Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, July 24, 2026, at both the official Nigerian Foreign Exchange Market and the parallel market, though analysts warn that increased dollar purchases by fuel importers could trigger further depreciation in the coming days.

Data from the official market showed the naira exchanging at approximately ₦1,369.92 to the US dollar at the Nigerian Foreign Exchange Market (NFEM), which serves as Nigeria’s official exchange rate benchmark. According to Central Bank of Nigeria data, the highest rate offered during trading was ₦1,370 per dollar, while the lowest rate stood at ₦1,365 per dollar. In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,420 per dollar, according to market trackers, with Bureau de Change operators buying at approximately ₦1,410 and selling at ₦1,420. Rates may differ slightly depending on location, dealer margins, and transaction volumes. Based on the prevailing official rate, $100 would exchange for about ₦136,992**, while **$1,000 would be worth roughly ₦1.37 million at the NFEM.

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The naira is coming under renewed pressure as fuel importers increase foreign exchange purchases to build inventories, according to a Reuters report cited by The Punch. The Nigerian currency, alongside those of Ghana and Uganda, is projected to weaken against the dollar over the next week, while Kenya’s shilling and Zambia’s kwacha are expected to remain broadly stable. The anticipated depreciation is attributed to increased demand for foreign exchange by fuel importers who have been granted licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to import refined petroleum products for the July–September period. Importers including AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle are building inventory for the quarter, requiring significant foreign currency purchases that are outpacing supply and creating downward pressure on the naira. A trader told Reuters that the local currency was likely to face downside risks as importers sought more dollars to finance fuel purchases. “We expect the naira to come under pressure, with downside risks skewed toward a depreciation as fuel importers front-load dollar purchases to build inventories,” the trader said.

The naira showed some strength earlier in the week as foreign exchange market activity surged dramatically. On Tuesday, July 21, **total turnover at the NFEM climbed to $1.5 billion**, up 87.63 per cent from $816.79 million recorded the previous day. The spike in trading volume lifted the naira on both official and parallel markets, with the dollar falling to N1,375.31 at the NFEM, representing a 0.35 per cent gain. The number of transactions executed at the NFEM also increased by 16.79 per cent to 313 on Tuesday from 268 the day before. The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing foreign exchange reforms and improved market liquidity. The narrowing gap to approximately 1.8 to 2.38 per cent signals improving alignment between official and street prices, down significantly from historic highs. CBN Governor Olayemi Cardoso has credited ongoing reforms for pushing Nigeria’s net foreign reserves from about $3 billion to over $40 billion. Nigeria’s gross external reserves have continued to rise, reaching $51.743 billion, supported by crude oil earnings and stronger foreign portfolio investment inflows. However, analysts caution that reserve growth alone may not be enough to ease parallel market pressure if dollar demand continues to exceed official supply.

The Central Bank of Nigeria determines the official NFEM exchange rate using a volume-weighted average of transactions executed in the market, while parallel market rates are driven by demand and supply among currency dealers. It is important to note that the Central Bank of Nigeria does not recognize the parallel market, as it has directed individuals who want to engage in foreign exchange transactions to approach their respective banks. Rates at which individuals buy or sell forex may differ from published rates because prices vary by location, dealer margins, and transaction volumes.

Market observers noted modest fluctuations driven by supply conditions, demand from importers, and recent developments in the petroleum sector, including the resumption of naira-based sales at the Dangote Refinery. The Reuters projection comes amid growing concerns by downstream operators that continued fuel imports are increasing demand for foreign exchange despite rising domestic refining capacity. Businesses and individuals relying on foreign exchange continue to monitor these daily movements closely, as they directly affect import costs, remittances, and everyday transactions.

Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

Nigeria Takes Centre Stage at UN Road Safety Summit as Tinubu Delegates FRSC Corps Marshal

President Bola Ahmed Tinubu has reinforced Nigeria’s commitment to the global campaign against road traffic fatalities by appointing the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, to lead the country’s delegation to the United Nations High-Level Meeting on Improving Global Road Safety in New York, United States.

The high-level gathering at the United Nations General Assembly Headquarters has brought together Heads of State, ministers, global policymakers and road safety experts to review progress and accelerate efforts towards achieving the UN target of reducing road traffic deaths and serious injuries by 50 per cent before 2030 under the Decade of Action for Road Safety.

Representing President Tinubu at the plenary session, Shehu Mohammed delivered Nigeria’s national statement on the meeting’s theme, “Scaling Up and Accelerating Implementation of Commitments to Halving Road Traffic Deaths and Injuries by 2030.”

He reaffirmed the Federal Government’s determination to strengthen road safety governance through sustained political commitment, strategic investments, innovation and stronger international partnerships in line with the administration’s Renewed Hope Agenda.

The Corps Marshal highlighted the significant progress Nigeria has recorded in advancing road safety, noting that the Federal Government has strengthened the institutional capacity of the FRSC through strategic reforms, technology-driven enforcement systems, enhanced emergency response mechanisms and intensified public education campaigns aimed at reducing crashes and fatalities.

