Business
Naira Surges In March, Marks Biggest Gain In 5 Years
In March 2024, the Nigerian naira showed remarkable strength against the US dollar, appreciating by over N350 on the back of major foreign exchange policy.
Official data revealed that the month concluded with the naira valued at N1,309/$1, a significant improvement from N1,595.11/$1 recorded at the end of February 2024.
This 21.8% surge was attributed to various forex policies and interventions implemented by the Central Bank of Nigeria (CBN) to stabilize and fortify the national currency.
Additionally, in the parallel market, the naira exhibited an even more robust rebound, climbing from N1,600/$1 in February to N1,250/$1 in March, marking a 28% increase within the month and underscoring the efficacy of measures aimed at narrowing the gap between the official and unofficial currency markets.
The recent gains in both the official and parallel markets represent the most significant improvements witnessed in over five years.
Previously, the exchange rate had been fixed at approximately N450/$1 for nearly two years and hovered around N380/$1 between 2020 and early 2021.
Commenting on the recent positive trend, the Association of Bureau de Change Operators of Nigeria (ABCON) attributed the stability in the exchange rate to the reintegration of its members into the forex market.
The President of ABCON, Aminu Gwadabe addressed the significant developments in Nigeria’s FX market in a statement released on Sunday.
He highlighted that besides resolving the $7 billion FX backlog and implementing monetary policy tightening, which encouraged more investment in government instruments, the recall of BDC operators by the CBN played a crucial role in enhancing dollar liquidity at the retail end of the market.
Gwadabe expressed gratitude to the CBN and other relevant agencies for recognizing BDCs as essential players in the FX market and efficient mechanisms for transmitting exchange rates in FX management.
The statement partly reads, “The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, but led to the emergence of exchange rate convergence.
“The stability in the exchange rate has already started to have a positive impact on the prices of goods and services.
“For instance, the price for international school fees has dropped by 15 per cent; cost of medical tourism has reduced by 20 per cent and airfares for local and international trips dipped by 25 per cent.
“On a more serious note, the positive impacts include heightened confidence of the public in the local currency as it eliminates currency substitution behaviour which hitherto being (sic) adding pressure on our local currency.”
Gwadabe also noted that the success story continued, with the naira trading at N1,255/$ on Saturday, which was below the advised selling rate of N1,269.765 for BDCs.
He said “It is our view that the collaboration between the BDCs, CBN, National Security Adviser (NSA), Economic and Financial Crimes Commission (EFCC), as well as support from the presidency, helped in creating the opportunity for building the foundation of this achievement.”
“Overall, the combination of these actions have induced an atmosphere of public calmness, confidence, hope and liquidity in the markets.
“We call, therefore, on the CBN to continue to calibrate the existing relationship between the BDCs and the apex bank to sustain the success story.”
Characterizing the current market evolution as revolutionary, Gwadabe underscored the importance of a stable naira in attracting increased foreign portfolio inflows to the economy.
He elaborated on the promising outlook for FX earnings, noting a surge in Foreign Portfolio Investments (FPI) with inflows exceeding $1.5 billion shortly after the Monetary Policy Committee (MPC) raised interest rates by 200 basis points.
Gwadabe also highlighted the role of FX inflows facilitated by the CBN’s monetary tools in bolstering foreign reserve accumulation, thereby empowering the central bank to safeguard the local currency.
He reaffirmed ABCON’s dedication to fostering collaboration with the central bank to ensure mutual benefits for all members, thereby preventing exclusion and the dominance of the sector by larger entities.
Business
Airlines Threaten Shutdown over Skyrocketing Fuel Price
Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.
According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.
The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.
Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.
In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.
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At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.
On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.
Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.
“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”
At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.
“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”
Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.
“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.
According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.
Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).
Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.
In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.
The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.
They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.
As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.
Business
Dangote Leads East Africa’s Industrial Revolution
The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.
To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.
The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.
The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.
Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.
The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.
Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.
The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.
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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.
The facility has also positioned the Dangote Group as a central player in regional energy markets.
The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.
Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.
He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.
According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.
Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.
Business
NNPC Ltd Denies Selling Refinery Scrap
The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.
In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.
According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.
More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.
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“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.
The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.
NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.
It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.
The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.
NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.





