Economy

CBN clears valid FX backlog as external reserves rise to $34.11bn

Published

12 months ago

March 21, 2024

The Central Bank of Nigeria (CBN) says it has cleared all valid foreign exchange backlogs.

This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja, on Wednesday night.

She said it was in, “fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims.”

Mrs. Sidi Ali noted that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

She also disclosed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were promptly referred to the relevant authorities for further scrutiny,” The CBN spokesperson added.

At a recent meeting, Governor Cardoso declared: “We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy.

“It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”

Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.

Cardoso used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market

The CBN followed this by reporting a significant increase in external reserves, rising by $993 million to $34.11 billion as of March 7, 2024, the highest level in eight months.

The month-on-month increase was driven by a marked advance in remittance payments by Nigerians overseas, as well as higher purchases of local assets, including government debt securities, by foreign investors.

Economy

Nigeria spends $817.4m on debt servicing in 2 months

Published

13 hours ago

March 14, 2025

Admin

Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.

Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.

Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.

Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).

President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.

In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.

Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.

LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.

LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.

Economy

Naira rebounces in parallel market

Published

2 days ago

March 13, 2025

Admin

The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

2 days ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 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
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.