According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.

Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.

These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.

Black Market Exchange Rate Today 5th August, 2026

US Dollar Rates
Buying Rate N1,415
Selling Rate N1,425

CBN (Official): ₦1,362.55

The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.

This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Checks across Abuja on Monday confirmed the price movement was already filtering through to retail outlets. MRS cut its pump price by N40 per litre, while independent marketers including AA Rano reduced their retail price by N30 per litre, bringing petrol to N1,300 per litre.

At the depot level, Emedab, NIPCO, and Sigmund were selling petrol at between N1,217 and N1,222 per litre. NAN reports that Civil servant Bare Oguntade described the cut as a welcome development but urged the federal government to ensure that transport operators and traders pass the savings along to ordinary consumers.

Business owner Anthony Okere echoed the sentiment, noting that many small businesses still depend heavily on petrol due to unreliable electricity supply, and that only a small number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.

Calls for Regulation and Monitoring

Public affairs analyst Jide Ojo said sufficient time had passed for the benefits of lower fuel supply costs to reach Nigerians at the grassroots level. He called on the federal government to engage petroleum marketers directly so that future price reductions are reflected quickly at filling stations and in transport fares.

Development expert Aliyu Ilias added that stronger regulatory oversight, combined with greater consumer participation, would push filling stations to comply with prevailing prices and encourage fair competition across the sector.

Meanwhile, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the brief suspension of fuel loading after the price review was a routine reconciliation process that takes place whenever depot prices change.