Economy
CBN Relaxes Restriction On Repatriation Of FX Proceeds By Oil Firms
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The Central Bank of Nigeria (CBN) has relaxed its initial restriction on the repatriation of forex proceeds by international oil firms operating in the country.
In a circular dated May 6, 2024 signed by the Director, Trade and Exchange Department, Hassan Mahmud, the apex bank said oil firms can now spend 50% balance of the repatriated export proceeds on financial obligations.
In February, the apex bank stopped international oil companies from repatriating 100% foreign exchange proceeds to their mother companies overseas at once.
The apex bank had said international oil firms could repatriate 50% of their proceeds in the first instance and then the other half after 90 days.
However, in its new directive, the CBN said, “Following the recent enquiries by banks and other stakeholders on our circular referenced TED/FEM/PUB/FPC/001/004, in respect of Cash Pooling requests by banks on behalf of IOCs, we provide further clarifications as follows:
“The initial 50% of the repatriated proceeds can be pooled immediately or as at when required. Banks may submit the request for cash pooling ahead of the expected date of receipt, supported by the required documentations, for approval by the Central Bank of Nigeria,” the apex bank said.
“The 50% balance of the repatriated export proceeds could be used to settle financial obligations in Nigeria, whenever required, during the prescribed 90-day period.”
The CBN said petroleum profit tax, royalty, domestic contractor invoices, cash call, domestic loan principal and interest payment, transation taxes, education tax and forex sales at the Nigerian Foreign Exchange Market are eligible for settlement from the balance 50%.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 8th 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, 8th 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 ₦1395 on Tuesday, 8th 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 ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326
The dollar-to-naira exchange rate opened the new week with the naira trading at about ₦1,321.68 per US dollar at the official rate, while the parallel market rate stood at ₦1,390 per dollar for buying and ₦1,400 for selling, according to available market data.
The latest available NFEM figure for September 7 puts the official exchange rate at ₦1,321.68 to the dollar. However, the Central Bank of Nigeria’s published NFEM table shows September 4 as the latest dated trading entry, with a rate of ₦1,321.2160 per dollar. The September 7 figure should therefore be treated as the latest available indicative rate rather than a confirmed CBN trading close.
At the parallel market, Aboki Forex reported a buying rate of ₦1,390 and a selling rate of ₦1,400 per dollar. This means a person selling $1 could receive about ₦1,390, while buying $1 could cost approximately ₦1,400. Actual rates may vary by dealer, location and transaction size.
The difference between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. For $100, the indicative official equivalent is approximately ₦132,168, while buying $100 at the parallel-market selling rate would cost about ₦140,000.
The naira’s performance remains closely watched by importers, businesses, travellers and Nigerians receiving or sending foreign currency. However, the parallel market is separate from the regulated official market, and the two rates should not be treated as interchangeable.
Rates can change during the day, so anyone exchanging currency should confirm the current quote with a bank, licensed Bureau de Change or trusted dealer before completing a transaction.
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