BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 427 Sell ₦1,435

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR)Buy ₦1, 585 Sell ₦1,605

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

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,379.62

GREAT BRITISH POUND (GBP) ₦1,850.62

EURO (EUR) ₦1,575.66

SWISS FRANC (CHF) ₦1,707.45

JAPANESE YEN (JPN) ₦8. 52

CHINESE YUAN (CNY) ₦203.56

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,871. 05

SAUDI RIYAL (SAR) ₦367.44

SOUTH AFRICAN RAND (ZAR) ₦84.53

Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.

The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.

Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.

This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.

Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.

Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.

The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.

Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.

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.