Economy
IOCs frustrating rollout of petrol, says Dangote Refinery
Dangote Group has accused International Oil Companies (IOCs) operating in the country of deliberately sabotaging Dangote Refinery’s plan to roll out petrol into the market.
According to the company, the IOCs are doing this to ensure that the country remains dependent on petrol imports perpetually.
It added that they have employed underhand tactics in crude pricing and deliberately stalling supply to frustrate Dangote Refinery.
Vice President of Oil and Gas, Dangote Industries Limited (DIL), Devakumar Edwin, made this known yesterday in Lagos.
He, however, added that despite these challenges, the refinery is on its last lap of testing ahead of roll out next month.
He explained that the IOCs have raised local crude prices above the international market price, forcing it to import crude from countries as far as the United States, with its attendant high costs.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for granting licences indiscriminately to marketers, who, according to the firm, import “dirty refined products into the country”.
Edwin said: “The Federal Government issued 25 licences to build refineries and we are the only one that delivered on promise.
“In effect, we deserve every support from the government. It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported.
“We are calling on the Federal Government and regulators to give us the necessary support in order to create jobs and prosperity for the nation.”
According to him, while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been trying its best to allocate crude to Dangote Refinery, such efforts are being frustrated by the IOCs.
Speaking further, Edwin said: “It seems that the IOCs’ objective is to ensure that our Petroleum Refinery fails.
“It is either they are deliberately asking for ridiculous/humongous premium or they simply state that crude is not available.
“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the U.S., increasing our cost of production.
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports crude oil and imports refined petroleum products.
“They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their GDP, and dumping the expensive refined products into Nigeria – thus making us dependent on imported products.
“It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense. This is exploitation – pure and simple.
“Unfortunately, the country is also playing into their hands by continuing to issue import licences at the expense of our economy and at the cost of the health of Nigerians, who are exposed to carcinogenic products.
“In spite of the fact that we are producing and bringing out diesel into the market, complying with ECOWAS regulations and standards, licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian Market.
“Since the U.S., EU and UK imposed a Price Cap Scheme from 5th February 2023 on Russian Petroleum Products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and, they are being purchased and dumped into the Nigerian Market.
“In fact, some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa.
“It is sad that the country is giving import licences for such dirty diesel to be imported into Nigeria when we have more than adequate petroleum refining capacity locally.”
According to him, the decision of the NMDPRA to grant licenses indiscriminately for the importation of dirty diesel and aviation fuel has made the Dangote Refinery expand into foreign markets.
He appealed to the Federal Government and the National Assembly to urgently intervene for the speedy implementation of the Petroleum Industry Act (PIA) 2021 and to ensure the interests of Nigeria and Nigerians are protected.
He added: “Recently, the Government of Ghana, through legislation, banned the importation of highly contaminated diesel and PMS into their county.
“It is regrettable that, in Nigeria, import licences are granted despite knowing that we have the capacity to produce nearly double the amount of products needed in Nigeria and even export the surplus.
“Since January 2021, ECOWAS regulations have prohibited the import of highly contaminated diesel into the region.
“The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim is to grow our economy,” Edwin said.
He noted that because the refinery meets the international standard as well as complies with stringent guidelines and regulations to protect the local environment, it has been able to export its products to Europe and other parts of the world.
NMDPRA said it would respond to Dangote Refinery’s allegations today.
Asked for the Authority’s response, Corporate Communications General Manager, Mr. George Ene-Ita, texted: “We will respond in the morning, pls.”
Below is the black market exchange rate for the US Dollar to Naira as of Sunday, May 11, 2025. These are the rates at which you can exchange your dollars for naira.
Black Market Dollar to Naira Exchange Rate (Aboki FX)
According to sources at the Bureau De Change (BDC) in Lagos, the dollar was bought at ₦1625 and sold at ₦1630 on Sunday, May 11, 2025.
Important Notice:
The Central Bank of Nigeria (CBN) does not officially recognize the parallel market, also known as the black market. The CBN advises anyone seeking foreign exchange to do so through their commercial banks.
Dollar to Naira Exchange Rates Today
Market Type Buying Rate Selling Rate
Black Market (Aboki) ₦1625 ₦1630
CBN Official Rate ₦1608–₦1614 –
Please note: Exchange rates may differ depending on the vendor or location, and the rates presented here might vary slightly from the actual rate at the point of transaction.
On Thursday, May 8, 2025, the naira is exchanging for ₦1,627 to 1 US dollar at the parallel market (black market) in Nigeria.
This reflects the current rate at which individuals are trading dollars for naira outside of official financial institutions.
This means that for every one dollar, you can get the equivalent in naira of ₦1,627 on May 8, 2025, showing a very slight improvement compared to the previous day, indicating a momentary easing of pressure on the naira against the dollar.
