Latest News
Dollar Trades Around ₦1,494 as Naira Faces Pressure in Official and Black Markets
The U.S. dollar exchanged for about ₦1,494 in Nigeria’s official market on Thursday, while black market rates hovered between ₦1,470 and ₦1,510, highlighting continued pressure on the local currency.....KINDLY READ THE FULL STORY HERE▶
According to online currency tracker Wise, the official mid-market rate stood at ₦1,493.99 per dollar. Other platforms reported rates in a similar range of ₦1,480 to ₦1,500 in regulated channels.
In the parallel market, commonly known as the black market, traders sold dollars for as high as ₦1,510, while some buyers paid around ₦1,470. The gap between official and unofficial markets reflects the ongoing scarcity of foreign currency and heavy demand for the U.S. dollar among importers, businesses, and individuals.
Nigeria has long operated multiple exchange rates. The official rate, managed by banks and the Central Bank of Nigeria (CBN), is used for international trade, government transactions, and regulated inflows. The black market rate is set by independent money changers and is often the only option for many Nigerians who cannot access dollars at official channels.
Economists say the spread between the two markets shows the strain on the naira. “Whenever the difference widens, it means demand is not being met officially,” one Lagos-based analyst explained. “People turn to the parallel market, which pushes that rate higher.”
The naira has been under consistent pressure in recent years, driven by lower oil revenues, rising import costs, and limited dollar inflows. The CBN has intervened at times, selling dollars to stabilize the currency, but demand continues to outpace supply.
A weaker naira makes imported goods — such as electronics, fuel, and medicine — more expensive. It also contributes to higher inflation, which already affects the cost of living for millions of Nigerians. On the other hand, a softer naira can benefit exporters, whose products become cheaper abroad when priced in dollars.
The situation also ties into global market trends. The U.S. dollar itself has been volatile in 2025, losing value against major currencies like the euro and yen due to expectations of further Federal Reserve interest rate cuts. But for Nigeria, the dollar remains strong in real terms because of local currency weakness.
Looking ahead, market watchers expect the CBN to continue efforts to close the gap between official and parallel rates, possibly through further interventions or policy reforms. For now, both businesses and households remain caught between the official rate, which is difficult to access, and the more expensive black market, which continues to set the tone for daily transactions.
Atiku Abubakar, former Vice President, has said he is willing to step down if Peter Obi secures the African Democratic Congress (ADC) presidential ticket ahead of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶
He made the remark during an interview on Arise News on Wednesday, where he was asked whether he would withdraw in Obi’s favour if the former Labour Party candidate wins the party’s primary.
Atiku confirmed he would respect the outcome, saying he is prepared to step aside for any winner, including Obi.
“Of course, if he is a contender, why not?” he added when pressed further.
He also noted that other aspirants such as Rabiu Kwankwaso and Rotimi Amaechi are also in the race for the ADC ticket.
The former presidential candidate explained that his stance reflects democratic principles, stressing that candidates can emerge either through consensus or election.
Atiku further expressed confidence that the North remains a strong political base for him ahead of 2027, saying the region continues to show unity and support in past elections.
A former Secretary to the Government of the Federation and chieftain of the African Democratic Congress (ADC), Babachir Lawal, has insisted that the party will participate in the 2027 general elections regardless of the position of the Independent National Electoral Commission (INEC).....KINDLY READ THE FULL STORY HERE▶
The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) has defended the presence of its officials at the African Democratic Congress (ADC) national convention, describing it as part of normal diplomatic engagement.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months 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)
-
Politics2 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
-
Politics2 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