Economy

Hardship: Nigeria experiencing deepening economic crisis – IMF

Published

2 years ago

February 13, 2024

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The International Monetary Fund, IMF, has warned that Nigeria is experiencing a deepening economic crisis.

IMF expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity have further intensified the persistent cost-of-living crisis in Nigeria.

This was contained in its recently published report titled ‘Review of Nigeria’s Post Financing Assessment by the IMF Executive Board.’

In line with the report, the inadequate collection of revenue has impeded the delivery of services and the allocation of resources towards public investment.

According to the report, the observed inflation rate for October stood at 27 percent compared to the same period last year (with food inflation at 32 percent).

The growth was attributed to the removal of fuel subsidies, the depreciation of the exchange rate, and the negative impact on agricultural production in the country.

The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space. Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”

In the midst of Nigeria’s ongoing economic challenges, the report highlighted that on January 12, 2024, the Executive Board of the International Monetary Fund completed an evaluation of post financing and approved the Staff Appraisal without delay.

Additionally, it emphasized that Nigeria possesses sufficient capability to repay its debts to the IMF.

Economy

CBN Forex Intervention Trigger New Changes In Dollar To Naira Exchange Rate May 13, 2026

Published

5 hours ago

May 13, 2026

EMMANUEL AGAJI

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The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.

Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.

Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.

Nigeria Exchange Rates – Wednesday, May 13, 2026

Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight

Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.

However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.

Important Notice

Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.

Economy

Nigeria meets 99.2% of OPEC crude oil production in April

Published

10 hours ago

May 13, 2026

Admin

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2% of its Organization of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.

This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.

The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.

“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.”

The report revealed the that the figure also represents a 7.58% increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.

Economy

See Black Market Dollar To Naira Exchange Rate Today 12th May 2026

Published

1 day ago

May 12, 2026

EMMANUEL AGAJI

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Dollar To Naira Exchange Rate

The Black Market Dollar-to-Naira Exchange Rate for 12th May 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

What’s the dollar to naira black market today, 12th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 12th May, 2026, according to sources at Bureau De Change (BDC).

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
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1367
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.