Economy

Dangote’s fuel supply will aid economic revival – Governor reveals

Published

7 months ago

September 4, 2024

Admin

Ogun State Governor, Dapo Abiodun, said the commencement of fuel production by the Dangote refinery will strengthen the nation’s economy by eliminating constant shortages and conserving foreign exchange.

Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalised.

Abiodun, in a statement on Tuesday signed by his Chief Press Secretary, Lekan Adeniran, said that with the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation—will be solved.

According to the statement, with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians will heave a sigh of relief from constant fuel shortages, while the economy will also receive a boost.

Abiodun praised Alhaji Aliko Dangote for his determination to see through the multi-billion dollar projects against all odds.

The governor also commended President Bola Tinubu for his intervention in ensuring that the refinery came on stream during his administration.

He praised the President’s commitment to the revitalisation of other refineries in the country, which, he said, will drastically reduce fuel prices when all of them start production.

Abiodun said: “This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent.

“The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.

“The Dangote refinery is poised to be a game-changer in the production of petrol, addressing one of the most pressing challenges faced by Nigeria: reliance on imported fuel. This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.

“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy. This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone.”

Similarly, the governor said the economic impact of the refinery extends beyond just fuel production, saying that it is expected to generate thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates.

“The ripple effect of this employment generation will invigorate local economies, stimulate growth in ancillary industries, and enhance the livelihoods of countless families across Nigeria.

“In addition to bolstering local employment and economic activity, the refinery’s operations are expected to enhance energy security in Nigeria. With the capacity to produce a substantial volume of petrol, the country will be better equipped to meet its energy needs, reducing the volatility associated with fuel shortages and price fluctuations.

“This stability will inevitably create a more favourable environment for businesses and attract foreign investments, further boosting economic growth.

Economy

SEE Dollar To Naira Exchange Rate: Latest Black Market USD To NGN Rate For March 20, 2025

Published

3 days ago

March 20, 2025

ADMIN

The exchange rate for the US dollar to the Nigerian naira in the black market, also known as the parallel market (Aboki FX), has been released.

As of Wednesday, 19th March 2025, traders at the Lagos Parallel Market (Black Market) were buying dollars at ₦1575 and selling at ₦1585, according to sources from the Bureau De Change (BDC).

Official CBN Exchange Rate
The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct foreign exchange transactions through official banking channels. The official exchange rates recorded by the CBN are as follows:

Highest Rate: ₦1545
Lowest Rate: ₦1500
It is important to note that foreign exchange rates may vary depending on the location and financial institution handling the transaction.

Economy

SEE Today’s Black Market Exchange Rate – 18th March 2025

Published

4 days ago

March 19, 2025

ADMIN

Black Market Dollar to Naira Exchange Rate for March 17, 2025
Are you looking for the latest Dollar to Naira exchange rate in the parallel market (Aboki FX)? Here’s what you need to know.

Current Black Market Exchange Rate (March 17, 2025)
The exchange rate at the Lagos Parallel Market (Black Market) sees players buying a dollar at ₦1575 and selling at ₦1585, according to sources within the Bureau De Change (BDC).

Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market. Individuals seeking foreign exchange are advised to approach their respective banks for transactions.

Black Market Exchange Rate Today
Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1575
Selling Rate ₦1585
CBN Official Dollar to Naira Rate
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1552
Lowest Rate ₦1512
Disclaimer: Forex rates fluctuate, and the price you buy or sell at may vary from what is captured in this report.

SEC Suspends Centurion Registrars from Capital Market
In a related development, the Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and affiliates, from participating in the capital market.

According to a statement titled “Additional Enforcement Measures on Erring Capital Market Operators”, the SEC emphasized that this action is part of a broader initiative in 2025 aimed at eliminating illegal capital market operations.

Affected clients of Centurion Registrars have been advised to contact Africa Prudential Plc for further assistance.

The SEC also revealed plans to publish a “Name and Shame” journal, listing capital market operators who violate market regulations. This move underscores the commission’s firm stance against non-compliance and aligns with its updated enforcement strategies.

Economy

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

Published

5 days ago

March 18, 2025

ADMIN

The exchange rate between the US Dollar (USD) and Nigerian Naira (NGN) continues to fluctuate, with notable differences between the official market rate set by the Central Bank of Nigeria (CBN) and the parallel (black) market rates.

Black Market (Parallel Market) Exchange Rate
At the Lagos Parallel Market, also known as the black market, foreign exchange traders are currently buying one US dollar at ₦1,575 and selling it at ₦1,585. These rates are sourced from Bureau De Change (BDC) operators who engage in unofficial currency transactions outside the banking system.

The Central Bank of Nigeria (CBN) maintains a regulated exchange rate for financial institutions and official transactions. Based on recent data:

The highest recorded exchange rate for the dollar stands at ₦1,552 per USD
The lowest rate observed is ₦1,512 per USD
The CBN does not recognize or support the black market, advising individuals and businesses seeking foreign exchange (forex) to obtain their funds through licensed financial institutions such as banks.

Factors Influencing the Exchange Rate
Several economic and market conditions contribute to the fluctuations in Nigeria’s forex market, including:

Dollar Supply and Demand: A shortage of forex liquidity can push black market rates higher, while an increased supply from CBN interventions or foreign inflows can stabilize the naira.
Inflation and Economic Policies: High inflation rates and policy decisions from monetary authorities significantly impact the value of the naira.

Global Economic Trends: The strength of the US dollar in international markets, crude oil prices, and foreign direct investment flows all play a role in determining the naira’s performance.
CBN Regulations and Policies: Restrictions on forex transactions, such as bans on certain imports or tighter controls on foreign remittances, can create fluctuations in the black market rates.

Exchange rates are subject to constant fluctuations, and the rates at which individuals or businesses buy and sell forex may differ from those listed above. It is advisable to consult multiple sources or directly contact banks and financial institutions for the most accurate and up-to-date exchange rates.