Economy
100% of SIM cards used in Nigeria locally-made, says NCC
The Nigerian Communications Commission (NCC) has said 100 per cent of the SIM cards used in the country are manufactured locally.
Head of New Media and Information Security, Babagana Digima stated this at a training for media executives in Lagos, tagged ‘Upskilling Media Stakeholders on Trends in Telecommunications’.
Digima attributed the feat to the commission’s commitment to encouraging local content and indigenous participation in the industry through the Nigeria Office for Development in Indigenous Telecommunications Sector (NORDIT).
He said: “The NCC, by Section 1D to F of our Act, has spelt out our function to encourage indigenous participation of telecom companies, as well as the national policy for promotion of indigenous content in the Telecommunications Sector which established NORDIT.
“Indigenous participation is one of the key areas NORDIT has played a major role.
“As recent as two years ago, almost 99 per cent of SIM cards used in Nigeria were imported. But when NORDIT came, we made it one of our key low-hanging fruits that in five to six months, SIM cards will be manufactured locally. We directed all the Mobile Network Operators (MNOs) to source their SIM cards locally. And this has been working since. As at now 100, per cent of the SIM cards used in Nigeria are manufactured locally, no more importation.”
Digima added the commission is also advocating to encourage indigenous participation in all aspects of telecoms. According to him, NORDIT has provided grants and incentives to some companies to ensure the industry develops.
“We are currently sponsoring the manufacture of Corrugated Ordinal Duct, and the company that will be established will be the first in Africa to manufacture such kind of product.
“We also encourage tower manufacture, fibre manufacture, and have been in touch with Coleman Cables, which are currently manufacturing fibre cables. They have even overtaken the only company in Egypt in manufacturing capacity and they are expanding.
“I am sure a lot of companies are very happy with what we have done,” he added.
Executive Vice Chairman of NCC, Dr Aminu Maida, said the initiative to upskill senior media executives was borne out of the need to bridge the gap between the commission and how it is understood by the public.
Maida, represented by the Executive Commissioner (Technical Services) Abraham Oshadami, said the commission needs to develop a mechanism that would enable consumers and stakeholders understand how things work in the industry.
He said: “These have led to the birth of this beautiful initiative. If our industry must succeed, there must be proper enlightenment and education.
“So, your physical role cannot be over-emphasised, and that is why these are carefully selected executives from across all platforms. It is to enable you understand the commission and see the operational interventions that the commission has engaged in over the time, as well as our challenges.
“This will enable us work together to shape the landscape and also help consumers understand what is happening.”
Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
As of Thursday, May 15, 2025, the exchange rate of the United States Dollar (USD) to the Nigerian Naira (NGN) in the Lagos parallel market, commonly referred to as the black market, stands as follows:
Buying Rate: ₦1,625 per $1
Selling Rate: ₦1,630 per $1
These rates were sourced from key operators within the Bureau De Change (BDC) segment of the market and may fluctuate depending on demand, location, and volume of the transaction.
Important Disclaimer from the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria has repeatedly cautioned against the use of the parallel market for foreign exchange transactions. The apex bank maintains that the official forex market is the only recognized channel for buying and selling foreign currency. Individuals or businesses in need of foreign exchange are strongly advised to approach their respective commercial banks or authorized dealers.
Official CBN Exchange Rate – May 15, 2025
In contrast to the rates observed in the black market, the official rates published by the CBN on the same date are:
Highest Rate: ₦1,604 per $1
Lowest Rate: ₦1,597 per $1
These rates reflect the regulated interbank market and may differ from bank-to-bank or based on transaction purposes such as international payments, imports, and remittances.
It’s important to note that the foreign exchange rates quoted here are indicative and may not reflect the exact rates offered to individuals or businesses at any given moment. Factors such as the location of exchange, prevailing market conditions, transaction volume, and negotiations between parties can lead to slight variations.
Final Thoughts
As the Naira continues to fluctuate against the Dollar, both in the official and unofficial markets, it is crucial for individuals and businesses to monitor exchange rate trends closely. For the most accurate and up-to-date rates, always consult authorized BDC operators or your local bank.
Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
As of Tuesday, May 13, 2025, the exchange rate for the U.S. dollar to the Nigerian naira at the Lagos Parallel Market commonly known as the black market or Aboki FX—stands as follows:
Buying Rate: ₦1,630 per dollar
Selling Rate: ₦1,635 per dollar
This information is based on data obtained from traders at Bureau De Change (BDC) outlets in Lagos.
Important Notice:
The Central Bank of Nigeria (CBN) does not recognize the black market as an official channel for foreign exchange transactions. Individuals and businesses seeking to access forex are advised to go through authorized financial institutions, such as commercial banks.
Dollar to Naira – Black Market Rate Today
Exchange Type Rate (₦)
Buying ₦1,630
Selling ₦1,635
Dollar to Naira – CBN Official Rate
At the Central Bank of Nigeria’s official window, the dollar exchanged at varying rates today:
Highest Rate: ₦1,610
Lowest Rate: ₦1,597
Note:
Foreign exchange rates may differ depending on location, volume, and the dealer. The figures provided here are for informational purposes and may not reflect the exact rates offered to buyers or sellers in real-time.
The Central Bank of Nigeria, in collaboration with the Nigeria Inter-Bank Settlement System, has launched the Non-Resident Bank Verification Number platform, an initiative aimed at enhancing financial access for Nigerians in the diaspora.
The platform, which enables Nigerians abroad to obtain their Bank Verification Number remotely, removes the need for physical presence in Nigeria.
Speaking at the event in Abuja on Tuesday, CBN Governor, Mr. Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.
He noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
The governor added that the NRBVN was not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he remarked. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also highlighted the growth in remittance flows, which increased from $3.3bn in 2023 to $4.73bn in 2024. He attributed this rise to recent reforms, including the introduction of the willing buyer, willing seller FX regime.
With the launch of the NRBVN, the CBN is targeting $1bn in monthly remittances.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” Cardoso said.
The event also featured a presentation by the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, who detailed the technical and operational aspects of the NRBVN platform.
Oiwoh emphasised that the platform adheres to global standards, incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.
The Deputy Governor, Economic Policy, CBN, Mr Muhammad Abdullahi, also addressed the gathering, describing the NRBVN as a transformative tool for enhancing the banking experience for Nigeria’s diaspora.
He urged stakeholders to collaborate in refining the platform to meet the evolving needs of the diaspora community.
He further emphasised that the initiative would strengthen economic ties between Nigeria and its global citizens, and ultimately drive sustainable economic growth.
“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.
The NRBVN platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments.
The launch of the NRBVN platform marks a crucial step in the CBN’s efforts to improve financial inclusion and harness the economic potential of Nigeria’s diaspora.
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