The Central Bank of Nigeria (CBN) has reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

The apex bank recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.

According to a statement signed by the acting director, Corporate Communications, Hakama Sidi Ali, the CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of the Nigerian financial system.

“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient. In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues,” the statement stated.

It however said that the bank’s approach to Risk-Based supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector”.

The statement added that the CBN has established memoranda of understanding with the various countries where Nigerian banks’ subsidiaries are located.

This collaboration, according to the statement, enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

The statement maintained that CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

The apex bank assured that “It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

By Mario Deepromoter

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. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

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 N1665 and sell at N1675 on Monday 7th October 2024, 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 N1665
Selling Rate N1675
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1628
Selling Rate N1629
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality.

About three CBN Governors before Cardoso had toyed with the floatation option when they faced constant excess demand for foreign exchange and exchange rate pressures. They all abandoned the option due to fear of massive depreciation of the value and the contagion effect across the macroeconomic space.

But Cardoso, speaking for the first time on his journey on the saddle so far and focusing on the turbulence in the financial market following his assumption of office a year ago, explained that the floatation policy was meant to address the disparity between the official and parallel rates which encouraged arbitrage and speculation, eroding trust in the market.

While addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”, Cardoso recalled that upon assumption of duty, he understood that the credibility of the Central Bank of Nigeria (CBN) had to be the bedrock of the actions he and his team took.

He stated: “Without credibility, no policy, however well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality. ‘‘The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.

“Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy,” he added, noting that speculative trading had been reduced, and stability was gradually returning to the currency markets.

While noting that containing inflation remained the Bank’s core mission, he acknowledged that the CBN was yet to meet its target.

However, he stressed that recent declines reported by the National Bureau of Statistics (NBS) in July and August 2024 showed that the CBN was moving in the right direction.

He explained further: “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.’’