This means individuals looking to exchange dollars for naira in the black market may buy at ₦1,400 per dollar and sell at ₦1,385 per dollar, depending on location and dealer rates.

Dollar to Naira Black Market Rate (USD/NGN) – April 29, 2026

Selling Rate: ₦1,400
Buying Rate: ₦1,385

Meanwhile, the Central Bank of Nigeria (CBN) does not officially recognise the parallel market and advises those seeking foreign exchange transactions to use approved banking channels.

Dollar to Naira CBN Official Rate – April 29, 2026

Highest Rate: ₦1,386
Lowest Rate: ₦1,365

It is important to note that forex rates may differ slightly depending on the dealer, location, and market conditions.

They lamented that disbursements have not been made to awardees for 2024, 2025, and 2026, while outstanding arrears owed to some beneficiaries from 2022 to 2024 also remain unpaid. The students are now calling on the government to urgently intervene.

According to them, several attempts to engage key institutions—including the Federal Ministry of Education, the Ministry of Finance, the Office of the Accountant-General of the Federation, and legislative bodies—have not produced any tangible results or clear payment timeline.

Salihu Iliya, who represents awardees in the North Central region, said the situation has caused significant hardship for students across the country.

He stressed that education should be treated as a fundamental right and not a privilege, adding that government commitments to students must be honoured without delay.

In a joint statement issued by awardees’ representatives nationwide, the students reiterated that despite multiple engagements with authorities, the issue remains unresolved.

They confirmed that no funds have been disbursed to beneficiaries of the 2024, 2025, and 2026 scholarship cycles, while arrears for earlier beneficiaries are still pending.

Under the Federal Scholarship Board scheme, students are required to maintain a minimum CGPA of 4.0 after their first year to continue receiving support until graduation. However, beneficiaries say the system has been plagued by persistent delays in payment.

Kabiru Datti Na Malanta, a 2022 awardee and Civil Engineering student at Abubakar Tafawa Balewa University, said he initially relied on the scholarship to ease his financial burden but has since been forced to borrow money due to non-payment.

He explained that although beneficiaries were approved for N250,000 per session, later increased to N300,000 and then N450,000, none of the promised payments have been received.

Another student, Umar Faruk Sada of the Federal University of Technology, Minna, said the delays have made it difficult for him to meet basic needs such as accommodation, feeding, and academic materials, adding that he has lost hope after waiting for over two years.

Other students also expressed concern over the broader impact, warning that the situation could undermine trust in government education initiatives and contribute to brain drain.

Some described the delays as a violation of beneficiaries’ rights, while others said it reflects wider systemic challenges in the education sector.

Students further argued that the scholarship scheme, meant to support education and human capital development, is failing to achieve its purpose due to persistent administrative bottlenecks.

Efforts to get a response from the Federal Scholarship Board were unsuccessful as of the time of filing this report.