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

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
SEE Dollar To Naira Exchange Rate: Latest Black Market USD To NGN Rate For March 20, 2025

The exchange rate for the US dollar to the Nigerian naira in the black market, also known as the parallel market (Aboki FX), has been released.
As of Wednesday, 19th March 2025, traders at the Lagos Parallel Market (Black Market) were buying dollars at ₦1575 and selling at ₦1585, according to sources from the Bureau De Change (BDC).
Official CBN Exchange Rate
The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct foreign exchange transactions through official banking channels. The official exchange rates recorded by the CBN are as follows:
Highest Rate: ₦1545
Lowest Rate: ₦1500
It is important to note that foreign exchange rates may vary depending on the location and financial institution handling the transaction.
Economy
SEE Today’s Black Market Exchange Rate – 18th March 2025

Black Market Dollar to Naira Exchange Rate for March 17, 2025
Are you looking for the latest Dollar to Naira exchange rate in the parallel market (Aboki FX)? Here’s what you need to know.
Current Black Market Exchange Rate (March 17, 2025)
The exchange rate at the Lagos Parallel Market (Black Market) sees players buying a dollar at ₦1575 and selling at ₦1585, according to sources within the Bureau De Change (BDC).
Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market. Individuals seeking foreign exchange are advised to approach their respective banks for transactions.
Black Market Exchange Rate Today
Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1575
Selling Rate ₦1585
CBN Official Dollar to Naira Rate
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1552
Lowest Rate ₦1512
Disclaimer: Forex rates fluctuate, and the price you buy or sell at may vary from what is captured in this report.
SEC Suspends Centurion Registrars from Capital Market
In a related development, the Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and affiliates, from participating in the capital market.
According to a statement titled “Additional Enforcement Measures on Erring Capital Market Operators”, the SEC emphasized that this action is part of a broader initiative in 2025 aimed at eliminating illegal capital market operations.
Affected clients of Centurion Registrars have been advised to contact Africa Prudential Plc for further assistance.
The SEC also revealed plans to publish a “Name and Shame” journal, listing capital market operators who violate market regulations. This move underscores the commission’s firm stance against non-compliance and aligns with its updated enforcement strategies.
Economy
SEE Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate

The exchange rate between the US Dollar (USD) and Nigerian Naira (NGN) continues to fluctuate, with notable differences between the official market rate set by the Central Bank of Nigeria (CBN) and the parallel (black) market rates.
Black Market (Parallel Market) Exchange Rate
At the Lagos Parallel Market, also known as the black market, foreign exchange traders are currently buying one US dollar at ₦1,575 and selling it at ₦1,585. These rates are sourced from Bureau De Change (BDC) operators who engage in unofficial currency transactions outside the banking system.
The Central Bank of Nigeria (CBN) maintains a regulated exchange rate for financial institutions and official transactions. Based on recent data:
The highest recorded exchange rate for the dollar stands at ₦1,552 per USD
The lowest rate observed is ₦1,512 per USD
The CBN does not recognize or support the black market, advising individuals and businesses seeking foreign exchange (forex) to obtain their funds through licensed financial institutions such as banks.
Factors Influencing the Exchange Rate
Several economic and market conditions contribute to the fluctuations in Nigeria’s forex market, including:
Dollar Supply and Demand: A shortage of forex liquidity can push black market rates higher, while an increased supply from CBN interventions or foreign inflows can stabilize the naira.
Inflation and Economic Policies: High inflation rates and policy decisions from monetary authorities significantly impact the value of the naira.
Global Economic Trends: The strength of the US dollar in international markets, crude oil prices, and foreign direct investment flows all play a role in determining the naira’s performance.
CBN Regulations and Policies: Restrictions on forex transactions, such as bans on certain imports or tighter controls on foreign remittances, can create fluctuations in the black market rates.
Exchange rates are subject to constant fluctuations, and the rates at which individuals or businesses buy and sell forex may differ from those listed above. It is advisable to consult multiple sources or directly contact banks and financial institutions for the most accurate and up-to-date exchange rates.
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