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Naira Devalue Against Dollar, Trades For N1,450/$ At Parallel Market—-On Wednesday, the naira fell to N1,450 in the parallel foreign exchange (FX) market.

The current FX rate indicates a 1.4% decrease from the N1,430 transacted on May 6.

Currency traders, commonly known as bureau de change (BDC) operators, set the greenback’s buying rate at N1,410 and the selling price at N1,450, resulting in a profit margin of N40.

The local currency fell 1.98 percent to N1,421.06 on May 8 from N1,416.57 on May 7.

During trading, the dollar recorded a high of N1,440 and a low of N1,335, according to data from FMDQ Exchange, a platform that oversees FX trading in Nigeria.

On May 7, the Central Bank of Nigeria (CBN reviewed its directive on the repatriation of export proceeds by international oil companies (IOCs).

Earlier in February, the regulator had placed limits on the transfer of proceeds from crude exports by IOCs to offshore parent company accounts as part of reforms to curb the volatility in the FX market.

The CBN had said the transfer of funds by the IOCs has an impact on liquidity in the domestic FX market, hence the need for the measures to reverse the trend.

“The initial 50% of the repatriated proceeds can be pooled immediately or as at when required. Banks may submit the request for cash pooling ahead of the expected date of receipt, supported by the required documentations, for approval by the Central Bank of Nigeria,” the CBN said, announcing the policy review.

“The 50% balance of the repatriated export proceeds could be used to settle financial obligations in Nigeria, whenever required, during the prescribed 90-day period.”

The apex bank said the IOCs can also utilise the balance for cash calls, domestic loan principal and interest payments, transaction taxes (including Nigerian Content Development (NCD) levy, education tax, and forex sale at the FX market.

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

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March 9, 2026

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Dangote Refinery Hikes Petrol And Diesel Prices

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude

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March 2, 2026

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Dangote Refinery Increases Petrol Price

JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude—Dangote Refinery has increased its Premium Motor Spirit gantry price.
The 650,000-barrel-per-day refinery increased its petrol price to N874 per litre, up from N799.

This means that the African’s largest refinery adjusted its petrol price by N75 per litre on Monday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to Newsmen exclusively on Monday.

According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told Newsmen.

According to him, the development would trigger a retail fuel price hike nationwide.

The Genius Media Nigeria reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.

Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per litre to 799 per liter.

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