroleum marketers over the weekend.
Filling stations operated by MRS, Ranoil, Empire Energy and other downstream operators reportedly increased their petrol prices by between ₦20 and ₦80 per litre in different locations.
The varying adjustments highlight the increasingly market-driven nature of petrol pricing in Nigeria, with retail prices differing depending on the marketer, location, supply costs and prevailing market conditions.
Motorists in Abuja and other parts of the country are therefore expected to continue seeing different pump prices from one filling station to another.
Dangote Refinery Raises Ex-Depot Price
The latest pump price increases came after Dangote Refinery reportedly adjusted its ex-depot price for petrol.
The refinery increased its gantry price by ₦65, taking it from the previous level to ₦1,265 per litre.
The ex-depot price is a major component of the cost structure faced by petroleum marketers before transportation, logistics, storage, operational expenses and other charges are added before the product reaches retail filling stations.
An increase at the depot level can consequently result in higher pump prices if marketers pass the additional cost on to consumers.
Rising Petrol Imports Raise Concerns
The latest petrol price adjustments have also emerged amid renewed concerns over the increasing volume of imported petrol entering the Nigerian market.
The development has attracted attention because Nigeria’s domestic refining capacity, particularly following the commencement of operations at the Dangote Refinery, has been expected to reduce the country’s dependence on imported refined petroleum products.
However, petrol imports have continued to account for a significant portion of the country’s total supply.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reportedly showed that imported petrol accounted for 43.3 per cent of total PMS supply in July.
The figure has raised concerns within the domestic refining and downstream petroleum sector.
Dangote Refinery Raises Concern Over Imports
The Dangote Refinery had previously expressed concerns about the increasing volume of imported petrol into Nigeria.
The refinery reportedly threatened to restrict petrol sales to importers and marketers amid what it described as a surge in imported products.
The development has contributed to an ongoing debate over competition, supply sources and pricing within Nigeria’s downstream petroleum industry.
While domestic refiners are seeking to expand their share of the local market, petroleum marketers continue to source products from different suppliers based on prevailing commercial conditions.
What the Latest Increase Means for Nigerians
The latest increase in Abuja is likely to generate concern among motorists and businesses, particularly those already dealing with high operating and transportation costs.
Petrol price movements often have a wider impact on the economy because the product is heavily relied upon for transportation, power generation and the distribution of goods and services.
An increase in pump prices can therefore raise transportation fares and increase the cost of moving food, agricultural produce and other commodities.
For businesses that depend on petrol-powered generators and vehicles, the additional cost could also translate into higher operating expenses.
With NNPCL stations now selling petrol at ₦1,345 per litre in some parts of Abuja, motorists will be watching closely to see whether other filling stations follow with further increases in the coming days.
The latest adjustment also adds to recent concerns that petrol prices could continue rising if depot prices and other supply-related costs remain elevated.
The Nigerian naira is opening the new trading week around the ₦1,300-per-dollar range, with the latest official Nigerian Foreign Exchange Market (NFEM) data showing a closing rate of about ₦1,337.29/$1 at the end of Friday’s session.
According to the Central Bank of Nigeria (CBN), the NFEM rate stood at ₦1,337.2873 per dollar on August 28, while the closing rate was ₦1,337.0000. The official NFEM rate is calculated using a volume-weighted average of transactions in the market.
The naira had strengthened during the previous week, moving from ₦1,349.99/$1 on August 24 to ₦1,337/$1 on August 28, representing an appreciation of about 0.96 percent.
In the parallel market, the dollar was quoted at about ₦1,400 on Friday, according to market data published by AbokiFX. This was ₦7 lower than the ₦1,407/$1 recorded the previous day.
The latest parallel-market rate leaves a gap of roughly ₦63 between the informal market and the official NFEM rate.
Meanwhile, a live indicative USD/NGN rate available early Monday puts the dollar around ₦1,346.78, although this should not be confused with the official NFEM closing rate, which reflects the most recent completed trading session.
Market data also showed continued strength in foreign exchange liquidity. NFEM turnover reached $1.06 billion in one trading session last week, while Nigeria’s foreign reserves continued to provide support for the naira.
For today, Monday, August 31, 2026, the dollar-to-naira rate is therefore around ₦1,337/$1 at the latest official NFEM close, while the parallel-market rate is around ₦1,400/$1. Rates may change as trading activity resumes and demand and supply conditions evolve.
It is important to note that rates offered by banks, Bureau de Change operators and other dealers may differ from the published NFEM and parallel-market reference rates because of transaction margins and market conditions.
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