The initiatives undertaken by the Central Bank of Nigeria regarding the formulation of policies for the exchange rate between the U.S. dollar and the Nigerian naira are yielding positive outcomes for the nation’s economy under the current administration.

This progress comes despite the numerous criticisms that have been voiced in the past. Click link to continue reading.

On Tuesday, September 23rd, 2025, the market was buzzing as the dollar was traded at a significant ₦1,510 per $1 for buyers, while sellers were offering it at an even higher rate of ₦1,520 per $1.

These figures, reported by Investors King and corroborated by key dealers in the parallel market, underscore the strain on the naira and the ongoing volatility in Nigeria’s foreign exchange landscape.

How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 23rd, 2025, the black market exchange rates are:

Dollars to Naira Exchange Rate Today
Buying Rate ₦1,510
Selling Rate ₦1,520
(Source: Investors King)

Dollar to Naira: Black Market vs Official CBN Rate
The black market exchange rate remains considerably higher than the official rate provided by the Central Bank of Nigeria (CBN).

Advertisement

Although the CBN maintains tighter controls at the official window, access is limited, forcing many importers, businesses, students, and travelers to the black market. This persistent gap widens inflationary pressures and increases the cost of living across Nigeria.

Key Drivers of the Black Market Exchange Rate
Strong Dollar Demand – Importers and international travelers continue to push demand upward.

Limited Forex Inflows – Reduced crude oil revenues and declining reserves constrain official supply.

Speculation and Hoarding – Traders hold dollars in anticipation of further depreciation.

Inflationary Pressures – Rising inflation makes the dollar a safer hedge against naira devaluation.

Impact on Nigerians and Businesses
Importers face higher sourcing costs, which raise consumer prices.

Families and students abroad pay more to cover tuition and living expenses.

Advertisement

Manufacturers relying on imported inputs experience squeezed profit margins.

Households feel the effect as inflation continues to erode purchasing power.

Outlook for the Naira
Experts note that the long-term stability of the Dollar to Naira exchange rate depends on Nigeria’s ability to increase forex inflows, diversify exports, and attract foreign direct investment.

Strengthening remittances and reducing dependency on imports will also play a crucial role in narrowing the gap between the official and black market rates.

Disclaimer: Black market exchange rates are unofficial and may vary by state and trader. For official and regulated exchange rates, always check with the Central Bank of Nigeria (CBN).

investorsking.com

Advertisement

Nigeria’s external reserves have risen to $42.03 billion as of September 19, 2025, reaching the highest level since late September 2019 and marking a six-year peak.

According to the latest data from the Central Bank of Nigeria (CBN) released on Monday, reserves increased from $41.99 billion the previous day and are significantly higher than the $41.42 billion recorded at the beginning of September.

The last time reserves were this high was on September 26, 2019, when they stood at $42.05 billion. This recent surge reflects a steady upward trend that began in July and has picked up momentum this month.

This new milestone is important for market confidence, enhancing Nigeria’s import coverage and bolstering the credibility of the Central Bank’s policies.

How have the reserves performed so far in September

Nairametrics observed that the buildup is not a one-off spike. Throughout September, every recorded session has shown an increase, delivering 13 consecutive daily gains across 14 reporting days.

From the start of September to the 19th, reserves have grown by $610.8 million, or 1.47%. The accretion has been steady, averaging about $47 million per reporting day. The second half of the month has been particularly strong.

Advertisement

On September 8, reserves stood at $41.5711 billion. By September 19, they had risen by $461.8 million. In the span of four business days between September 15 and 19, reserves added almost $583.0 million, a reflection of more robust FX inflows and restrained outflows.

Compared with August 29, when the balance was $41.3055 billion, reserves are now stronger by $727.3 million, a 1.76% increase.

Year-to-date trend
Reserves are also in positive territory for 2025. They have risen by $1.15 billion, or 2.83%, from $40.8780 billion at the end of December 2024 to $42.0329 billion in mid-September 2025.

The trajectory was not smooth, with a sharp decline in the first half of the year dragging reserves to a low of $37.1806 billion on July 3, 2025. Since then, the stock has recovered by $4.85 billion, or 13.05%. The September peak is now the highest point of the year, surpassing all prior 2025 readings and reversing earlier losses.

Implications for the economy
The return of reserves above $42 billion strengthens the Central Bank’s capacity to smooth volatility in the FX market and meet external obligations with greater credibility.

It also raises Nigeria’s import cover, a key metric tracked by investors, lenders, and ratings agencies. The six-year high provides a psychological boost that may help encourage portfolio inflows into local assets, provided yields remain attractive and policy direction stays consistent.

Still, the durability of this rally will be tested. Sustaining reserves at or above $42 billion requires a steady pipeline of FX supply from crude oil sales, non-oil exports, diaspora remittances, and foreign portfolio investments. Any slump in oil production, fall in global prices, or resurgence of demand pressure could stall the gains.

