The naira maintained stability against the British pound at about ₦1,765 per pound in the official foreign exchange market, supported by improved foreign exchange supply and Nigeria’s stronger external reserves. Latest Central Bank of Nigeria (CBN) data put the pound’s most recent settlement rate at approximately ₦1,765/£1, extending the naira’s relatively steady performance against the British currency in October. The stability comes amid increased foreign exchange availability and a rise in Nigeria’s gross external reserves to $55.1 billion, their highest level in 18 years, strengthening the CBN’s capacity to manage volatility in the official market. Net foreign reserves, after accounting…
Author: Abdoulaye Kay
Nigerian banks’ deposits with the Central Bank of Nigeria (CBN) climbed to ₦6.08 trillion on October 16, following a ₦2.41 trillion repayment of maturing Open Market Operations (OMO) bills that injected substantial liquidity into the banking system. Data from the CBN’s daily banking system liquidity reports show that banks’ net placements at the apex bank’s Standing Deposit Facility (SDF) rose from about ₦3.86 trillion on October 13 to ₦6.08 trillion on October 16, an increase of ₦2.22 trillion, or 57.65 per cent, within four days. The deposits remained above ₦6 trillion for three consecutive days, indicating that banks continued to…
The Federal Government, 36 states and 774 local government councils have shared ₦2.428 trillion in federally collected revenue for September 2026, providing another round of funding for the three tiers of government. The allocation was disclosed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, following the Federation Account Allocation Committee’s (FAAC) October meeting in Abuja. The distributable revenue comprised ₦1.672 trillion from statutory revenue and ₦756.587 billion from Value Added Tax (VAT). However, total gross revenue available for distribution during the month was higher at ₦3.913 trillion before deductions for…
Nigeria’s foreign exchange utilisation climbed to $18.34 billion in the second quarter of 2026, its highest quarterly level since the third quarter of 2011, as financial services accounted for more than half of total dollar demand. Financial services absorbed $9.64 billion, representing 52.58 per cent of total foreign exchange utilisation during the quarter, according to the Financial Markets Dealers Association’s (FMDA) Q2 2026 FX Market Update, which draws on Central Bank of Nigeria data. The figures highlight the growing importance of financial and cross-border service transactions in Nigeria’s foreign exchange market, even as demand for some categories of imported goods…
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said Nigeria’s foreign exchange reserves are helping to protect the economy from external shocks, arguing that stronger dollar buffers and relative exchange-rate stability have benefits for households and businesses. Cardoso spoke at the 2026 IMF–World Bank Annual Meetings in Bangkok, Thailand, where he highlighted the country’s improving external position and the potential benefits of recent economic reforms. Nigeria’s gross external reserves stood at $55.1 billion as of October 13, 2026, the highest level in 18 years, according to the governor. He said the stronger reserves provide a buffer against international economic…
The International Monetary Fund (IMF) has endorsed the Central Bank of Nigeria’s decision to reset its benchmark interest rate to 23 per cent, describing the move as appropriate given the progress made in moderating inflation. Zeine Ould Zeidane, Director of the IMF’s African Department, gave the assessment during a press briefing at the ongoing IMF–World Bank Annual Meetings in Bangkok, Thailand. Zeidane said Nigeria had made significant progress in bringing inflation down from elevated levels, creating room to realign monetary policy rates with prevailing economic conditions. He explained that the adjustment was justified by the reduction in inflationary pressures and…
The Iralepo of Isinkan has defended a recent Ondo State High Court judgment affirming his traditional status, questioning why the Deji of Akure instituted a separate suit while an earlier appeal over the chieftaincy dispute remained pending before the Supreme Court. The palace of the Iralepo, Oba Oluwagbemiga Olofin-Adimula Arulewolasi III, said the two cases involved different facts and causes of action, insisting that the latest ruling should be understood within the specific legal issues determined by the court. In a statement issued by the Olisa of Isinkan Kingdom, High Chief Kayode Oluyi, the palace explained that the judgment delivered…
Nigeria has reaffirmed its medium-term target of single-digit inflation as the Federal Government and the Central Bank of Nigeria (CBN) seek to strengthen investor confidence and attract long-term capital into key sectors of the economy. The commitment was reiterated by CBN Governor Olayemi Cardoso at the Nigeria Investor Presentation during the 2026 IMF/World Bank Annual Meetings in Bangkok, Thailand, where he and the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, outlined the next phase of the country’s economic agenda. The presentation highlighted reforms in monetary policy, foreign exchange and market infrastructure, alongside the banking sector recapitalisation…
Niigerian universities may face closer regulatory scrutiny even after securing programme accreditation, as the National Universities Commission (NUC) moves to introduce post-accreditation monitoring visits to enforce academic standards. The proposed measure is part of efforts to ensure universities sustain the standards required for quality teaching, admissions, research and administration, rather than treat accreditation as a one-off exercise. NUC Executive Secretary, Prof. Abdullahi Yusufu Ribadu, disclosed the plan on Tuesday at the commission’s 2026 retreat with vice-chancellors in Abuja, where he announced additional measures to strengthen regulatory compliance across the university system. Ribadu said the commission had already introduced post-matriculation monitoring…
The Federal Government plans to offer N5.4 trillion in Treasury bills in the fourth quarter of 2026, with nearly 76% allocated to one-year securities as it focuses on debt refinancing obligations. The Federal Government is targeting N5.40 trillion in Nigerian Treasury Bills (NTBs) between October and December 2026, with N4.10 trillion earmarked for 364-day instruments, according to the latest issuance calendar released by the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO). The plan allocates N650 billion each to 91-day and 182-day bills, while the 364-day tenor accounts for 75.93% of the proposed issuance. The structure underscores…