The Petroleum Products Retail Outlet Owners Association of Nigeria says some local refineries are importing substandard crude into Nigeria to cut costs.

Speaking with our correspondent on Thursday, PETROAN National Publicity Secretary Joseph Obele said the refineries have been importing crude oil with high sulphur content into Nigeria.

Asked to mention some of the refineries, Obele declined, saying the concerned refineries know themselves, hoping they will adjust.

According to him, the importation of low-quality crude oil into Nigeria started following the suspension of the naira-for-crude deal by the Federal Government.

He said, “Some refineries are importing substandard crude into the country. They do this to cut costs following the stoppage of the naira-for-crude deal. We are not going to mention any particular refinery, but when those concerned see the report, they will make corrections.

“Many may not know there is substandard crude. Any crude oil with high sulphur content does not meet the global standard.”

Earlier in a statement, PETROAN cautioned refinery operators to prioritise the importation of high-quality crude oil as the naira-for-crude tenure ends.

“We urge the refinery operators to ensure that the crude oil imported meets global standards to guarantee the production of high-quality petroleum products,” Obele noted.

He explained that Nigerian Sweet Crude is among the best in the world, saying imported crude should not be lower in quality.

“It is noteworthy that Nigerian crude oil, classified as sweet crude (with less than 0.5 per cent sulphur content), is among the best in the world, and we see no reason why imported crude oil should be of lower standards.

“The association is concerned that the importation of substandard crude oil will compromise the quality of petroleum products, undermine the growth and development of the Nigerian oil and gas industry, and ultimately harm Nigerian consumers,” he argued.

He called on the Federal Government and the regulatory agencies to be on high alert and “conduct thorough laboratory analysis on all crude oil imports to ensure they meet the required standards.

“We also urge the relevant authorities to ensure that refinery operators adhere to the highest standards in their operations, including the importation of high-quality crude oil,” he said.

PETROAN also called on the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, to conduct an appraisal of the first phase of the naira-for-crude initiative to ascertain the next line of action in the best interest of Nigerians.

Furthermore, he stressed that the permutation that the price of petroleum products will keep increasing as the naira-for-crude deal comes to an end is a serious concern to PETROAN.

“In order to avoid this scenario and ensure price stability and energy sufficiency, PETROAN advocates that the window for importation of refined petroleum products should remain open.

“Meanwhile, PETROAN is optimistic that the recent increment in the price of PMS is temporary. The reforms occasioned by the Petroleum Industry Act encourage competition in the downstream sector. Competition is a catalyst for price reduction in any sector. We believe that as the market adjusts to the new realities, prices will stabilise and eventually decrease.

“To further protect the interests of our members and the Nigerian consumers, PETROAN will be vigilant and proactive. We will conduct laboratory testing on refined petroleum products to determine which refinery or depot to mobilise our members to purchase from. This is to ensure that our members and the Nigerian public are not sold substandard products,” Obele threatened, even as he refused to mention the refineries importing substandard crude.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…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.
As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

What’s the dollar to naira black market today 3rd April 2025?
The local currency (abokiFx) opened at ₦1,560.00 per $1 at the parallel market, otherwise known as the black market, today, Thursday, 3 April 2025, in Lagos, Nigeria, after it closed at ₦1,550.00 per $1 on Wednesday, 2 April 2025.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,545
Selling Rate of $1 ₦1,555
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.

What is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,530
Selling Rate of $1 ₦1,531
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.

Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.

The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.

This means that the naira gained N5.57 per dollar on a day-to-day basis.

Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.

Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.