Advertisement

On the other hand, further improvements in production volumes, transparent FX operations, and consistent fiscal-monetary coordination could consolidate the milestone and possibly push reserves above late-2019 levels.

In essence, September has flipped the 2025 reserves story from weakness to strength. The test now is whether this momentum can carry through to the fourth quarter and provide lasting stability for Nigeria’s currency and external sector.

Stanbic IBTC Holdings Plc has released its financial report for the half-year period ending June 30, 2025, revealing a pretax profit of N243.7 billion.

This reflects a significant increase of 65.81% compared to the N147 billion recorded in the first half of 2024, primarily fueled by a robust performance at the top line.

Interest income surged by 56.34% to reach N384.7 billion, with contributions of N239.7 billion from loans and advances to customers, N131.2 billion from investments, and N13.7 billion from loans and advances to banks.

In contrast, interest expenses saw a slight decline to N68.7 billion from N71.8 billion a year prior, which helped elevate net interest income to N316 billion—a remarkable rise of 81.31%.

On the other hand, non-interest revenue experienced a slight dip, falling to N117.9 billion from N129.1 billion in the previous year.

Fees and commission income comprised the bulk at N123.6 billion, while other income, chiefly from property disposals, contributed N6.6 billion.

Together, the interest and non-interest income reached N433.9 billion before accounting for impairments. After an impairment charge of N11.1 billion, the adjusted figure settled at N422.8 billion.

Advertisement

Operating expenses, largely driven by staff costs and various overheads, amounted to N179 billion, resulting in a pretax profit of N243.7 billion, reflecting a year-on-year increase of 65.81%.

On the balance sheet front, Stanbic reported total assets of N8.12 trillion, marking a 17.51% increase, while reserves climbed to N686.7 billion from N522.6 billion in the previous year.

Key highlights (2025 vs 2024):

1. Interest income: N384.7 billion, +56.34% YoY
2. Net interest income: N316 billion, +81.31% YoY
3. Net fees and commission revenue: N117.9 billion, -8.70% YoY
4. Other income: N6.6 billion, -10.17% YoY
5. Income after impairment charges: N422.8 billion, +52.70% YoY
6. Profit before tax: N243.7 billion, +65.81% YoY
7. Total assets: N8.1 trillion, +17.51% YoY

Stanbic IBTC has recorded a year-to-date performance of 70.14%, with its share price closing at N98.00 as of market close on 22nd September 2025.

First Bank of Nigeria Limited has entered into a strategic partnership with the organizers of the E1 Lagos GP, marking the introduction of the first all-electric powerboat racing championship in Lagos, scheduled to occur from October 3rd to 5th, 2025.

This collaboration is reflective of FirstBank’s commitment to sports and human development, consistent with its historical support for significant sporting events and its DecemberIssaVybe initiative, which celebrates Nigerian culture and lifestyle.

The event will feature teams owned by prominent global figures, including Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, and Rafael Nadal. Notably, the Lagos race will serve as a precursor to the season finale taking place in Miami, USA.

During the E1 Lagos GP Stakeholder Immersion session held recently in Lagos, Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communication at FirstBank, underscored the institution’s enduring dedication to initiatives that promote human development and contribute to the national legacy.

“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians,” Ijabiyi said. “As a bank with over 131 years of history, we understand the power of sports in shaping society. Through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people.”

FirstBank’s sports legacy includes over a century of support for the Georgian Polo Cup and 64 years of hosting the Lagos Amateur Open Golf Championship. The bank is aligning its E1 Lagos GP partnership with its annual DecemberIssaVybe campaign, which celebrates the festive spirit of Nigerians through curated experiences blending culture, entertainment, and lifestyle.

“As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering a world-class experience that reflects the true essence of Lagos during the festive season,” Ijabiyi added.

Advertisement

Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, lauded the initiative, noting its potential to boost sports development while showcasing Lagos’s vibrant culture and global relevance.

The Lagos leg of the championship will feature teams owned by global icons, including Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, and Rafael Nadal. The 2025 season will conclude in Miami, USA.

Details have surfaced regarding a dramatic operation conducted by operatives of the Economic and Financial Crimes Commission (EFCC), which culminated in a raid on the Lagos headquarters of Providus Bank.

This operation, taking place at the bank’s Victoria Island office in March 2025, revolved around a suspicious cash deposit of $7 million that raised significant red flags for investigators.

The raid was prompted by a tip-off from an insider who alerted the authorities to unusual financial activities within the institution. On March 26 and 27, the bank witnessed an unusual influx of raw cash directly deposited into its vaults rather than being credited to a customer’s bank account, a deviation from standard banking practices that instantly triggered suspicions of potential money laundering.

