latest
Dollar Trades Around ₦1,472 as Naira Holds Ground
One U.S. dollar is currently worth about ₦1,472.26 on the interbank (mid-market) foreign exchange market in Nigeria. Wise....KINDLY READ THE FULL STORY HERE▶
Key Facts
-
The interbank rate, often used by banks and major money-transfer services, stands at around ₦1,472.26 per dollar. Wise
-
Some black market (parallel) trading reports place the dollar at between ₦1,500 and ₦1,520 per dollar. NgnRates
-
The Central Bank of Nigeria lists an “official” or reference rate of ₦1,476.35 per dollar. Aboki Forex
Background
Exchange rates in Nigeria commonly differ across the interbank, official/Central Bank, and black market (parallel) markets.
-
The interbank/mid-market rate is generally viewed as the baseline for large financial transactions and international transfers.
-
The official (CBN) rate is set by the Central Bank and often influences policy, foreign-exchange allocations, or government use.
-
The black market rate arises from supply and demand in markets where currency is exchanged outside formal financial institutions.
Factors that push the naira’s value include foreign inflows (oil revenue, remittances), central bank interventions, inflation, and overall confidence in Nigeria’s economy.
What Analysts Say
Economists caution that the black market rate’s divergence from the official rate signals underlying pressure on the naira. The gap can reflect scarcity of foreign currency in official channels or regulatory constraints that force many traders to rely on parallel markets.
A foreign exchange expert, speaking anonymously, noted:
“The parallel rate suggests more active demand than supply via formal channels. The central bank must balance intervention with market stability.”
Meanwhile, importers and manufacturers say the higher black market rate raises costs and squeezes profit margins.
Impact and Next Steps
For ordinary Nigerians, the difference in rates means that banks, money transfer services, or forex bureaus may offer less favorable rates than the mid-market benchmark. Businesses that depend on imported raw materials feel the pressure of cost increases.
Going forward, key developments to watch are:
-
Central Bank policies: any new FX auctions or adjustments to official rates
-
Foreign inflows: increases in oil revenue, remittances, or foreign investment could help strengthen the naira
-
Market reactions: volatility in global markets or inflation trends could shift demand for dollars
-
Clearing the Air: Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has once again denied allegations that he previously labeled Tinubu an illegitimate president during his time in the opposition.....KINDLY READ THE FULL STORY HERE▶
-
-
Pointing Fingers: Speaking on the KAA TRUTHS podcast, Bwala clarified that activist Aisha Yesufu was the actual person who made those remarks, maintaining that he never uttered such a statement.
-
Legal Finality: Bwala criticized Yesufu’s ongoing refusal to accept the validity of Tinubu’s presidency, arguing that once an electoral dispute reaches a final and binding verdict at the Supreme Court, all parties are obligated to respect it.
-
Challenging the Critics: Challenging anyone to produce proof of his alleged past comments, Bwala emphasized that even opposition figures like Kenneth Okonkwo did not call the President illegitimate, dismissing Yesufu’s stance as a sign of legal ignorance.
-
entertainment
ROMANTIC BOMBSHELL: Tiwa Savage Spills Shocking Secrets About Dating One Of Nigeria’s Big 3 Artistes!.
-
The Secret Romance: Nigerian singer Tiwa Savage revealed during an interview with Madam Joyce that she previously dated one of the artists considered part of Nigeria’s “Big 3,” choosing to keep his identity private.....KINDLY READ THE FULL STORY HERE▶
-
-
Covert Tactics: According to Savage, the relationship was kept under wraps because the artist wanted to hide their romance, going as far as deliberately mingling and dancing with other women at public events to avoid suspicion.
-
Emotional Connections: In a separate viral video, Savage opened up about her relationship and music collaborations with Wizkid, admitting that performing alongside him evokes strong memories and proves to be an emotional experience.
-
entertainment
CONTROVERSY CRUSHED: Tiwa Savage Sets The Record Straight On Working With Female Artistes!.
-
Addressing the Backlash: Nigerian singer Tiwa Savage recently pushed back against criticisms accusing her of refusing to support or collaborate with fellow female artistes, clarifying during an interview with Madam Joyce that she is very much open to working with women.....KINDLY READ THE FULL STORY HERE▶
-
-
The Promotion Problem: Savage pointed out that while she has featured numerous female acts in the past, those songs often underperform because the collaborators fail to put adequate effort into promoting the finished projects.
-
Double Standards: Highlighting a double standard, she questioned why her collaborations with male artists—such as Odumodublvck, Wizkid, Davido, and Young Jonn—attract complaints while her extensive history of working with women like Waje, Ayra Starr, Simi, Asa, Efya, Becca, and Di’Ja is overlooked.
-
Crayon’s Claim: In a separate development, singer Crayon alleged that Tiwa Savage introduced him to ‘Backy’—a blend of illicit substances rolled into a blunt—back in 2018.
-
-
latest1 year ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics3 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics3 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp