Economy

NNPCL Cuts Petrol Price Again As Market Competition Intensifies

Published

2 months ago

December 5, 2025

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The Nigerian National Petroleum Company Limited (NNPCL) has again brought down the pump price of Premium Motor Spirit (PMS), commonly known as petrol. This is the second time in less than one week that the price has been reduced.

On Thursday, December 4, 2025, the company lowered the price by ₦10 per liter. With this change, petrol now sells for ₦920 instead of ₦930 at NNPCL filling stations in Abuja, including stations in Gwarimpa, along Kubwa Expressway, and in Wuse Zone 4.

This comes shortly after another reduction on November 28, 2025, when NNPCL cut the price by ₦15 per liter. These back-to-back adjustments show a steady drop in fuel prices at NNPCL outlets.

The main reason for these reductions is the growing competition in the deregulated downstream oil market. NNPCL and the Dangote Petroleum Refinery are currently the biggest rivals in this space, and their competition is pushing prices down.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that fuel prices are likely to keep falling, saying the reductions will continue because of the strong competition.

Economy

Naira appreciates to N1,490/$ in parallel market

Published

2 days ago

January 21, 2026

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The Naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,495 per dollar on Monday.

Likewise, the naira appreciated to N1,420 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,420 per dollar from N1,420.5 per dollar on Monday, reflecting a 50 kobo appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N70 per dollar from N74.5 per dollar on Monday.

Economy

The Black Market Dollar to Naira Exchange Rate for 20th January 2026

Published

2 days ago

January 20, 2026

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Can Be Accessed Below:

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

Black Market Dollar To Naira Exchange Rate Today 20th January 2026Published 5 seconds ago on January 20, 2026By newsrainng
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)

The Black Market Dollar to Naira Exchange Rate for 20th January 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
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The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1500 and buy at ₦1480 on Tuesday, 20th January, 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
Selling Rate ₦1500
Buying Rate ₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1421
Lowest Rate ₦1419

Economy

See Dollar to Naira Exchange Rate at Black Market

Published

3 days ago

January 19, 2026

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The naira continued to trade at a weaker position against the United States dollar at the Lagos parallel market, popularly known as the black market.

Checks with operators at various Bureau De Change (BDC) outlets in Lagos revealed that the dollar was sold for ₦1,500, while buyers exchanged the greenback at ₦1,485 per dollar. This reflects the ongoing pressure on the local currency amid sustained demand for foreign exchange in the informal market.

Currency traders attributed the disparity in rates to limited dollar supply and increased demand from importers, travelers, and individuals seeking foreign exchange for personal and business transactions.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The apex bank has repeatedly warned Nigerians against patronizing the parallel market, advising those in need of foreign exchange to obtain it through their respective commercial banks and other approved channels.

At the official foreign exchange market, the naira traded at relatively stronger levels. According to data from the CBN, the highest exchange rate recorded was ₦1,420 per dollar, while the lowest stood at ₦1,416 per dollar during the same period.

The wide gap between the official and parallel market rates continues to highlight persistent challenges in Nigeria’s foreign exchange system, including dollar liquidity constraints and speculative trading activities.

Market observers caution that exchange rates may vary slightly depending on location, volume of transaction, and the dealer involved. As a result, the actual price at which individuals buy or sell foreign currency may differ from the rates quoted.