Economy
SEE Dollar To Naira Exchange Rate For Today January 2nd 2025
Below, is the Dollar to Naira exchange rate for today, 02 January 2025.
What Is The Official Exchange Rate For Dollar To Naira Today?
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1544.00 and per $1 on Monday, December 30, 2024 and closed at ₦1538.25 per $1 on Tuesday, December 31, 2024.
However, the Naira is trading as high as ₦1,655 per Dollar at the black market even though the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market.
The apex bank, in a circular on Wednesday 14th June 2023, said all FX windows were now collapsed into the investors & exporters (I&E) window.
The statement read, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017, and referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The apex noted that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course.
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.
Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
Economy
SEE Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 4th January 2025
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.
Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 4th January 2025.
The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Saturday, January 4th, 2024, players bought a dollar for N1750 and sold it for N1760.
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.
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 Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.
Economy
Why 1,000 workers left CBN – Cardoso
The Central Bank of Nigeria has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs.
The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the staff members and how the sum of N50bn severance package for the affected persons was arrived at.
Cardoso added that the affected persons opted to disengage through the voluntary Early Exit Program with payment of full benefits.
Represented by Deputy Director, Corporate Service of the CBN, Bala Bello, Cardoso explained. “The Early Exit Program, Restructuring and Re-organization “are basically ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in right holes. The manpower requirement of the bank is actually met.
“I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”
He also noted that the exercise was not restricted to government agencies alone, saying, “I believe several organisations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.”
Continuing, Cardoso said, “In the past, we had instances in which cases of stagnation and lack of career progression appear. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid.
“It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors manning 30 departments. It’s not going to work.
“Once those vacancies are filled, it gets to a level where some people, even though they are very qualified, able, and willing, but the vacancies are not there. And then they got to a level where they are stagnated for a period of time.”
Speaking earlier, the chairman of the committee, Bello Kumo, noted that the committee’s responsibility was to submit the report to the House.
Economy
Tinubu’s 15 percent inflation targets for Nigeria in 2025 unrealistic – Rewane
The Chief Executive of Financial Derivatives and popular economist, Bismark Rewane said President Bola Ahmed Tinubu’s 15 percent inflation target in 2025 is unrealistic and a mere aspiration.
Rewane disclosed on Channels Television’s program on Thursday.
DAILY reports that during Tinubu’s N49.7 trillion budget presentation before the National Assembly on December 18, 2024, he expressed optimism that Nigeria’s inflation rate would decline from 34.60 percent to 15 percent in 2025.
However, Rewane said the President’s target isn’t realistic.
According to him, Nigeria’s inflation can decline to 25 or 27 percent, but the 15 percent is unrealistic.
“Well, the target is an aspiration; the reality that we think is inflation could reduce from approximately 35 percent to somewhere like 27 percent or 25 percent, but a 15% rate on inflation is very bullish and aspirational, but we are free to have our aspirations.
“We deal in the world of reality, and in the world of reality, we see more of 27% to 25%. I would rather bet on that than bet on much more optimistic scenarios,” he said.
When Tinubu was sworn in as Nigeria’s president in May 2023, Nigeria’s inflation rate was 22.41 percent, according to official numbers by the National Bureau of Statistics, NBS.
The inflation rate rose astronomically to 34.6 percent in November 2024, more than 12 percent higher, a development that economic experts have attributed to Tinubu’s twin policies of petrol subsidy removal and unification of the foreign exchange rates.
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