Economy

NUPRC confirms $185m, N14.9b frontier exploration fund released to NNPC

Published

1 month ago

December 9, 2025

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has received over $185 million and N14.9 billion from the Frontier Exploration Fund, countering recent claims that the fund was being withheld.

Eniola Akinkuotu, Head of Media and Strategic Communication at the NUPRC, made the disclosure in a statement on Monday. He explained that the fund, which is drawn from statutory allocations for the exploration of frontier basins, was intended to support oil and gas discovery in underexplored regions across the country.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. $185,123,333 had been approved along with N14.9bn,” the statement read.

Akinkuotu clarified that the Frontier Exploration Fund is held in an account controlled by the Central Bank of Nigeria and not domiciled within the Commission. NUPRC’s role is to evaluate the work programmes submitted by NNPC Ltd and approve the release of funds accordingly.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” he said.

The Commission stated that to ensure transparency, it had engaged PwC to evaluate NNPC Ltd’s claims prior to the release of the funds. According to NUPRC, $45 million and N14.9 billion had been released earlier, with the final tranche of $140 million approved on November 27, 2025. “So far, there is no outstanding sum. We have documents to back this up,” the statement added.

Akinkuotu also urged the public and stakeholders to verify information directly with NNPC Ltd rather than relying on unverified sources. The Commission reaffirmed that the Frontier Exploration Fund is exclusively for NNPC Ltd’s use and dismissed suggestions that other operators could make legitimate claims on the fund.

The NUPRC’s clarification follows comments by the Minister of State for Petroleum, Senator Heineken Lokpobiri, who on November 17 denied any investigation into the Commission’s handling of the Frontier Fund. The Commission described attempts to suggest otherwise as “mischief” and urged accurate reporting.

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.