Category: Business and Economy

NGN → USD Rates NFEM (Official) Rate Official Market: Parallel Market: Summary of Rates The opening rate for the day was 1,419.37 per dollar at the NFEM, with the current trading average sitting at 1,421.33. In the informal sector, the average rate across major hubs remains around 1,488. Looking ahead, the market will be focused...

Dr. Jumoke Oduwole: “It was a pleasure to reconnect with Richard Quest of CNN this year. We discussed the renewed global order, where our approach is simple: Nigeria First. “Under President Tinubu’s leadership, we have a strong presence here with the launch of the Nigeria House at Davos and our recent UAE-CEPA deal 🌍🎯 “Nigeria...

NGN → USD Rates NFEM (Official) Rate Official Market: Buying: ₦ 1,419.37/ USD Parallel Market: Buying: ₦ 1,465/ USD Selling: ₦ 1,480/ USD Market Drivers: The stability in the NFEM is supported by improved reporting and transparency in the central bank’s management of external debt and liquidity. Finance officials have recently noted that while nominal...

NGN → USD Rates NFEM (Official) Rate Official Market: Parallel Market: Market Drivers: Government officials and economists remain optimistic about the currency’s performance for the remainder of 2026. Finance Minister Wale Edun recently noted that the “consolidation phase” of the economy is yielding results, with inflation expected to average around 16.5% this year—a sharp decline...

Mark Carney: “The Canada-China relationship has been distant and uncertain for nearly a decade. “We’re changing that, with a new strategic partnership that benefits the people of both our nations.”

NGN → USD Rates NFEM (Official) Rate Official Market: Buying: ₦ 1,424.24/ USD Parallel Market: Buying: ₦ 1,450/ USD Selling: ₦ 1,465/ USD Market Drivers: Dealers said the local currency remained steady as traders reacted to recent policy signals and improved liquidity conditions across the foreign exchange market Outlook: Experts believe the naira’s short-term direction...

NGN → USD Rates NFEM (Official) Rate Official Market: Buying: ₦ 1,426.69 / USD Parallel Market: Buying: ₦ 1,475/ USD Selling: ₦ 1,490/ USD Market Drivers: Analysts note that daily turnover will be closely monitored to assess the scale of corporate dollar demand for January. Outlook: The current stability observed today is attributed to a combination...

Togo, Niger and Benin currently owe Nigeria about N25bn ($17.8m) for electricity supplied under bilateral cross-border power agreements, the Nigerian Electricity Regulatory Commission (NERC) has disclosed. In its Q3 2025 report, NERC said the three countries were invoiced $18.69m for electricity supplied during the quarter but paid only $7.12m, leaving a large portion unpaid. The commission also...

NGN → USD Rates NFEM (Official) Rate Official Market: Parallel Market: Market Drivers and Outlook Several factors are influencing the current strength of the local currency:​Increased Reserves: The optimistic outlook for Nigeria’s external reserves is providing a psychological cushion for the Naira. Refinery Impact: The expansion of domestic refining capacity, particularly from the Dangote Refinery,...

China escalated its trade tensions with Japan on Wednesday by launching an investigation into imported dichlorosilane, a chemical gas used in making semiconductors, a day after it imposed curbs on the export of so-called dual-use goods that could be used by Japan’s military. The Chinese Commerce Ministry said in a statement that it had launched...