When interrogated by the EFCC, several bank employees pointed fingers at Mrs. Aisha Achimugu, a prominent Abuja businesswoman and the Chief Executive of Ocean Gate Petroleum, suggesting that she was the true owner of the questionable funds. However, when the anti-graft agency invited Achimugu for questioning, she flatly denied any ownership, asserting that the cash represented a $7 million loan facility that she had yet to repay.

Following their findings, EFCC operatives seized the cash and detained several staff members for further questioning. Amid the unfolding investigation, the Commission took the additional step of publishing public notices in major national newspapers, inviting any party with legitimate claims to the money to come forward.

Unfortunately for the bank and Achimugu, the stipulated response period elapsed without anyone stepping up to claim the funds. As a result, the EFCC moved the money to the Central Bank of Nigeria for safekeeping.

In a decisive turn of events, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s motion for final forfeiture of the funds, officially making the $7 million the permanent property of the Federal Government.

Advertisement

During the court proceedings, EFCC counsel Rotimi Oyedepo (SAN) affirmed that all legal protocols had been meticulously followed, citing an interim forfeiture order that had been issued on August 27.

He remarked, “My Lord, since that date, no individual or entity has come forward to challenge our application. That is why we filed for a final forfeiture.” The lack of formal objections from any legal representatives present in the court effectively paved the way for the ruling.

This incident unfolds amidst ongoing cases being pursued by the EFCC against Achimugu, including a separate matter involving $12 million allegedly laundered through officials at SunTrust Bank. The bank’s Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, are also implicated.

During the most recent court session, a bureau de change operator took the stand as the first prosecution witness, revealing that he had received cash payments in multiple installments between March 10 and 24, 2025.

He testified that these transactions were carried out entirely in cash, bypassing traditional banking channels altogether. Additionally, he disclosed that Achimugu had previously handed him another sum of $1.8 million for conversion into naira.

The EFCC is pursuing the case with a six-count charge of money laundering, and the trial is set to continue under the scrutiny of Justice Nwite.

Advertisement

The federal government’s recent announcement regarding the disbursement of N330 billion in cash transfers aimed at supporting poor and vulnerable Nigerians has been met with widespread reactions.

Many citizens have taken to social media platforms to voice their concerns, labeling the claim as potentially fraudulent and exaggerated. Click to continue reading.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters in Abuja on Wednesday that the funds were released through the National Social Safety-net Coordinating Office (NASSCO), with 8.5 million households already receiving at least one tranche of N25,000 from an $800 million World Bank facility. He said the transfers were tied to beneficiaries’ National Identification Numbers (NIN) and credited directly to their bank accounts or mobile wallets.

According to him, the programme targets 15 million households out of about 20 million captured on the National Social Register, representing nearly 75 million Nigerians. He added that the outstanding households would be reached before the end of the year.

But the announcement has been met with a storm of doubt online, with Nigerians openly questioning who the supposed beneficiaries are.

“Which household? Make a video of those you disbursed it to and the smile on their faces,” wrote Olawale, @Ola42563004.

Advertisement

Another user, Alabi I. Ayodeji, @damola_ade77, noted: “It’s hard to believe this though. 8.5 million households means about 34 million people affected using 4 people per household. Using the population of 220 million, that’s 1 in every 6 Nigerians impacted. We should know one or two people benefiting.”

Others expressed outright disbelief. “How was this achieved, who benefited from this? What is going on?” asked @mallamyisa.

“Post the account that received the money,” demanded @sulaimonofweb3.

“How many are we in this country that this money did not get to anyone close to me. You guys are fraud, absolute fraud. At least 1m should go around,” added @PEACEJDG.

For some, the payments were nothing more than a cover for corruption. “Never believe these people. This is a corrupt scheme,” @ChukwumaEj88455 said. Another, @greatvicman, argued: “No one can prove that these funds got to real people. No one. And certainly not Edun, whose office is being used to drain these funds away.”

The disbelief reflects deep frustration with Nigeria’s worsening economic crisis. “How and when? I have been unemployed for more than a year now after my NYSC, my bank accounts hold no money. How come I no receive? I no even know anybody wey receive,” lamented @MrChang9.

“It’s a lie. A normal APC lie in a weak country like what they want,” dismissed @woley23.

Advertisement

The controversy is not new. Similar cash transfer initiatives under former ministers of humanitarian affairs, Sadiya Farouk and Betta Edu, were repeatedly dogged by allegations of fraud and questions about credibility.

NASSCO’s National Coordinator, Funmi Olotu, however, defended the scheme, insisting that the staggered payments were designed to ensure that only those with verified NIN-linked accounts benefited. “Mr. President said no more traditional mode of payment of cash to people. He said we must pay directly to their bank accounts,” she explained.