He also showcased Nigeria’s growing influence in road safety across Africa, citing the recent launch of the Nigeria Road Assessment Programme (NigeriaRAP) in partnership with the International Road Assessment Programme (iRAP).

According to him, the initiative adopts the globally recognised Safe System Approach to improve road infrastructure safety and reduce crash risks.

Mohammed further pointed to Nigeria’s role as host of the Secretariat of the African Association of Road Safety Lead Agencies (AARSLA), describing it as a strategic platform for promoting collaboration, knowledge sharing and institutional development among road safety agencies across the continent.

On sustainable transportation, the FRSC boss told delegates that Nigeria is aligning its mobility agenda with global environmental goals through the Presidential Initiative on Compressed Natural Gas (CNG) and Electric Vehicles (EVs), while developing comprehensive safety standards for heavy-duty vehicles and emerging transport technologies.

While acknowledging the progress already made, Mohammed stressed that achieving the 2030 target would require stronger international cooperation in areas such as intelligent enforcement technologies, road infrastructure safety assessments, institutional capacity development and technology transfer.

He therefore urged development partners and the international community to expand technical cooperation and support capacity-building programmes that would help countries accelerate the implementation of global road safety commitments.

Reaffirming Nigeria’s position, the Corps Marshal declared that road safety remains a national priority under President Tinubu’s administration, assuring the global community that the country would continue to collaborate with international partners to build safer roads, save more lives and contribute meaningfully to the attainment of the Sustainable Development Goals.

The UN High-Level Meeting, convened by the President of the United Nations General Assembly in collaboration with the World Health Organization (WHO), is expected to adopt a Progress Declaration that will shape global road safety actions towards meeting the 2030 target.

The meeting is also reviewing countries’ progress since the 2022 Political Declaration and the Fourth Global Ministerial Conference on Road Safety held in Marrakech, Morocco, in 2025.

Dangote Refinery resumes naira petrol sales, fixes gantry price at ₦1,215 per litre

The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, ending its temporary dollar-denominated pricing regime and fixing a new gantry (ex-depot) price of ₦1,215 per litre.

The refinery announced the development in a statement issued on Wednesday, saying the decision is expected to provide relief to petroleum marketers and consumers after days of uncertainty caused by the temporary switch to dollar pricing.

“Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers. The gantry price is fixed at ₦1,215 per litre,” the company stated.

The announcement comes barely a week after the refinery suspended naira sales and introduced U.S. dollar pricing for some refined petroleum products, including petrol, diesel and aviation fuel.

Under the temporary pricing template circulated to marketers, petrol was sold at $0.779 per litre, diesel at $1.087 per litre, while aviation fuel (Jet A1) was priced at $0.942 per litre.

The refinery had attributed the temporary dollar pricing to commercial realities surrounding crude oil procurement and foreign exchange obligations, particularly following challenges associated with the Federal Government’s crude-for-naira initiative.

The decision immediately triggered higher depot prices across the downstream petroleum sector, forcing marketers to source products at increased costs.

Consequently, retail petrol prices rose sharply in several parts of the country. In Lagos, pump prices climbed to between ₦1,200 and ₦1,280 per litre, while motorists in the Federal Capital Territory (FCT) and many other states paid even higher prices due to transportation costs, logistics and regional distribution margins.

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Industry operators, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), had warned that prolonged dollar pricing would expose marketers to foreign exchange risks, increase operating costs and ultimately push higher fuel prices onto consumers.

Many independent marketers also complained that the pricing structure forced them to purchase petroleum products from private depots at significantly higher prices after loading from the refinery became more expensive.

The refinery’s decision to resume naira sales is therefore expected to ease pressure on marketers by reducing their dependence on foreign exchange for product purchases while improving fuel availability across the country.

Although the new ₦1,215 per litre gantry price is higher than the refinery’s previous naira ex-depot price before the temporary suspension, analysts believe the return to naira transactions could help stabilise the downstream market and reduce price volatility.

Energy experts, however, noted that the gantry price represents only the wholesale cost of petrol. The final pump price paid by motorists will continue to depend on transportation costs, depot charges, distribution expenses, retail margins and other operational factors across different regions of Nigeria.

The development also supports the Federal Government’s broader objective of encouraging local currency transactions in the petroleum sector through the crude-for-naira policy, which is intended to reduce pressure on foreign exchange demand and strengthen domestic fuel supply.

With a refining capacity of 650,000 barrels of crude oil per day, the Dangote Petroleum Refinery remains Africa’s largest single-train refinery and is expected to play a central role in improving Nigeria’s energy security, reducing fuel imports and stabilising the domestic petroleum market.

Industry stakeholders are now watching closely to see whether the refinery’s return to naira transactions will translate into lower retail petrol prices and improved product availability in the coming days.

Dangote Refinery resumes naira petrol sales, fixes gantry price at ₦1,215 per litre