The Managing Director and Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, has held high-level talks with the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, as part of efforts to deepen collaboration aimed at driving Nigeria’s non-oil export sector and strengthening foreign exchange (FX) inflows. The strategic meeting, which took place on April 22, 2026, at the CBN headquarters in Abuja, centered on aligning monetary and development finance policies to unlock growth opportunities across key sectors of the economy. Issues discussed could not be far from the need to scale up export financing…
Author: Abdoulaye Kay
The naira came under renewed pressure in the foreign exchange market on Thursday, weakening to N1,355/$ amid sustained volatility and a slight dip in Nigeria’s external reserves. Data from the Central Bank of Nigeria (CBN) showed the currency depreciated from N1,348.1/$ recorded on Wednesday, extending a gradual downward trend observed in recent trading sessions. Intraday data indicated that the naira traded between N1,350/$ and N1,355.8/$, settling at an average rate of N1,354.19/$. A total of 46 interbank deals were recorded during the session, reflecting moderate market activity. A week earlier, the local currency had closed at N1,341.01/$, underscoring consistent depreciation…
The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar supporting the country’s aviation industry, disclosing that the facility currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide. It also exported about 1.1 billion litres of aviation fuel to Europe between March and April 20. Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations amid global supply disruptions linked to tensions in the Middle East and rising fuel costs. “It is a matter of…
Introduction: Historical context of the restriction on banking services The financial strength of Nigerian banks, including their average capital adequacy ratios and credit discipline, is critical to the country’s financial stability. In recent years, notable events such as the COVID-19 pandemic and the naira devaluation have occasioned major credit risks, necessitating both strict and flexible regulations, as the occasion demands, to manage these risks and ensure restored or continued financial stability. In particular, in the wake of the COVID-19 pandemic, the Central Bank of Nigeria (CBN), initiated a regulatory forbearance period to provide relief to obligors to deal with the…
The Medical and Dental Council of Nigeria (MDCN) has granted accreditation to the College of Health Sciences of the Federal University of Technology, Akure (FUTA), authorising it to continue its Bachelor of Medicine, Bachelor of Surgery (MBBS) programme. The approval was conveyed during an accreditation visit to the institution on Wednesday, April 22, 2026, by an MDCN team led by the Deputy Registrar, Dr. Nnameka Nwakanma. The Council also approved an admission quota of 100 medical students for the university. Speaking during an engagement with the university management led by the Vice-Chancellor, Prof. Adenike Oladiji, Dr. Nwakanma expressed satisfaction with…
The Central Bank of Nigeria (CBN) allotted a total of ₦894.17 billion at its Treasury Bills Primary Market Auction held on April 22, 2026, following a sharp surge in investor demand and stable stop rates across all maturities. Auction results show total subscriptions climbed to ₦2.36 trillion, far exceeding the ₦750 billion initially offered across the 91-day, 182-day, and 364-day tenors. In response, the CBN increased allotments above its original offer—particularly at the long end of the curve—while keeping rates unchanged. Demand remained heavily skewed toward longer-dated instruments. The 364-day bill dominated activity, attracting ₦2.12 trillion in subscriptions against an…
Médecins Sans Frontières (MSF) has launched an emergency response in Gwoza Local Government Area (LGA) of Borno State following a fresh wave of displacement triggered by armed violence. The organisation said attacks on Ngoshe on March 3, 2026, resulted in multiple deaths and abductions, forcing more than 5,000 people to flee their homes. The displaced persons are now sheltering in Pulka, about 15 kilometres away within Gwoza LGA, where they are living in extremely precarious conditions. Many of those affected—including women, children, and the elderly—arrived with little or no belongings. With inadequate shelter, several families are sleeping in open spaces…
Food prices in Nigeria have remained persistently high despite government interventions and food imports valued at N7.65 trillion in 2025, raising concerns about the effectiveness of policy measures aimed at easing cost pressures on households. A widening gap persists between fiscal interventions and actual market outcomes, as increased spending on palliatives and imports has yet to translate into meaningful improvements in food affordability nationwide. Data show that rising import bills and government interventions have not significantly reduced food prices, with inflation still elevated across key consumer categories. The Federal Government spent N9.74 billion on food palliatives in 2024, according to…
President Bola Tinubu has said the Central Bank of Nigeria (CBN) is settling outstanding obligations owed to foreign airlines to strengthen aviation ties between Nigeria and the United Kingdom. The President’s spokesman, Bayo Onanuga, disclosed this after a meeting with a delegation from British Airways, which is marking 90 years of operations in Nigeria. The development comes as the Minister of Aviation and Aerospace Development, Festus Keyamo, outlined Federal Government measures to ease financial pressure on airlines amid rising Jet A1 fuel costs and concerns over possible service disruptions. Keyamo said the President had approved discounts on certain outstanding fees…
The Kano Branch of the Ilorin Emirate Descendants’ Progressive Union (IEDPU) has concluded plans to lay the foundation for a multi-million naira secretariat complex, aimed at boosting its institutional capacity and deepening community development efforts. The foundation-laying ceremony is scheduled for Saturday, April 25, 2026, at 10:00 a.m. at the project site located at No. 53, King’s College Street, Kurna Asabe, Dantata Estate in Kano. In a statement jointly signed by the Union’s Public Relations Officer, Abdulrazaq Shehu Aladire, and the Vice Chairman of the Foundation Laying Committee, AbdulQuadri Ahmed Firdausi, the project—known as the IEDPU Kano Complex—is designed to…