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President Gwadabe Discusses Naira Depreciation And Foreign Exchange Stability
President Gwadabe Discusses Naira Depreciation And Foreign Exchange Stability
Dr. Aminu Gwadabe, the National President of the Association of Bureaux De Change of Nigeria (ABCON), shares insights into the recent depreciation of the Naira and proposes solutions for achieving stability in Nigeria’s foreign exchange market in an exclusive interview with DAILY POST’s Correspondent, Ariemu Ogaga. Here are the highlights:....KINDLY READ THE FULL STORY HERE▶
Assessment of Recent Naira Depreciation: Dr. Gwadabe expresses concern over the recent negative trend in the Naira’s value, attributing it to various factors such as speculative behavior, online trading platforms, and demand pressure on the Naira due to buying and selling activities.
Effectiveness of Central Bank Intervention: He acknowledges the efforts of the Central Bank of Nigeria (CBN) in providing interventions to stabilize the Naira, particularly through collaborations with BDCs. However, he highlights the acute liquidity shortage in the retail end market as a significant challenge.
Role of BDCs in Foreign Exchange Policy Transmission: Dr. Gwadabe emphasizes the crucial role of BDCs in the CBN’s foreign exchange policies, citing their suspension in July 2021 as a factor contributing to market volatility. He underscores the importance of collaboration between the CBN and BDCs to address speculation and meet the demands of the retail market.
Response to Allegations Against BDCs: He refutes allegations that BDCs are solely responsible for the Naira’s depreciation, pointing out that they control less than 10% of the market. He calls for a shift in focus towards addressing broader market dynamics and promoting diaspora remittances.
Plans for Harmonizing the FX Market: ABCON plans to digitalize and centralize the retail end forex market to enhance transparency, market intelligence, and regulatory compliance. This initiative aims to combat unregistered trading platforms and promote a unified trading environment.
Assessment of CBN Governor Olayemi Cardoso’s Administration: Dr. Gwadabe commends the professionalism and leadership qualities of Governor Olayemi Cardoso and his team at the CBN. He acknowledges their efforts in instituting market reforms and calls for continued agility and decisiveness.
Short-Term and Long-Term Solutions for Naira Stability: Immediate measures include deeper coordination between fiscal and monetary authorities, amnesty for repatriating funds, and incentivizing diaspora remittances. Long-term solutions involve boosting oil production capacity, diversifying foreign earnings, and empowering youth through job creation and innovation.
Final Message to Nigerians: Dr. Gwadabe urges Nigerians to support efforts to strengthen the Naira by avoiding currency substitution, speculation, and hoarding. He calls for a collective mindset shift towards promoting the Naira’s sovereignty in West Africa.
Renowned economist and banker, Mohammed Hayatu-Deen, has declared his intention to contest the presidential ticket of the African Democratic Congress (ADC) ahead of the 2027 general elections, pledging to address economic hardship, insecurity, and governance challenges in the country.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview on Arise Television, Hayatu-Deen said Nigerians are facing rising living costs and worsening insecurity, stressing the need for urgent and effective leadership intervention.
He noted that food and fuel prices continue to increase, making daily survival increasingly difficult for many citizens.
According to him, the situation does not reflect the Nigeria citizens deserve, adding that it is time for a change in direction.
He criticised what he described as a growing disconnect between the government and the people, arguing that current policies have placed heavy pressure on households and businesses.
Hayatu-Deen said insecurity has also intensified, while public resources are not being properly managed to protect vulnerable citizens.
He pledged to present a credible alternative focused on stabilising the economy, improving security, and restoring public trust in governance.
He emphasised the need for experienced and steady leadership capable of rebuilding systems, creating jobs, and protecting lives and livelihoods.
Drawing from over four decades of experience in banking and economic management, he highlighted his involvement in financial reforms, investment mobilisation, and institutional restructuring.
He also urged members of the ADC to remain united as the party prepares for the 2027 elections, stressing that unity would be key to becoming a strong opposition force.
Hayatu-Deen, who previously served as Managing Director and Chairman of FSB International Bank and chaired the Nigerian Economic Summit Group, has also contributed to national economic policy discussions and advisory platforms.
He was awarded the national honour of the Order of the Niger (OON) in 2000 for his service to Nigeria.
With his declaration, he joins other prominent political figures, including former Vice President Atiku Abubakar, Rotimi Amaechi, and Peter Obi, who have also indicated interest in the 2027 presidential race.
The leadership crisis within the Labour Party has escalated as Julius Abure rejected the recent ruling of the Court of Appeal and announced plans to challenge it at the Supreme Court of Nigeria.....KINDLY READ THE FULL STORY HERE▶
News reports that the Court of Appeal in Abuja dismissed Abure’s case and upheld an earlier judgment removing him as the party’s national chairman. The court also affirmed recognition of Nenadi Usman as the legitimate leader of the party.
The dispute traces back to a Federal High Court ruling, which relied on a Supreme Court decision that nullified the process that brought Abure into office. The courts maintained that his tenure had ended and directed the Independent National Electoral Commission to recognise Usman’s leadership.
However, Abure rejected the judgment, insisting that the 2024 party convention that produced him remains valid and supports his claim to leadership.
He has now instructed his legal team to approach the Supreme Court in a bid to overturn the Appeal Court’s decision.
Abure described the ruling as unacceptable to him and his supporters, arguing that it contradicted established legal principles and internal party autonomy.
He maintained that the Labour Party’s 27 March 2024 convention in Nnewi remains valid for four years, claiming the court failed to properly consider it in its decision.
He also faulted the Umuahia meeting that produced a caretaker committee, describing it as unconstitutional under the party’s rules, arguing that only the National Chairman and National Secretary have the authority to convene NEC meetings.
Abure reaffirmed that the judgment would be appealed, stating that his legal team has already been mobilised to take the matter to the Supreme Court for final determination.
What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki FX)?....KINDLY READ THE FULL STORY HERE▶
Below is the latest black market rate for the Dollar to Naira exchange on Tuesday, 21st April, 2026. At this rate, you can exchange your dollars for naira.
Dollar to Naira Black Market Rate Today
In the Lagos parallel market, Bureau De Change (BDC) operators reportedly sold the dollar at ₦1400 and bought it at ₦1393, according to market sources.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel (black) market and advises individuals seeking foreign exchange to carry out transactions through official banking channels.
Black Market Rate (USD to NGN)
- Selling Rate: ₦1400
- Buying Rate: ₦1393
CBN Official Rate (USD to NGN)
- Highest Rate: ₦1357
- Lowest Rate: ₦1345
Exchange rates may vary depending on location and dealers, as market prices are not fixed and can change frequently.
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