Economy
SEE Dollar To Naira Exchange Rate Today, Monday, July 7, 2025
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The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.
The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.
Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.
Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.
Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location
Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.
BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575
Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.
Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –
Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.
The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.
Economy
How to apply: FG opens access to 250,000 free business name registrations
The Federal Government has opened access to 250,000 free business name registrations for eligible entrepreneurs across Nigeria as part of efforts to support the growth and development of Micro, Small and Medium Enterprises (MSMEs).
The initiative, approved under the administration of President Bola Ahmed Tinubu, is designed to ease the cost of formalising small businesses and encourage more entrepreneurs to register their businesses.
Interested and eligible entrepreneurs have been advised to apply through the official SMEDAN portal at portal.smedan.gov.ng to become beneficiaries of the programme.
The registration is completely free, with the Corporate Affairs Commission (CAC) expected to process the business name registration without charging applicants.
The government also warned entrepreneurs to be wary of fraudsters who may attempt to exploit the programme.
Applicants have been advised not to pay anyone claiming to have the ability to fast-track or secure their registration, as no payment is required for the approved free registration.
Entrepreneurs seeking to benefit from the initiative are therefore encouraged to use only the official SMEDAN portal and avoid sharing payments or personal information with unauthorised agents.
Economy
Over 5,000 fibre cuts recorded in six months – NCC
The Nigerian Communications Commission (NCC) has disclosed that more than 5,000 fibre-optic cable cut incidents were recorded across the country in the first six months of 2026, with road construction, excavation and related civil works identified among the major causes.
The Executive Vice-Chairman of the NCC, Dr Aminu Maida, disclosed this on Tuesday at a stakeholders’ workshop on the protection of fibre-optic cables during road construction, excavation and other activities in Nigeria.
Maida said the high number of incidents required stronger collaboration between telecommunications operators, road contractors, government agencies, regulators and security institutions to prevent further damage to critical telecommunications infrastructure.
According to him, many of the incidents occurred because of inadequate coordination among stakeholders involved in road and other construction activities. He said the consequences of fibre cuts extended beyond the immediate physical damage to cables, stressing that they could disrupt essential services and affect millions of Nigerians.
The NCC boss recalled the nationwide telecommunications disruption in February 2024, when fibre cuts, including those caused by road construction, affected one of the major telecommunications operators. He said millions of subscribers were unable to make calls, send messages or access the internet for several hours, while subscribers who moved to alternative networks caused congestion on those networks.
According to him, the incident demonstrated how damage to one network could quickly have wider national consequences.
“In the first six months of this year alone, more than 5,000 fibre cut incidents were reported from road excavation, construction, and related civil work. A damaged fibre cable is therefore not simply a cost to an operator, it is a cost to Nigerians and to the wider economy.
“Those affected were not numbers in an incident report. They were parents, businesses, workers, and citizens cut off from people and services on which they depended on,” Maida said.
He stressed that preventing fibre cuts should be prioritised rather than waiting to repair damaged infrastructure after incidents had occurred.
Maida said telecommunications operators must provide accurate information on the location of their infrastructure and respond promptly when contacted before construction begins. He added that contractors must check for underground infrastructure before excavation and make adequate plans for its protection.
The NCC chief also urged regulators and security agencies to provide guidance and ensure accountability, stressing that coordination should form part of the design and execution of every relevant infrastructure project.
He said the commission remained committed to working with public and private stakeholders to make coordination a standard practice in road construction and other civil works.
Earlier, the Director of Critical National Assets and Infrastructure Protection in the Office of the National Security Adviser, AVM Effiong Ewa, said the protection of fibre-optic infrastructure was a shared national responsibility.
Ewa noted that telecommunications infrastructure had been designated as Critical National Information Infrastructure, warning that negligence or interference that exposed the assets to damage could constitute an offence under Nigeria’s legal framework.
He called for strict adherence to established protocols, guidelines and procedures during construction and maintenance activities.
Also speaking, the Permanent Secretary, Federal Ministry of Works, Mr Rafiu Adeladan, said the ministry recognised that road and telecommunications infrastructure often operated within the same physical space.
He said excavation, grading, reconstruction, utility relocation and other road activities could inadvertently damage vital fibre-optic infrastructure where adequate coordination and precautions were not in place.
Adeladan called for stronger mechanisms for coordination and information sharing before and during road construction activities. He said road contractors, consultants and relevant agencies should have access to accurate information on the location of telecommunications infrastructure before excavation begins.
On his part, the Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy, Engr Nadungu Gagare, said protecting telecommunications infrastructure was not the responsibility of one institution, but required collaboration among government ministries, regulators, security agencies, construction companies, utility providers and other stakeholders.
Gagare said the Federal Government had established a tripartite standing committee on the protection of fibre-optic infrastructure to strengthen collaboration and promote a coordinated approach to infrastructure protection.
He said the committee would also promote compliance with established standards and right-of-way regulations, improve information sharing and support measures to prevent avoidable damage.
The workshop, organised by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the Federal Ministry of Works, NCC, Office of the National Security Adviser and Nigeria Security and Civil Defence Corps, is aimed at developing practical measures to protect fibre-optic cables during road construction and other civil works.
Economy
NRS boss, Adedeji under fire over Nigerian economy comment
Nigerians have tackled the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, over his recent comment about critics of economic reforms under President Bola Ahmed Tinubu.
DAILY POST reports that in a viral video, Adedeji questioned critics of Tinubu’s economic reforms about what they would have done differently.
“That is what I get worried about when I listen to some people about the economy and everything.
“Just ask them, what would they do differently? Mr President, I don’t want you to wonder. You have elevated the system from what they know and wonder,” Adedeji told President Tinubu.
Adedeji’s comment triggered reactions from Nigerians on X.
Reacting, a development professional and former Director-General of the Bureau of Public Service Reforms, Joe Abah, described Adedeji’s comment as insensitive.
“If true, this is a deeply insensitive statement.
“But to answer the question of what I would have done differently, I can just look at the UK’s Andy Burnham, who is trying to tackle the cost of living.
“In just 19 days, he has removed the 5 percent VAT on domestic electricity (it is 7.5 percent in Nigeria); capped bus fares at £2 per ride by reimbursing private sector operators for the difference in real costs; pledged a 20 percent cut in business rates for pubs and clubs (an important part of British social life); maintained and adjusted Universal Credit to favour the poorest and most vulnerable.
“So, I would have used the increasing tax revenue to tackle the cost of living. That is what I would have done differently at my own level. Hope that helps,” he said on X on Saturday.
Similarly, a lawyer known, Vena Ikem wrote on X: “He should ask himself what all the millions of dollars he is spending mean to the tax he is collecting even from poor people. If karma truly fulfils, this man will get his just deserts in the land of the living. This arrogance is from getting away with stealing tax money.”
Also, Adekunle Oderinde wrote on X: “The entire convoy of Zacch Adedeji is more expensive and longer than the convoy of UK Prime Minister, yet he is talking about suffering Nigerians complaining about the effects of the policies of his principal, President Tinubu, who drives an expensive and long convoy on scarce resources.”
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