Category : Economy


SEREC Warns of FX Risks in £746M UK Port Deal

The Sea Empowerment and Research Center urges Nigeria to implement FX risk mitigation strategies for the £746 million port financing agreement with the UK, highlighting concerns over capital outflows and currency mismatch.

Garri, Beans, Rice Prices Drop Across Nigeria

The National Bureau of Statistics reveals significant price declines for staple foods including garri, beans, and rice across Nigerian markets in January 2026 compared to the previous year.

Naira Records Worst Single-Day Drop, Reserves Decline

The Nigerian naira experienced its sharpest single-day depreciation in months, closing at N1,388.38 against the dollar. External reserves fell for the sixth consecutive session amid geopolitical tensions affecting global financial flows.

Lagos Leads FAAC Allocations with N55.83bn in January 2026

Lagos State received the highest share of Federation revenue in January 2026, getting N55.83 billion. Delta and Akwa Ibom followed, while Ekiti recorded negative allocation. Total disbursement reached N2.59 trillion across government tiers.

Naira Falls 0.91% as Investors Reassess Assets

The Nigerian naira weakened by 0.91% at the official forex window last week, closing at N1,366.23 per dollar, while parallel market rates dropped 2.21% to N1,386 per dollar, reflecting unmet demand and liquidity issues.

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