The Central Bank of Nigeria (CBN) has opened talks with Nigerian and Chinese business leaders on improving cross-border payments, banking connectivity and investment flows between the two economies. At a high-level roundtable in Beijing on Wednesday, CBN Governor Olayemi Cardoso said direct engagement with businesses was essential to understanding the practical barriers affecting financial activity along the Nigeria–China corridor. The meeting, themed “Strengthening the Nigeria–China Financial Corridor,” was held at the Pan Pacific Beijing. Participants discussed the need for more efficient payment and settlement arrangements, stronger banking relationships and a larger Nigerian banking presence in China. They also examined ways…
Author: Abdoulaye Kay
The Emir of Katsina, Abdulmumini Kabir Usman, has challenged Senator Abdulaziz Yari, Governor Dikko Umaru Radda and other political leaders to prioritise insecurity and economic hardship over political ambitions ahead of the 2027 general elections. The monarch spoke during a visit to his palace by a delegation led by Yari, a former governor of Zamfara State and Director-General of President Bola Tinubu’s campaign, according to a video circulating on social media. The delegation included Radda, former Katsina State Governor Aminu Bello Masari and other political stakeholders. It also visited the Emir of Daura. In the video, the Emir criticised politicians…
The naira has maintained its gains against the euro, trading at N1,497 per euro as rising French borrowing costs and concerns over the country’s fiscal outlook put pressure on the European currency. The exchange rate, reported in the Central Bank of Nigeria’s latest figures for the midweek session, moved below the N1,500-per-euro threshold for the first time since April 2024. Pressure on the euro intensified after yields on France’s 10-year government bonds rose to 5 per cent, their highest level since 2002, amid concerns about rising energy costs and the country’s fiscal position. French bond yields increased by seven basis…
The Central Bank of Nigeria (CBN) has offered N2 trillion in Open Market Operations (OMO) bills to absorb excess liquidity in the banking system, after commercial banks’ deposits at its Standing Deposit Facility (SDF) surged to more than N6 trillion. The offer, announced for October 22, comprises N1 trillion each in 138-day and 180-day bills, maturing on March 9 and April 20, 2027, respectively. The auction came amid substantial repayments on maturing CBN securities, which have returned liquidity to the banking system. The Financial Markets Dealers Association had projected N2.067 trillion in OMO maturities for the week beginning October 19.…
The Sokoto State Council of the Nigeria Union of Journalists (NUJ) has urged journalists to strengthen digital security, protect confidential sources and verify online content to guard against cyberattacks and misinformation ahead of the 2027 general elections. The council’s chairman, Usman Mohammed Binji, warned that account hacking, identity theft, manipulated videos, fake accounts and misleading political claims could compromise investigations, misinform voters and trigger tension during the elections. Binji spoke on Tuesday at a one-day training organised by the NUJ Sokoto State Council in collaboration with the Sokoto State chapter of the Cyber Security Experts Association of Nigeria (CSEAN). The…
The naira depreciated marginally against the US dollar at the official foreign exchange market, closing at ₦1,334.99 per dollar on Tuesday, October 20, despite a decline in the greenback’s value in international markets. Data from the Central Bank of Nigeria showed that the closing rate represented a 0.11 per cent depreciation from ₦1,333.50 recorded in the previous trading session. The naira traded between ₦1,331.80 and ₦1,335 per dollar during the session, while its weighted average exchange rate stood at ₦1,333.65. The CBN had yet to release the Nigerian Foreign Exchange Market’s complete deal and turnover figures for Tuesday at the…
The naira traded around ₦1,778 to the British pound as stronger-than-expected UK inflation data boosted sterling against the US dollar in midweek trading. The exchange rate remained within a relatively narrow range over the past month, although market data showed the pound-naira pair fluctuating between ₦1,749 and ₦1,841 over the preceding 90 days. The latest movement followed the release of UK inflation figures showing that the annual consumer price inflation rate rose to 3.5 per cent in September, above the 3.4 per cent forecast and August’s 3.1 per cent. Core inflation, which excludes food, energy, alcohol and tobacco, also increased…
The President of the Agricultural Society of Nigeria (ASN), Prof. Jude Mbanasor, has called for stronger partnerships to translate agricultural research into practical solutions for food security, farmers’ prosperity and national development. He made the call on Tuesday in Abuja at the opening of the society’s 60th Annual Conference and Diamond Jubilee. Stakeholders at the conference, hosted by the National Biotechnology Research and Development Agency (NBRDA), identified innovation, resilience and collaboration as priorities for transforming Nigeria’s agricultural sector. The conference has the theme: “Feeding the Future: Scaling Innovation, Resilience and Partnerships in Nigerian Agriculture.” ALSO READ Ugandan cocoa chases coffee,…
Sultan Muhammad Sa’ad Abubakar has described Omo N’Oba N’Edo Uku Akpolokpolo, Oba of Benin, Ewuare II, as a “king par excellence” as the revered monarch marked his 10th coronation anniversary. Oba Ewuare II celebrated the milestone on Tuesday, October 20, 2026, in Benin City, Edo State, marking a decade on the ancient throne of the Benin Kingdom. The Sultan, in a congratulatory message, commended the Benin monarch for representing the enduring role of traditional institutions in preserving cultural heritage, promoting unity and advancing the welfare of their people. In a statement signed by Bashir Adefaka on behalf of the Sultan’s…
The naira closed at N1,333.50 per dollar on Monday, October 19, 2026, a marginal gain of N0.70 from N1,334.20 recorded on Friday, October 16, according to Central Bank of Nigeria data. The currency traded within a narrow band of N1,332.50 and N1,334.50 during the session. The weighted average exchange rate stood at N1,333.72, while the simple average was N1,333.76. Interbank activity comprised 59 deals with turnover of about N40.60 million, although Monday’s NFEM turnover data were not available at the time of the report. ALSO READ CBN’s spot FX sales reach $1.64bn in H1 2026, March accounts for 58% The…