The Nigerian naira strengthened against the US dollar on Tuesday, September 22, after the Central Bank of Nigeria (CBN) cut its benchmark interest rate by 350 basis points to 23 per cent. The dollar closed at ₦1,327.78 at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,329.80 in the previous session. In the parallel market,…
Nigeria’s high-interest-rate environment is creating an unusual winner among the country’s biggest businesses. Nigerian listed companies generated ₦179.5 billion in finance income in H1 2026, a 174% increase from ₦65.6 billion recorded a year earlier. The surge shows that for companies sitting on large amounts of cash, the CBN interest rates are becoming an important…
Nigeria’s formal remittance inflows reached a record $947 million in July 2026, bringing the country within just $53 million of the Central Bank of Nigeria’s $1 billion monthly target. At the same time, the naira to dollar exchange rate has remained relatively stable, with the official Nigerian Foreign Exchange Market closing around ₦1,337/$1 at the…
Nigeria’s foreign reserves have climbed to $53.11 billion, putting the country just $142 million below the level recorded in January 2009, when reserves reached $53.25 billion. The latest figure, reported by the Central Bank of Nigeria as of August 24, represents the strongest reserve position in more than 17 years. The increase is significant because…
The Dollar to Naira exchange rate remained relatively stable on Monday, August 24, as the naira continued to trade within a narrow range in the official market while maintaining a wider gap with the parallel market. The latest confirmed official figure from the Central Bank of Nigeria showed the Naira to dollar rate at ₦1,346.49…
Katsina State has attracted more than ₦489.4 billion in investment pledges across agriculture, manufacturing, energy, technology and enterprise development, giving Governor Dikko Umar Radda’s administration a major opportunity to reposition the state as a stronger business destination in northern Nigeria. The commitments came from the state’s 2025 Economic and Investment Summit, which brought together investors,…
Nigeria’s stock market has reached a major milestone, with the Nigerian Exchange Group (NGX) market capitalization rising to about ₦160 trillion. President Bola Tinubu has welcomed the performance and backed an even bigger target of ₦230 trillion by the end of 2026. On the surface, this is a strong signal. The value of listed equities…
The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…
Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
