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Naira nears N1000/1$, raises concerns amid CBN probe

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CBN injects fresh Dollars into BDCs at N1,021/$1
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Nigeria’s currency has continued to experience free-fall against the Dollar two months after the Central Bank of Nigeria’s floating of Naira, a decision that has further worsened the woes of Africa’s largest economy.

From 14 June, when CBN liberalized the forex market, till date, the country’s currency has continued to slump against the Dollar from N750/$1 at the parallel market known as a black market to N950/$1 on Monday, August 14, 2023.

The situation became more worrisome as the gap between the official window and the parallel market widened with a differential of N181, defeating the essence of CBN’s floating of the Naira.

The ongoing probe of the apex bank by a special investigator, Jim Obazee, appointed by President Bola Ahmed, may have worsened the depreciation of the Naira, according to experts familiar with the sector.

Details from the CBN’s seven years consolidated financial statements released last week showed a combined indebtedness of $7.5 billion to JP Morgan and Goldman Sachs, with a foreign reserve of $33.88 billion. This is part of the reasons the forex crisis has lingered, Prof Uche Uwaleke, an economist stated.

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But the Acting CBN governor, Folashodun Shonubi, blamed undocumented forex remittance and the unregulated parallel market for the woes in the sector.

Consequently, the country’s economy, which heavily depends on fuel, continues to bleed from the forex crisis.

For instance, the oil marketers have dropped a hint of a further hike in petrol pump prices as a reflection of the soaring price of the Dollar.

That would affect the masses still struggling to cope with July’s fuel increment occasioned by petrol subsidy removal since June.

Speaking  on Monday, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe said its members cannot be blamed for the ongoing crisis in the forex market.

He blamed the prevalence of unlicensed online platforms operating in different jurisdictions without standardized regulations capturing diaspora remittances and denying the official market.

According to him, the recent happenings in the sector had further brought the need for CBN to have its members pick up agents of diaspora remittances to block loopholes and stymie the forex crisis.

“The revelation of the apex bank on diversion of diaspora remittance has vindicated our long-time advocacy to make BDCs pick up agents of diaspora remittances to block the loopholes that the CBN is bringing to the forefront.

“To make diaspora remittance inflows into the official market, the BDCs should be made the sole agents of diaspora remittances and break the monopoly of the agency of the international money transfer operators.

“What we have now is the prevalence of unlicensed online application platforms and fintech that operate in different jurisdictions without standardized regulation capturing diaspora remittances and denying the official market”, he stated.

Also, Idakolo Gbolade, Chief Executive Officer of SD & D Capital Management, said the continued Naira decline could be attributed to the reduction in forex inflows into the economy, resulting in foreign currency scarcity.

He stated that major oil companies, establishments and commercial banks contributed significantly to the forex crisis by encouraging increased scarcity for their benefits and profitability.

Gbolade urged that the government must urgently pursue policies that halt further deterioration in the sector.

“The Naira’s continuous decline can be mainly attributed to reduced forex inflows into the economy, which has led to the scarcity of foreign currencies and has put pressure on existing reserves. These pressures, combined with our debt obligations, have led to reduced foreign reserves.

“The cooperation of major forex revenue contributors like the oil majors and commercial banks are also suspect because they have encouraged increased arbitrage in the foreign exchange for their benefit and profitability.

“The federal government needs to critically examine the policy and ensure that the CBN monitors the implementation of the policy.

“This uncertainty in this sector has contributed to rising inflation and rising high cost of living,” he stated. (DAILY POST)

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Dollar to Naira exchange rate today, September 23, 2026

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Naira rebounds to 1,275/$ at parallel market
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The Nigerian naira is trading at different rates against the United States dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Wednesday, September 23, 2026.

The latest available data show that the naira strengthened to N1,327.78 per dollar at the NFEM on Tuesday, from N1,329.80 recorded on Monday.

The latest movement represents a N2.02 appreciation by the naira against the dollar on a day-to-day basis.

In the parallel market, the dollar was quoted at about N1,389 on Tuesday, down from N1,390 recorded the previous day.

The parallel-market rate puts the gap between the official NFEM rate and the street-market selling rate at about N61.22 per dollar.

At the parallel market rate of N1,389, customers buying $100 would need approximately N138,900, while $1,000 would cost about N1.389 million.

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The exchange rate available to individuals and businesses may vary depending on the dealer, location, transaction size and prevailing market conditions.

The naira’s recent performance has come amid developments in Nigeria’s foreign exchange market, including changes in dollar liquidity and monetary policy.

The Central Bank of Nigeria has continued to monitor conditions in the foreign exchange market as the naira trades around the N1,300-per-dollar level at the official market. Reuters also reported in September that the naira had remained relatively stable, supported by central bank dollar sales and subdued import demand.

For Wednesday, September 23, the latest confirmed figures put the dollar at N1,327.78 at the NFEM and around N1,389 in the parallel market.

