The Nigerian naira has strengthened significantly against the euro in 2026, buoyed by ongoing monetary and fiscal reforms as the Central Bank of Nigeria (CBN) maintained its benchmark Monetary Policy Rate (MPR) at 26.5 percent. The euro has depreciated by about 5.4 percent against the naira, falling from approximately N1,684 at the beginning of the year to around N1,592.50 on Wednesday. The development comes amid a broader macroeconomic stabilization effort led by the CBN, which has helped the naira recover from its historic lows. At the conclusion of its latest Monetary Policy Committee (MPC) meeting, the CBN retained the MPR…
Author: Newsdesk
Economic experts, financial analysts and operators in Nigeria’s small and medium-scale enterprise (SME) sector have welcomed the Central Bank of Nigeria’s (CBN) decision to retain the Monetary Policy Rate (MPR) at 26.5 per cent, describing the move as a prudent balance between fighting inflation and supporting economic growth. The decision was announced at the conclusion of the 305th meeting of the Monetary Policy Committee (MPC), where members unanimously voted to leave all key monetary policy parameters unchanged amid persistent inflationary pressures and heightened global economic uncertainty. For many stakeholders, the decision signals a shift from aggressive monetary tightening to a…
The Centre for the Promotion of Private Enterprise (CPPE) has endorsed the Central Bank of Nigeria’s (CBN) decision to retain all key monetary policy parameters at the conclusion of the 305th Monetary Policy Committee (MPC) meeting, describing the move as pragmatic and well-suited to Nigeria’s current economic realities. In a policy statement issued after the MPC meeting, the CPPE said the decision reflects a more balanced and informed understanding of the factors driving inflation in the country. At the meeting, the MPC retained the Monetary Policy Rate (MPR) at 26.5 per cent and left all other key policy parameters unchanged.…
Nigeria’s gross external reserves rose to $49.49 billion as of May 15, 2026, recovering from $48.35 billion recorded at the end of March and signalling renewed strength in the country’s foreign exchange position. Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this on Wednesday while presenting the outcome of the Monetary Policy Committee (MPC) meeting in Abuja. The increase comes amid efforts by monetary authorities to maintain exchange rate stability, manage liquidity, and meet external obligations. According to Cardoso, the current reserve level is sufficient to cover more than nine months of imports of goods and services,…
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has dismissed claims that the apex bank has been aggressively intervening in the foreign exchange (FX) market to support the naira, stating that its interventions accounted for only about 1.2 to 1.3 per cent of total FX market turnover in 2025. Cardoso clarified on Wednesday during a press briefing in Abuja following the conclusion of the 305th meeting of the Monetary Policy Committee (MPC). Responding to questions on whether the CBN had intensified interventions amid recent pressure on Nigeria’s external reserves, the governor said such claims were inaccurate. “The answer…
Nigerian artistes Davido, Falz and other celebrities have celebrated Arsenal’s historic English Premier League (EPL) title win after 22 years. The title was confirmed after Manchester City drew at Bournemouth on Monday. The long-awaited triumph has triggered massive reactions from Nigerian entertainment icons and political figures on social media. Davido led the celebration with a post on his X page: “BACK A GUNNER!!!” READ ALSO: Wizkid becomes first African artist to surpass 11bn Spotify streams However, the declaration drew light-hearted mockery from rival fans who questioned his silence during the club’s trophy drought. Other celebrities who joined the frenzy include…
The Federal Capital Territory Administration (FCTA) has inaugurated a free health insurance enrolment and comprehensive medical outreach for inmates in correctional facilities across the FCT. A statement issued by Mrs. Bola Ajao, Special Assistant on Media to Dr. Adedolapo Fasawe, Mandate Secretary of the FCTA Health Services and Environment Secretariat (HSES), said the exercise began at the Medium Security Custodial Centre, Kuje, Abuja. Fasawe said the exercise marked the first time inmates in the FCT were formally enrolled into the FCT Health Insurance Scheme (FHIS) under the Basic Healthcare Provision Fund (BHCPF). According to her, the initiative was driven by…
The Chief of the Air Staff (CAS), Air Marshal Sunday Aneke, has reaffirmed Nigeria’s commitment to advancing African-led security cooperation after chairing the 2026 African Air Chiefs’ Symposium in Tunis, Tunisia. This was contained in a statement issued by the Director of Public Relations and Information, Nigerian Air Force (NAF), Air Commodore Ehimen Ejodame, on Wednesday in Abuja. Speaking at the opening session, Aneke said the theme, “Operationalising the Association of African Air Forces: A New Era of Shared Responsibility,” highlighted the urgency for African nations to adopt collective and practical solutions to shared security challenges. He stressed that no…
The Bureau of Public Procurement (BPP) has temporarily lifted the suspension placed on some directorate cadre officers on Salary Grade Levels 15 to 17 over non-compliance with deployment directives. This was contained in a statement issued by Zira Nagga, Head of Press and Public Relations of the bureau, on Wednesday in Abuja. The statement named the affected officers as Mrs. Okobiah Boyton, Director of Procurement, Federal Ministry of Communications and Digital Economy, and Mrs. Habu Dyaji, Director of Procurement, Federal Ministry of Housing and Urban Development. According to the statement, the officers were earlier issued queries for allegedly refusing to…
Nigeria’s Federal Civil Service has achieved a historic transition to a fully paperless and digital operation across all 38 Federal Ministries and Extra-Ministerial Departments, ahead of the December 31, 2025 deadline. The Head of the Civil Service of the Federation (HoCSF), Dr. Didi Walson-Jack, made the announcement at the opening of the International Civil Service Conference (ICSC) 2026 on Wednesday in Abuja. The conference, themed “Reforms, Resilience and Results,” attracted participants from 16 countries, including the United States, United Kingdom, Switzerland, Singapore and Ghana. According to her, over 5,000 participants attended physically, while thousands joined virtually. She said the conference…