Business
JUST IN: IPMAN threatens shutdown in S’West as LASMA impounds 30 tankers
The Independent Petroleum Marketers Association, South-West Zone, has vowed that it will shut down operations across the region if the 30 tankers arrested by the Lagos State government are not released.
The Chairman, IPMAN Western Zone, Joseph Akanni, made this known on Monday, during an interview with newsmen in Ibadan, the Oyo State capital.
Akanni declared the association’s support for the Petroleum Tanker Drivers, as well as other stakeholders in the industry over the issue, saying “Injury to one is an injury to all.”
He disclosed that the 30 tankers bearing 45,000 litres of Premium Motor Spirit were towed out of Dangote Refinery at about 3:00am on Saturday, February 22, 2025.
“The vehicles and the drivers were arrested by the Lagos State Traffic Management Authority (LASMA) under the Ministry of Transportation in Lagos and were put at the LASMA yard in Oshodi.
“So, IPMAN is in solidarity with the PTD, National Association of Road Transport Owners (NARTO), and NUPENG is showing solidarity with the other stakeholders to take action against Lagos State governments, especially the Ministry of Transport.
“What the Ministry of Transport has done is against the law. It is dangerous. It is dangerous to keep tankers with petrol in a place because petrol is flammable.
And the information reaching us is that they have started siphoning petrol from the tankers, which implies that we won’t have the same quantity as when it was towed.
“And that we are ready if nothing is done, we are ready to shut down our stations; our petrol stations across Southwest, in solidarity with the tanker drivers,” Akanni said.
The South-West IPMAN chairman revealed that the product in the impounded tankers belongs to members of IPMAN, saying the association is in support of the actions of NUPENG over the incident.
Akanni added that under fire safety regulations, “even if a truck with petrol is arrested, the tanker is supposed to go and offload the petrol first, before anything.”
“So, now they took the tankers with about 45,000 litres of petrol, numbering about 30, which is very dangerous.
“We are giving stern warning that if there is any fire incident, Lagos State government is going to be responsible for the loss of products and the deaths,” Akanni said.
Business
CBN Urges Public, Businesses Not To Reject N100 Bank Note
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.
The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 575 Sell ₦1,595
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,379.07
GREAT BRITISH POUND (GBP) ₦1,840.64
EURO (EUR) ₦1,572.00
SWISS FRANC (CHF) ₦1,704.45
JAPANESE YEN (JPN) ₦8. 48
CHINESE YUAN (CNY) ₦202.76
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 53
SAUDI RIYAL (SAR) ₦367.24
SOUTH AFRICAN RAND (ZAR) ₦84. 08
The Nigerian naira continued its recent slide against the US dollar, hitting N1,405 per dollar in the parallel (black) market amid ongoing demand pressures and supply constraints in the foreign exchange market.
According to traders and market sources, the local currency weakened from around N1,400–N1,410 levels in recent sessions, reflecting persistent challenges in the forex ecosystem. In contrast, the official Nigerian Foreign Exchange Market (NFEM) rate, managed by the Central Bank of Nigeria (CBN), stood firmer at approximately N1,368–N1,370 per dollar.
This development widens the gap between the official and parallel markets, raising concerns among analysts about liquidity, speculative activities, and the impact on importers and businesses reliant on dollar transactions.
The depreciation comes as Nigeria grapples with balancing foreign exchange inflows, including remittances and oil revenues, against high demand for imports, debt servicing, and other obligations. Market watchers attribute the pressure partly to seasonal factors and limited dollar availability at official windows, pushing more transactions toward the parallel market.
The CBN has been intervening through various measures to stabilize the naira, including boosting liquidity and tightening monetary policy. However, the parallel market remains sensitive to real-time supply and demand dynamics.
Economists warn that sustained volatility could fuel inflation and affect consumer prices, particularly for imported goods. Stakeholders are calling for stronger policy coordination to narrow the official-parallel rate disparity and restore greater confidence in the forex regime.
Further updates will depend on upcoming CBN interventions and inflows in the days ahead.
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