Economy

75.5% of rural Nigerians now live below poverty line — World Bank

Published

2 weeks ago

May 5, 2025

Admin

The World Bank has disclosed that a staggering 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands.

This was revealed in the Bank’s April 2025 Poverty and Equity Brief for Nigeria, which paints a grim picture of worsening economic hardship, widening inequality, and persistent underdevelopment across much of the nation.

While poverty is widespread among urban populations, the report emphasised that the situation is significantly worse in rural areas, where economic stagnation, high inflation, and insecurity have exacerbated living conditions.

“Based on the most recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 per cent of Nigerians lived below the international extreme poverty line of $2.15 per person per day in 2018/19 before the COVID-19 pandemic,” the report stated.

The report also highlighted Nigeria’s enduring regional disparities. “Nigeria remains spatially unequal. The poverty rate in northern geopolitical zones was 46.5 per cent in 2018/19, compared with 13.5 per cent for southern ones. Inequality measured by the Gini index was estimated at 35.1 in 2018/19.

“Nigeria’s Prosperity Gap — the average factor by which individuals’ incomes must be multiplied to attain a prosperity standard of $25 per day for all — is estimated at 10.2, higher than most peers.”

Despite successive policy interventions, these figures underscore a persistent economic divide across the country.

The report’s demographic analysis found that children aged 0 to 14 years had a poverty rate of 72.5 per cent, reflecting the scale of deprivation among the youngest segment of the population.

Gender disparities were also observed, with 63.9 per cent of females and 63.1 per cent of males classified as poor under the $3.65 per day lower-middle-income threshold.

Education emerged as a significant determinant of poverty, with Nigerians lacking formal education experiencing a poverty rate of 79.5 per cent. This contrasts with 61.9 per cent for those with primary education and 50.0 per cent for secondary school graduates. Only 25.4 per cent of those with tertiary education were considered poor.

The report also drew attention to multidimensional poverty indicators, which further reflect widespread deprivation.

According to the World Bank, about 30.9 per cent of Nigerians live on less than $2.15 daily, 32.6 per cent lack access to limited-standard drinking water, 45.1 per cent do not have limited-standard sanitation, and 39.4 per cent have no electricity.

Education access remains a challenge, with 17.6 per cent of adults yet to complete primary education, and 9.0 per cent of households reporting at least one school-aged child not enrolled in school.

The report noted that even before the COVID-19 pandemic, efforts to reduce extreme poverty had largely stalled.

“Before COVID-19, extreme poverty reduction had almost stagnated, dropping by only half a percentage point annually since 2010. Living standards of the urban poor are hardly improving, and jobs that would allow households to escape poverty are lacking,” the report read.

Although the World Bank acknowledged recent economic reforms aimed at stabilising Nigeria’s macroeconomic outlook, it warned that persistently high inflation continues to undermine household purchasing power, particularly in urban areas where incomes have not kept pace with rising costs.

In light of the worsening situation, the Bank called for urgent policy action to shield vulnerable groups from inflationary shocks and to drive job creation through more productive economic activities.

Economy

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

Published

14 hours ago

May 17, 2025

ADMIN

Dollar‑to‑Naira Exchange Rates (Friday, 16 May 2025)
Black‑Market (Lagos “Aboki”) Rates
According to several Bureau De Change (BDC) operators surveyed in Lagos:

Rate (₦)
Buying 1 USD = ₦1,622
Selling 1 USD = ₦1,635
These quotations reflect cash transactions on the informal, over‑the‑counter market and can shift by the hour as dealers respond to supply‑and‑demand pressures.

Official CBN Window
The Central Bank of Nigeria (CBN) publishes a daily reference band for authorised dealers:

Rate (₦)
Highest ₦1,603
Lowest ₦1,597
The CBN discourages the use of street trading for foreign exchange and advises individuals or businesses to route transactions through their banks.

