Economy

Foreign reserves hit $46.7bn

Published

7 months ago

November 19, 2025

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Nigeria’s external reserves have risen to $46.7 billion as of November 14, 2025, providing 10.3 months of import cover in goods and services.

The Central Bank of Nigeria (CBN) attributed the growth to steady inflows and renewed investor participation across different asset classes.

CBN Governor, Mr. Olayemi Cardoso, represented by the Deputy Governor, Economic Policy Directorate, Mr. Muhammad Sani Abdullahi, disclosed this at a colloquium marking the 20th anniversary of the Bank’s Monetary Policy Department (MPD).

He said the increase in reserves “reflects investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows.”

Cardoso linked the rising confidence to recent upgrades of Nigeria’s sovereign outlook by the three leading international ratings agencies, including S&P Global Ratings, which recently revised Nigeria’s outlook from stable to positive. According to him, the upgrade “reflects the impact of sustained reforms that have placed our economy on a more resilient path.”

He also noted that Nigeria’s removal from the Financial Action Task Force (FATF) Grey List marked “another significant milestone in restoring international confidence in our financial system.”

Cardoso stated that the development shows “our full alignment with global standards on anti-money laundering and counter-terrorism financing,” adding that it opens more opportunities for foreign investment and trade finance.

The CBN Governor said the combination of these developments has strengthened the currency, boosted trade balances and provided a firmer base for inclusive growth.

Speaking on the role of the MPD, Cardoso described the Department as central to the Bank’s policy architecture. He noted that it supports the Monetary Policy Committee (MPC) and the Monetary Policy Technical Committee (MPTC) with research, analysis and coordination to ensure coherence in decision-making.

A major task ahead, he said, is the Bank’s transition to a full inflation-targeting regime. Cardoso stressed that the shift is “a strategic imperative for anchoring expectations and sustaining price stability.” He added that inflation targeting will promote transparency, boost credibility and improve how monetary policy decisions transmit through the economy.

Cardoso urged MPD staff to remain focused on the bigger national goal. “Remember that our ultimate goal extends beyond technical achievements. It is about building a resilient economy that fosters growth, creates jobs, and delivers shared prosperity. Monetary policy must remain credible, coherent, and adaptive to changing realities,” he said.

He further encouraged them to maintain high standards. “The journey ahead requires even greater commitment, creativity, and collaboration. Continue to innovate, continue to strengthen coordination, and continue to uphold the highest standards of professionalism,” he said.

Director of the Monetary Policy Department, Dr. Victor Oboh, in his address, traced the evolution of the department from its early team-based structure to a modern system built around five specialized divisions covering macroeconomic analysis, monetary policy, committee coordination, international economic relations and policy research. He said the department has consistently produced experts who have served as special advisers and directors to successive CBN governors.

Oboh noted that the department has grown into a strategic centre of the Bank’s policy framework, supporting the MPC with high-level research and analysis that aligns Nigeria’s policy decisions with global standards. He recalled key historical moments—such as the global financial crisis, commodity price shocks and the COVID-19 pandemic—where MPD’s capacity “proved its resilience and relevance.”

The MPD Director further explained that Nigeria’s gradual migration toward inflation targeting followed lessons from global and domestic crises. According to him, the CBN moved from an exchange rate targeting framework to monetary targeting, before adopting a hybrid model that integrates elements of inflation targeting.

Oboh said the Bank has made significant progress since announcing its decision to adopt inflation targeting in late 2023. “We have pursued a disciplined monetary policy stance, hosted high-level monetary policy forums to deepen dialogue on disinflation, and strengthened policy communication to anchor expectations,” he said.

He added that these efforts have helped moderate inflation, stabilize the foreign exchange market, reduce exchange rate gaps, and increase external reserves to more than $46 billion. “Today, we stand at an advanced stage of this phased migration, integrating elements of inflation targeting into our hybrid framework while laying the foundation for a credible, forward-looking regime that will restore price stability and further strengthen investor confidence,” Oboh stated.

Reflecting on the theme of the anniversary, “Monetary Policy in Nigeria: Past, Present and Future,” Oboh described it as a moment for reflection and projection. He said the MPD’s work over two decades has strengthened credibility, supported transparency, and sustained public confidence in monetary policy.

Looking ahead, he noted that the future of monetary policy would require even greater innovation and coordination. Oboh pointed out that global fragmentation, digital currencies such as stablecoins, and climate-related financial risks will demand that MPD remains agile, data-driven, and forward-looking.

Economy

SEE Black Market Dollar To Naira Exchange Rate Today 24th June 2026

Published

12 hours ago

June 24, 2026

EMMANUEL AGAJI

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See Exchange Rate As Naira Gains 0.07%

The Black Market Dollar-to-Naira Exchange Rate for 24th June 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.

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, 24th June 2026?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 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 ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365

Economy

SEE Dollar to Naira exchange rate today, June 23, 2026

Published

2 days ago

June 23, 2026

EMMANUEL AGAJI

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The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.

Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.

The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.

In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.

The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.

Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.

Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.

As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.

Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.

Economy

FAAC: FG, States, LGCs share N2.3tn as May revenue

Published

7 days ago

June 18, 2026

Admin

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A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.

In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.

The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.

According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.

Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.

The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.

The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.

On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.

The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.

In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.