Nigerians, particularly those who rely on vehicles, are likely to face fuel shortages in the upcoming days, which could have significant repercussions for the nation’s economy.

This decision comes on the heels of a controversial move by the Dangote Petroleum Refinery, which allegedly dismissed approximately 800 workers last Thursday. Click link to continue reading.

In a memo addressed to branch chairmen in TotalEnergies, Renaissance, Chevron, Shell Nigeria Gas, Oando, and Seplat Producing Nigeria Unlimited, PENGASSAN General Secretary, Comrade Lumumba Okugbawa, ordered the immediate shutdown of valves and the suspension of all crude loading operations to the facility.

The union condemned the refinery’s decision, stressing that it remains committed to protecting the interests of its members, who have the right to unionise.

“We bring you fraternal greetings from the National Secretariat. As you are aware, the management of Dangote Petroleum Refinery has disengaged our members in reaction to their exercise of the constitutional right to unionise.

“They have further embarked on a campaign of misinformation and propaganda to justify this illegitimacy, rather than engaging meaningfully with us to right the wrong,” Okugbawa stated in a letter seen by Tribune Online.

Meanwhile, the Dangote Petroleum Refinery has announced the suspension of petrol sales in naira — a decision that has unsettled marketers and renewed fears of pressure on fuel pricing and foreign exchange.

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A statement signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, titled “Suspension of DPRP PMS Naira Sales: Effective 28th September 2025”, attributed the move to the depletion of its crude-for-naira allocation.

“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.

“Kindly note that this suspension of naira sales for PMS will be effective from Sunday, 28th 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.”

It remains to be seen what lies ahead if the conflict between marketers and the Dangote Refinery is not resolved amicably and in due time.

Fuel scarcity is becoming a pressing concern as the price of petrol surges to N980 per litre. This significant increase in fuel costs not only places a heavy burden on consumers but also raises alarms about potential shortages at petrol stations.

As transportation and logistics are heavily reliant on affordable fuel, the rising prices could lead to wider economic implications, affecting everything from commodity prices to daily commuting costs. With many feeling the pinch in their wallets, urgent discussions and measures may be required to address the looming crisis in fuel availability.

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The initiatives undertaken by the Central Bank of Nigeria regarding the formulation of policies for the exchange rate between the U.S. dollar and the Nigerian naira are yielding positive outcomes for the nation’s economy under the current administration.

This progress comes despite the numerous criticisms that have been voiced in the past. Click link to continue reading.

On Tuesday, September 23rd, 2025, the market was buzzing as the dollar was traded at a significant ₦1,510 per $1 for buyers, while sellers were offering it at an even higher rate of ₦1,520 per $1.

These figures, reported by Investors King and corroborated by key dealers in the parallel market, underscore the strain on the naira and the ongoing volatility in Nigeria’s foreign exchange landscape.

How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 23rd, 2025, the black market exchange rates are:

Dollars to Naira Exchange Rate Today
Buying Rate ₦1,510
Selling Rate ₦1,520
(Source: Investors King)

Dollar to Naira: Black Market vs Official CBN Rate
The black market exchange rate remains considerably higher than the official rate provided by the Central Bank of Nigeria (CBN).

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Although the CBN maintains tighter controls at the official window, access is limited, forcing many importers, businesses, students, and travelers to the black market. This persistent gap widens inflationary pressures and increases the cost of living across Nigeria.

Key Drivers of the Black Market Exchange Rate
Strong Dollar Demand – Importers and international travelers continue to push demand upward.

Limited Forex Inflows – Reduced crude oil revenues and declining reserves constrain official supply.

Speculation and Hoarding – Traders hold dollars in anticipation of further depreciation.

Inflationary Pressures – Rising inflation makes the dollar a safer hedge against naira devaluation.

Impact on Nigerians and Businesses
Importers face higher sourcing costs, which raise consumer prices.

Families and students abroad pay more to cover tuition and living expenses.

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Manufacturers relying on imported inputs experience squeezed profit margins.

Households feel the effect as inflation continues to erode purchasing power.

Outlook for the Naira
Experts note that the long-term stability of the Dollar to Naira exchange rate depends on Nigeria’s ability to increase forex inflows, diversify exports, and attract foreign direct investment.

Strengthening remittances and reducing dependency on imports will also play a crucial role in narrowing the gap between the official and black market rates.

Disclaimer: Black market exchange rates are unofficial and may vary by state and trader. For official and regulated exchange rates, always check with the Central Bank of Nigeria (CBN).

investorsking.com

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Nigeria’s external reserves have risen to $42.03 billion as of September 19, 2025, reaching the highest level since late September 2019 and marking a six-year peak.

