Economy

FG Applies Sledge Hammer To Stabilize The Naira, Blocks Online Crypto Tradings

Published

2 years ago

February 22, 2024

The Federal Government on Wednesday, February 21, 2024 blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds, Premium Times reported on Wednesday.

Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.

PREMIUM TIMES earlier reported Wednesday that the government was considering blocking the online platforms of Binance and other crypto firms as part of efforts to avert the free fall of the local currency.

Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.

Binance, a digital assets platform, serves as a window for peer to peer transactions allowing users to advertise interest to sell or buy currencies of their choice.

In September 2023, Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, saying the platform was “neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”.

Despite the warning by the regulatory agency, the firm continued its operation, attracting huge patronage especially among urban youths and suspected speculators and money launderers. Aside from suspicions of economic sabotage, officials also speak of national security concerns as the platforms are often patronised by other criminal groups including for payment of ransom.

In its reaction earlier on Wednesday, Binance said “users behaving in a manipulative way” will be removed from its platform.

“As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance,” the platform added, noting that it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, the Nigerian government announced that it was planning to raise $10bn to improve liquidity in the foreign exchange market.

President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years,” Mr Shettima said.

Meanwhile, the naira tumbled to an all-time low of N1,900 per dollar at the parallel market on Tuesday, amidst speculations and uncertainties about supply constraints in the markets. But at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local unit appreciated slightly to N1,551.24.

Earlier on Tuesday, the office of the National Security Adviser directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” the office said in a statement.

“The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira.”

PREMIUM TIMES

Economy

NNPCL Cuts Petrol Price Again As Market Competition Intensifies

Published

6 hours ago

December 5, 2025

Admin

The Nigerian National Petroleum Company Limited (NNPCL) has again brought down the pump price of Premium Motor Spirit (PMS), commonly known as petrol. This is the second time in less than one week that the price has been reduced.

On Thursday, December 4, 2025, the company lowered the price by ₦10 per liter. With this change, petrol now sells for ₦920 instead of ₦930 at NNPCL filling stations in Abuja, including stations in Gwarimpa, along Kubwa Expressway, and in Wuse Zone 4.

This comes shortly after another reduction on November 28, 2025, when NNPCL cut the price by ₦15 per liter. These back-to-back adjustments show a steady drop in fuel prices at NNPCL outlets.

The main reason for these reductions is the growing competition in the deregulated downstream oil market. NNPCL and the Dangote Petroleum Refinery are currently the biggest rivals in this space, and their competition is pushing prices down.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that fuel prices are likely to keep falling, saying the reductions will continue because of the strong competition.

Economy

See Black Market Dollar To Naira Exchange Rate Today 3rd December 2025

Published

2 days ago

December 3, 2025

ADMIN

The Black Market Dollar to Naira Exchange Rate for 3rd December, 2025, 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.

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, 3rd December 2025?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1473 and buy at ₦1465 on Wednesday 3rd December, 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 ₦1473
Buying Rate ₦1465
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1450
Lowest Rate ₦1443

Economy

See Dollar to Naira Exchange Rate – Black Market (Aboki Rate)

Published

4 days ago

December 1, 2025

ADMIN

The Nigerian naira continued to trade under pressure in the unofficial foreign exchange market on Sunday, with traders in Lagos reporting another round of fluctuations in the dollar–naira exchange rate.

According to information gathered from several Bureau De Change (BDC) operators, the U.S. dollar sold for ₦1468 while buying stood at ₦1460 at the parallel market. This rate reflects the pricing used by street currency dealers and is often influenced by daily demand, liquidity conditions, and prevailing economic sentiment.

Important CBN Position on Black Market Transactions

The Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the black market as an official channel for forex trading. The apex bank maintains that all legitimate foreign exchange transactions should be conducted through commercial banks or other authorized financial institutions.
Despite this directive, many Nigerians still resort to the parallel market due to delays, documentation requirements, or limited access to forex through official channels.

Black Market Dollar to Naira Rates Today

USD to NGN Black Market Rate (Nov. 30, 2025)
Selling Rate ₦1468
Buying Rate ₦1460

Official CBN Dollar to Naira Rates Today

USD to NGN CBN Official Rate
Highest Rate ₦1449
Lowest Rate ₦1445

The official CBN rate typically reflects government-controlled pricing within the formal banking system, which often differs from market-driven rates in the parallel market.

Why Exchange Rates Vary

FX traders often caution that actual rates may differ depending on location, volume of transaction, and individual dealers. Prices can change multiple times within a single day due to:

Shifts in dollar supply and demand
Market speculation
Economic indicators such as inflation and interest rates
Government or CBN policy actions

As a result, buyers and sellers may encounter slightly higher or lower figures than those quoted above.