NNPC Reduces Fuel Price

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.

The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.

In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.

Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.

The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.

The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.

The change followed a fall in international crude oil prices.

Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.

The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.

Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.

Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.

Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.

Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.

Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.

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The Nigerian Naira maintained a steady performance against the US Dollar during early trading on Wednesday, February 25, 2026. Data from the Nigerian Foreign Exchange Market (NFEM) and informal sources indicate that the currency is benefiting from a period of lower volatility, supported by consistent policy measures from the Central Bank of Nigeria (CBN).

Official Market Performance (NFEM)

In the official window, the Naira was quoted at an opening rate of 1,351.13 per dollar. As the morning progressed, the rate experienced minor fluctuations, at one point touching 1,352.02 before retracing to 1,350.88 by 7:30 AM WAT. This reflects a stable trend compared to the closing rates observed at the start of the week.

The recent stability in the NFEM is largely attributed to the central bank’s ongoing strategy of maintaining a transparent price discovery mechanism. Authorized dealers report a healthy level of liquidity, which has prevented the sharp, unpredictable swings that characterized the market in previous years. The simple average or mean rate for the week continues to hover around the 1,348 mark, indicating a very narrow trading corridor.

Parallel Market Trends

The parallel market continues to shadow the official rate closely, with the US dollar being exchanged at rates ranging between 1,355 and 1,365 per dollar. The historically low spread between the official and “black market” rates—currently less than 1.5%—is a testament to the success of the current harmonization policies.

Traders in major financial hubs like Lagos and Kano note that while there is steady demand for small-scale retail transactions, the absence of massive speculative hoarding has kept the informal rate from breaking away from the official benchmark.

Key Economic Drivers

Several factors are influencing the Dollar-to-Naira pair this Wednesday:

Interest Rate Environment: The Monetary Policy Rate (MPR) currently stands at 26.50%, a high-yield environment that continues to attract foreign portfolio investment and encourages domestic savings in the local currency.

Inflationary Outlook: With January 2026 inflation recorded at 15.10%, the market is pricing in a “real rate” that is increasingly attractive to investors, providing a fundamental floor for the Naira.

Foreign Reserves: Robust external reserves, currently estimated at over 47 billion dollars, have given the CBN sufficient capacity to intervene and smooth out any temporary liquidity mismatches.

As the trading week continues, market analysts expect the Naira to remain within the 1,345 to 1,355 range in the official window, barring any unexpected shifts in global oil prices or major changes in the US Federal Reserve’s interest rate path.