The Nigerian naira strengthened to N1,348/$ at the official foreign exchange market on Tuesday, supported by a broader weakness in the US dollar, which has fallen to a six-week low. Data from the Central Bank of Nigeria (CBN) showed the local currency improved from N1,358/$ recorded on Monday, extending gains from last week’s close of N1,355.25/$. The appreciation reflects improving investor sentiment in global markets. The dollar index slipped to 98.109, hovering near its weakest level in over six weeks, as easing geopolitical tensions boosted appetite for riskier assets and currencies, including emerging market units like the naira. ALSO READ…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) is proposing a major shift in how lending disputes are resolved, with plans to require creditors and borrowers to first submit to a mediation panel before approaching the courts. This follows a circular issued by the apex bank on Tuesday, inviting stakeholders to review and comment on draft guidelines for a Mediation and Dispute Resolution Panel under the Secured Transactions in Movable Assets framework. The circular was signed by P. I. Oluikpe, Acting Director of the Development Finance Advisory Department. Under the proposal, the panel would serve as the primary platform for resolving disputes…
Energy experts have criticised recent recommendations by the World Bank urging Nigeria to deepen fuel importation and fully liberalise its downstream petroleum sector, warning that such advice is ill-timed, economically regressive, and potentially in conflict with the Petroleum Industry Act (PIA). An energy economist and professor, Ken Ife, faulted the position during a televised interview on Nigeria’s economic outlook. He noted that while parts of the World Bank’s latest Nigeria Development Update were analytically sound, its recommendations on fuel importation undermine Nigeria’s strategic push for energy independence and local value addition. “You cannot come to a country that is struggling,…
The media team of the Sultan of Sokoto has dismissed as false a viral social media post alleging that Benue State Governor, Hyacinth Alia, was seen worshipping the Sultan, describing the claim as misleading, divisive, and potentially dangerous. The team, in a press statement signed by Bashir Adefaka on behalf of the Media Team of the Sultan of Sokoto and dated Sunday, April 12, 2026 and issued on Sunday, said it had been alerted to the circulation of a post titled “Leaked photo of Governor Hyacinth Alia worshipping the Sultan of Sokoto,” which has been widely shared across WhatsApp groups…
The Federal Government has directed the Nigeria Immigration Service (NIS) to immediately deactivate and withdraw passports issued to individuals who have formally renounced Nigerian citizenship. The directive was issued by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement released on Saturday by his Special Adviser on Media and Publicity, Babatunde Alao. According to the minister, the order applies strictly to Nigerians whose renunciation requests have been duly approved by President Bola Ahmed Tinubu. He explained that the move aligns with constitutional provisions governing citizenship status. “Once a person ceases to be a citizen, they can no longer hold sovereign…
The Federal Government has approved the rollout of a biometric passenger identity verification system, VPASS, across domestic airports to strengthen security and improve passenger identification. The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in a statement issued on Thursday through his spokesperson. The initiative forms part of broader reforms aimed at enhancing transparency, accountability, and operational efficiency in Nigeria’s aviation sector, while addressing persistent gaps in passenger verification processes. Keyamo explained that VPASS is designed to ensure proper identification of all passengers through a contactless biometric verification process, effectively closing loopholes often exploited under the current system.…
Nigeria’s agent banking ecosystem is entering a decisive phase following new regulations by the Central Bank of Nigeria (CBN), aimed at curbing fraud, failed transactions, and operational inconsistencies. The updated guidelines, introduced on April 1, 2026, standardise PoS operations and require agents to work with only one financial institution—fundamentally reshaping how the network operates. Trust and reliability are now central to millions of Nigerians who depend on Point of Sale (PoS) agents for daily transactions. Over the past decade, agent banking has expanded rapidly across urban and underserved communities, bridging gaps left by traditional banking infrastructure. PoS agents have become…
The naira held firm against the British pound at N1,862/£1 in the official market on Thursday, reflecting relative stability in Nigeria’s foreign exchange space despite shifting global currency dynamics. Market data showed the local currency maintaining its position amid sustained demand for naira-denominated assets and softer sentiment around the UK economy. Analysts note that the N1,816.7/£1 level remains a key near-term resistance for the naira. A break below this could see the pair test the N1,800/£ psychological threshold, close to the historical low of N1,799/£1. On the upside, N1,854/£1 is seen as an immediate support level, with a move beyond…
The naira appreciated to N1,365 per dollar on Thursday, gaining modestly against the U.S. currency amid a broader global weakening of the greenback. Data from the Central Bank of Nigeria (CBN) showed the local currency improved from N1,369/$ recorded on Wednesday, reflecting firmer sentiment across foreign exchange markets. The dollar is on track for its largest weekly decline since January, pressured by easing geopolitical tensions following optimism that a ceasefire in the Gulf region will hold and support the resumption of oil shipments. Market participants are also closely watching ongoing diplomatic engagements between the United States and Iran in Islamabad,…
The Presidency has clarified the rationale behind President Bola Tinubu’s approval of a ₦3.3 trillion plan to settle verified legacy debts owed to power generation companies (GenCos), describing it as a critical step to stabilise Nigeria’s electricity sector. The settlement, covering debts accumulated between February 2015 and March 2025, is part of the Presidential Power Sector Financial Reforms Programme aimed at improving liquidity, strengthening the grid, and enhancing power supply. In a statement by presidential spokesman Bayo Onanuga, the government said the initiative is not a bailout but a structured, market-based mechanism tied strictly to verified and contract-backed obligations. According…