Thursday, May 8, 2025, records a marginal upward movement in the exchange rate, suggesting a bit of stability in the local currency for those transacting in foreign exchange.
The black market rate represents the value at which individuals can trade their dollars for naira outside official exchange channels, where the currency’s value is largely driven by supply and demand dynamics rather than government regulation.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government and reflects a more immediate, fluctuating market response.
Today’s exchange rate has slightly improved compared to yesterday, Wednesday, May 7, when the naira exchanged at ₦1,628 per dollar. (This means the naira gained a bit of value in the past 24 hours, possibly due to a brief easing in dollar demand or better forex inflow.)
The value of a country’s currency is determined by aggregate supply and demand, influenced by factors such as national interest rates, inflation, capital flow, and the overall money supply.
These forces, both internal and external, affect the strength of a nation’s currency and contribute to exchange rate fluctuations. The most common method to assess a currency’s value is through exchange rates. The two main exchange rate systems are the fixed rate and the floating rate systems, with the parallel market rate offering a real-time reflection of currency trends.
Investors and market participants closely monitor parallel market rates for a more immediate and practical reflection of currency trends, often making it a reliable indicator of short-term shifts in economic conditions.
The dollar to naira rate keeps making headlines, and if you’re here, chances are you’re looking for today’s black market exchange rate – Wednesday, 7th May 2025. Whether you need to exchange dollars for business, personal use, or just want to stay updated, this post gives you the most accurate and up-to-date info on the dollar to naira rate in the parallel (Aboki) market.
We understand how quickly things can change in Nigeria’s forex market, so we’re committed to bringing you real-time figures and what’s influencing them.
What is the dollar-to-naira exchange rate on the black market, like the Aboki Fx?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as black market, as of 7th May 2025, is N1,610 for 1 USD.
This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.
How much is a Dollar to Naira today in the Black Market?
What is the Dollar to Naira Exchange Rate at the Black Market, especially the Aboki Fx?
Because of the dynamics of supply and demand in the informal foreign exchange market, the Central Bank of Nigeria (CBN) official rates often differ significantly from those in the black market.
As of today, 7th May 2025, the black market buying rate for the US dollar is N1,600 while the selling rate is N1,610.
These rates change from time to time during the day, influenced by various factors including economic conditions, market speculation, and government policies.
The dollar-to-naira exchange rate in the black market has continued to fluctuate, reflecting the economic challenges and forex shortages in Nigeria.
In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,606.64.
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market.
Black Market Exchange Rate Today
Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,600 N1,610
POUNDS STERLING (GBP) N2,120 N2,140
EURO (EUR) N1,780 1,800
CBN Exchange Rate Today
Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,605.64 N1,606.64
POUNDS STERLING (GBP) N2,150.27 N2,151.61
EURO (EUR)
N1,823.68
N1,824.82
YUAN (CNY)
N222.49
N222.63
SAUDI RIYAL (SAR)
N428.07
N428.34
CRYPTOCURRENCY
At the time of posting
BITCOIN
1 BTC: NGN153M
1 NGN = 0.000000078BTC
ETHEREUM
1 ETH: NGN 2.9M
1 NGN: 0.00000034ETH
Variations in Forex Rates
Forex rates in Nigeria vary across different markets and platforms. The black market, official CBN rates, and rates offered by commercial banks and international money transfer operators all differ.
This discrepancy creates arbitrage opportunities and poses challenges for businesses and individuals needing foreign currency for legitimate transactions.
50 Dollars to Naira Today Black Market
For people looking to exchange 50 US dollars today, the rate in the black market will be approximately N80,000 if obtained at the buying rate of N1,600 per dollar.
For those buying from retailers, it would cost N80,500 at the selling rate of N1,610 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N160,000 if sold at the current buying rate.
For those purchasing dollars, it will cost them N161,000. This rate of increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for overseas transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N800,000 at the buying rate and N805,000 at the selling rate in the black market today.
The higher volumes reflect the ongoing need for dollars in the business community.
1,000 Dollars to Naira Today Black Market
For those who need up to 1000 US dollars, the black market will offer N1,600,000 at the buying rate and N1,610,000 at the selling rate.
-
News15 hours agoWho Is Usoro Akpabio? Tinubu’s New MD for South-South Development Commission
-
News7 hours agoJust in: Wike admits Fubara alongside 2 govs visited him on reconciliatory moves
-
Politics15 hours agoJust in: PDP leaders plan to grab power as govs, ex-govs meet
-
Politics16 hours agoWatch moment Wike arrives for PDP meeting (Video)
-
News11 hours agoRivers crisis: Wike’s aide mocks Fubara, advises him to honourably quit since his spirit has left Brick House
-
News16 hours ago
True confession: “I’m not keen to return to office my spirit has left Brick House-Fubara
-
Economy9 hours agoSEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 12th May 2025
-
News15 hours agoSAD! Finally, see photos, identity of army captain killed by Boko Haram