Economy
EXPOSED: CBN uncovers $2.4bn forex scam
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In a startling revelation, the Central Bank of Nigeria (CBN), Governor Yemi Cardoso, has disclosed that law enforcement agencies are investigating foreign exchange forwards valued at approximately $2.4 billion.
Cardoso noted that these transactions are deemed ineligible for payment.
This disclosure emerged after the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, March 26.
The CBN governor shed light on the meticulous forensic audit conducted on these transactions, uncovering numerous discrepancies and rendering them invalid.
The CBN, upon settling certain tranches of FX backlog, encountered transactions marred by issues concerning their authenticity.
Consequently, Deloitte management consultants were engaged to conduct a comprehensive forensic analysis spanning several months to scrutinize the legitimacy of these forward-contracted transactions.
During the audit process, it was established that several transactions failed to meet the criteria for validation. Instances were found where allocations worth millions of dollars were disbursed without corresponding requests, and some transactions lacked proper documentation or were outright illegal.
According to Cardoso, “In the cause of that forensic audit, we determined that a number of these transactions did not qualify. In some cases, you had some requests, which well you actually had some allocations that were made in millions of dollars, which were never requested for.
“You also had somewhere they had no Naira and they were also allocated, you know, huge sums, the foreign exchange and the list goes on and it was for that reason that we refused to validate those particular transactions.
“We refused to validate them because you know apart from the fact that documentation was not satisfactory in many cases they were outright illegal and the law enforcement agencies of course are now looking into those transactions that are as far as we’re concerned, not valid to be paid.”
Addressing concerns about potential backlogs among stakeholders, Cardoso assured that the market remains open and transparent for them to address any outstanding contractual obligations. However, the CBN has diligently verified and settled recognized backlogs of forward transactions.
Cardoso reiterated the CBN’s commitment to maintaining price stability and fighting inflation. He emphasized the need for strict adherence to the core mandate of the central bank, ensuring the restoration of the average Nigerian’s purchasing power.
To this end, the MPC announced a significant hike in the benchmark interest rate to 24.75 percent as part of efforts to curb inflation. This decision, accompanied by adjustments to reserve requirements for banks, aims to tighten control over the money supply and stabilize prices.
According to Cardoso, the committee decided to: raise the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent from 22.75 percent; adjust the asymmetric corridor around the MPR to +100/-300 basis points; retain the Cash Reserve Ratio of Deposit Money Banks at 45.0 percent; adjust the Cash Reserve Ratio of Merchant Banks from 10.0 percent to 14.0 percent and retain the Liquidity Ratio at 30.0 percent
Looking ahead, the CBN anticipates a gradual moderation of inflation rates by May, with measures in place to foster economic growth while maintaining price stability. The committee called for the full implementation of agricultural policies to enhance food supply and urged broader fiscal consolidation to improve tax collection.
Furthermore, Cardoso addressed concerns regarding the forex market, emphasizing the need to foster competition and transparency. He criticized the “oligopolistic nature of restrictions on dairy imports,” advocating for an open and inclusive foreign exchange market.
On the issue of cryptocurrency regulation and the Binance scandal, Cardoso clarified the CBN’s limited role, highlighting collaboration with relevant authorities while emphasizing that cryptocurrency regulation falls under the purview of the Security and Exchange Commission (SEC).
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 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, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 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 ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 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, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 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 ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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