Business
Naira Appreciates Against Dollar

The naira extended appreciation against the dollar at the official market to end the week on a positive note, Friday.
This comes as FMDQ data showed that the naira gained at N1,547.58 against the dollar on Friday from N1,548.47 exchanged on Thursday.
This showed N0.89 improvement against the dollar on Friday.
Meanwhile, at the black market, the Naira remained unchanged at N1680 per dollar on Friday, the same exchange rate as on Thursday.
DAILY POST reports that in the last six days, the Naira has recorded mixed sentiments of gains and losses against the dollar and indeed other foreign currencies.
READ ALSO: Naira Depreciates By 41% Against Dollar Despite CBN Interventions In 2024
The Naira started the week on Monday, 13 January, 2025, at N 1,548.89 and N 1,667 per dollar at the official market but closed at N 1,547.58 and N 1,680 per dollar in the black market.
This showed that in the week under review, while the gain was N1.31 against the dollar at the official rate, it lost N3 at the parallel market.
On Thursday, the Central Bank of Nigeria governor, Olayemi Cardoso, said the apex bank will consolidate gains in the foreign exchange market, remittance, diaspora engagement, and others in 2025.
“By engaging transparently with stakeholders— from local communities to international partners— we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenge,” he stated.
Business
Fuel Scarcity Looms As PENGASSAN Stops Gas, Crude Supply To Dangote Refinery

The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20bn facility.
In a letter dated September 26 and signed by its General Secretary, Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.
The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.
In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.
The union threatened to picket the refinery if the situation was not addressed.
In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.
Dangote maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.
READ ALSO:Fuel Scarcity Imminent As NUPENG, Dangote Face-off Festers Business
As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.
The union described the move as “illegitimate” and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.
“As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.
“They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.
READ ALSO:Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
“Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately,” the directive read.
The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.
“NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you,” the statement read.
Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”
On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations.
Business
Fuel Price Hike Looms As Dangote Refinery Stops Petrol Sales In Naira

The Dangote Petroleum Refinery has announced the suspension of petrol sales in naira, unsettling marketers and raising fresh concerns over fuel pricing and foreign exchange pressure.
In an email sent to customers at 6:42 p.m. on Friday, the refinery said the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.
The notice, titled “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025” and signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, also asked customers with ongoing naira-based transactions to formally request refunds.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
“We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the statement read.
“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.
“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”
READ ALSO:JUST IN: Dangote Refinery Reacts To Alleged Mass Sack Of Workforce
The move comes amid a raging dispute between the refinery and labour unions over the alleged mass sack of more than 800 Nigerian workers. This controversy has drawn public outrage and calls for government intervention.
This is the second time the refinery has halted local currency transactions. In March 2025, it briefly suspended sales of refined products in naira, blaming inadequate allocations under the crude-for-naira programme.
Business
Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months

The naira appreciated massively against the United States dollar at the parallel foreign exchange market.
Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.
“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed to newsmen.
READ ALSO:Naira Appreciates Against Dollar As External Reserves Swell
This means that the Naira gained N30 against the dollar on a day-to-day basis.
The last time they were exchanged at this level in the black market was in June 2024.
Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.
READ ALSO:Naira Appreciates At Official Market
Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.
Recall that on Tuesday, the Naira appreciated across official and parallel foreign exchange markets upon an interest rate cut by the apex bank by 50 basis points to 27 per cent.
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