Economy
Cardoso, CBN shine at Nairametrics Capital Market Choice Awards
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has been conferred with an honorary award at the maiden Nairametrics Capital Market Choice Awards, held in Lagos.
Presenting the honorary award to Mr. Cardoso, the Founder/CEO of Nairametrics, Mr. Ugo Obi-Chukwu, said the award was in recognition of Cardoso’s transformative leadership and strategic contributions to Nigeria’s financial and capital markets
Obi-Chujwu noted that under his leadership, the CBN has pursued reforms which have transformed the financial sector, restored investor confidence, deepened market participation, and fostered long-term economic resilience.
In addition to the individual recognition, the Central Bank of Nigeria also won the “Market Reform Initiative of the Year” award, a testament to the bank’s continued efforts to drive systemic reforms and innovation within the financial ecosystem.
According to the organisers, “the CBN’s recent policy interventions aimed at strengthening monetary transparency, investor confidence, and financial market stability earned it the distinguished award”.
Receiving the award on behalf of the Cardoso and the CBN, the bank’s Director, Banking Supervision Department, Olubukola Akinwunmi, expressed gratitude to Nairametrics for the award and urged all stakeholders to continue striving for transparency to ensure stability in the financial system.
Other honorary award recipients were the Governor of Lagos State, Mr. Babajide Sanwo-Olu; the Minister of Industry, Trade and Investment, Jumoke Oduwole; the Director General, Securities and Exchange Commission (SEC), Emomotimi Agama; and the President, Capital Market Academics of Nigeria, Prof Uche Uwaleke.
Posthumous awards were also conferred upon the trio of the late Chief Akintola Williams, Nigeria’s first chartered accountant; the late Chief Subomi Balogun, pioneer banker; and the late Mrs.Florence Seriki, a pioneering female tech entrepreneur.
The event featured 25 award categories and brought together key players from across the financial services sector to celebrate excellence, resilience, and leadership that are shaping the future of Nigeria’s capital market.
Meanwhile, a public affairs analyst, Dr. Ibrahim Modibbo, has congratulated Cardoso and the apex bank for the honour bestowed on them
He described the awards as well deserving and an acknowledgement of the reforms orchestrated by Cardoso since his appointment as the CBN governor by President Bola Tinubu.
The chairman of the Board of Dangote Sugar Refinery Plc, Aliko Dangote, has announced his retirement, bringing an end to a 20-year leadership of the company.
In a statement released by Company Secretary Temitope Hassan on Wednesday, it was stated that his retirement will take effect from June 16, 2025.
Since assuming leadership in 2005, Dangote has been recognised as a key figure in transforming Dangote Sugar into a market leader in Nigeria’s sugar industry, overseeing significant expansion projects and strengthening corporate governance.
“In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote, GCON, effective June 16, 2025,” the statement read.
The statement also noted that during his tenure, the company launched major backward integration projects in Adamawa, Taraba, and Nasarawa States, aimed at boosting local sugar production and reducing dependence on imports.
According to the board, Arnold Ekpe, Independent Non-Executive Director, has been appointed the new chairman.
“Following a rigorous selection and transition process, the Board is pleased to announce the appointment of Mr Arnold Ekpe, Independent Non-Executive Director, as the new Chairman of Dangote Sugar Refinery Plc, effective 16th June 2025,” the statement added.
“Ekpe is a seasoned banker and former group CEO of Ecobank, with extensive boardroom and leadership experience across sectors. We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company’s journey under his leadership. We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,” the statement concluded.
Dollar To Naira Black Market Exchange Rate Today, 11 June 2025 can be accessed below.
Looking for the dollar to naira black market rate today? As of Wednesday, 11 June 2025, here’s the latest update on the parallel market (also known as Aboki FX) exchange rate in Nigeria.
According to data gathered and verified Bureau De Change (BDC) sources in Lagos, the black market opened at:
Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,625 per $1
These figures reflect the demand-driven nature of the naira to dollar exchange rate on the black market, which can fluctuate multiple times daily based on forex availability and economic sentiments.
Key Point:
The dollar to naira exchange rate at the black market is unofficial and typically higher than the Central Bank of Nigeria (CBN) rate, due to limited forex supply from official channels.
Official CBN Dollar to Naira Exchange Rate Today – 11 June 2025
If you’re checking the official exchange rate for USD to NGN, here’s what the Central Bank of Nigeria (CBN) reported:
Buying Rate: ₦1,597 per $1
Selling Rate: ₦1,598 per $1
The CBN discourages participation in the black market and urges all forex transactions to go through authorized banks and licensed financial institutions.
Important Note About Black Market Rates
The black market (Aboki FX) rate is unregulated and can vary based on location, dealer, and volume of transaction. It’s crucial to:
Stay updated with real-time exchange rates
Confirm the rate with your local dealer before transacting
Exercise caution to avoid scams
How to Find a Trusted Dollar to Naira Black Market Dealer
Engaging in currency exchange outside official channels carries some risk. Here are tips for safely exchanging dollars on the black market:
Use reputable dealers with a known track record.
Always ask for a written receipt during the exchange.
Know the current market rate to avoid being underpaid.
Avoid exchanging large sums in one transaction unless you’re certain of the dealer’s credibility.
What Influences the Dollar to Naira Rate on the Black Market?
Several factors play a role in the rise or fall of the USD to NGN black market rate, including:
Supply and demand for foreign currency
Economic and political stability in Nigeria and the U.S.
Global oil prices, which influence Nigeria’s forex earnings
Speculation and market sentiment
Dollar to Naira Exchange Rate – 11 June 2025
Market Buying Rate Selling Rate
Black Market (Aboki FX) ₦1,620 ₦1,625
CBN Official Rate ₦1,597 ₦1,598
Disclaimer:
The rates listed here are for informational purposes and may vary depending on the source or region. Always double-check rates before making any financial decisions.
Looking for the dollar to naira black market rate today? As of Tuesday, 10 June 2025, here’s the latest update on the parallel market (also known as Aboki FX) exchange rate in Nigeria.
According to data gathered ,the black market opened at:
Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,625 per $1
These figures reflect the demand-driven nature of the naira to dollar exchange rate on the black market, which can fluctuate multiple times daily based on forex availability and economic sentiments.
Key Point:
The dollar to naira exchange rate at the black market is unofficial and typically higher than the Central Bank of Nigeria (CBN) rate, due to limited forex supply from official channels.
Official CBN Dollar to Naira Exchange Rate Today – 10 June 2025
If you’re checking the official exchange rate for USD to NGN, here’s what the Central Bank of Nigeria (CBN) reported:
Buying Rate: ₦1,597 per $1
Selling Rate: ₦1,598 per $1
The CBN discourages participation in the black market and urges all forex transactions to go through authorized banks and licensed financial institutions.
Important Note About Black Market Rates
The black market (Aboki FX) rate is unregulated and can vary based on location, dealer, and volume of transaction. It’s crucial to:
Stay updated with real-time exchange rates
Confirm the rate with your local dealer before transacting
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