Connect with us


Dollar to Naira Today Thursday, 5 May 2022

The Naira exchanged at N418 to a United States Dollar at the Investors and Exporters foreign exchange window



NAIRA - Investors King

The Dollar to Naira exchange rate today May 5, 2022 remained mixed across key foreign exchange markets in Africa’s largest economy as foreign exchange scarcity and rising demand for the U.S. Dollar continue to pressure the Nigerian Naira.

The dollar to Naira exchange rate gained N1 from N419 it traded last week to N418 on Thursday at the Investors and Exporters foreign exchange window. At the Central Bank of Nigeria‘s regulated forex section, the U.S. Dollar was sold at N415.62, slightly better than the N415.69 it exchanged last week while the Pounds Sterling and Euro were exchanged at N519.98 and N437.85, respectively.

The central bank exchange rates are the rates at which the apex bank sells and buys from Deposit Money Banks and international money transfer operators.

Black Market Dollar to Naira Exchange Rate

In the unregulated black market, the Naira was sold at N580 to a United States Dollar in Lagos and N570 in Ibadan, Oyo State. Suggesting that the Nigerian Naira remained largely under pressure against its global counterparts.

Most Nigerians patronise the black market for their forex needs despite the Central Bank of Nigeria’s warning them about the risk associated with patronising unregulated forex dealers. However, businesses and individuals that patronise that section of forex has attributed it to the inability to access forex at the central bank stipulated rate of N418/US$1 in banks.

Crude Oil

Oil prices rose on Wednesday on reports that the European Union is planning to impose sixth sanctions on Russia for waging war against Ukraine.

Brent crude oil, against which Nigerian oil is priced, rose to $110 a barrel after the news and the fact that the Federal Reserve cut interest rates by 25 basis points against the 50 basis points projected by experts.

Also, the U.S. West Texas Intermediate crude oil extended its increase to $106 per barrel.


The cryptocurrency space came alive as projected in my previous article. Bitcoin to Naira exchange rate rose by 5.9% to ₦23,445,000 or $39,802.34.

The Eth, the token of the Ethereum protocol gained 6.63% to ₦1,734,872 a coin. Luna gained 6.9% to ₦51,408.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading


Federal Government Clears $120m Debt to Gas Companies Amid Nigeria’s Power Crisis




Amidst Nigeria’s persistent power crisis, the Federal Government has taken a pivotal step forward by clearing a significant portion of its debt to gas companies.

A sum of $120 million has been paid out of the country’s $1.3 billion indebtedness to gas suppliers, offering a glimmer of hope for improved energy stability across the nation.

The Minister of Power, Chief Adebayo Adelabu, underscored the critical role of gas in power generation and highlighted how the mounting debts had severely hampered gas supply to electricity-generating companies, exacerbating the country’s electricity shortfall.

Nigeria heavily relies on thermal power plants fueled by gas for over 70% of its electricity needs, making the timely settlement of gas debts paramount for enhancing power generation capacity and addressing the nation’s energy deficit.

Addressing delegates at the 7th Nigeria International Energy Summit in Abuja, the Director of the Decade of Gas Secretariat, Ed Ubong, expressed optimism about the government’s progress in offsetting its financial obligations to gas producers.

He emphasized the importance of aligning gas and power sectors to foster sustainable energy solutions.

As Nigeria grapples with the multifaceted challenges plaguing its energy landscape, the government’s commitment to settling outstanding gas debts marks a pivotal stride towards revitalizing the country’s power infrastructure and ensuring reliable electricity access for its citizens.

Continue Reading


Nigeria Insurance Corporation Reimburses Depositors of 179 Closed Microfinance and Four Mortgage Banks



Retail banking

The Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of depositors affected by the closure of 179 microfinance banks and four mortgage banks across the country.

The reassuring news came during the 45th Kaduna International Trade Fair, where NDIC’s Managing Director, Dr. Bello Hassan, explained the corporation’s unwavering commitment to safeguarding depositors’ funds amidst financial uncertainties.

Dr. Hassan, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, highlighted the corporation’s proactive measures in protecting the interests of depositors.

The introduction of the Single Customer View framework has expedited the process of reimbursing depositors of liquidated banks, ensuring swift and transparent transactions.

The corporation’s collaboration with the judiciary has yielded positive results, facilitating the speedy prosecution of failed insured banks and resolving long-standing cases of bank liquidations like Fortune and Triumph Banks.

This concerted effort has significantly enhanced the debt recovery rate, enabling NDIC to declare full liquidation dividends to uninsured depositors of over 20 deposit money banks.

Furthermore, NDIC has embraced digital remote payment strategies, streamlining electronic funds transfers to verified depositors’ alternate bank accounts.

The introduction of the ‘Deposit Tracer’ initiative in partnership with mobile operators aims to address apathy among depositors with small balances, providing accessible avenues for claiming funds trapped in closed banks.

The initiatives underscore NDIC’s proactive stance in safeguarding depositors’ interests and ensuring financial stability in Nigeria’s banking sector.

Continue Reading

Banking Sector

85.51 Million Nigerian Bank Customers Face Withdrawal Freeze Over NIN, BVN Deadline



First Bank

As the March 1 deadline looms, an estimated 85.51 million Nigerian bank customers are facing the possibility of frozen accounts due to their failure to link their National Identification Numbers (NINs) and/or Bank Verification Numbers (BVNs) to their accounts.

Recent findings reveal the potential scale of the impending banking crisis.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that Nigeria had approximately 146 million active individual bank customers as of December 2022.

However, by January 26, 2024, only 60.49 million BVNs were recorded on the NIBSS portal, leaving a significant portion unlinked.

Meanwhile, about 104 million NINs had been issued by December 2023, highlighting the disparity between NIN issuance and BVN linkage.

The Central Bank of Nigeria (CBN) had earlier issued directives to banks, mandating them to restrict transactions on accounts lacking linked NINs and BVNs, with effect from March 1, 2024.

Any accounts found non-compliant risk being designated as ‘Post no Debit,’ rendering them unable to process further transactions.

Responding to the impending crisis, the Director-General of the National Identification Management Commission (NIMC), Abisoye Coker-Odusote, emphasized the need for the revalidation of Front-End Partners (FEPs) to ensure the integrity of the identity database.

She underscored the importance of NIN registration and urged collaboration with various stakeholders to expedite the process.

The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, reiterated the significance of linking NINs to SIM cards to enhance national security.

Telecom subscribers were urged to comply with the NIN-SIM linkage directive to avoid service disruptions.

Meanwhile, financial service providers like Opay have issued reminders of the impending restrictions, urging customers to comply with the linkage requirements.

Amidst concerns, some customers contemplate transferring funds to compliant accounts to avoid potential financial setbacks.

As the deadline approaches, stakeholders are intensifying efforts to mitigate the impact of the impending banking crisis on millions of Nigerians.

Continue Reading