Economy
Hurricane at CBN; 1,000 workers set to go into unemployment market
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Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations have shown.
Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.
In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
In the last 10 months,t the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
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Those 17 directors are yet to be replaced.
A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 20, 2024.
Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.
The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.
The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
‘They’re offering me N97m for 4-yr service’
A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.
“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said. (Text, excluding headline: Daily Trust)
Cooking gas prices have reduced in Abuja and nearby cities over the past three weeks, with some outlets selling LPG for as low as ₦1,300 per kilogramme.
Checks showed Ranoil, Shafa and AP Ardova now sell LPG at ₦1,350, ₦1,300 and ₦1,400 per kilogramme, down from ₦1,450 to ₦1,500.
NMDPRA data showed LPG imports jumped 1,400 per cent to 1.5 kilotonnes per day in June 2026, matching the drop to ₦997-₦1,030 at depots.
The price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has continued to decline in parts of Nigeria over the past three weeks.
A recent market survey by journalists showed that the price of a kilogramme of cooking gas had dropped to as low as ₦1,300 in Abuja and its environs, depending on the location.
The latest price represents a reduction from the ₦1,450 previously recorded in some areas.
Checks at some filling stations in Abuja showed that Ranoil, Shafa and AP Ardova now sell LPG at ₦1,350, ₦1,300 and ₦1,400 per kilogramme, respectively.
The prices are lower than the ₦1,450 to ₦1,500 per kilogramme previously recorded at the outlets.
The decline has also been recorded at the depot level, with depot owners now selling LPG for between ₦997 and ₦1,030 per kilogramme.
This is a reduction from prices that had risen to as high as ₦1,100 per kilogramme.
Cooking gas retailers in some parts of the Federal Capital Territory have also reduced their prices.
Most retailers in Dawaki, Kubwa, Gwarimpa and Lugbe now sell LPG at about ₦1,500 per kilogramme.
The price is down from around ₦1,700 per kilogramme previously recorded in the areas.
The reduction in the price of cooking gas comes amid a significant increase in LPG imports into the country.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that LPG imports increased significantly in June 2026.
According to the data, LPG imports rose by 1,400 per cent to 1.5 kilotonnes per day in June.
The increase in supply has coincided with the recent decline in cooking gas prices recorded across parts of the country.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 31st 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.
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, 31st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1419 and buy at ₦1408 on Friday, 31st 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 ₦1419
Buying Rate ₦1408
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1370
Lowest Rate ₦1365
The Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration process for capital market operators as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.
The Commission, in a statement issued on Wednesday, said the electronic registration (e-Registration) platform, deployed through its ePortal, would enable designated regulatory services to be completed entirely online.
According to the SEC, the platform allows Capital Market Operators (CMOs) to complete approved registration processes digitally, including application submission, regulatory review, approvals and communication of decisions.
It said the initiative would eliminate manual processing for services covered in the current phase, while simplifying regulatory interactions, reducing administrative bottlenecks, shortening processing timelines and giving applicants improved visibility into the status of their applications.
The Commission explained that migrating to a fully digital registration system would enhance operational efficiency and strengthen regulatory oversight through standardised workflows, electronic documentation, secure digital record management and improved audit trails.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the SEC said.
The regulator said the e-Registration platform aligns with its strategic objective of leveraging technology to improve market efficiency, enhance ease of doing business and deliver better services to stakeholders.
It added that the digital system would improve the integrity of regulatory processes by reducing delays associated with paper-based documentation and enhancing the quality of regulatory data available for decision-making.
The SEC noted that the platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of the Nigerian capital market.
It said the implementation would be carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.
The Commission clarified that the current phase covers post-registration services for existing Capital Market Operators, adding that applications for the registration of new entrants into the Nigerian capital market are not included yet.
According to the SEC, the commencement of electronic processing for new registration applications would be announced at a later date.
The Commission urged all Capital Market Operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless transition.
It reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery, strengthen market infrastructure, enhance transparency and boost investor confidence in Nigeria’s capital market.
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