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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…
The Naira fell to 1,395 against the American dollar in the parallel market yesterday as foreign exchange supply pressures returned. The local currency slid from the 1,390 rate recorded last weekend. This drop matches a similar decline in the official Nigerian Foreign Exchange Market, where the currency closed at 1,373.5 per dollar. Central Bank of…
Nigeria has failed to meet its oil production target for the ninth consecutive month. Fresh data from the upstream regulator shows the country pumped 1.49 million barrels per day in April. This falls just short of the 1.5 million barrels promised to OPEC. While the volume represents an improvement over March, it confirms a stubborn…
The Federal Government and the United Nations Development Programme begin a nationwide push on Monday to fix Nigeria’s fragmented development plans. Abubakar Momoh, the Minister of Regional Development, wants to end the era of agencies working at cross purposes. A new policy framework for 2026 to 2030 will now dictate how regional commissions spend their…
Nigeria’s commercial banking sector generated combined gross earnings of N18.2tn in the 2025 financial year, a figure that underscores the industry’s enduring revenue strength even as profitability weakened considerably across several major institutions. Audited financial statements from leading banks reveal a sector navigating a delicate tension between impressive top line growth and shrinking bottom…
Investors on the Nigerian Exchange added N26.5 trillion to their portfolios in April as the market hit a record valuation of N155.7 trillion. This surge marks a 20 per cent jump in the All-Share Index within a single month. Money is flowing back into the bourse because buyers trust the earnings power of Nigeria’s largest…
The Central Bank of Nigeria has finally begun to coax cash back into the vaults. Fresh data show that currency outside banks (COB) fell for the second month straight, hitting N5.19 trillion in February 2026. This dip follows a long, stubborn climb where Nigerians seemed to prefer under-mattress storage to savings accounts. Bankers will view…