The rates could change during the day as demand and supply conditions shift across both markets.

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Enugu Air Launches New Website

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…moves online services to www.enuguairlines.ng

Enugu Air has announced the launch of its new official website, enuguairlines.ng, as part of efforts to provide passengers and customers with a better, safer and more convenient digital experience.

The airline said the migration to the new website is designed to improve how passengers connect with Enugu Air and access its services online, including flight bookings, schedules and the latest updates.

Announcing the development, the airline said: “We’ve moved! We’re innovating! We’ve migrated to a better, safer and convenient website to connect you to the world.”

Passengers can now access Enugu Air’s online services through its new web address, enuguairlines.ng, which the airline described as its new digital home.

The airline urged passengers and prospective travellers to save the new web address and use it for flight bookings, checking schedules and obtaining the latest information about its operations.

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“Same Enugu Air. New web address,” the airline stated, emphasising that the change represents an improvement in its digital platform while retaining the Enugu Air brand and services.

The airline further encouraged customers to visit, www.enuguairlines.ng for all flight-related information and online services.

It further stated that the old website, enuguairlines•com has been discarded and no longer in use.

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Nigeria records 8.51m terabytes of data use in first half of 2026

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Nigerian Communications Commission
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Nigerians consumed a record 8.51 million terabytes of data in the first half of 2026, underscoring the country’s accelerating shift toward a digital-first economy.

Data from the Nigerian Communications Commission (NCC) confirmed this. Specifically, in January, consumption was 1.385 million terabytes; February, 1.260 million terabytes and March, 1.422 million terabytes.

In April, consumption was 1.414 million terabytes. It climbed to 1.504 million terabytes in May and 1.532 million terabytes in June.

In 2025 alone, Nigerians consumed over 13.2 million terabytes of data, a 35 per cent increase from 2024, reflecting how connectivity has become essential for daily life.

The surge in consumption was driven largely by the twin giants of the telecom sector, MTN Nigeria and Airtel Nigeria, whose half-year reports revealed data services have firmly overtaken voice as the primary revenue stream.

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According to industry figures, average monthly data usage per subscriber rose sharply, reflecting the growing reliance on mobile broadband for work, entertainment, and commerce.

Streaming platforms, social media, fintech apps, and remote work tools have all contributed to the spike in demand.

MTN Nigeria reported that its 55.7 million active data subscribers consumed an average of 14.8 gigabytes per month, representing a 15.2 per cent increase year-on-year. Overall, MTN’s data traffic surged by 25.8 per cent across its network in the period.

This translated into a massive N1.70 trillion in data revenue, a 38.4 per cent jump compared to the same period in 2025. Data now accounts for more than half of MTN’s total service revenue, dwarfing its voice earnings of N993.5 billion, which grew at a modest 12 per cent.

Airtel Nigeria also posted strong numbers, recording N691 billion in data revenue ($507 million). While Airtel’s voice services contributed to a combined N1.42 trillion in voice earnings alongside MTN, the clear trend is that data has become the dominant driver of growth.

Together, MTN and Airtel generated N2.4 trillion from data services in H1 2026, cementing their role as the backbone of Nigeria’s digital economy.

MTN invested N620.5 billion in capital expenditure during the period, focusing on expanding 4G coverage, scaling 5G rollout, and strengthening fibre infrastructure. The company’s aggressive push into next-generation networks is aimed at meeting the surging demand for high-speed connectivity.

Airtel, meanwhile, faced challenges with fibre cuts and vandalism, forcing reinvestments to stabilize its network. The operator is blending 5G expansion with satellite partnerships to extend coverage into rural and semi-urban areas, where demand for reliable Internet is rising.

Despite these investments, many consumers continue to express dissatisfaction with service quality. Complaints of slow speeds, unstable connections, and high costs remain widespread, highlighting the gap between consumption growth and infrastructure capacity.

The NCC has repeatedly urged operators to deepen investments in fibre, towers, and spectrum to sustain the country’s digital transformation. Analysts note that the sector is undergoing a structural shift from voice-first to data-led growth, with internet connectivity now central to economic activity.

Industry experts predict that Nigeria’s data consumption will continue to rise exponentially as smartphone penetration increases and more services migrate online. The rollout of 5G is expected to further accelerate usage, enabling innovations in fintech, e-commerce, healthtech, and entertainment.

The consumption of 8.51 million terabytes in H1 2026 marks a historic high for Nigeria’s telecom industry. It reflects not only the appetite of a digitally hungry population but also the broader transformation of the economy.

With MTN and Airtel leading the charge, the challenge now lies in improving service quality, expanding infrastructure, and ensuring affordable access for millions of Nigerians. As data becomes the lifeblood of communication and commerce, the telecom sector’s ability to keep pace with demand will determine how effectively Nigeria harnesses the opportunities of the digital age.

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