Business
No More N1450: Naira Wins As Dollar Crashes To Its Lowest Exchange Rate In 2025
The United States dollar has crashed to its lowest in the official foreign exchange market against the naira
The British pound and the euro have also dropped in value as the naira continues its strong performance
The naira performance, according to Coronation Merchant Bank Limited, has attracted foreign exchange inflows
The Central Bank of Nigeria has revealed that the naira is now at its lowest level against the US dollar in 2025.
After trading activities at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 26, the naira appreciated against the US dollar to close at N1,447/$.
The new exchange rate is a gain of N4.75 or 0.33% against the United States Dollar, in contrast to the preceding day’s N1,453.07/$1.
The last time the naira traded below N1,450 was in 2024 before the introduction of the NFEM.
It was the same performance for the naira against the British pound sterling and the euro on Tuesday in the official market.
The naira strengthened against the pound sterling in the official market, gaining N27.07 to close at N1,919.45 per £1, up from Monday’s N1,946.52 per £1.
The Nigerian currency also rose by N4.91 against the euro, ending the session at N1,690.33 per €1, compared with the prior session’s N1,695.24 per €1.
At GTBank, the naira gained N3 against the US dollar, exchanging at N1,462 per $1, up from N1,465 per $1 recorded the previous day.
In the black market, BDC traders confirmed to Legit.ng that the naira also appreciated:
One of the traders, Musa Bashir of said:
“My brother, the market has changed. We no longer get dollars from CBN and less patrinage because of banks having dollars now.
The dollar buying rate has dropped to 1,463 and selling rate now at N1,475. Previously buying rate was N1,476, while the selling rate is N1,486.
It is the same for the euro sells at N1,715, and we buy at N1,700. The British pound sterling is now trading below N2,000, selling at N1,995, with a buying rate of N1,970.”
Naira appreciation comes at the back of liquidity into the official market from foreign sources, the Central Bank of Nigeria (CBN), and other channels.
Its market update, Coronation Merchant Bank Limited revealed that the inflow to NFEM improved to $1.37 billion last week.
This suggests FX inflows in the official window increased by 25% week on week from $1.10 billion in the prior week.
Foreign portfolio investors (FPIs) remained the dominant source, according to Coronation Research, contributing 33.5 per cent ($460.01 million) of total inflows, followed by exporters (14.9 per cent), Non-Bank Corporates (10.8 per cent), CBN (6.6 per cent), and other sources (28.6 per cent).
In a related development reported that the Bank of Tanzania officially banned the use of foreign currencies, including the dollar, for local transactions and payments within the country.
With the ban, all goods and services in Tanzania must now be priced and paid for strictly in Tanzanian Shillings.
In a public notice, the central bank announced that all goods and services in Tanzania must now be priced and paid for strictly in Tanzanian Shillings.
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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