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The naira opened the week with a quiet show of strength. On April 6, the currency rose to ₦1,377.80 per dollar in the official market. This small gain follows a close of ₦1,380.79 last week. Stability is becoming a habit rather than an accident. The Central Bank of Nigeria (CBN) now uses a matching system…
The naira opened the second quarter with quiet resilience, trading at ₦1,385.27 against the dollar on Wednesday. This stability marks a departure from the frantic devaluations that once defined the Nigerian Foreign Exchange Market. Traders report a steady flow of greenbacks from autonomous sources, suggesting that private supply is finally meeting local needs. The market…
The Central Bank of Nigeria has directed all International Money Transfer Operators in the country to open and maintain dedicated naira settlement accounts with authorised dealer banks, in a move designed to tighten regulatory oversight of diaspora remittances and improve transparency across the foreign exchange market. The directive was contained in a circular dated March…
Nigeria’s petrol import bill dropped to $10 billion in 2025, a 28.88 percent decline from the $14.06 billion spent the previous year. Data from the Central Bank of Nigeria’s (CBN) latest balance of payments report attributes this sharp contraction to the commencement of domestic production at the Dangote Refinery. The 650,000-barrel-per-day facility began churning out…
Nigeria’s net domestic credit fell by 6.9 percent year-on-year to ₦109.4 trillion in January 2026. Data from the Central Bank of Nigeria (CBN) shows a marked contraction from the ₦117.5 trillion recorded in the same period last year. This decline in the total value of bank credit to both the public and private sectors reflects…
The Naira weakened by 2.48 percent in early Tuesday trading as corporate demand for the US Dollar intensified. Opening rates at the Nigerian Foreign Exchange Market averaged ₦1,388.38, a sharp drop from the previous week’s close of ₦1,353.90. This sudden volatility tested the Central Bank of Nigeria’s new electronic matching system. Intraday rates even touched…
The Central Bank of Nigeria has been awarded Central Bank of the Year by London-based Central Banking magazine, following a series of monetary reforms credited with stabilising the Nigerian economy after years of macroeconomic distortions. The recognition centres on policy changes introduced under Governor Olayemi Cardoso, who assumed office in October 2023 amid mounting…
Nigeria’s monetary policy architecture is undergoing a fundamental transformation. The Central Bank of Nigeria has committed itself to a deliberate transition toward an inflation-targeting framework, abandoning decades of discretionary monetary management in favour of a transparent, rules-based system explicitly anchored to long-term price stability. The shift represents one of the most significant policy reorientations undertaken…
The Nigerian Naira strengthened against the US Dollar on Friday, 20 March 2026, supported by a significant recovery in the nation’s external buffers. In the Nigerian Foreign Exchange Market (NFEM), the currency opened at an average of N1,352.89 per dollar, a slight gain from the mid-week average of N1,357. This appreciation follows the Central Bank…
The Nigerian Naira sustained a stable performance against the United States Dollar on Thursday, maintaining its position within a narrow trading band as the foreign exchange market continues to benefit from surging global crude oil prices and a historic accumulation of external reserves that has reached levels unseen in over a decade. Data from…
