Economy

Dangote Refinery Set To Deliver First Fuel In Weeks

Published

1 year ago

February 12, 2024

Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria.

The country has relied on imports for most of the fuel it consumes but the $20bn refinery is set to turn the country into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics

The first fuel should be hitting the market “anytime from now”, a senior Dangote executive, speaking anonymously as the details were not public, told Reuters.

The development means Nigeria has been exporting less oil in recent months and could soon import less gasoline and diesel for domestic needs from oil majors and trading houses – a multibillion-dollar annual trade that has persisted for decades.

Nigeria’s national oil firm, NNPC Ltd, is set to supply the 650,000 barrel per day (bpd) plant with 4-million barrels in March, a source with direct knowledge of the matter told Reuters, bringing the total supplies since December to 12-million barrels, or roughly 100,000 bpd.

The source added that NNPC was allocating cargoes to the refinery on a spot basis.

Dangote is also set to receive two cargoes of US WTI crude from oil trader Trafigura, two of the sources said.

Neither privately owned Dangote Refinery nor state-owned NNPC immediately responded to an official Reuters request for comment.

Daily Trust findings revealed that the refinery is producing and storing diesel, naphtha, jet fuel, and residual oil, one of the sources said.

Tests to determine if the supplies meet quality standards are in final stages, the Dangote executive added.

Reaching full capacity could take months and Dangote has said it will start by refining 350,000 bpd and aims to ramp up to full production later this year.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

17 hours ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, 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
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Economy

Overview of Dollar to Naira Exchange Rate: Key Insights, Trends as of March 11, 2025

Published

1 day ago

March 12, 2025

Admin

Understanding the dynamics of the foreign exchange market is crucial for individuals and businesses engaged in international transactions. The exchange rate between the U.S. Dollar (USD) and the Nigerian Naira (NGN) has experienced notable fluctuations in recent times. This article provides an overview of the current exchange rates, historical trends, and factors influencing these changes as of Tuesday, March 11, 2025.

Current Exchange Rates

As of March 11, 2025, the exchange rates are as follows:

Date Official Exchange Rate (USD to NGN): 1 USD = 1,559.65 NGN

Black Market Rate (USD to NGN): 1 USD = 1,561.00 NGN11-03-2025

Note: The official exchange rate is sourced from historical data, while the black market rate is based on user-reported information.

Recent Trends and Fluctuations

Over the past week, the USD/NGN exchange rate has exhibited the following movements:

High: 1 USD = 1,559.65 NGN on 11-03-2025
Low: 1 USD = 1,493.99 NGN on 04-03-2025

The most significant 24-hour change occurred on 11-03-2025, with a 2.118% increase in value. 

Factors Influencing the Exchange Rate

Several factors have contributed to the recent fluctuations in the USD/NGN exchange rate:

Oil Prices: Nigeria’s economy is heavily reliant on oil exports. Variations in global oil prices directly impact foreign exchange earnings, influencing the Naira’s value.

Inflation Rates: Higher domestic inflation can erode the Naira’s purchasing power, leading to depreciation against the USD.

Monetary Policy: Decisions by the Central Bank of Nigeria regarding interest rates and foreign exchange interventions play a pivotal role in stabilizing the Naira.

Political Stability: Political events and policy decisions can affect investor confidence, thereby impacting currency value.

Implications for Stakeholders
Importers and Exporters: Fluctuating exchange rates can affect the cost of goods and services, influencing profit margins.

Investors: Currency volatility may impact returns on investments denominated in foreign currencies.

General Public: Exchange rate movements can affect the prices of imported goods, thereby influencing the cost of living.

Conclusion

Staying informed about exchange rate trends is essential for effective financial planning and decision-making. As of March 11, 2025, the USD to NGN exchange rate reflects both global economic conditions and domestic factors. Individuals and businesses are advised to monitor these trends closely and consult financial experts when making currency-related decisions.

Disclaimer: Exchange rates are subject to continuous change.

Economy

See list: China, India lead as Nigeria’s major trading partners Q4, 2024

Published

1 day ago

March 12, 2025

Admin

China and India have emerged as Nigeria’s largest sources of imports in 2024.

According to the latest trade report from the National Bureau of Statistics (NBS), China remains Nigeria’s top import partner, while India follows.

The bulk of these imports include electronics, machinery, textiles, and industrial equipment, which are crucial to Nigeria’s manufacturing and technology sectors.

India’s contributions are particularly significant in pharmaceuticals, industrial raw materials, and processed food products.

A breakdown of Q4 2024 trade data highlights China’s continued dominance in Nigeria’s import market.

The top five sources of imports for the fourth quarter were:

China – N4.61 trillion (27.80% of total imports)
India – N1.90 trillion (11.43%)
Belgium – N1.39 trillion (8.35%)
United States – N1.06 trillion (6.36%)
France – N601.28 billion (3.62%)