The Nigerian naira strengthened against the euro, exchanging at about N1,548 per euro, amid improving liquidity in the foreign exchange market. The latest movement reflects continued stability in Nigeria’s currency market as foreign exchange supply improves and pressure on the naira eases. The development comes amid recent efforts by the Central Bank of Nigeria (CBN) to deepen liquidity and improve the functioning of the FX market. The naira has recorded relative stability across major foreign currencies in recent sessions, supported by improved dollar inflows and increased market liquidity. The improved conditions in the FX market have also narrowed exchange-rate disparities,…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award in recognition of its institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development. The award was presented at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10, 2026. Director of the Monetary Policy Department at the CBN, Dr. Victor Oboh, received the award on behalf of the Governor of the Bank, Mr. Olayemi Cardoso. The recognition comes amid a series of reforms undertaken by the apex bank across the monetary, foreign exchange and financial sectors over…
The Central Bank of Nigeria (CBN) has allotted N1.054 trillion in Treasury Bills at its September 9, 2026 Primary Market Auction, while cutting the stop rate on the 364-day bill to 16.62%. The latest reduction marks the third consecutive cut in the yield on the one-year Treasury Bill, reinforcing signs of easing pressure on interest rates in the fixed-income market. Investors submitted bids worth N2.64 trillion across the three tenors offered, compared with the N750 billion initially offered by the CBN, translating to a bid-to-offer ratio of about 3.52 times. Despite the lower offer, the apex bank allotted about N304.18…
Investors seeking to buy shares in the Dangote Petroleum Refinery and Petrochemicals FZE public offering can subscribe through 32 approved channels comprising banks, fintech platforms, mobile money operators and NGX Invest. The approved channels are listed on the official Dangote Refinery IPO website, which cautions investors against using any platform not included on the approved list. The offering is priced at ₦525 per share, with a minimum subscription of 10 shares, valued at ₦5,250. The 32 approved channels are: Banks Access Bank Stanbic IBTC FirstBank UBA GTCO Zenith Bank Ecobank FCMB Fidelity Bank Globus Bank Jaiz Bank Keystone Bank Lotus…
…More naira, less value, mounting debts: Tinubu cannot devalue the currency and call the wreckage prosperity.
The Central Bank of Nigeria (CBN) has warned banks, fintechs and other financial institutions to strengthen their cybersecurity systems as the growing adoption of digital technologies exposes the financial sector to new threats. The warning comes amid increasing reliance on digital banking, open banking, application programming interfaces (APIs), cloud computing, artificial intelligence and other technology-driven financial services. Under its risk-based cybersecurity framework, the CBN identified cyber threats associated with fintech connections to banks, including fraud, API compromise, unauthorised access, data breaches, privacy violations and regulatory risks. The apex bank also identified specific vulnerabilities linked to open banking, including identity theft,…
The Nigerian Army has redeployed several senior officers to key command and operational positions as part of efforts to strengthen military operations and improve the country’s response to evolving security threats. The changes were approved by the Chief of Army Staff, Lt.-Gen. Waidi Shaibu, and announced in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, on Wednesday. Under the new arrangement, Maj.-Gen. Ibikunle Ajose has moved from the Army Headquarters Department of Army Operations to become the Theatre Commander of the Joint Task Force North-East, Operation HADIN KAI. His predecessor, Maj.-Gen. Abdulsalam Abubakar, has been redeployed…
The naira has strengthened against the British pound, trading at about N1,788 to £1 in the latest foreign exchange market movement. The appreciation represents a positive movement for the Nigerian currency against sterling, amid ongoing fluctuations in the country’s foreign exchange market. The pound-naira exchange rate is closely monitored by businesses and individuals involved in transactions with the United Kingdom, including importers, international students, travellers and Nigerians making payments abroad. The latest movement also comes amid broader efforts to improve liquidity and stability in Nigeria’s foreign exchange market, with market forces and Central Bank of Nigeria policies continuing to influence…
The Federal Government has announced plans to overhaul the accreditation system for Nigeria’s tertiary institutions, warning universities, polytechnics and colleges of education against presenting borrowed staff, equipment or facilities during accreditation exercises. The Minister of Education, Dr Tunji Alausa, said the reform would transform accreditation from an occasional exercise into a continuous, digital and evidence-based quality assurance process. Alausa spoke on Wednesday during the inauguration of a Ministerial Committee on Strengthening Accreditation and Quality Assurance Systems for Tertiary Institutions in Nigeria. He said institutions should no longer be allowed to create a temporary impression of their capacity simply to satisfy…
The National Agency for Food and Drug Administration and Control (NAFDAC) has raised concerns over the growing consumption of alcohol in Nigeria, linking indiscriminate use of the substance to social problems, including banditry. NAFDAC Director-General, Prof. Mojisola Adeyeye, made the remarks during an interview on Channels Television’s Sunrise Daily on Wednesday. Adeyeye said excessive alcohol consumption poses serious risks to vital organs, particularly the brain, kidneys and liver. She also defended NAFDAC’s decision to ban the sale of alcoholic drinks in sachets and PET bottles of less than 200 millilitres, saying the measure was necessary because the availability of such…