Business

Naira records marginal gain at N1,450 to dollar

Published

2 years ago

February 2, 2024

Trends Admin

Naira records marginal gain at N1,450 to dollar

The naira on Thursday made a marginal gain against the dollar, closing at N1,450 at the parallel market.

The rate represents N70 gain from N1,520 to dollar it closed on Wednesday.

Although the local currency was trading at N1,400 to dollar in the morning hours, it went back to N1,450 at the close of business.

A BDC trader in Central Lagos said the naira was trading at N1,400 to dollar around 12 noon, but was surprised as buying rates later surged, as many dealers moved to cut losses.

The Aboki Forex website kept the dollar buying rate at N1,450 to dollar and N1,500 to dollar for selling rate.

Meanwhile, bank customers resident in the Federal Capital Territory (FCT) have decried the continuous fall of the naira to the dollar.

According to them, their purchasing power has reduced drastically.

The News Agency of Nigeria (NAN) reports that one dollar to Naira exchange rate at the parallel market is between N1,440 and N1,500 while the official rate is N1,356.

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Some of the customers who spoke in Abuja yesterday, appealed to the Federal Government and the Central Bank of Nigeria (CBN) to urgently evolve measures to address the situation.

They also lamented that the situation had inflicted untold hardship and had reduced their standard of living, saying the development had also negatively affected all sectors of the economy.

A bank customer with Access Bank, Mrs Irene Igunmado, said the fall of the naira had reduced the purchasing power as the prices of goods and services had skyrocketed.

Igunmado also said the increase in the prices of food items had made her family to reduce their standard of living.

”Nobody tells anyone in Nigeria about the situation now. Even my little children understand that times are hard.

”This naira fall is worsening the situation because when you go to the market and ask traders why the prices of everything have increased, they will tell you it’s because of the dollar.

”Companies are closing down, relocating to other places. This is not the ‘renewed hope’ that the present government promised us,” she said.

Mrs Victoria Emeka, a bank customer with Guaranty Trust Bank, said although the food monthly allowances for her family had increased, it could not cater for their needs.

”Every month, my husband usually give me N30,000 to buy food items that will last us for the month because I have a permanent list that I use.

”Now, although he has increased the amount to N60k but the money will still not buy half of the things in the list which was usually purchased entirely with N30k. The government needs to do something urgently,” she said.

Mr Franklin Ogunleye, a bank customer with First Bank Plc, said the naira fall was the reason for the relocation of many Nigerians to other countries.

Ogunleye said he was feeling the heat of the naira fall as he was sending money to his family abroad, who just relocated recently and were yet to fully stabilise and get a job.

”This Naira fall is biting me so hard because my business is about to collapse.

”I relocated my family to the United Kingdom (UK) in 2023 and every month, I change money and send to them.

”Sometimes, I change as much as two million naira but it will still not be enough for them because of the exchange rate.

”I am thinking seriously of leaving this country to join them so that I can reduce this untold hardship,” he said.

A banker who preferred anonymity told NAN that banks would always strive to reduce the hardship faced by customers due to the scarcity and fall of the Naira.

The CBN on Jan. 31, ordered Deposit Money Banks to sell their excess dollar stock latest February 1.

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The CBN also warned lenders against hoarding excess foreign currencies for profit.

It would be recalled that Bureau De Change (BDC) operators in Abuja had shut down operations due to scarcity of the dollar.

The CBN removed the cap on the allowable limit of -2.5 percent to +2.5 percent around the previous day’s closing rate for the International Money Transfer Operators (IMTOs). This adjustment signifies a shift in the regulatory framework, providing IMTOs with more flexibility in determining exchange rates.

This comes after the banking and financial institutions regulator on Wednesday announced limits on how much banks can hold in foreign currencies and expressed concern about the growth of forex exposures on their balance sheets after the local currency tumbled against the U.S. dollar.

Naira is the cheapest and best value of any in Africa, or any of the emerging or frontier markets – according to FIM Partners currency model.

In a new circular (TED/FEM/FPC/GEN/001/003) dated January 31, 2024, the CBN announced a significant change in the regulations governing exchange rate quotes by International Money Transfer Operators.

Previously, IMTOs were required to quote rates within an allowable limit of -2.5 percent to +2.5 percent around the previous day’s closing rate of the Nigerian foreign exchange market, according to the circular TED/FEM/PUB/FPC/001/009 dated September 13, last year.

All Authorized dealers, International Money Transfer Operators, and the general public are advised to take note of this development and ensure compliance with the revised regulations. The CBN’s decision reflects ongoing efforts to adapt and enhance the dynamics of the Nigerian foreign exchange market, the circular stated.

