Economy
Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again
Experts have called on the Central Bank of Nigeria (CBN) to halt its consistent interest rate hikes, citing the adverse effects on small businesses and household finances. The call follows the apex bank’s decision to increase the Monetary Policy Rate (MPR) by 25 basis points, raising it from 27.25% to 27.50%.
The decision, announced by CBN Governor Yemi Cardoso after the Monetary Policy Committee (MPC) meeting in Abuja, was aimed at tackling rising inflation. The MPC unanimously agreed to the hike, emphasizing its necessity to curb inflationary pressures.
Governor Cardoso also highlighted concerns over inflation driven by surging food and energy costs, stating that price stability remains a top priority. “The full deregulation of the downstream petroleum sector is expected to stabilize price levels in the medium term,” he added.
Financial analysts expressed mixed reactions to the move. Professor Uche Uwaleke, Nigeria’s first Professor of Capital Market, suggested the marginal increase could indicate a pause in aggressive rate hikes by early next year. “A halt is necessary to alleviate the rising cost of funds and improve credit access for small businesses,” Uwaleke explained.
On the other hand, Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, acknowledged the hike as expected but warned it could further strain businesses and households. “Higher financing costs will be passed to consumers, escalating prices of goods and services,” he noted.
David Adonri, Managing Director of Highcap Securities Limited, underscored the importance of monetary policy in managing inflation but stressed its limitations without complementary fiscal measures. He attributed rising inflation to expansionary fiscal policies, insecurity, and currency depreciation.
Despite the CBN’s measures, inflation remains stubbornly high, exacerbating economic instability. Analysts linked poor Q3 2024 GDP performance in agriculture and manufacturing to rising interest and exchange rates.
Adonri emphasized that unchecked inflation would harm both consumers and producers, urging fiscal and monetary authorities to collaborate on structural reforms. “Interest rate hikes offer short-term benefits, such as exchange rate stability, but addressing structural issues is vital for long-term growth,” he said.
Cardoso expressed satisfaction with the banking sector’s stability amid external and internal challenges. He noted that key financial indicators, including the Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL) ratio, remained robust.
Experts and the CBN alike stressed the need for coordination between monetary and fiscal policies to address the structural causes of inflation and stabilize the economy. Governor Cardoso reaffirmed the importance of collaboration, especially in managing exchange rate pressures and inflation fueled by high demand and energy costs.
The Black Market Dollar-to-Naira Exchange Rate for 20th April 2026 Can Be Accessed Below.
IMPORTANT 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, 20th April 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 Monday 20th April, 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 ₦1348
Lowest Rate ₦1340
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.
The Central Bank of Nigeria (CBN) in collaboration with the Financial Markets Dealers Association (FMDA) has introduced the Nigerian Overnight Financing Rate (NOFR).
The new initiative is a standardized benchmark, aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market.
The introduction of the NOFR was made known in a statement issued on Sunday by the Director, Corporate Communications of the CBN, Mrs. Hakama Sidi Ali.
The apex bank explained that the NOFR was developed to align Nigeria with global best practices in short-term interest
rate benchmarks.
Moreover, it said the initiative is expected to improve price discovery and transparency, while promoting consistent pricing of money market instruments.
“It will enhance the effectiveness of monetary policy, support financial innovation, boost investor confidence, and strengthen risk management across the financial system,” the CBN said.
The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan.
Also, it complements African benchmarks such as the JIBAR in South Africa.
The CBN added that the benchmark was adopted after a stakeholder engagement session held on February 27, 2026, with market participants formally endorsing the initiative.
It further disclosed that following the subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator.
“The bank will ensure governance, transparency, and regular publication of the rate,” the statement stated.
The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.
According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.
When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.
At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.
According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.
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