The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned that ongoing regulatory reforms could weaken the retail foreign exchange market if Bureau De Change operators are unable to remain commercially viable.
Nigeria's naira has maintained a relatively narrow trading range even as the value of dollar transactions in the country's foreign-exchange market has fallen by more than half in one week.
The currency strengthened to N1,346.79 per dollar on November 6, compared with N1,436.74 recorded on the corresponding date in 2025, representing a gain of N89.95 against the dollar.
Oil prices are swinging sharply as hopes for peace between the United States and Iran collide with fresh military action, exposing how quickly Nigeria’s revenue and foreign-exchange outlook can change with events thousands of kilometres away.
The World Bank says the naira was among the more resilient African currencies during the second quarter of 2026, weathering a period of heightened exchange-rate pressure triggered by geopolitical tensions, higher energy prices and stronger demand for the US dollar.
The US dollar traded near a two-month high on Tuesday, September 29, as rising oil prices and American bond yields supported the currency, adding uncertainty for Nigerian businesses budgeting for imports and foreign-currency payments.
July 8 (THEWILL) — The Central Bank of Nigeria (CBN) has confirmed that the standard ₦100 banknote remains a valid legal tender in Nigeria.
It cautioned individuals, businesses, financial institutions, and other economic agents against rejecting it for transactions, warning...
June 10 (THEWILL) — Improved foreign exchange liquidity helped keep the naira largely stable against the United States dollar on Wednesday, with the local currency trading at ₦1,360.55/$ in the Nigerian Foreign Exchange Market (NFEM), while the parallel market...
June 5 (THEWILL) — The naira strengthened further against the United States dollar on Thursday, closing below the ₦1,360/$ mark for the first time in four weeks amid rising external reserves and sustained foreign exchange reforms by the Central...
June 1 (THEWILL) — The naira recorded a slight depreciation against the U.S. dollar in May 2026, closing the month at ₦1,372/$ at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).
The closing...
The commission issued the clarification on Saturday amid growing controversy surrounding the preliminary voters’ register ahead of the 2027 general elections and calls by some Nigerians for Amupitan to step down over alleged irregularities in the registration process.
