Business
Naira in major fall, exchanges N1,000 to dollar at black market

Naira in major fall, exchanges N1,000 to dollar at black market
The foreign exchange crisis in the country worsened on Thursday as a dollar exchanged for over N1,000 at the parallel market, Daily Trust reports.
Survey at popular black markets in Lagos indicated that a dollar exchanged for between N1,000 and N1,050 in the early hours of Thursday, before settling for N990 in the evening, indicating a difference of N252 from the Investors & Exporters FX window, where the naira closed at N738.
The gap between the official and parallel market has steadily widened, since the Central Bank of Nigeria (CBN) announced unification of all segments of the foreign exchange markets in June.
However, despite the unification policy, the parallel market has continued to witness patronage due to the scarcity of the greenback at the official market, according to operators.
Naira crashes to N970 at black market
“There is scarcity at the market,” said Ismail Muhammed, one of the operators at Allen Roundabout.
“We are now buying dollars for N990 but earlier in the day, it was sold for N1, 000. Some people exchanged it for N1, 050,” he said.
Another operator, Abdullahi Olugbede, said that the surge was caused by the scarcity as most licensed Bureau De Change Operators do not have dollars to trade with.
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“When there is scarcity, the dollar will go up against the naira but we are not happy. We should pray that it will come down because this is not good,” he said.
Implications are negative — Experts
Experts have warned that the implications of the depreciation of the naira in the black market are negative as it will adversely affect the economy.
Professor of Accounting and Financial Development at Lead City University, Ibadan, Godwin Oyedokun, said it will make it difficult to do business in Nigeria because of the relevance of exchange rate in the economy.
“I am not currently in the country. Let me cite an example, I wanted to buy a can of coke today in Jordan. I could buy the same can of coke for $2 that is almost N2, 000 if a dollar exchanges for N990 in Nigeria as you said. This is just because the strength of our currency is very weak.
“The implication is that goods that Nigerians should get from abroad, let’s say if dollar to naira is 1/1, Nigerians will now spend as high as 990 minus 1; that is, goods worth N300,000 will now be worth times 990 of it. So, it makes it so difficult to do business. Every sector of the economy will adjust to this and will make the price of commodities become costly,” he said.
The tax and forensic expert, however, said, the pressure on the naira will reduce if the government implements the right policies and also boost local production so that Nigeria can also earn more foreign exchange.
“The only way to address this is to have the right policies in place which the current government is doing and have things that we can also export to earn foreign exchange. The finance minister and the new CBN governor will need to think about how the fiscal and monetary policies can work together effectively so that we can have a country of our own. It will interest you that Jordan’s currency, Jordanian Dinar, is higher than the dollar, it is about $1.41. If we get the policies right, the pressure on the naira will reduce,” he said.
Economist and former Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, said that among others, it will have an effect on inflation as the economy is very sensitive to exchange rate movement.
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“The implications are very negative to put it mildly because it shows there are some fundamental challenges that we still need to deal with that are driving the exchange rate. We need to further interrogate how deep the parallel market is and what percentage of economic activities are being funded by the parallel market.
“We need that research, we need that data because each time we talk about the exchange rate, people don’t even talk about the official rate anymore, we just talk about the parallel market,” he said.
Citing the likely effects on the different sectors of the economy, he said, “Diesel price has gone up, gas price is likely to go up. The PMS is under pressure and should have gone up if not for the fact that the president said that NNPC should hold on, otherwise petrol price should have jumped to over N800 by now.”
Dr Muda, who is also the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), said that some extraneous variables including money laundering might be responsible for the pressure on the naira.
“I think there are some extraneous variables that have not been captured in our analysis because this speculative assault on the naira is not looking ordinary anymore. I am beginning to worry that perhaps, there are quite a number of illicit funds that are putting this pressure on the Naira because how many manufacturers can continue to buy dollars at this rate? And yet it keeps going up and people are buying it. How many people with genuine income or resources can do that? It is possible there are factors around money laundering, possibly people have loads of naira they are seeking to convert to dollars,” he said.
While noting that the current pressures have defied the forecasts of many economists when the unification policy was introduced, he counselled the government against jettisoning the policy.
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“The government can’t afford to be chasing the parallel rate at this time because the situation will become worse. It means they have to move the official rate from N700+ to N800 or N850. The situation now is not responding to the kind of forecast that many of us predicted. This is not the kind of impact we thought convergence will have because on the face of it, convergence normally encourages more inflows and should normally reduce demand,” he said.
Financial analyst, Abiola Rasaq, who said that the backlog of demand in the system continues to put pressure on the naira, however, said the positive outlook for oil price will likely strengthen the country’s currency against the dollar.
“The market is still somewhat speculative, especially as autonomous supply of FX is still weak whilst demand remains relatively elevated. More so, the backlog of demand in the system continues to put pressure on price. Interestingly, we are close to the end of the seasonal Q3 demand cycle, thus the naira should have some respite. Even as FX supply may remain relatively weak, moderation in demand should help calm the pressure and provide relative stability to the naira in the rest of the ember months, especially if some of the efforts of the government towards improving oil export comes to fruition.
“Notably, the positive outlook for oil price is also supportive of stronger naira in the months ahead, especially if oil export is complemented with steady rise in non-oil exports,” he said.
President Bola Tinubu recently nominated a banking executive and former civil servant, Olayemi Cardoso to serve as the new governor of CBN.
Tinubu also approved the nomination of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala Bello as deputy governors of the apex bank, for a term of five years at the first instance, pending their confirmation by the Nigerian Senate.
It is unclear if the former CBN governor, Godwin Emefiele, who was suspended and has been in detention since June, has resigned.
Business
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.
This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.
However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.
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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).
They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
Business
NNPCL hikes petrol pump price to N950/litre

NNPCL hikes petrol pump price to N950/litre
The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.
This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.
Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.
Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.
The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.
It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.
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The NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925.
In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Motorway have also raised their pump prices to the new rate.
However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices simultaneously.
In the Federal Capital Territory, the national oil firm station located along the Kubwa motorway upped its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.
This adjustment follows months of price competition. In March 2025, NNPC dropped their pricing to N860 per litre, matching Dangote Refinery’s lower rates.
However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.
Earlier in 2025, NNPC had supplied petrol at N925 per litre in December 2024 before various price adjustments.
The present rate in Lagos remains cheaper than in certain other places, including Abuja, where rates recently stood at ₦880 per litre.
NNPCL hikes petrol pump price to N950/litre
Auto
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria

Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.
Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.
The battery introduction, the company says, marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses.
The firm in a statement obtained by Newstrends says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.
Developed under the renowned Toyota Tsusho Corporation, Cworks batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.
Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.
“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”
According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.
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