The Nigerian Naira continues to experience significant activity across the various segments of the foreign exchange market today, Wednesday, December 17, 2025.

Data from the Nigerian Foreign Exchange Market (NFEM) and the unofficial parallel market indicate a narrow but persistent gap between official and black-market rates as the year draws to a close.
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In the official NFEM window, the Naira opened the day with a slight depreciation compared to the previous day’s closing figures. Trading data reveals that the US Dollar is currently exchanging for an average of 1,453.67 Naira. This follows a volatile start to the week where the currency hit a daily high of 1,454.97 Naira during early morning sessions. Market analysts attribute this movement to a surge in demand from corporate entities looking to settle end-of-year obligations and import invoices before the holiday break.
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The parallel market, often referred to as the black market, tells a slightly different story with rates remaining higher than the official window. Currently, street traders in major hubs like Lagos, Abuja, and Kano are buying the Dollar at approximately 1,475 Naira and selling at 1,485 Naira.

While this represents a relatively stable margin compared to the previous week, the premium between the official and parallel rates remains a point of concern for small-scale importers and individual travellers.
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The Central Bank of Nigeria (CBN) has maintained its stance on ensuring liquidity within the NFEM to curb extreme volatility. Recent reports suggest that the apex bank’s interventions have helped prevent a more drastic slide of the local currency, even as global oil price fluctuations continue to impact Nigeria’s foreign reserves.
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For other major currencies, the British Pound is trading at approximately 1,943 Naira in the official market, while the Euro is pegged at 1,707 Naira. In the parallel market, these rates are slightly higher, with the Pound nearing the 2,000 Naira mark in some regions.

The Nigerian oil and gas sector has been thrown into fresh controversy as the Independent Corrupt Practices and Other Related Offences Commission has declared that it will investigate a petition lodged against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, by the Chairman of Dangote Group, Aliko Dangote.

Dangote, in a petition submitted on December 16, 2025, through his lawyer, Ogwu Onoja (SAN), called on the ICPC to investigate, prosecute, and potentially arrest Ahmed over allegations of corruption and financial impropriety. The petition claims that Ahmed spent more than $7m on the education of his four children in Switzerland, reportedly paid upfront for a six-year period, without any lawful source of income to justify such expenditure.

“That Engr Farouk Ahmed has grossly abused his office contrary to the extant provisions of the Code of Conduct for Public Officers and, by so doing, enmeshed himself in monumental corruption and unlawful spending of public funds running into millions of dollars.

“That Engr. Farouk Ahmed spent, without evidence of lawful means of income, a humongous sum of over $7m of public funds on the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition stated.

Dangote named the children and the Swiss schools they attend, providing the alleged amounts paid for each to enable verification by the ICPC. He further accused Ahmed of diverting public funds for personal gain through the instrumentality of the NMDPRA, an action the billionaire businessman claims has fuelled public outrage and recent protests by civil society groups.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” Dangote said.

Dangote added that successful prosecution under the law could result in a five-year prison sentence without the option of a fine. He alleged that Ahmed had enriched himself with taxpayers’ money meant for public use, diverting it for private purposes, which he said undermined public trust in Nigeria’s petroleum sector.

Reacting to the petition, the ICPC spokesperson, John Odey, confirmed its receipt. He said, “The ICPC wishes to confirm that it received a formal petition today, Tuesday, December 16, 2025, from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”

A coalition of 40 lawyers under the aegis of Lawyers in Defence of Democracy and Anti-Corruption has condemned the corruption allegations leveled against Ahmed as baseless, describing Dangote’s claims as a malicious media trial aimed at unjustly portraying Ahmed as guilty without due process.

Addressing a press conference in Abuja, Emeka Okafor, National Coordinator, and Barrister Mohammed Bello, Secretary, said the allegations, including claims of $5m spent on Ahmed’s children’s education in Switzerland, were reckless fabrications unsupported by facts or evidence.

Okafor emphasised that the NMDPRA boss’s regulatory efforts were in the national interest, aimed at dismantling monopolistic practices and promoting investor participation in the petroleum sector.

“This is a clear attempt at a media conviction of a public officer who has not been investigated, charged, or found guilty by any competent authority,” Okafor said.

The lawyers warned that such tactics could discourage local and foreign investors, particularly at a time when President Bola Tinubu’s Renewed Hope Agenda is focused on economic revitalisation. They stressed that any grievances should be addressed through lawful institutional channels rather than media campaigns.

“If indeed there were genuine concerns, the proper course of action would have been to submit a petition to relevant anti-corruption agencies for investigation, not a trial by media,” said Barrister Bello.

Students, CSOs react

The National Association of Nigerian Students also decried what it described as a media smear campaign against Ahmed. In a statement signed jointly by Samson Ajasa and Mr Humphrey Jonathan, NANS stressed that NMDPRA is a statutory regulatory body that must never be coerced, intimidated, or blackmailed to serve individual or corporate interests.

NANS noted that while it had supported the Dangote Refinery during operational challenges, it drew a firm line against character assassination and reputational attacks against credible public servants.

“The recent actions and allegations directed at Farouk Ahmed, a man of proven integrity, professionalism, and service to the nation, are totally unacceptable to Nigerian students and civil society groups,” the statement read.

NANS called on Dangote Refinery to engage regulatory bodies and government institutions through established legal and administrative frameworks instead of media campaigns that could undermine public confidence and national stability.

The students’ association commended Ahmed and the NMDPRA for transparency in publishing regulatory reports and urged collaboration between regulators and investors to support national development.

Over 50 civil society organisations also dismissed Dangote’s allegations as false, unfounded, and unsupported by evidence. Speaking on behalf of the coalition, Comrade Ibrahim Bello, National Coordinator of the Centre for Fiscal Transparency and Public Integrity, said the organisations had conducted internal reviews and found no basis for the corruption claims against Ahmed.

The Dangote Group has announced the appointment of renowned economist and former Central Bank of Nigeria (CBN) Director, Dr. Mahmud Hassan, as its new Group Chief Economist.

The appointment, announced in a statement on Monday, aims to bolster the Group’s economic advisory capacity, particularly amidst the current environment of high global and domestic market volatility.

In his new capacity, Dr. Hassan will report directly to the President of the Group, Aliko Dangote, and will serve as the Group’s principal advisor on economic strategy, market trends, and policy implications across the conglomerate’s diverse interests.

Dr. Hassan brings over 30 years of extensive experience in economic policy formulation, financial sector regulation, and central banking.

His career at the CBN included key senior positions such as:

Director of the Trade and Exchange Department

Director of the Monetary Policy Department
Secretary to the Monetary Policy Committee (MPC)

Special Assistant on Economic Policy and Research to the CBN Governor
Dr. Hassan is highly credentialed, holding a PhD in Economics and an MSc in Energy Economics and Policy from the University of Surrey in the United Kingdom, alongside a BSc in Economics from Ahmadu Bello University, Zaria.

He is also an alumnus of the Harvard Kennedy School and holds professional certifications as a Bank Examiner and AML/CFT Analyst.

Beyond his corporate roles, Dr. Hassan has played a key part in regional economic integration, serving as a lead consultant to the African Union Commission on trade integration and the establishment of the African Monetary Fund.

He also continues to serve as a visiting professor at several Nigerian universities and is the current President of the Nigerian Association for Energy Economics.