The Nigerian naira strengthened against the euro, closing at N1,552 per euro, as the Central Bank of Nigeria’s (CBN) tight monetary policy continued to underpin stability in the foreign exchange market despite lingering global uncertainties. Market data showed the local currency appreciated against the European single currency following sustained interventions by the apex bank and improved foreign exchange liquidity in the official market. The development comes as the CBN maintains elevated interest rates to curb inflation and attract foreign portfolio investments. Analysts said the combination of high domestic yields, stronger foreign reserves and disciplined monetary policy has helped improve investor…
Author: Abdoulaye Kay
The naira strengthened against the US dollar in the parallel foreign exchange market on Tuesday, appreciating to N1,400 per dollar from N1,407 recorded the previous day. The latest movement represents an N7 gain for the local currency amid ongoing developments in Nigeria’s foreign exchange market. However, the naira moved in the opposite direction at the Nigerian Foreign Exchange Market (NFEM), where it weakened marginally to N1,365 per dollar from N1,364 on Monday, according to data from the Central Bank of Nigeria (CBN). The divergent movements narrowed the gap between the parallel and official exchange rates to N35 per dollar, compared…
Nigeria recorded a significant increase in foreign exchange (FX) inflows in 2025, with total inflows rising to $109.86 billion, according to the Central Bank of Nigeria (CBN). The figure represents a 13.81 per cent increase from the $96.53 billion recorded in 2024, highlighting stronger foreign exchange inflows into the economy. The CBN disclosed this in its 2025 Annual Report and Statement of Accounts, accessed from its website. The latest data points to a changing structure of Nigeria’s foreign exchange market, with autonomous sources increasingly becoming the dominant channel for FX inflows and contributing significantly to overall foreign exchange liquidity. According…
The Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with regulatory directives. The sanctions, contained in the CBN’s 2025 Annual Report, involved 21 separate penalties issued to financial institutions for infractions ranging from delayed resolution of customer complaints to non-compliance with directives from the apex bank. The latest enforcement underscores the CBN’s tougher stance on consumer protection and its growing scrutiny of how banks and other financial institutions respond to customers. The regulatory crackdown came amid a rise in complaints filed by users…
The amount of physical cash held outside Nigeria’s banking system fell by N485.80 billion in the first six months of 2026, reaching its lowest level in seven months, fresh data from the Central Bank of Nigeria (CBN) has shown. According to the latest Money and Credit Statistics released by the apex bank and analysed by Nairametrics, currency outside banks dropped from N5.41 trillion in December 2025 to N4.92 trillion in June 2026. The decline represents an 8.98 per cent reduction over the six months, with the June figure marking the lowest level since November 2025, when cash outside banks stood…
The appellate court cited the Federal High Court’s lack of jurisdiction to entertain the suit; and that the suit was incompetent and could not support the orders made by the lower court
The naira has strengthened further against the British pound, closing at ₦1,814 to the pound at the official foreign exchange market as improved liquidity continues to support the local currency. The latest appreciation represents one of the naira’s strongest performances against sterling in July and reinforces the recent trend of relative stability in the foreign exchange market. The local currency has gained significant ground against the pound compared with its position at the end of 2025, when the exchange rate hovered around ₦1,950 to the pound. The naira-pound exchange rate has, in recent weeks, traded within a relatively narrow band…
Nigeria’s foreign exchange market recorded a sharp increase in trading activity last week, with total turnover rising to a record $4.38 billion, even as the nature of some of the transactions sparked questions among market watchers. Data from the FMDQ Securities Exchange showed that total FX turnover for the week ended July 24, 2026, climbed by 83.38 per cent, or $1.99 billion, from the $2.39 billion recorded in the preceding week. The latest figure represents one of the highest weekly turnovers recorded in Nigeria’s official foreign exchange market, underscoring the growing depth and activity in the market. The surge was…
Anxiety has gripped Kogi State Polytechnic, Lokoja, following allegations of renewed sex-for-marks, cult activities and other forms of misconduct, months after a new rector assumed office. The development comes as the institution confirmed the suspension of seven lecturers over alleged violations of its rules. Female students, who spoke separately with journalists in Lokoja on Sunday, alleged that disciplinary structures established under the former Rector, Prof. Salisu Usman, had weakened, allowing some previously suppressed vices to resurface. The students requested anonymity, citing fears of victimisation or possible disciplinary action by the institution. According to them, some lecturers now allegedly demand sexual…
For a country whose central bank once drew a firm line between the banking system and the world of cryptocurrency, Nigeria has travelled a remarkable distance. In the span of five years, the nation has moved from restriction to measured engagement, and now to an attempt at coordinated governance of one of the era’s most consequential financial innovations. How well that attempt succeeds will matter to millions of Nigerians who already hold, trade and transact in digital assets. On 17 July 2026, President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a Virtual Asset…