Why the Two Markets Differ
Liquidity Constraints: Limited US‑dollar supply in formal channels nudges importers and travellers toward the black market, where premiums emerge.
Speculative Demand: Expectations of further naira weakening often push up “Aboki” prices ahead of official adjustments.
Policy Announcements: Any hint of tighter import controls or changes to fuel‑subsidiary rules sparks fresh demand for dollars as a hedge.
Remittances & Diaspora Flows: Seasonal spikes such as during summer holidays can momentarily ease black‑market rates if inflows rise.
Practical Tips for Forex Users
Compare Quotes in Real Time: Rates posted online may already be outdated; confirm with multiple dealers or your bank before transacting.
Watch CBN Circulars: The apex bank occasionally intervenes with special FX auctions that can narrow the gap between official and parallel markets.
Plan Large Payments Early: School fees or medical bills abroad can often be processed at the investors’ & exporters’ (I&E) window, which sits between official and street rates—but paperwork takes time.
Stay Within the Law: Carrying large sums of foreign currency without declaring it at ports of entry or exit violates CBN and customs regulations.

Containing 742 Million Dollars In Bitcoin Is Forced To Give Up
Outlook
Analysts expect continued volatility in the short term. Monetary‑policy tightening has slowed but not reversed naira depreciation. If crude‑oil receipts improve or fresh external financing arrives, the pressure on parallel‑market premiums could ease. Conversely, any shortfall in export earnings is likely to keep black‑market quotes well above the CBN band.

Economy

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

Published

2 days ago

May 16, 2025

ADMIN

Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
As of Thursday, May 15, 2025, the exchange rate of the United States Dollar (USD) to the Nigerian Naira (NGN) in the Lagos parallel market, commonly referred to as the black market, stands as follows:

Buying Rate: ₦1,625 per $1
Selling Rate: ₦1,630 per $1
These rates were sourced from key operators within the Bureau De Change (BDC) segment of the market and may fluctuate depending on demand, location, and volume of the transaction.

Important Disclaimer from the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria has repeatedly cautioned against the use of the parallel market for foreign exchange transactions. The apex bank maintains that the official forex market is the only recognized channel for buying and selling foreign currency. Individuals or businesses in need of foreign exchange are strongly advised to approach their respective commercial banks or authorized dealers.

Official CBN Exchange Rate – May 15, 2025
In contrast to the rates observed in the black market, the official rates published by the CBN on the same date are:

Highest Rate: ₦1,604 per $1
Lowest Rate: ₦1,597 per $1
These rates reflect the regulated interbank market and may differ from bank-to-bank or based on transaction purposes such as international payments, imports, and remittances.

It’s important to note that the foreign exchange rates quoted here are indicative and may not reflect the exact rates offered to individuals or businesses at any given moment. Factors such as the location of exchange, prevailing market conditions, transaction volume, and negotiations between parties can lead to slight variations.

Final Thoughts
As the Naira continues to fluctuate against the Dollar, both in the official and unofficial markets, it is crucial for individuals and businesses to monitor exchange rate trends closely. For the most accurate and up-to-date rates, always consult authorized BDC operators or your local bank.

Economy

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

Published

4 days ago

May 14, 2025

ADMIN

Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
As of Tuesday, May 13, 2025, the exchange rate for the U.S. dollar to the Nigerian naira at the Lagos Parallel Market commonly known as the black market or Aboki FX—stands as follows:

Buying Rate: ₦1,630 per dollar
Selling Rate: ₦1,635 per dollar
This information is based on data obtained from traders at Bureau De Change (BDC) outlets in Lagos.

Important Notice:
The Central Bank of Nigeria (CBN) does not recognize the black market as an official channel for foreign exchange transactions. Individuals and businesses seeking to access forex are advised to go through authorized financial institutions, such as commercial banks.

Dollar to Naira – Black Market Rate Today
Exchange Type Rate (₦)
Buying ₦1,630
Selling ₦1,635
Dollar to Naira – CBN Official Rate
At the Central Bank of Nigeria’s official window, the dollar exchanged at varying rates today:

Highest Rate: ₦1,610
Lowest Rate: ₦1,597
Note:
Foreign exchange rates may differ depending on location, volume, and the dealer. The figures provided here are for informational purposes and may not reflect the exact rates offered to buyers or sellers in real-time.