Economy
CBN Rules Out Devaluation of Naira, Insists FX Reserves Robust
By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Thursday allayed fears of investors on the rumoured possibility of devaluing the Naira as a result of global economic crisis caused by coronavirus and crash in crude oil prices.
In a statement issued by its spokesman, Mr Isaac Okorafor, the apex bank said the size of the nation’s foreign exchange reserves was large enough to absorb any external shock.
It threatened to investigate and deal with forex dealers causing this panic in the country. The CBN further said it would prosecute those behind the fears for economic sabotage.
“We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage,” the statement said.
It further threatened to “invoke the full weight of applicable sanctions on any persons and authorised dealers found to be involved in such disruptive and speculative market behaviour.”
The central bank used the opportunity to inform Nigerians that speculations that it was on the verge of devaluing the Naira is not only “false (but), unwarranted and calculated to serve their dubious and selfish ends.”
It insisted that, “The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate FX demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions.”
However, the CBN admitted that the outbreak of the coronavirus has led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria. It stressed that the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and FX orders.
The apex assured that it was working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system conducive for job creation and inclusive growth.
“For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease.
“The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market,” the statement said.
Business Post reports that yesterday, the Naira depreciated against the United States Dollar to N400/$1 at the black market, but at the time of filing this report Friday afternoon, it has appreciated to N380/$1.
Economy
Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes
By Adedapo Adesanya
Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.
Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.
The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.
This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.
The refinery received 21 separate crude cargoes in April — a record since operations began.
All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.
Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.
Cameroon’s Ebome crude was supplied to the refinery for the first time.
April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.
The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.
The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.
The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.
Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.
The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.
The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.
Economy
Customs Area 11 Command Seizes N2bn Containers of Illicit Items
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
Economy
Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
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