The Central Bank of Nigeria (CBN) sold $1.64 billion in foreign exchange through the spot market in the first half of 2026, with March alone accounting for about 58% of the total. The CBN’s Q2 2026 Statistical Bulletin contains the figures. Spot sales rose from $53 million in January to $225.1 million in February, before jumping to $950.1 million in March—the highest monthly level in the period. Sales then fell to $100 million in April, rose to $150 million in May and closed the half-year at $159.57 million in June. ALSO READ Bank lending to manufacturers drops 26.8% to N5.19trn…
Author: Abdoulaye Kay
The Independent National Electoral Commission (INEC) has warned that artificial intelligence (AI) must not undermine the integrity of Nigeria’s 2027 general elections, insisting that voters alone must determine the outcome. INEC Chairman, Prof. Joash O. Amupitan, SAN, stated this at the Artificial Intelligence and Democracy Forum 2026 in Abuja, themed “Safeguarding the 2027 General Elections in the Age of Artificial Intelligence.” “Algorithms will not, and must never, decide the 2027 vote,” Amupitan said. “The choice of who leads Nigeria belongs exclusively to the Nigerian people.” The forum was co-convened by INEC and Yiaga Africa, with participants drawn from electoral bodies,…
Nigeria’s headline inflation fell to 14.63 per cent in September 2026 from about 34.8 per cent at the end of 2024, while external reserves climbed above $55 billion, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said. Cardoso disclosed this at a press briefing marking the conclusion of the 2026 IMF–World Bank Annual Meetings in Bangkok, Thailand, on October 17, highlighting what he described as progress in restoring macroeconomic stability and rebuilding investor confidence. He said Nigeria’s external reserves had reached an 18-year high, while formal remittance inflows were approaching $1 billion monthly, reflecting improvements in the country’s…
The European Investment Bank Group’s development arm, EIB Global, and First City Monument Bank (FCMB) have committed €85 million to finance Nigerian businesses across agricultural value chains, with at least 70 per cent of the funding earmarked for cocoa and dairy production and processing. The financing, announced at the 2026 Annual Meetings of the International Monetary Fund and World Bank Group in Bangkok, Thailand, is aimed at expanding agricultural processing, improving farmers’ access to finance and promoting sustainable private-sector growth. The announcement was made in the presence of EIB Group President Nadia Calviño, Nigeria’s Minister of Finance and Coordinating Minister…
Banks’ outstanding credit to Nigeria’s manufacturing sector fell by 26.8% year-on-year to N5.19 trillion in June 2026, from N7.09 trillion a year earlier, Central Bank of Nigeria data show. The decline underscores the financing pressure on manufacturers already grappling with high production, energy, logistics and exchange-rate costs. Credit to the sector declined steadily through the first half of the year, falling from N6.57 trillion in January to N5.02 trillion in May before a modest recovery to N5.19 trillion in June. The June figure was still about 21% below January’s level. ALSO READ CBN targets easier Nigeria-China payments as Cardoso plans…
Nigeria’s foreign exchange market recorded $2.62 billion in total dollar turnover in the week ended October 16, 2026, down 22.23% from $3.37 billion the previous week, according to FMDQ data. The fall of $749.15 million reflects weaker spot activity and a sharp contraction in forward transactions. Spot trades, which involve near-immediate dollar delivery, fell 19.83% to $2.60 billion and accounted for 99.05% of total turnover. Average daily spot turnover declined to $519.16 million from $647.58 million. ALSO READ Nigeria’s inflation drops to 14.63%, reserves hit $55bn — CBN Forward transactions—contracts that allow firms to lock in an exchange rate for…
Former Vice President Atiku Abubakar has accused President Bola Tinubu of neglecting retired police officers, alleging that some survive on meagre pensions while serving personnel dip into their retirement savings to feed their families. Atiku, in a statement issued on Sunday by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, demanded an urgent review of police salaries and a decision on the Police Exit Bill, which he said had been awaiting presidential action since March. He cited the case of a retired Assistant Superintendent of Police who reportedly receives a monthly pension of…
Amnesty International Nigeria has vowed to identify and expose sponsors of electoral violence and vote-buying, warning that political influence will not shield perpetrators from accountability. The organisation said it would document violations, compile credible evidence and present its findings to national and international authorities for appropriate action, including consideration of targeted sanctions such as visa bans and asset freezes. In a statement signed by Auwal Musa Rafsanjani, Chairman of Amnesty International Nigeria, the organisation described electoral violence and vote-buying as human rights violations that undermine democratic governance. It called on Nigerians, journalists, civil society organisations and election observers to report…
The Civil Society Legislative Advocacy Centre (CISLAC) and the Corporate Affairs Commission (CAC) are exploring a long-term partnership to strengthen transparency, accountability and institutional reforms in Nigeria following a meeting between their leadership in Abuja. The initiative emerged during a courtesy visit by a CISLAC delegation to the CAC headquarters in Abuja on October 15, 2026. The delegation was led by CISLAC Executive Director and Head of Transparency International Nigeria, Auwal Ibrahim Musa Rafsanjani, and received by the CAC Registrar-General and Chief Executive Officer, Hussaini Ishaq Magaji, SAN. During the engagement, Rafsanjani presented CISLAC publications to Magaji, highlighting the organisation’s…
Eight Zamfara State lawmakers who resigned from the All Progressives Congress (APC) earlier this month are set to return to the ruling party after meeting President Bola Tinubu, in a fresh twist to the political crisis ahead of the 2027 general election. The lawmakers met Tinubu on Sunday night, led by Minister of State for Defence, Bello Matawalle, alongside House of Representatives member Aminu Sani Jaji. They reportedly resolved to return to the APC and work for its success in the 2027 elections, following moves to address their grievances. Their decision marks a reversal of their October 4 announcement to…