Economy
Dangote tells NNPC, oil marketers to stop importing petrol, says refinery has enough

The President and Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, says his refinery has the capacity to surpass the daily fuel needs of the country.
To this end, he urged the Nigerian National Petroleum Company Limited (NNPCL) and other fuel importers to stop importation.
The advice, if realised, is expected to save the country several billions of dollars in fuel importation and ease its corresponding strain on the naira.
Dangote disclosed this on Tuesday at the Villa after a meeting with President Bola Tinubu on the naira-for-crude policy.
The Minister of Finance, Wale Edun, and the Group CEO of the NNPCL, Mele Kyari, attended the meeting.
Dangote said he told the President that his refinery is ready to supply over 30 million litres daily with enough supply of crude.
He said the technical committee is doing the work and if there is any issue after that, the Minister of Finance and Coordinating Minister of the Economy will give guidance before it is escalated to the President.
According to him, “At full capacity we can even supply whatever is being consumed because what I estimated as our consumption is about 30-32 million litres which we can even start producing by next week.
“As we speak today. We have 500 million litres in our tanks. With that even if there is no production anywhere or no import that will take the country more than 12 days.
“So, we are more than ready and I am also putting my name on the line by telling Mr President that we will be able to supply the market 30 million per day and we are ramping up”.
Dangote added that, “On the streets what you have to understand is that we are producers. I have a refinery, and I am not in the business of retail.
“If I am in the business of retail you can hold me responsible, but what I am saying is that the retailers should please come forward and pick. If They don’t come forward and pick, what do you want me to do”.
He said he is expecting that the NNPCL and the marketers will stop importing, adding that he was losing money keeping product in tanks.
“I don’t know if you understand what it means to keep half a billion litres in our tanks, it is costing me money. Everyday if I am to collect money I can charge 32 percent in interest.
“That is what I am losing, and you are talking about 500 billion. If they come and collect then you will not see any queue in the filling stations”.
He said coming to the refinery to lift fuel should not be difficult since the NNPCL and other marketers have been doing that with importation.
“We have what it takes for them to come and collect, we are not retailers and we don’t have trucks, but we have a factory where we can load, come and pick and distribute and they have been doing that with importation.
“Since they have been doing that with importation I see no reason why they should not come and collect and distribute”, he stated.
Economy
SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 12th May 2025

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.
Economy
Naira Gains Slightly Against Dollar On May 8, 2025

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.
Economy
SEE Black Market Dollar to Naira Exchange Rate Today – 7th May 2025

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.
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