Economy
FG Applies Sledge Hammer To Stabilize The Naira, Blocks Online Crypto Tradings
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
What is the Dollar to Naira Exchange Rate in the Black Market (Parallel Market/Aboki FX)?
Check out the latest black market Dollar to Naira exchange rate for January 18, 2025. You can exchange your dollars for Naira at these rates:
How much is the Dollar to Naira today in the black market?
The current black market exchange rate for Dollar to Naira (Aboki FX) is as follows:
Buying Rate: N1670
Selling Rate: N1680
These rates were obtained from sources at the Bureau De Change (BDC) in Lagos on Saturday, January 18, 2025.
Important Notice:
The Central Bank of Nigeria (CBN) does not recognize or endorse transactions in the parallel market (black market). Individuals looking to engage in Forex transactions are advised to approach their respective banks for official exchange rates.African fashion collections
Dollar to Naira Black Market Rate Today:
Buying Rate: N1670
Selling Rate: N1680
Dollar to Naira CBN Rate Today:
Highest Rate: N1559
Lowest Rate: N1545
Please note: Exchange rates may vary depending on location and negotiation terms, and the rates mentioned here are for reference purposes only.
By Francesca Hangeior
A development financing institution, African Export–Import Bank, Afreximbank, has agreed in principle to collaborate with Nigeria on aircraft financing.
Afreximbank, while announcing plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines, said it will provide Nigerian airlines with access to dry-leased aircraft that would enable them to better service Bilateral Air Service Agreement, BASA, routes and domestic operations.
A statement by Mr Tunde Moshood, special adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, said the partnership was achieved during a side meeting held with the Afreximbank team at the four-day Aviation Economic Conference in Dublin, Republic of Ireland.
The statement reads: “A significant milestone in Nigeria’s aviation sector was achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland. The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
“The meeting was attended by the Minister of Aviation and Aerospace Development, Festus Keyamo SAN, who led the Nigerian delegation. The delegation included distinguished members such as the Chairman, Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman, House Committee on Aviation, Abdullahi Idris Garba, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo; Director General of the NCAA, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; COO of Air Peace, Toyin Olajide; CEO of XEJet, Emmanuel Iza; Chairman, ValueJet, Kunle Soname and his Managing Director, Capt. Majekodunmi, and Chairman/CEO of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.
“At the meeting, Afreximbank, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing. Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume emphasized the need for robust aviation infrastructure to enhance the competitiveness of African airlines.
“To address this, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines. This initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement, BASA, routes and domestic operations.
“Lereece Rose commended the Minister for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5 per cent. This progress underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.
“The Minister highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to work with the Nigerian government, signaling a promising future for the country’s aviation industry.
“A committee has been established to follow up on the discussions, ensuring that this partnership materializes into actionable solutions for Nigerian airlines.”
As of January 16, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.
See the Naira performance across various currencies
A quick check at the parallel market at Abuja Zone 4 market,as at January 16, 2025 , the black market exchange rate stands firmly at approximately ₦ 1,663.00 per USD. This means if you want to buy a dollar now, it is ₦ 1,663.00 while if you want to sell it is approximately ₦ 1,652.00 .
Please be aware that the parallel market or the black market rates are mostly and notably higher compared with what you get from the official market or CBN rate
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦ 1,663.00
Buying Rate ₦ 1,652.00
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