President Tinubu Nominates Melvin Ayogu to CBN Board, Seeks Senate Confirmation

 IN a recent development, President Bola Tinubu has nominated Professor Melvin Ayogu to the board of the Central Bank of Nigeria (CBN), seeking confirmation from the Nigerian Senate. This move was officially announced by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in a statement released on Wednesday.

According to Onanuga’s statement, President Tinubu has written to the Senate requesting the confirmation of Prof. Melvin Ayogu’s appointment to the CBN Board. Along with this nomination, the President has also sought Senate approval for the appointment of Nwakuche Ndidi as the new Controller-General of the Nigerian Correctional Service. The Senate President, Godswill Akpabio, read these requests during a plenary session on Tuesday.

Previous CBN Nominations and Senate Confirmations

This nomination marks another significant step in the ongoing reshuffling of key positions within the Central Bank. Back in February 2024, President Tinubu had previously nominated several individuals to the CBN board, including Robert Agbide, Ado Wanga, Murtala Sagaley, Urom Eke, and Olayinka Aliyu. However, on February 29, 2024, the Senate confirmed four of the nominees, with Eke declining the position due to a "conflict of interest."

Subsequently, Tinubu replaced Eke with Ruby Onwudiwe, who was nominated on March 13, 2024. However, reports surfaced a day later suggesting that the President withdrew Onwudiwe’s nomination, citing her political ties with the Labour Party, an opposition party to Tinubu’s All Progressives Congress (APC).

Strengthening Compliance in the Nigerian Banking Sector

Amid these changes, the Central Bank of Nigeria has continued to emphasize the importance of compliance within the country's financial sector. Earlier in March 2025, the CBN urged financial institutions to bolster their compliance frameworks and align more closely with international banking standards. This call came during the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in Lagos on February 28, 2025, in collaboration with Citi.

At the event, compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions gathered to discuss global regulatory trends, financial risks, and best practices for ensuring compliance. Shola Phillips, Special Adviser to the CBN Governor on Compliance, addressed the gathering, emphasizing the need for Nigerian banks to adopt dynamic, risk-based Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) programs.

Phillips further stressed the importance of strengthening correspondent banking relationships, noting that stringent compliance measures are becoming increasingly necessary. Nigerian banks, she warned, must enhance their risk management structures to avoid facing increased scrutiny from international financial institutions, which could ultimately impact their access to global banking networks.

Looking Ahead: The Role of Governance in Nigeria's Financial Future

The nomination of Melvin Ayogu to the CBN board is part of broader efforts by President Tinubu to streamline the leadership of critical national institutions. With the confirmation process now in the hands of the Senate, the outcome will significantly influence Nigeria’s economic governance, especially in the financial sector. As the country navigates complex global financial dynamics, strengthening regulatory oversight, ensuring robust anti-money laundering frameworks, and fostering a more transparent banking environment remain central to safeguarding Nigeria’s economic stability and reputation on the international stage.

Tax Reforms and Service Sector Growth Set to Drive Nigeria's Economy to 3.8% Expansion in 2025 – Report

Nigeria’s economic outlook for 2025 shows promising growth, with Africa Sovereign Credit forecasting an acceleration of the country’s GDP growth to 3.8%, up from 3.4% in 2024. This expansion is expected to be fueled by significant tax reforms and strong performance in the service sector.

The growth forecast is underpinned by anticipated improvements across the services and industrial sectors, alongside the informal sector, which is expected to be more accurately captured following the rebasing of Nigeria’s GDP. According to the National Bureau of Statistics (NBS), Nigeria’s economy saw a solid 3.84% expansion in real terms during the fourth quarter of 2024. This marked an improvement compared to the 3.46% growth recorded during the same period in 2023, as well as the performance in the preceding quarter.

The services sector emerged as a key driver of this growth, expanding by 5.37% and accounting for 57.38% of Nigeria’s GDP during the fourth quarter. This continued strong performance within the services sector is expected to remain a major contributor to the country’s economic growth in the coming year.

In addition to sectoral growth, Africa Sovereign Credit also predicts a substantial improvement in Nigeria’s current account surplus, estimating it will reach 5% of GDP in 2025, up from an expected 1% in 2024. This improvement is largely attributed to an anticipated surge in Nigeria’s trade surplus.

Another area of focus is Nigeria's fiscal deficit, which is forecasted to narrow from 5.2% of GDP in 2024 to 4.3% in 2025. The anticipated reduction in the deficit could be more pronounced if the proposed tax reform bills currently under deliberation are successfully implemented.