According to the latest data from the Central Bank of Nigeria (CBN) released on Monday, reserves increased from $41.99 billion the previous day and are significantly higher than the $41.42 billion recorded at the beginning of September.

The last time reserves were this high was on September 26, 2019, when they stood at $42.05 billion. This recent surge reflects a steady upward trend that began in July and has picked up momentum this month.

This new milestone is important for market confidence, enhancing Nigeria’s import coverage and bolstering the credibility of the Central Bank’s policies.

How have the reserves performed so far in September

Nairametrics observed that the buildup is not a one-off spike. Throughout September, every recorded session has shown an increase, delivering 13 consecutive daily gains across 14 reporting days.

From the start of September to the 19th, reserves have grown by $610.8 million, or 1.47%. The accretion has been steady, averaging about $47 million per reporting day. The second half of the month has been particularly strong.

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On September 8, reserves stood at $41.5711 billion. By September 19, they had risen by $461.8 million. In the span of four business days between September 15 and 19, reserves added almost $583.0 million, a reflection of more robust FX inflows and restrained outflows.

Compared with August 29, when the balance was $41.3055 billion, reserves are now stronger by $727.3 million, a 1.76% increase.

Year-to-date trend
Reserves are also in positive territory for 2025. They have risen by $1.15 billion, or 2.83%, from $40.8780 billion at the end of December 2024 to $42.0329 billion in mid-September 2025.

The trajectory was not smooth, with a sharp decline in the first half of the year dragging reserves to a low of $37.1806 billion on July 3, 2025. Since then, the stock has recovered by $4.85 billion, or 13.05%. The September peak is now the highest point of the year, surpassing all prior 2025 readings and reversing earlier losses.

Implications for the economy
The return of reserves above $42 billion strengthens the Central Bank’s capacity to smooth volatility in the FX market and meet external obligations with greater credibility.

It also raises Nigeria’s import cover, a key metric tracked by investors, lenders, and ratings agencies. The six-year high provides a psychological boost that may help encourage portfolio inflows into local assets, provided yields remain attractive and policy direction stays consistent.

Still, the durability of this rally will be tested. Sustaining reserves at or above $42 billion requires a steady pipeline of FX supply from crude oil sales, non-oil exports, diaspora remittances, and foreign portfolio investments. Any slump in oil production, fall in global prices, or resurgence of demand pressure could stall the gains.

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On the other hand, further improvements in production volumes, transparent FX operations, and consistent fiscal-monetary coordination could consolidate the milestone and possibly push reserves above late-2019 levels.

In essence, September has flipped the 2025 reserves story from weakness to strength. The test now is whether this momentum can carry through to the fourth quarter and provide lasting stability for Nigeria’s currency and external sector.

Stanbic IBTC Holdings Plc has released its financial report for the half-year period ending June 30, 2025, revealing a pretax profit of N243.7 billion.

This reflects a significant increase of 65.81% compared to the N147 billion recorded in the first half of 2024, primarily fueled by a robust performance at the top line.

Interest income surged by 56.34% to reach N384.7 billion, with contributions of N239.7 billion from loans and advances to customers, N131.2 billion from investments, and N13.7 billion from loans and advances to banks.

In contrast, interest expenses saw a slight decline to N68.7 billion from N71.8 billion a year prior, which helped elevate net interest income to N316 billion—a remarkable rise of 81.31%.

On the other hand, non-interest revenue experienced a slight dip, falling to N117.9 billion from N129.1 billion in the previous year.

Fees and commission income comprised the bulk at N123.6 billion, while other income, chiefly from property disposals, contributed N6.6 billion.

Together, the interest and non-interest income reached N433.9 billion before accounting for impairments. After an impairment charge of N11.1 billion, the adjusted figure settled at N422.8 billion.

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Operating expenses, largely driven by staff costs and various overheads, amounted to N179 billion, resulting in a pretax profit of N243.7 billion, reflecting a year-on-year increase of 65.81%.

On the balance sheet front, Stanbic reported total assets of N8.12 trillion, marking a 17.51% increase, while reserves climbed to N686.7 billion from N522.6 billion in the previous year.

Key highlights (2025 vs 2024):

1. Interest income: N384.7 billion, +56.34% YoY
2. Net interest income: N316 billion, +81.31% YoY
3. Net fees and commission revenue: N117.9 billion, -8.70% YoY
4. Other income: N6.6 billion, -10.17% YoY
5. Income after impairment charges: N422.8 billion, +52.70% YoY
6. Profit before tax: N243.7 billion, +65.81% YoY
7. Total assets: N8.1 trillion, +17.51% YoY

Stanbic IBTC has recorded a year-to-date performance of 70.14%, with its share price closing at N98.00 as of market close on 22nd September 2025.

