Economy

NUPRC targets $2bn investment through flare gas access programme

Published

1 month ago

December 13, 2025

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country is targeting $2 billion in investment through permits issued to 28 companies for access to flare gas.

NUPRC Chief Executive Officer, Gbenga Komolafe, made the disclosure on Friday at the “Permit to Access Gas Flare Issuance Ceremony” in Abuja, noting that the program is expected to generate more than 100,000 direct and indirect jobs.

“The program is expected to attract up to $2 billion in investment. More than 100,000 direct and indirect jobs are projected to be created,” Komolafe said.

He added that the initiative could produce about 170,000 metric tons of LPG annually, providing clean energy to roughly 1.4 million households, and unlock enough gas to generate around 3,000 MW of electricity.

Komolafe explained that structures such as the NGFCP forum and the College of Awardees have been established to support project implementation, knowledge sharing, and change management. The Commission has also engaged international financiers and technology partners to back the program.

He stated that NUPRC conducted extensive due diligence on all permit recipients, validating both technical feasibility and financial capability to ensure the commercial and operational soundness of approved projects.

The CEO recalled that 49 flare sites were auctioned, with 42 million cubic feet awarded. The captured flare gas, estimated at 250–300 million standard cubic feet, will help eliminate approximately 6 million tons of CO2 emissions annually.

Komolafe highlighted that the Nigerian Gas Flare Commercialization Programme (NGFCP), relaunched in September 2022, aims to transform flare gas from an environmental liability into an economic asset, driving industrial growth and enhancing environmental credentials.

“By allocating flare gas to competent third-party developers, NUPRC activated a globally unique model where waste flare gas becomes valuable, turning environmental challenges into investment opportunities,” he said, describing it as part of the “new Nigeria Energy Story” written collaboratively with stakeholders.

He further noted that the program aligns with Nigeria’s Energy Transition Plan, supporting the country’s move toward a cleaner, more resilient energy system.

“NGFCP is therefore not merely a policy initiative. It is a pillar in our quest to eliminate routine flaring, reduce emissions, and enhance Nigeria’s global credibility in energy transition commitments,” Komolafe concluded.

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.