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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…
President Bola Tinubu has requested the National Assembly to approve an upward revision of the 2026 Appropriation Bill by N9 trillion, raising the proposed budget from N58.4 trillion to N67.4 trillion. The request was contained in a letter read on the Senate floor on Tuesday by the President of the Senate, Godswill Akpabio, during…
Nigeria has stopped gambling with its energy security. Vice President Kashim Shettima made this clear on Thursday while commissioning the new head office of the Nigerian Electricity Liability Management Company (NELMCO) in Abuja. The government views the power sector as the primary floor for national progress. This new facility in the Asokoro District is not…
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 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…
The Federation Account Allocation Committee (FAAC) has disbursed N1.894 trillion to Nigeria’s three tiers of government for February 2026. The distribution, approved during a meeting in Abuja on Friday, saw the Federal Government take N675.088 billion, while the 36 states shared N651.525 billion. The 774 local government councils received N456.467 billion. Although the total shared…
The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
Nigeria’s net foreign exchange reserves have climbed by 772 per cent in two years, marking a sharp recovery in the country’s external buffers. Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, revealed on Monday that net reserves rose from a lowly $3.99 billion at the end of 2023 to $34.80 billion by December 2025. This…
Nigeria’s central bank has reduced its benchmark lending rate for the first time in years, signalling a cautious but consequential shift in monetary policy direction as the country’s economic managers begin to ease the aggressive tightening that defined much of the past two years. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced on…
Nigeria’s headline inflation rate declined marginally to 15.10 per cent in January 2026, down from 15.15 per cent recorded in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics on Monday. The development defied earlier projections by analysts who had anticipated that Nigeria’s inflation could climb…