The ongoing tax reforms include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These reforms aim to create a more equitable and efficient tax administration system, leading to improved tax collection. Should these bills be approved, the country could see a more transparent and streamlined tax system, providing a boost to national revenue.

In February, the Nigerian Senate held a two-day public hearing at the National Assembly to discuss these crucial reforms. The event brought together key stakeholders, including Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPCL). Members of the Federal Executive Council, heads of relevant agencies, and the Comptroller General of Customs, Adewale Adeniyi, also participated in the discussions.

The tax reform bills, which were submitted by President Bola Tinubu to the National Assembly, have undergone extensive consultations over a period of five months before being passed for a second reading in the House of Representatives. The bills are designed to restructure Nigeria’s tax system, enhancing transparency, improving efficiency, and boosting revenue collection.

Discussions during the public hearings emphasized the need to harmonize tax administration, eliminate the burden of multiple taxation, and establish a structured framework for resolving tax disputes. One notable proposal is the creation of an ombudsman system aimed at resolving tax-related conflicts between taxpayers and government agencies, further streamlining the nation’s tax processes.

If successful, these tax reforms, combined with continued growth in the service sector, will play a pivotal role in driving Nigeria’s economic expansion to 3.8% in 2025, setting a positive trajectory for the country’s future.

CBN Official Naira Exchange Rates for March 12, 2025

As of March 12, 2025, the Central Bank of Nigeria (CBN) reports the official exchange rates for the Nigerian Naira (NGN) against the US Dollar (USD) as follows:

• Buy Rate: ₦1,497.98 per USD
• Sell Rate: ₦1,498.98 per USD
• 
  

These rates are determined through the Nigerian Foreign Exchange Market (NFEM), where the NFEM rate represents the Volume Weighted Average and serves as the official exchange rate for the day. For more details, visit the CBN's official exchange rates page: CBN Exchange Rates

For the most current and accurate exchange rates, it's advisable to consult the official CBN website or contact authorized financial institutions.

100 Dollars to Naira Black Market Rate Today 12 March 2025

 As of today,  12 March 2925, 11:59 PM WAT, the black market rate for converting 100 US Dollars (USD) to Nigerian Naira (NGN) stands at 155,668 NGN. This conversion is based on the unofficial exchange rate, which fluctuates due to market conditions.

Conversion Breakdown:

• 1 USD = 1,556.68 NGN
• 1 NGN = 0.000642 USD

Therefore, when you convert 100 US Dollars to Nigerian Naira, you receive 155,668 NGN. It's important to note that this rate is derived from the black market, where exchange rates often differ from the official rates set by the Central Bank of Nigeria (CBN).

To further assist with currency conversions, you can use an online currency converter to check the real-time exchange rate of USD to NGN. Additionally, you may also explore a USDT to Naira converter for stablecoin exchanges.

Comparison of 100 Dollars to Naira with Other Currencies:

• 100 Dollars to Naira: 155,668 NGN
• 100 Tether USD to Naira: 155,880 NGN
• 100 British Pounds to Naira: 196,445 NGN
• 100 Euros to Naira: 164,738 NGN

As you can see, the black market rates for other currencies, such as the British Pound and Euro, are significantly higher when converted to Naira, compared to the US Dollar or Tether USD.

Conclusion:

The exchange rate for 100 US Dollars to Nigerian Naira at the black market stands at 155,668 NGN, as of the latest update. Be sure to consider these rates if you're making currency exchanges, keeping in mind that unofficial markets can fluctuate quickly.

The Value of 100 Egyptian Pounds (EGP) in US Dollars and Other Currencies

 

As of today, 23:00 PM UTC, 100 Egyptian Pounds (EGP) is equivalent to $1.98 USD. This conversion is based on the current exchange rate of 0.02 USD per 1 EGP, which is calculated using mid-market currency rates. The Egyptian Pound has experienced a slight increase in value against the US Dollar, rising by 0.12% (an increase of $0.0024), when compared to the previous exchange rate.

For those looking to convert 100 EGP into other currencies, here’s how it compares to various global currencies:

Exchange Rate History:

• Today: E£100 = $1.98 (+0.12% increase)
• 08/03/2025: E£100 = $1.97 (No change)
• 07/03/2025: E£100 = $1.97 (-0.05% decrease)
• 06/03/2025: E£100 = $1.97 (+0.03% increase)
• 05/03/2025: E£100 = $1.97 (-0.07% decrease)
• 04/03/2025: E£100 = $1.98 (+0.01% increase)

As seen in the historical exchange rates, the value of the Egyptian Pound has fluctuated slightly over the past week, with small increases and decreases around the $1.97 to $1.98 range for 100 EGP.

