Economy
Binance refute Nigeria govt claim of receiving $10 billion fine
Binance, a cryptocurrency giant, has refuted the Nigerian government’s claims that they are negotiating to pay a $10 billion fine.
A Binance official stated it had no discussions regarding a $10 billion fine with the Nigerian government but hopes to resume services “very soon.”
“We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion,” a Binance official told the People’s Gazette.
“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services.”
The Binance official also confirmed reports that the government detained two of their officials invited to Nigeria.
Bayo Onanuga, a spokesperson for President Bola Tinubu, on Friday told the BBC that the government “may impose heavy fines” on Binance for allegedly aiding those fixing the Nigerian exchange rate to sabotage the economy.
Onanuga later clarified his statement, saying he never claimed the company had been officially informed of the fine or that the amount was finalised at $10 billion.
“I never said Binance had been informed about the fines or that it would definitely be $10 billion. I only said the amount may be imposed, which is because nothing has been finalised yet,” Onanuga said.
Onanuga accused Binance of “harbouring people who fix the exchange rate, which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilise the economy.”
(The Guardian)
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.
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
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.
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