Economy
CBN says staggering $26bn illicitly passed through Binance Nigeria in one year
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Mr. Yemi Cardoso, the Central Bank of Nigeria (CBN) governor, said on Tuesday that over $26 billion in illicit flows had passed through the crypto platform Binance in the last year.
Cardoso said this on Tuesday after the MPC meeting in Abuja.
“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows.
“In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters in his first MPC meeting since assuming office as the CBN governor.
The CBN also raised the country’s Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.
Cardoso who chairs the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.
Nigeria has been battling economic woes in recent months, but Cardoso said his team is not responsible for that.
“I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said.
“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.
“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”
The Black Market Dollar-to-Naira Exchange Rate for 5th September 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.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 5th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1410 on Saturday, 5th September, 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 ₦1405
Buying Rate ₦1410
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1321
Lowest Rate ₦1326
Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years and moving further above the Central Bank of Nigeria’s (CBN) projection for the year.
Latest CBN data showed that the reserves last stood around the $54 billion mark on December 22, 2008, when they reached $54.21 billion.
The latest figure represents an increase of about $1.42 billion from the $52.66 billion recorded on August 19.
Since the beginning of the year, the reserves have gained approximately $8.52 billion, rising from $45.56 billion on January 2. This represents an increase of about 18.7 per cent in just over eight months.
The reserves crossed the $53 billion threshold on August 24, reaching $53.11 billion, and continued their upward trajectory to $53.30 billion on August 26.
The figure rose further to $53.51 billion on August 28 and $53.81 billion on August 31.
In September, the reserves increased from $53.90 billion on September 1 to $53.99 billion on September 2, before reaching the latest $54.08 billion on September 3.
The current reserve position is about $3.04 billion above the CBN’s projected $51.04 billion target for external reserves by the end of 2026.
CBN Governor, Olayemi Cardoso, had attributed the sustained increase to stronger foreign-exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.
The rise in the reserves has also coincided with improved conditions in the foreign exchange market.
The naira appreciated to N1,315/$ at the official market on Thursday, its strongest level in about two years, amid increased foreign-exchange liquidity.
The United States Mint has released 250,000 $1 coins featuring the likeness of President Donald Trump to commemorate the country’s 250th anniversary.
The coins, released on Wednesday, are legal tender and have also entered circulation, meaning members of the public could receive them as change when making cash payments.
US Mint, in a post on its website, said the coin features a portrait of Trump designed by the United States Mint Chief Engraver, Joseph Menna, and inspired by an official White House photograph by Daniel Torok.
“The reverse (tails) design features the Presidential Seal, which shows an eagle holding an olive branch and a bundle of arrows, with a shield on its breast and a banner inscribed ‘E PLURIBUS UNUM’ in its beak.
“The shield contains the additional inscription ‘250’ to honor the Semiquincentennial of the United States. The additional inscriptions are ‘UNITED STATES OF AMERICA’ and ‘ONE DOLLAR.’
The coins have a gold-like finish but are made from non-precious metals. They are being minted in Philadelphia.
The Mint is selling the coins in rolls of 25 and bags of 100. A roll costs $61, while a bag costs $154.50.
Some special-issue coins were randomly included in the rolls and bags. According to the Mint, those coins bear a “July 4th” mark because they were struck on July 4, the anniversary of the Declaration of Independence.
The Mint said demand for the coins was high, with a virtual waiting room activated on Wednesday because of “extraordinarily high traffic” on its website.
Households were initially limited to two orders, although the Mint said the restriction would be lifted at 2 p.m. Eastern time on Thursday.
The release follows controversy over the depiction of a living president on US currency.
Federal law had previously prohibited living people from being depicted on US currency, but the Circulating Collectible Coin Redesign Act of 2020, signed by Trump during his first term, contained provisions allowing coins commemorating the country’s 250th anniversary.
Treasury Secretary Scott Bessent said the coin “celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all.”
The Trump administration has also maintained that congressional approval was not required for the coin, citing a history of commemorative coins bearing the likeness of sitting presidents.
The US Mint has released other commemorative coins as part of the 250th-anniversary celebrations, including Revolutionary War Quarters, American Eagle Gold Coins and Enduring Liberty Half Dollars.
In June, 250,000 Semiquincentennial 2026 Declaration of Independence Quarters bearing a special “July 4th” mark were also released into circulation.
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