First Bank of Nigeria Limited has entered into a strategic partnership with the organizers of the E1 Lagos GP, marking the introduction of the first all-electric powerboat racing championship in Lagos, scheduled to occur from October 3rd to 5th, 2025.

This collaboration is reflective of FirstBank’s commitment to sports and human development, consistent with its historical support for significant sporting events and its DecemberIssaVybe initiative, which celebrates Nigerian culture and lifestyle.

The event will feature teams owned by prominent global figures, including Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, and Rafael Nadal. Notably, the Lagos race will serve as a precursor to the season finale taking place in Miami, USA.

During the E1 Lagos GP Stakeholder Immersion session held recently in Lagos, Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communication at FirstBank, underscored the institution’s enduring dedication to initiatives that promote human development and contribute to the national legacy.

“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians,” Ijabiyi said. “As a bank with over 131 years of history, we understand the power of sports in shaping society. Through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people.”

FirstBank’s sports legacy includes over a century of support for the Georgian Polo Cup and 64 years of hosting the Lagos Amateur Open Golf Championship. The bank is aligning its E1 Lagos GP partnership with its annual DecemberIssaVybe campaign, which celebrates the festive spirit of Nigerians through curated experiences blending culture, entertainment, and lifestyle.

“As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering a world-class experience that reflects the true essence of Lagos during the festive season,” Ijabiyi added.

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Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, lauded the initiative, noting its potential to boost sports development while showcasing Lagos’s vibrant culture and global relevance.

The Lagos leg of the championship will feature teams owned by global icons, including Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, and Rafael Nadal. The 2025 season will conclude in Miami, USA.

In 2023, Uber, the prominent ride-hailing service, made a significant impact on Nigeria’s economy, contributing an impressive estimated N34 billion, as highlighted in the recently released Uber Nigeria Economic Impact Report by the research firm Public First.

This informative report was presented during the Lagos Road Mobility Summit, a pivotal event jointly organized by Uber and the Lagos State Ministry of Transport.

The summit, aptly themed “Reimagining an Inclusive Road Safety Strategy,” brought together a diverse group of participants, including government agencies, renowned global safety experts, and key stakeholders from the private sector.

They convened to engage in meaningful discussions regarding the pressing challenges facing Nigeria’s transportation system and road safety.

At the summit, Deepesh Thomas, the General Manager for Uber Sub-Saharan Africa, emphasized that the company’s contributions extend far beyond mere economic figures.

He revealed that Uber riders collectively experienced a substantial consumer surplus valued at nearly N500 billion, resulting from savings in time, costs, and enhanced convenience.

Moreover, the report illuminated the financial benefits for Uber drivers, who collectively earned an additional N6.1 billion in 2023, translating to earnings that were, on average, 34% higher than what they could earn through other available job options.

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Further enhancing the narrative, the report highlighted the invaluable flexibility that Uber drivers enjoy.

This flexibility was estimated to be worth N6.3 billion, a significant factor for the 88% of drivers who indicated that it allows them to effectively balance their family responsibilities with their work commitments.

This aspect of driving for Uber not only contributes to their financial stability but also plays a crucial role in their personal lives, illustrating the multifaceted importance of the ride-hailing service in Nigeria.

“It is a key factor for 88 per cent of drivers who said this flexibility helps them balance family responsibilities.

“The report also found that safety and convenience are the primary reasons Nigerians choose the service.

“With 97 per cent of riders citing safety as a key reason for using the app,” Thomas said.

The findings were even more pronounced among women, with 78% confirming that Uber was the safest way for them to get home at night. In addition, 79% of riders agreed that the service helped to reduce drunk driving by offering a reliable way to travel after dark.

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Thomas noted that Uber’s presence generates ripple effects beyond individual benefits. According to him, the platform generated nearly N930 million for the nighttime economy and added N5.4 billion in value to Nigeria’s growing tourism sector.

The report also highlighted that riders collectively saved more than 1.8 million hours in 2023, freeing time that could be redirected to personal and professional pursuits.

A recent report by Sensor Tower shows that Bolt has emerged as Nigeria’s most downloaded travel and mobility app, overtaking rivals Uber and inDrive. This ranking highlights the company’s dominance in one of Africa’s largest and fastest-growing transport markets, where millions of riders turn to app-based services for affordable and reliable trips.

Bolt, which serves over 200 million customers worldwide across more than 50 countries, is now the top-ranked app in the travel and mobility category in 23 of those markets.