100 EGP to Other Currencies:

Here’s how 100 Egyptian Pounds translates into other major currencies:

• 100 EGP to Bulgarian Lev (BGN): лв3.56
• 100 EGP to Euro (EUR): €1.82
• 100 EGP to British Pound (GBP): £1.53
• 100 EGP to Australian Dollar (AUD): $3.14
• 100 EGP to Canadian Dollar (CAD): $2.84
• 100 EGP to Swiss Franc (CHF): ₣1.73
• 100 EGP to Chinese Yuan (CNY): ¥14.29
• 100 EGP to Japanese Yen (JPY): ¥291.35
• 100 EGP to Singapore Dollar (SGD): $2.63
• 100 EGP to New Zealand Dollar (NZD): $3.46
• 100 EGP to Pakistani Rupee (PKR): ₨553.65
• 100 EGP to Hong Kong Dollar (HKD): $15.35
• 100 EGP to South Korean Won (KRW): ₩2,861.72

These exchange rates reflect the varied global value of the Egyptian Pound against different currencies, and they highlight the relative strength of the Egyptian Pound in international markets.

Conclusion:

If you're looking to exchange Egyptian Pounds for US Dollars, 100 EGP is currently worth $1.98 USD, with minor fluctuations over the past week. For those interested in converting EGP to other currencies, you can see the full range of conversions provided above. These rates are subject to change, so it's important to stay updated with the latest market data to ensure you are getting the most accurate conversion rates.

For more detailed and up-to-date information, you can visit reliable sources like currencyrate.today.

Current Exchange Rate: $10 to Naira in the Black Market (March 9, 2025)

If you are looking to convert $10 to Nigerian Naira on the black market today, March 9, 2025, here's the latest update.

In Lagos, the exchange rates for USD have seen some fluctuation. As of today, you can purchase $10 for approximately ₦15,600 and sell it for ₦15,700. The rates vary slightly across different Bureau De Change (BDC) operators, but these numbers reflect the typical rates in major cities like Lagos and Abuja.

For those who rely on the black market for foreign exchange, this information is key. Many Nigerians turn to the parallel market because it often provides more accessible rates compared to the official Central Bank of Nigeria (CBN) rates. The CBN's official exchange rate is typically reserved for specific transactions and is not easily accessible to most people.

Why the Black Market Matters

The black market plays a significant role in Nigeria's currency exchange landscape. While the CBN exchange rate is set by official channels, the black market is where the real-time demand and supply dynamics of the dollar can be seen. This market is especially crucial for those who need hard currency for day-to-day transactions, international travel, or even online purchases.

The BDC operators in Lagos and Abuja are key players in this system, and their rates often serve as a benchmark for how much people are willing to pay or sell for the dollar. However, it’s important to note that these rates can change rapidly depending on various economic factors, including government policies and global financial trends.

How to Stay Updated

Since exchange rates fluctuate frequently, it is important to stay updated if you plan on exchanging currency. The exchange rates for today are as follows:

• Buy $10 for ₦15,600
• Sell $10 for ₦15,700

These rates are based on reports from BDCs, and as always, they can shift throughout the day. If you are planning to buy or sell dollars, we encourage you to regularly check for updates on this page or visit local BDC operators to confirm the most accurate rates.

Key Takeaways:

1. Daily Updates: The exchange rates provided here reflect the current trends in the black market, but they are not fixed. You can expect them to change as market conditions evolve.

2. Guideline, Not Final Decision: Use these rates as a guide to make informed decisions, but keep in mind that actual market conditions may differ. Always verify rates with local BDCs.

3. Monitor for Changes: Rates can fluctuate even during the course of a single day. Refresh this page regularly to get real-time updates.

Disclaimer

It’s important to note that we do not set the forex rates. The rates provided here are collected from various Bureau De Change operators across Lagos and Abuja and are reflective of what is currently being traded in the parallel market. The Central Bank of Nigeria’s rates are separate and are usually applied for specific official transactions, making the black market an essential part of Nigeria's forex system.

In conclusion, if you’re looking for an accurate rate for converting $10 to Naira today, make sure to keep checking back for any changes and use this information wisely when planning your forex transactions.