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 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…
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…
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…
Nigeria is heading into the second half of 2026 with a mixed economic picture: the economy appears to be gaining momentum, but the naira remains under pressure and borrowing costs are still extremely high. A BusinessDay nowcast estimates that Nigeria’s economy could grow by 4.5% in Q2 2026, which would make it the fastest second-quarter…
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’s naira remained relatively stable on Tuesday, supported by the country’s strong external reserves, even as the Nigerian stock market slipped into negative territory on renewed profit-taking by investors. The Central Bank of Nigeria’s external reserves currently stand at $52.73 billion, helping to sustain confidence in the foreign exchange market. On the official Nigerian Foreign…
Nigeria’s economy recorded mixed developments on Tuesday as the naira traded at around ₦1,382/$ at the official foreign exchange window while strengthening slightly to about ₦1,412/$ on the parallel market. The movement came amid continued volatility in the foreign exchange market and major policy shifts in the energy sector. In a move aimed at boosting…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). According to the latest figures from…