“The reason for the removal of the cap is to incentivize the IMTOs to transparently transfer their receipt into the country,” Aminu Gwadabe, president of Association of Bureau De Change Operators of Nigeria (ABCON), said.

Naira records marginal gain at N1,450 to dollar

Business

JUST IN: Dangote Refinery Cuts Petrol, Diesel Ex-Depot Prices Amid Market Relief

Published

2 days ago

March 10, 2026

Trends Admin

JUST IN: Dangote Refinery Cuts Petrol, Diesel Ex-Depot Prices Amid Market Relief

Dangote Petroleum Refinery has announced a reduction in its ex-depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), or diesel, marking the first downward adjustment after several sharp increases in recent days. The new pricing, released on March 10, 2026, reflects easing global crude oil prices and provides potential relief for fuel marketers, bulk buyers, and consumers nationwide.

Under the updated pricing template, the gantry price of petrol has been cut by ₦100, from ₦1,175 per litre to ₦1,075 per litre. For PMS supplied through coastal distribution, the refinery set a slightly lower price of ₦1,050 per litre, accounting for marginal cost differences in maritime delivery.

The gantry price of diesel has also been significantly reduced by ₦190, bringing it down to ₦1,430 per litre from the previous ₦1,620 per litre. The refinery clarified that these ex-depot prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), meaning retail pump prices may still vary depending on additional levies and distribution costs.

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Context and Market Impact

The price adjustment follows a period of rapid increases in fuel prices, which had raised petrol to ₦1,175 per litre and diesel to ₦1,620 per litre in early March. Analysts say the reduction is a response to declining international crude oil prices and signals potential easing of fuel costs across the downstream sector.

Industry experts note that while the ex-depot price cuts offer short-term relief for marketers and bulk buyers, the extent to which they will translate to lower retail pump prices remains to be seen. Retail fuel pricing also depends on transportation costs, depot margins, and regulatory fees, which can differ across regions.

For Nigerian consumers, even modest reductions in ex-depot prices could help alleviate transport and logistics costs, easing broader inflationary pressures in the economy. Motorists and businesses are now closely monitoring fuel stations to see how quickly the reductions are reflected at the pumps.

The move underscores Dangote Refinery’s continued influence as Africa’s largest petroleum refinery, shaping pricing trends and impacting Nigeria’s energy sector amid volatile global oil markets.

JUST IN: Dangote Refinery Cuts Petrol, Diesel Ex-Depot Prices Amid Market Relief

Railway

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

Published

2 days ago

March 10, 2026

Trends Admin

Obafemi Awolowo Train Stattion, Moniya

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

The Nigerian Railway Corporation (NRC) has launched an investigation into an **alleged assault on a lecturer from the University of Ibadan (UI) at the Moniya train station in Oyo State, according to sources familiar with the matter.

The incident reportedly occurred on [specific date if available], when the academic was reportedly involved in a confrontation with NRC staff and/or security personnel at the Moniya rail station. Details remain sketchy, but eye‑witness accounts suggest that the lecturer sustained physical injuries during the altercation before other commuters intervened and security operatives were called to the scene.

Following complaints from the lecturer and concerned passengers, the NRC’s management announced that it has set up a panel to investigate the circumstances surrounding the alleged assault, including reviewing available footage from station cameras, interviewing witnesses and questioning staff members who were on duty at the time.

In a brief statement, the NRC said it “takes the safety and dignity of passengers and members of the public very seriously” and pledged to ensure a thorough, impartial probe into the matter. The corporation added that appropriate disciplinary or legal action would be taken against any staff found culpable.

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The alleged assault has sparked reactions on social media, with many users calling for transparency in the investigation and respectful treatment of passengers by transportation officials. Some commenters urged the NRC to release statements and evidence as the probe progresses to reassure the public.

Sources also indicate that the affected lecturer received medical attention following the incident, though the extent of the injuries has not been officially disclosed.

The NRC has advised commuters who witnessed the incident to cooperate with investigators and provide any information that may assist in clarifying what happened.

As the probe continues, the outcome is expected to determine whether any NRC personnel will face sanctions or criminal charges, and whether changes to staff conduct policies at train stations will be implemented.

This development comes amid ongoing efforts by the NRC to improve rail safety and customer service standards as part of broader reforms within Nigeria’s railway sector.

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

Business

Middle East Crisis Pushes Petrol Price to N1,300 Per Litre in Nigeria

Published

2 days ago

March 10, 2026

Trends Admin

Middle East Crisis Pushes Petrol Price to N1,300 Per Litre in Nigeria

Economic hardship is deepening across Nigeria as oil marketers have increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to about N1,300 per litre, up from N1,050 per litre in many parts of the country.

