Economy
Embrace savings, shun Ponzi schemes, NDIC urges youths
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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 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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