Economy

FG Targets $10bn For Forex Liquidity To Stabilise Naira — Tinubu

Published

2 years ago

February 21, 2024

In a bid to halt the consistent devaluation of the Naira, President Bola Tinubu says the Federal Government is planning to raise at least $10 billion in order to increase Foreign Exchange (Forex) liquidity that will stabilise the Nigerian currency.

According to a statement published on the official X handle of Vice President, Kashim Shettima on Tuesday, the President disclosed this while speaking at the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) with the theme “Championing Nigeria’s Economic Prosperity” on Tuesday.

The President, who was represented at the event by Vice President Kashim Shettima, also disclosed plans by his administration to create millions of jobs by unlocking the country’s huge public asset to increase its Gross Domestic Product (GDP).

“President Bola Tinubu has disclosed plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets with a view to optimizing and doubling the country’s Gross Domestic Product (GDP),” the post read.

“According to him, with economic revitalisation as its top priority, the Federal Government has a target of raising at least $10 billion in order to increase foreign exchange liquidity that will, in turn, stabilise the Naira.

“The President disclosed this on Tuesday in Abuja during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.

“President Tinubu, who was represented at the event by the Vice President, highlighted a low-hanging fruit of identifying, consolidating, and maximizing returns on Government-owned assets worth trillions of naira,” it added.

Economy

See Dollar to Naira Exchange rate today, November 10, 2025

Published

7 days ago

November 10, 2025

ADMIN

Nigeria’s official Daily Foreign Exchange Market (NFEM) rate opened the week around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025, while the parallel (black/BDC) market continued to trade the dollar roughly between ₦1,450 and ₦1,470 depending on location and dealer.

Key figures

NFEM/official (volume-weighted average): about ₦1,436–₦1,437 per $1.

Parallel/BDC (reported ranges): buy ₦1,450–₦1,458; sell ₦1,460–₦1,470.

What happened today
The official FX window — the Daily Nigerian Foreign Exchange Market (NFEM) — remained close to the mid-₦1,430s, reflecting steady dollar inflows from exporters and remittances that kept official liquidity intact. At the same time, dollar demand in cash-heavy city BDC markets pushed parallel-market quotes higher, producing the persistent spread between the official and street rates.

Why the gap persists
Analysts point to a mix of structural and cyclical factors: the end of subsidy-related pressures, improved dollar inflows linked to higher non-oil earnings, and recent policy moves by the Central Bank of Nigeria. But limited access to small-dollar cash and the fragmented nature of BDC liquidity keep parallel-market premiums in place. International market sentiment and capital flows remain important drivers of short-term moves.

How this affects consumers and businesses

Importers and firms needing physical dollars still factor in the parallel-market premium when pricing and sourcing goods.

Remittance recipients often get rates closer to the parallel market when cash is required immediately.

Traders and FX desks monitor the NFEM rate for contractual and official reporting while using BDC quotes to assess immediate cash needs.

Over the past week the dollar–naira has fluctuated in the mid-₦1,430s to mid-₦1,460s, with occasional spikes in the parallel market when local cash demand rises. The Central Bank’s measures to improve FX liquidity and recent macroeconomic signals (including an interest-rate shift earlier in the fall) have helped reduce volatility compared with earlier in 2025, but a permanent narrowing of the spread depends on sustained, predictable dollar supply.

Economy

Naira Rebounces Against The USD, EURO, GBP Today November 6, 2025 At The Official And Black Markets

Published

1 week ago

November 6, 2025

ADMIN

See rates below:

Dollars to Naira (USD to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1450
Selling Rate (Black Market) ₦1460
Official CBN Rate ₦1439

Euro to Naira (EUR to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1650
Selling Rate (Black Market) ₦1685
Official CBN Rate ₦1654

Pounds to Naira (GBP to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1840
Selling Rate (Black Market) ₦1940
Official CBN Rate ₦1877

Economy

SEE Dollar to Naira Exchange rate: Black Market and CBN rates

Published

3 weeks ago

October 28, 2025

Prosper Omotola

By Prosper Olayiwola

The exchange rate between the U.S. dollar and the Nigerian naira continued to fluctuate across different markets on Monday, October 27, 2025, as traders and Bureau De Change (BDC) operators reported mixed prices.

At the Lagos Parallel Market, commonly referred to as the black market, one U.S. dollar was sold at ₦1,499 and bought at ₦1,485, according to traders interviewed early Monday. This reflects a slight adjustment from weekend figures, as market demand for the greenback remained strong amid limited supply.

However, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market, warning Nigerians against patronizing unregulated forex dealers. The apex bank maintains that all legitimate foreign exchange transactions should be carried out through authorized channels, particularly commercial banks, to ensure transparency and stability in the financial system.

Black Market (Aboki FX) Exchange Rate Today

Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1,485
Selling Rate ₦1,499

Official CBN Exchange Rate Today

Dollar to Naira (USD to NGN) CBN Rate
Highest Rate ₦1,457
Lowest Rate ₦1,450

It is important to note that exchange rates may differ depending on location, volume of transaction, and demand dynamics at various trading points. Rates reported by independent sources or online platforms may also vary slightly from those published by official or regulated channels.

As Nigeria continues to grapple with inflationary pressures and declining foreign reserves, analysts say the exchange rate movement will remain one of the most closely watched indicators of economic stability in the weeks ahead.