The latest increase represents a 24 per cent rise in petrol price, triggered largely by the surge in global crude oil prices, which climbed to about $110 per barrel amid the escalating Middle East war.

The development has intensified the cost-of-living crisis in Nigeria, as higher fuel prices continue to drive increases in transport fares, food prices and the cost of goods and services nationwide.

Diesel price also surges

The price hike has also affected Automotive Gas Oil (AGO), commonly known as diesel.

At some filling stations operated by major marketers, diesel is now sold at around N1,380 per litre, up from about N1,100 per litre, while outlets of NNPC Limited sell the product at about N1,680 per litre in Lagos and surrounding areas.

Similarly, the pump price of petrol in Ibadan and neighbouring communities in Oyo State has risen sharply to between N1,200 and N1,300 per litre, compared with the previous range of N1,020 to N1,080 per litre.

A member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the increase to the rising landing cost of imported fuel.

According to the marketer, the cost of lifting petrol from Lagos depots has increased to about N1,175 per litre, forcing marketers to adjust pump prices upward.

“The pump price varies depending on the destination. While petrol sells between N1,200 and N1,300 per litre in Ibadan, the price could be higher in areas such as Ogbomoso and Oke-Ogun due to transportation costs,” the marketer said.

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Dangote refinery raises petrol gantry price

The increase in retail price followed a fresh adjustment by the Dangote Petroleum Refinery, which raised its gantry price of petrol to N1,175 per litre from N995 per litre.

The refinery also increased the gantry price of diesel to N1,620 per litre, up from N1,430 per litre.

The company attributed the development to prolonged volatility in the international crude oil market, which has pushed prices upward due to ongoing geopolitical tensions in the Middle East.

Industry sources noted that filling stations in Abuja have adjusted prices several times in the past week, reflecting the rising cost of supply.

Petrol price jumps in Abuja

In the Federal Capital Territory (FCT), petrol prices have jumped dramatically from about N880 per litre seven days ago to over N1,300 per litre at many retail outlets.

Within the last week, the price rose successively from N880 to N960, then N1,080, before climbing to N1,103 and eventually exceeding N1,300 per litre at several stations.

The sudden increase has triggered concern among motorists, transport operators and small business owners who rely heavily on fuel for daily operations.

Transport fares rise sharply

The increase in petrol price in Nigeria has already translated into higher transportation costs in many cities.

Checks at major bus stops in Area 8, Garki and the Central Area of Abuja showed that transport fares have increased by over 100 per cent on some routes.

For instance, a trip that previously cost N800 now costs about N1,500, while the fare from Area 8 to Nyanya has risen from N500 to around N1,000.

Similarly, in Ibadan, commercial drivers have increased fares due to the fuel price hike.

Trips from Sango to the University of Ibadan (UI) now cost between N250 and N300, up from N200, while the fare from Dugbe to Ojoo has increased from N600 to N900.

Logistics and transportation determine pump price — IPMAN

The Public Relations Officer of IPMAN, Chinedu Ukadike, confirmed the increase in petrol prices, noting that marketers now purchase the product from private depot operators at about N1,200 per litre.

According to him, the final retail price of petrol is influenced by logistics costs, transportation expenses and marketers’ margins.

“In Lagos, petrol may sell between N1,250 and N1,300 per litre, but outside Lagos the price could reach N1,350 per litre or more,” he explained.

Petrol could hit N2,000 per litre — PETROAN

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of petrol could rise to N2,000 per litre if the Middle East war persists.

According to Billy Gillis-Harry, National President of PETROAN, the price of diesel could also climb to about N3,000 per litre if the global crisis continues.

He warned that continued instability in the international oil market could push fuel prices in Nigeria even higher in the coming weeks.

Calls for revival of local refineries

PETROAN has called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to accelerate the full operation of Nigeria’s government-owned refineries.

The association specifically urged authorities to ensure the effective operation of the Port Harcourt refinery and the Warri refinery to boost domestic fuel production.

According to industry stakeholders, expanding local refining capacity would help reduce Nigeria’s dependence on imported petroleum products and cushion the impact of global oil price shocks.

Energy experts also stressed the need for policies that encourage private refinery investments, improve crude supply arrangements and strengthen Nigeria’s petroleum distribution infrastructure.

They noted that although domestic refining may not completely eliminate the effects of global oil price volatility, it would significantly improve energy security, foreign exchange stability and economic resilience.