…constraints by allowing market forces a greater role in determining fuel prices, foreign exchange rates and electricity tariffs. The foreign exchange reforms, in particular, were designed to reduce multiple exchange rates and improve transparency in the currency market, while the removal of the petrol subsidy was inten…

…Abdullahi, the reforms have significantly narrowed the gap between official and parallel exchange rates.He said the average gap fell from 68.2% between January and May 2023 to less than 2%, giving businesses a more reliable basis for pricing and planning.Diaspora funds strengthen dollar supplyThe CBN’s remittance drive…

…policy measures by the Central Bank of Nigeria (CBN), which have helped curb sharp exchange rate fluctuations. The contained premium in the parallel market ranging roughly between ₦43 and ₦63 above the official rate indicates that increased transparency and liquidity in formal channels are continuing to draw routine tr…

…by collapsing oil prices, drove inflation to 18.75 per cent, pushed the parallel exchange rate to N500 per dollar, and triggered yet another capital market crisis. Investor confidence has never fully recovered. A market that swung from euphoria to a 61 per cent collapse within twelve months, and then repeated the patte…

…could expose countries to additional financial risks if underlying assets lose value or exchange rates move adversely. “They also carry risk, as we flag in the report, the margin calls in the case that the value of the asset drops or the currency depreciates,” he said. According to him, Nigeria currently has alternativ…

…on the verge of collapse” before the withdrawal of fuel subsidy and unification of exchange rates. The Vice President urged Nigerians to be “generous” to a leader he credits with saving the economy. Speaking after a meeting with Tinubu at the President’s Lagos residence, Shettima said the administration had been in “re…

…From breaking news to viral moments. Follow Legit.ng on Instagram!At an indicative exchange rate of approximately ₦1,762 to the pound, the British price translates to about ₦3,524 per litre. This is a currency conversion, rather than a Nigerian selling price. British motorists face record costsThe increase followed Mon…

…results, with increased dollar inflows into the country and relative stability in the exchange rate. He spoke after visiting President Tinubu in Lagos, saying he went to welcome the President back from a “well-deserved vacation” and to wish him a happy Independence Day. “Nigeria is 66, you know, yesterday. And this is…

…the dollar at the official foreign exchange market before the holiday. Dollar to Naira exchange rate today, October 2, 2026: Naira depreciates against USD after Independence Day

…fund in naira, and by what methods (bank transfer, card, local payment partners)? What exchange rate is used when naira is converted to dollars? How long do withdrawals take, and are there fees? Are there limits on how much you can withdraw at once? The exchange rate question matters a lot. A platform with low trading…

…many of their major expenses are either dollar-denominated or influenced by foreign exchange rates.Rising fuel and other operating costs have reportedly made it increasingly difficult for some local airlines to remain financially stable.N2,230/litre: Nigerian Airlines Under Pressure as Fuel Debts Trigger Delays, Flight…

…while the gap between the official and street-market dollar rates narrowed further.A new exchange rate emerges as the naira beats major currencies in all markets. Alliance/ContributorImagesNaira strengthens at official FX marketData from the Nigerian Foreign Exchange Market (NFEM) showed that the naira appreciated by 0…

…into perspective, the World Bank estimated that the implicit subsidy created by this exchange rate setup cost us about 3% of our GDP in 2022. “The pressure extended to our external reserves. The gross figure did not tell the whole story. After accounting for identified short-term obligations, the Bank’s data put net us…

…per dollar between the reported NFEM rate and the parallel-market selling price. Tuesday exchange rates NFEM: Buying rate — Selling rate — ₦1,321.44 Parallel market: Buying rate — ₦1,375 Selling rate — ₦1,385 Why the rates differ Exchange rates in Nigeria can vary between the official and parallel markets because the t…

The naira stayed outside Africa’s 10 highest nominal exchange rates per dollar in September 2026, despite years of volatilitySão Tomé and Príncipe, Sierra Leone, Guinea and Madagascar topped the ranking by local currency units per US dollarUganda’s shilling and Ghana’s cedi faced pressure, while depreciation risks rais…

…stronger naira used in valuing the June 2026 external debt. The DMO applied an official exchange rate of N1,379.1842/$ in June 2026 compared with N1,529.2105/$ a year earlier. Consequently, dollar-denominated debt rose much faster than its naira equivalent. On a quarterly basis, the debt stock increased by N7.44tn, or…

…also held up neighbouring and fellow oil-producing nations as a benchmark. Using exchange rates from July 24, 2026, he said Libya's monthly minimum wage was worth about N213,000 in naira terms, Algeria's roughly N245,000, Equatorial Guinea's N302,000 and Gabon's N351,000. He added that Benin Republic's minimum wage als…

…Market, NFEM. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,322.5 per dollar from N1,324.5 per dollar on Wednesday, indicating N2 appreciation for the naira. Consequently, the margin between the parallel and official markets narrowed to N82.5 per dollar fr…

…CBN has continued to push for more transparent price discovery and market-driven exchange rates across official channels, a policy shift that has contributed to improved liquidity conditions. Trading in the naira-pound pair has entered a narrower range, with the pound hovering around the N1,800 level. Technical support…

…of official remittance avenues. "These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities," the CBN stated. The…

…to the United States, Mozambique, Ethiopia, the United Kingdom, and France. At the exchange rates applied when the funds were purchased, the total naira value came to N700.71 million.Transparency and Accountability Group president Ayo Ologun questioned the legal basis for the spending, noting that the Office of the Fir…

…certain challenges. One of the biggest challenges I faced was the fluctuation in the exchange rate. I would buy goods for a particular amount, sell them and then try to restock. At one point, I bought goods worth $100,000. After selling them, when it was time to convert the proceeds and restock the same $100,000 worth…

…prices. Other factors include refining margins, product availability, import parity, exchange rates, freight and marine logistics, storage and depot charges, financing costs, taxes and competition among suppliers. The development also comes as Nigeria’s domestic refining industry continues to expand, with locally refin…

…attributed the decline partly to the fading effects of price adjustments that followed exchange rate liberalisation and fuel subsidy removal, as well as the Central Bank of Nigeria’s restrictive monetary policy stance. The affirmation of the B3 ratings, however, underscores persistent fiscal pressures stemming from sti…

…is expected to emerge. ‘’Several factors, including international crude oil prices, exchange rates, refining costs, transportation, distribution, and other market costs, influence pump prices. Competition can improve efficiency and margins, but it cannot magically insulate Nigeria from global crude oil prices or other…