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Nigeria’s economy remained firmly cash-driven in May 2026, as the volume of money circulating outside the banking system rose to N5.19 trillion, exposing the limits of the Central Bank of Nigeria’s years-long campaign to wean the country off physical cash. Latest money and credit statistics from the CBN showed that currency outside banks…
The Presidency has dismissed as “childish, hollow and an unworthy distraction” the call by Nigerian Democratic Congress presidential candidate Peter Obi for President Bola Tinubu’s resignation, framing the demand as a misreading of Nigeria’s constitutional order and a reaction to the All Progressives Congress’s recent electoral gains. In a statement signed on Monday by…
The naira opened the week on solid footing, trading at around ₦1,363.41 to the United States dollar at the official window on Monday, June 22, 2026, as the gap between the formal and street markets stayed unusually slim. The figure, drawn from the Nigerian Foreign Exchange Market, reflects the volume-weighted average that the Central…
The naira weakened to N1,410 against the United States dollar in the parallel market on Thursday, easing from N1,405 a day earlier, as renewed demand pressure pushed the currency lower across both segments of Nigeria’s foreign exchange market. At the official window, the currency also lost ground. Data from the Central Bank of Nigeria…
Nigeria’s sweeping foreign exchange reforms have yet to align the local currency with economic reality. The International Monetary Fund states that the naira trades roughly 25.6 percent below its fair value. According to the Washington-based lender, its Real Effective Exchange Rate model shows that the currency remains heavily undervalued despite recent gains. This persistent gap…
Nigeria’s informal currency market has delivered another sobering reality check to monetary authorities. The naira depreciated to N1,400 per dollar in the parallel market on Monday. This drop from N1,390 over the weekend signals persistent liquidity pressures outside official banking channels. Retail buyers continue to flock to street dealers for quicker access to hard currency….
The Nigerian naira maintained relative stability against the United States dollar on Thursday, June 4, 2026, trading within a tight band across both the official and parallel foreign exchange windows as market reforms continued to anchor price discovery. At the Nigerian Foreign Exchange Market (NFEM), the naira was quoted at approximately N1,373.25 per dollar,…
The Nigerian naira gained notable ground against the United States dollar on the parallel market to close at N1,385. Street traders in Lagos and Abuja quoted the rate following a sustained increase in dollar supply across major trading hubs. This appreciation represents a significant recovery from previous lows, where the local currency faced immense speculative…
The African Development Bank Group has approved a 200 million dollar financing facility for the Bank of Industry to support private sector productivity across Nigeria. The sovereign-guaranteed loan provides medium- and long-term capital for local enterprises looking to expand operations. The credit injection targets critical domestic sectors, including transport infrastructure, agro-food processing, pharmaceuticals, and green…
Diaspora remittances into Nigeria flattened at 21.8 billion dollars last year as global economic headwinds slowed the growth of offshore funding. Data from the Central Bank of Nigeria’s latest quarterly statistical bulletin reveals a negligible drop from the 21.811 billion dollars recorded the previous year. This stagnation follows a period of rapid expansion, during which…
