Economy
EFCC Raids BDCs In Kano, Abuja, Oyo As Dollar Hits N1,900
Operatives of the Economic and Financial Crime Commission (EFCC) arrested some currency exchange operators in the famous Kano currency exchange market, WAPA, in the early hours of Wednesday.
The latest development comes after the National Security Adviser, Mallam Nuhu Ribadu, ordered a crackdown on currency speculators.
An eyewitness, Malam Isma’ila Zico, who spoke with Daily Trust, said officials of the EFCC surrounded the dollar exchange section of the market and apprehended many operators.
Zico said, “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and they surrounded the Dollar exchange section of the market. I can’t say how many people were apprehended but they have taken away many operators.”
Confirming the raid, the WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, said the operatives of the EFFC were in the market to address the issue of dollar hoarding and operators that were yet to register as certified bureau de change operators.
He explained that EFCC had made some arrests, and those arrested were taken away for further investigations.
The chairman added that normal activities had returned in the market, and the association was ready to comply should the need arise.
The operatives also raided Bureau De Change operators in Sabo, Ibadan, over an alleged naira/dollar exchange hike.
Confirming the raid, an eyewitness said the current trading rate in the market is around N1900 to N1,940, adding that the operatives confiscated a lot of cash and arrested ten people.
He said, “They took about ten people. Amongst the arrested are people who don’t deal in exchange business, innocent people. They said they hiked the dollar to naira rate.”
The operatives also raided BDCs in Wuse Zone 4, Abuja.
The Black Market Dollar to Naira Exchange Rate for 13th January 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please 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, 13th January 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1485 and buy at ₦1479 on Tuesday 13th January, 2025, 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 ₦1485
Buying Rate ₦1479
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1430
Lowest Rate ₦1420
The Nigerian Naira began the second week of January 2026 with continued fluctuations as market participants adjusted to early-year liquidity shifts in both the official and informal currency markets.
Official Market Performance
In the Nigerian Foreign Exchange Market (NFEM), the local currency maintained a relatively stable position against the greenback. Trading data from the early hours of Monday indicates that the Naira opened at approximately 1,426.69 per dollar. As the session progressed, the rate saw minor appreciation, settling around 1,423.82 per dollar by midday.
This movement reflects a 0.20 percent gain for the Naira, following efforts by the Central Bank of Nigeria (CBN) to maintain transparency in price discovery and ensure a steady supply of foreign exchange to meet legitimate obligations. Market turnover remains a key indicator for observers, as the volume of dollars traded today will signal the level of corporate demand for the month of January.
Parallel Market Realities
In the parallel market, commonly referred to as the black market, the Naira traded at a slight premium compared to the official window. Reports from currency dealers in Lagos and Abuja show that the dollar is being exchanged at rates ranging between 1,475 and 1,490.
The gap between the official and parallel markets remains a point of interest for economic analysts. While the NFEM provides a benchmark for large-scale transactions, the parallel market continues to serve small-scale retail needs and individuals who may not have immediate access to official banking channels.
Market Outlook
The current stability observed today is attributed to a combination of factors, including steadying oil revenues and the central bank’s ongoing monetary tightening measures. However, pressure remains as importers begin to place orders for the first quarter of the year, potentially testing the resilience of the current exchange rate levels.
Observers are closely watching for further policy updates from the financial regulators, which could influence the direction of the currency as the business year gains full momentum.
As of January 6, 2026, nineteen Nigerian banks have met the Central Bank of Nigeria, CBN’s recapitalization requirements, ahead of the March 31 deadline.
This was disclosed in data released by The Cable Index on Tuesday.
The banks with international licenses that have complied include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, and Zenith Bank.
For banks with national and regional licenses, Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC, Sterling Bank, Wema Bank, PremiumTrust Bank, and Providus Bank have all met the CBN’s recapitalization benchmarks.
Additionally, two non-interest banks, Jaiz and Lotus and three merchant banks, including FSDH, Greenwich, and Nova, have achieved the required capital thresholds.
Despite this progress, approximately 14 banks have yet to meet the recapitalisation requirement.
CBN had announced fresh capital requirements in March 2024: N500 billion for international banks, N200 billion for national banks, N50 billion for merchant banks, and between N10 billion and N20 billion for non-interest banks.
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