The Nigerian naira traded at N1,838 to the British pound at the start of Wednesday’s official foreign exchange session, as currency traders monitored developments in global markets ahead of key United States inflation data. The rate, recorded on the Nigerian Foreign Exchange Market (NFEM) and calculated through the dollar cross rate, represents a slight movement from N1,839 per pound recorded before the holiday break. The pound’s performance against the naira came as sterling strengthened in international markets, supported by relatively robust UK economic data and broader global uncertainty. The naira, however, continues to receive support from the monetary and structural…
Author: Abdoulaye Kay
Money market rates have started easing as Nigerian banks increasingly place excess liquidity with the Central Bank of Nigeria (CBN) rather than borrow from the apex bank. Data on the CBN’s liquidity operations showed that banks cumulatively placed N33.03 trillion through the Standing Deposit Facility (SDF) between August 12 and 21, highlighting the relatively strong liquidity position across the banking system. The development comes shortly after the CBN removed restrictions that had previously limited banks’ access to its Standing Lending Facility (SLF), also known as the Discount Window. Under the revised framework announced on August 12, banks can now access…
The Dangote Petroleum Refinery and Petrochemicals has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, in a move aimed at reducing distribution costs for independent petroleum marketers and creating room for lower petrol prices. The initiative, which initially covered Lagos, Ogun, Rivers, Kaduna, Abuja and Delta, is designed to bring petroleum products closer to marketers and retailers by eliminating the cost of transporting products over long distances from the refinery to different parts of the country. By absorbing delivery costs, the refinery is seeking to remove a significant expense from the downstream distribution chain…
The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is offering N700 billion worth of Nigerian Treasury Bills (NTBs) in its second and final auction for August 2026. The auction, scheduled for Wednesday, August 26, covers 91-day, 182-day and 364-day Treasury Bills, with the longest-dated instrument accounting for the bulk of the offer. The offer comprises N100 billion for the 91-day bill, N100 billion for the 182-day bill and N500 billion for the 364-day bill. The auction is being conducted through the Dutch auction system, with money market dealers required to submit bids through the…
The United States Energy Information Administration (EIA) has identified the Dangote Petroleum Refinery as a major driver of the sevenfold increase in Nigeria’s seaborne petroleum product exports since 2023. The EIA, in its latest report, said Nigeria’s seaborne petroleum product shipments averaged 561,000 barrels per day (bpd) in the second quarter of 2026, compared with an annual average of 79,000 bpd recorded in 2023. The agency attributed the surge largely to the commencement of operations at the Dangote Petroleum Refinery in January 2024, saying increased refinery output had boosted domestic supply, reduced imports and expanded Nigeria’s presence in international petroleum…
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has called for stronger collaboration with the Nigeria Security and Civil Defence Corps (NSCDC) to enhance environmental protection, monitoring and enforcement across the country. Mr Danasabe Daniel, North-East Zonal Director of NESREA, made the call on Monday in Yola, when he led agency officials on a courtesy visit to the NSCDC Command in Adamawa. Daniel said the visit was part of NESREA’s efforts to strengthen inter-agency cooperation in implementing its environmental regulatory mandate and promoting sustainable national development. “Our visit to the command is to seek sustainable inter-agency collaboration towards strengthening…
The Council of Legal Education (CLE), the governing body of the Nigerian Law School, has withdrawn the prize awarded to the institution’s best graduating student in professional ethics following the circulation of a photograph deemed inconsistent with professional standards. The decision was contained in a statement dated August 19 and signed by Aderonke Osho, Secretary to the Council and Director of Administration. According to the council, it reviewed the circumstances surrounding the award and subsequently approved its withdrawal after the photograph of the recipient surfaced online. “The council considered the circumstances surrounding the award of the prize for the best…
A massive mound of rubbish collapsed onto nearby homes early Sunday morning in Guinea’s capital, killing at least 30 people and injuring 22 others after heavy overnight rains triggered a deadly landslide at the city’s largest landfill. The disaster struck around 2 a.m. local time at the Dar-es-Salam (also known as Dar Es Salam) open-air waste dump in the Gbessia commune. Torrential rain washed over the towering heap of refuse, sending it cascading onto informal settlements of tents, shacks, and other dwellings below. Several homes were destroyed in the collapse. Authorities confirmed six people were seriously injured and 16 sustained…
The outlook for the Nigerian naira is improving as stronger domestic fundamentals coincide with a broad decline in the value of the US dollar in international markets. The development comes as Nigeria’s external reserves continue to rise, crossing the $52 billion mark and strengthening the Central Bank of Nigeria’s capacity to manage foreign exchange volatility and support stability in the naira. According to a report by Nairametrics, increased foreign exchange supply in the official market, combined with tighter monetary management under the Nigerian Autonomous Foreign Exchange Market (NAFEM), has helped narrow arbitrage opportunities and supported the naira’s recent gains. The…
A United States District Court in Manhattan has struck down a policy introduced by the Donald Trump administration suspending the processing and issuance of immigrant visas to applicants from 75 countries, including Nigeria. In a ruling delivered on Friday, U.S. District Judge Jeannette Vargas described the January directive issued by the State Department as unlawful, holding that it exceeded the statutory authority of Secretary of State Marco Rubio. The policy, which took effect on January 21, barred the issuance of immigrant visas to nationals of 75 countries on the grounds that applicants posed a “high risk for becoming a public…