As of March 24, 2025, the Nigerian forex market is experiencing major developments that are shaping trading strategies and economic outlooks. Nigerian traders should stay informed about these important events to navigate the fluctuating environment effectively.​

Naira’s Fluctuations and Central Bank Interventions

In the latest forex news, the Nigerian naira has faced notable volatility in recent weeks. At the official window, the naira depreciated by 1.25% week-on-week, settling at 1,536.89/$ as of Friday. 

In response, the Central Bank of Nigeria (CBN) has implemented strategic interventions to stabilize the currency. These measures include injecting $360 million into the forex market through authorized dealers, aiming to mitigate depreciation risks and maintain exchange rate stability. 

Also, the CBN has introduced an electronic FX matching system to enhance transparency and efficiency in forex transactions. ​

 Dangote Refinery’s Currency Policy Shift

A major development impacting the forex news is the Dangote Petroleum Refinery’s decision to temporarily suspend fuel sales in the local naira currency. This move addresses the mismatch between sales in naira and crude oil purchases in dollars. 

The 650,000-barrel-per-day refinery’s shift to dollar transactions may lead to increased petrol prices and heightened demand for foreign exchange among local fuel traders. 

This policy change underscores the challenges businesses face amid currency fluctuations and foreign exchange constraints. ​

MTN Group’s Financial Performance Amid Naira Devaluation

The telecom sector has also felt the impact of currency volatility. MTN Group, Africa’s largest telecom operator, reported a 69% decline in full-year earnings, primarily due to the devaluation of the naira and operational challenges in Sudan. 

The company’s headline earnings per share fell to 98 cents from 315 cents in the previous year, highlighting the broader economic implications of currency instability on corporate performance. ​

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 Pan-African Currency Market Initiative

On a continental scale, the Pan-African Payments and Settlement System (PAPSS) is set to launch an African currency market platform later this year. 

Supported by 15 central banks, this initiative aims to facilitate direct exchanges of local currencies for cross-border trade, reducing reliance on intermediary currencies like the US dollar. 

For Nigerian traders, this development could open new avenues for regional commerce and potentially ease some foreign exchange pressures. ​

Strategies for Navigating Forex Market Volatility

Given the current market dynamics, forex traders are advised to adopt strong risk management strategies. The Association of Bureaux De Change Operators of Nigeria (ABCON) suggests measures such as unifying exchange rates, increasing transparency, and increasing liquidity in the forex market. 

Traders should stay informed about regulatory changes and leverage technological advancements to navigate the complexities of the forex landscape effectively. ​

Final Thoughts

The Nigerian forex market is undergoing major transformations influenced by currency fluctuations, policy shifts, and regional initiatives. 

For traders, staying abreast of these developments is crucial for making informed decisions and mitigating risks. Engaging with reliable news sources, understanding central bank policies, and adopting adaptive trading strategies will be essential to profiting in the evolving forex environment in Nigeria.

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The 2025 list of Black billionaires shines a spotlight on some of the most influential figures in the global business arena. Their achievements span diverse industries, including manufacturing, technology, investment, and telecommunications, and serve as a testament to their ability to redefine success.

Below is a closer look at five outstanding individuals who have reached billionaire status, along with their net worth and the remarkable journeys that have brought them to the forefront of global business.

1. Aliko Dangote: $23.9 billion

Aliko Dangote, Nigeria’s business magnate, tops the list with an astonishing net worth of $23.9 billion. As the founder and chairman of the Dangote Group, he has built an empire that spans cement production, sugar refining, and flour milling, among other sectors.

His relentless pursuit of growth and his visionary investments have not only transformed Nigeria’s economy but have also positioned him as a leading figure in African industry.

2. David Steward: $11.4 billion

David Steward is the co-founder and chairman of World Wide Technology, a thriving enterprise in the information technology sector. With a net worth of $11.4 billion, Steward’s journey from humble beginnings to becoming one of America’s richest Black businessmen is both inspiring and instructive.

His leadership and commitment to creative solutions have been central to the company’s rapid expansion and its influence in the global tech market.

ALSO READ: Top 10 richest people in the world (2025)

3. Robert F. Smith: $10.8 billion

Robert F. Smith, the founder and CEO of Vista Equity Partners, has a net worth of $10.8 billion. Smith has earned acclaim for his remarkable achievements in private equity and investment management. Under his stewardship, Vista Equity Partners has grown into one of the most successful firms in its field.

His philanthropic efforts, particularly in education and social justice, further underscore his commitment to giving back to the community.

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4. Alexander Karp: $8.4 billion

Alexander Karp, CEO and co-founder of Palantir Technologies, boasts a net worth of $8.4 billion. Known for his forward-thinking approach to data analytics and software solutions, Karp has played a pivotal role in driving digital transformation across industries.

His leadership at Palantir reflects a unique blend of technological insight and strategic thinking that has been instrumental in establishing the company’s global reputation and success.

5. Mike Adenuga: $6.8 billion

Mike Adenuga rounds out the list with a net worth of $6.8 billion. As the founder of Globacom, one of Africa’s largest telecommunications companies, Adenuga has been a key force in expanding Nigeria’s telecom and oil sectors.

His entrepreneurial spirit and strategic investments have helped reshape the business landscape, making him a role model for aspiring entrepreneurs across the continent.

These remarkable individuals exemplify the power of vision, determination, and creativity in overcoming obstacles and achieving extraordinary success.

Their stories inspire not only future generations of Black business leaders but also all who dare to dream big and redefine the meaning of success on a global scale.

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