Economy
Edo Refinery cries out over non supply of crude oil to start production
Like Dangote Refinery, the management of AIPCC Energy Limited, operators of the Edo Refinery and Petrochemicals Company Limited (ERPCL), has raised the alarm over non-supply of crude oil to the full functional 1,000 barrels per day stream refinery to start production.
It said in spite of the directive by President Bola Tinubu to the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to Dangote Refinery and other modular refineries in the country in Naira, the Edo Refinery is yet to get any from the relevant authorities.
Speaking to journalists in Benin-City, the management of the refinery situated at Ologbo, Ikpoba-Okha Local Government Area, said it was facing significant challenges due to persistent lack of crude oil supply.
Representative of the company, Segun Okeni, said the refinery, which required 1,000 barrels per day, can barely function at fully installed capacity.
He said though the company has existing crude oil supply agreements with Seplat and ND Western since 2022, bureaucratic bottlenecks have prevented the refinery from accessing the much-needed resource.
He alleged that in 2021, ERPCL’s letter addressed to Mele Kyari, group chief executive officer of NNPCL after having a series of meetings and constant communication with him, was not attended to.
“On 18th August 2021, our team led by our chairman, met with the NNPCL CEO and its top management team to discuss our intention to buy crude oil from NNPCL and we immediately wrote seeking crude supply,” the letter was dated 22 July 2024.
“In July 2022, the representatives of NNPC (from HQ Abuja and NPDC Benin) visited our facility for site inspection and to confirm the mechanical completion of the Edo Refinery. In September 2022, we were invited for a commercial negotiation meeting with the NNPCL head of terms, after which we sent a follow-up letter identifying the oil fields from which we can offtake crude oil.
“In March 2022, we also wrote to the Ministry of Petroleum Resources, informing it of our refinery status, future projects and our challenges of lack of crude oil supply to our refinery. We had also written and had a meeting with the NNPC Exploration and Production Limited (NEPL) between November 2022 and March 2023, indicating our severe need for crude oil supply from oil fields where NEPL has equity stakes,” Okeni disclosed.
The ERPCL representative, however, stated that despite the meetings, correspondences and communications with NNPCL over the past three years on the issues of crude oil supply, nothing was done.
Besides, he identified other key issues encountered by the refinery as the inability of NNPCL to assign any of the preferred fields to allocate crude to the company since it started having engagement with the management on August 18, 2021, pointing out that even with the options given to allocate crude to the refinery from ND Western, First Hydrocarbon and Seplat, nothing has happened till date.
“ERPCL also has a crude oil supply agreement with ND Western to lift crude oil from the Ughelli Pumping Station (UPS) owned by NEPL and operated by Shoreline.
“We have held several meetings with Shoreline and Heritage Oil and indicated our readiness to make modifications needed to offtake crude oil from the UPS but no progress has been made till date,” Okeni further disclosed.
On the way forward, he said NNPCL and other producers need to put loading infrastructure in place to allow for truck loading, decrying why Dangote would be getting 30,000bp because it opened up to the public while smaller refineries were not being served, which he likened to no respect for small people who can also grow the economy alongside the big players.
The representative of ERPCL is, therefore, seeking Kyari’s intervention as group CEO of NNPCL for NUIMS to give occurrence to the Seplat-ERPCL agreement to enable Edo Refinery to start lifting crude oil from Oil Mining License.
He described the past two years as frustrating for the establishment. “If we local investors can’t get crude even as small as we are, how can foreign investors be encouraged to invest in the country? The total daily demand of all modular refineries is not up to to two percent of the daily crude oil production. Our lifting from the pumping station will even reduce pipeline losses.”
Okeni argued that the advantage of loading from NNPCL pumping station to the expert terminal is that it costs less because the cost of pipeline export terminal charges and loss will be saved which should make the modular refineries more competitive than the offshore refineries which come to the export terminal to take the crude thereby making cost-savings to trickle down to Nigeria consumers.
“If the smallest refinery is not getting crude, it will discourage investors in that area” Okeni said, contending that because of lack of crude, OPAC Refinery operates less than 3 percent of its installed capacity and Edo Refinery less than 10 percent of installed capacity.
He disclosed that Nigeria was losing millions of dollars following the inability of NNPCL to supply modular refineries over the past three years whose total installed capacity is less than 30,000bpd.
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.
The World Bank has disclosed that a staggering 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands.
This was revealed in the Bank’s April 2025 Poverty and Equity Brief for Nigeria, which paints a grim picture of worsening economic hardship, widening inequality, and persistent underdevelopment across much of the nation.
While poverty is widespread among urban populations, the report emphasised that the situation is significantly worse in rural areas, where economic stagnation, high inflation, and insecurity have exacerbated living conditions.
“Based on the most recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 per cent of Nigerians lived below the international extreme poverty line of $2.15 per person per day in 2018/19 before the COVID-19 pandemic,” the report stated.
The report also highlighted Nigeria’s enduring regional disparities. “Nigeria remains spatially unequal. The poverty rate in northern geopolitical zones was 46.5 per cent in 2018/19, compared with 13.5 per cent for southern ones. Inequality measured by the Gini index was estimated at 35.1 in 2018/19.
“Nigeria’s Prosperity Gap — the average factor by which individuals’ incomes must be multiplied to attain a prosperity standard of $25 per day for all — is estimated at 10.2, higher than most peers.”
Despite successive policy interventions, these figures underscore a persistent economic divide across the country.
The report’s demographic analysis found that children aged 0 to 14 years had a poverty rate of 72.5 per cent, reflecting the scale of deprivation among the youngest segment of the population.
Gender disparities were also observed, with 63.9 per cent of females and 63.1 per cent of males classified as poor under the $3.65 per day lower-middle-income threshold.
Education emerged as a significant determinant of poverty, with Nigerians lacking formal education experiencing a poverty rate of 79.5 per cent. This contrasts with 61.9 per cent for those with primary education and 50.0 per cent for secondary school graduates. Only 25.4 per cent of those with tertiary education were considered poor.
The report also drew attention to multidimensional poverty indicators, which further reflect widespread deprivation.
According to the World Bank, about 30.9 per cent of Nigerians live on less than $2.15 daily, 32.6 per cent lack access to limited-standard drinking water, 45.1 per cent do not have limited-standard sanitation, and 39.4 per cent have no electricity.
Education access remains a challenge, with 17.6 per cent of adults yet to complete primary education, and 9.0 per cent of households reporting at least one school-aged child not enrolled in school.
The report noted that even before the COVID-19 pandemic, efforts to reduce extreme poverty had largely stalled.
“Before COVID-19, extreme poverty reduction had almost stagnated, dropping by only half a percentage point annually since 2010. Living standards of the urban poor are hardly improving, and jobs that would allow households to escape poverty are lacking,” the report read.
Although the World Bank acknowledged recent economic reforms aimed at stabilising Nigeria’s macroeconomic outlook, it warned that persistently high inflation continues to undermine household purchasing power, particularly in urban areas where incomes have not kept pace with rising costs.
In light of the worsening situation, the Bank called for urgent policy action to shield vulnerable groups from inflationary shocks and to drive job creation through more productive economic activities.
The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).
This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.
Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.
Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week
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