The naira traded around N1,333 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, October 12, as foreign exchange turnover recorded sharp fluctuations across recent trading sessions. Data from the Central Bank of Nigeria (CBN) showed that the currency closed at N1,332.99 per dollar, compared with N1,332.49 on Friday, October 9, representing a marginal depreciation of 50 kobo. The latest performance reflects the naira’s relatively narrow trading range in the first two weeks of October, with the exchange rate hovering between N1,330 and N1,334 per dollar. The currency closed at N1,332.90 on October 5 before appreciating to N1,331.50…
Author: Abdoulaye Kay
The All Progressives Congress (APC) in Sokoto State has dismissed a demand by the African Democratic Congress (ADC) governorship candidate, Manir Dan Iya, for the state government to disclose its Federation Account Allocation Committee (FAAC) receipts from 2023 to date, saying the figures are already in the public domain. The party also challenged Dan Iya, a former deputy governor, to explain the achievements of the administration of former Governor Aminu Waziri Tambuwal, in which he served. The APC’s position was contained in a statement issued on Tuesday by Abubakar Bawa, Director-General, Media and Publicity, Government House, Sokoto. According to the…
The Independent National Electoral Commission (INEC) has released its final list of governorship candidates for the 2027 general elections, with several prominent political figures missing from the published documents. The omissions have raised questions about the eligibility of the affected candidates and the implications for their parties ahead of the governorship elections scheduled for February 6, 2027. The missing candidates Among the prominent politicians missing are former Minister of Communications and Digital Economy, Isa Ali Pantami, the Peoples Democratic Party (PDP) candidate in Gombe State, the party’s governorship candidate in Ogun State, Ladi Adebutu, and Aminu Abdussalam Gwarzo, the Nigerian…
Sokoto State Governor Ahmed Aliyu has challenged opposition parties to showcase their achievements when they were in power instead of resorting to campaigns of calumny, as the All Progressives Congress (APC) prepares to seek re-election based on his administration’s projects. Aliyu, in a statement by Abubakar Bawa, Director-General, Media and Publicity, Government House, Sokoto, on October 10, 2026, issued the challenge on Friday at the Government House in Sokoto, shortly after observing the Jumu’at prayer. He said the APC had numerous projects to present to voters as evidence of its performance, expressing confidence that the achievements would provide a basis…
The naira could appreciate beyond N1,300 per dollar as stronger foreign exchange supply, Central Bank of Nigeria (CBN) interventions and improved market confidence support the local currency, according to market projections. A report by Nairametrics published on Saturday projected a stable-to-bullish outlook for the naira over the next six months, with the exchange rate expected to trade within a range of N1,250 to N1,350 per dollar. The projection suggests that sustained dollar inflows could strengthen the naira beyond the N1,300/$ threshold, although the outlook remains dependent on foreign exchange supply, demand conditions and the CBN’s policy response. The anticipated improvement…
The Central Bank of Nigeria (CBN) has intensified its crackdown on insider lending, prompting some bank owners, shareholders and board members to leave the banking industry as the regulator enforces stricter corporate governance standards. The CBN’s Director of Banking Supervision, Dr Olubukola Akinnwunmi, disclosed this at the 38th Seminar for Finance Correspondents and Business Editors in Abuja, warning that directors linked to persistent insider-credit violations could lose their board positions. Although he did not name the affected individuals or financial institutions, Akinnwunmi said the regulator was determined to enforce existing rules and prevent lending practices that expose banks to excessive…
The Central Bank of Nigeria (CBN) is strengthening financial ties with Asian institutions and investors as it seeks to build deeper, more liquid and internationally connected markets. CBN Governor Olayemi Cardoso made this clear during high-level engagements in Singapore, where he met with the Monetary Authority of Singapore (MAS), signed a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN) and participated in the Nigeria–Asia Financial Connectivity Dialogue. The dialogue, convened by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group, brought together investors, financial institutions, businesses and Nigerians living and working…
Nigeria’s fixed-income market is expected to receive about N11 trillion in liquidity inflows in October, a development Cordros Capital says could sustain reinvestment demand and place further downward pressure on yields. The projection is contained in Cordros Capital’s September 2026 Fixed Income Monthly Review, which puts expected inflows at N9.05 trillion from maturing Open Market Operations (OMO) securities, N1.30 trillion from Nigerian Treasury Bills (NTBs) and N650.67 billion in Federal Government of Nigeria (FGN) bond coupon payments. OMO maturities will account for about 82% of the projected inflows, making them the major source of liquidity returning to the financial system…
Banks reduced their overnight deposits with the Central Bank of Nigeria (CBN) through the Standing Deposit Facility (SDF) by N941.85 billion to N3.76 trillion on October 7, 2026, as excess liquidity in the banking system continued to fluctuate. CBN data showed that SDF placements fell from N4.70 trillion on October 6 to N3.76 trillion on October 7, following a decline from N4.86 trillion recorded on October 5. The latest reduction represents the largest single-day drop in SDF placements since September 30. The SDF is the CBN’s overnight, non-collateralised facility through which eligible banks place excess funds with the apex bank.…
The Central Bank of Nigeria (CBN) has stepped up liquidity management, withdrawing N3.31 trillion from the banking system through its latest Open Market Operations (OMO) auction even as the naira strengthened to N1,331.50 per dollar. The October 6 OMO auction came against N2.17 trillion in maturing OMO bills that flowed back into the banking system, leaving the apex bank with a net liquidity withdrawal of about N1.14 trillion. The CBN had offered N2 trillion in 147-day and 182-day bills but allotted N3.309 trillion after investors submitted N3.511 trillion in bids. The 182-day instrument attracted the stronger demand, receiving N2.693 trillion…