CBN Mops Up Dollars to Slow Naira's Gains as Reserves Rise
The Central Bank of Nigeria purchased $72 million to moderate the naira's rapid appreciation, as external reserves surged by $736.67 million to $46.91 billion, boosting market confidence.
Category : Economy
Naira Strengthens as Reserves Surge to $46.91 Billion
Nigeria's naira appreciated by 1.5% as external reserves climbed to $46.91 billion, stabilizing both official and parallel markets with improved FX inflows and reduced outflows.
Rice Price Hike Looms as Nigeria Considers Import Ban
The Nigerian government faces a critical decision on rice imports that could reverse recent price drops. Experts warn that closing import channels may trigger inflation while protecting local farmers.
Top 10 States With Highest FAAC Allocation in 2025
Delta State leads Nigeria's 2025 FAAC allocation rankings with ₦649.67 billion, followed by Rivers and Lagos States. Analysis reveals oil production and commercial activity drive fiscal distributions.
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SMEDAN: Nigerian Entrepreneurs Misuse Business Loans
SMEDAN reveals Nigerian entrepreneurs divert MSME loans for personal expenses like weddings and cars, threatening funding schemes and small business growth.
Naira, 4 African Currencies to Strengthen Against Dollar
The Nigerian naira has appreciated significantly, trading at a two-year high against the US dollar. Experts predict further gains for naira and four other African currencies due to improved forex supply and economic factors.
Nigeria's Reforms: Pain to Progress for Millions
Analysis of Nigeria's economic reforms from 2023-2025 shows initial hardship followed by gradual stabilization, with staple prices easing and targeted interventions providing relief.
Naira Declines in Forex Market as Exchange Gap Widens
The Nigerian naira fell by 0.57% against the US dollar in the official foreign exchange market, ending a three-day appreciation streak as dollar demand surged against limited supply.
Naira Gap Widens: Official vs Parallel Markets Exceed 6%
Nigeria's exchange rate disparity between official and parallel markets has expanded beyond 6%, raising concerns about speculation and FX arbitrage despite CBN projections for stability in 2026.
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Naira Strengthens Against Pound and Euro in Forex
The Nigerian naira appreciated against the British pound and euro on February 4, 2026, driven by improved liquidity and CBN reforms. Exchange rates show gains across multiple currencies.
Naira Hits 24-Month High at ₦1,358 Against Dollar
The Nigerian naira strengthens to ₦1,358 per dollar in official window, marking best performance in 24 months amid improved dollar liquidity and investor confidence.
Nigeria to Be Africa's 3rd Biggest Economy in 2026 - IMF
The International Monetary Fund projects Nigeria will overtake Algeria to become Africa's third-largest economy in 2026, with GDP expected to reach $334 billion amid ongoing reforms.
Katsina Tops States in FG Project Completion - BudgIT
BudgIT Tracka reveals only 52% of 2024 federal capital projects completed nationwide. Katsina leads with 85.84% completion, while Delta trails at 15.63%. Report highlights transparency gaps despite N7.8 trillion disbursement.
Customs Seizes N3.32B in Prohibited Goods in Lagos
Nigeria Customs Service intercepts prohibited items worth billions in Lagos, including foreign rice, synthetic drugs, and used vehicles, following intelligence-led operations.
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Africa's Top Foreign Exchange and Gold Reserves 2026
Libya leads African nations with $92.9 billion in foreign reserves, ranking 31st globally. The World Gold Council lists Ghana, Mali, and South Africa as top gold producers.
Tax Reforms, Fuel Prices Slow Nigerian Business Growth in January 2026
Nigeria's business confidence fell to a six-month low in January 2026 due to rising operating costs from revised taxes and fuel price adjustments, according to NESG data.
Naira Hits Record High Against Dollar in Official Market
The Nigerian naira surged to N1,372.91 per US dollar in the official market, gaining N17.45 without CBN intervention as external reserves rose to $46.59 billion.
World Bank $250B Procurement for Nigerian Firms
The World Bank has launched a $250 billion global procurement window, inviting Nigerian firms to bid for contracts across infrastructure, health, education, and other sectors worldwide.
FAAC Allocates N1.97 Trillion to FG, States, LGs
The Federal Accounts Allocation Committee disbursed N1.969 trillion from December 2025 revenue to all government tiers, with VAT receipts showing significant growth.
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Why Cement Prices Remain High in Nigeria Despite Local Production
Agora Policy reveals that weak competition and market concentration, not production costs, drive high cement prices in Nigeria despite surplus local capacity.
AI Platform Fights Predatory Loan Apps in Nigeria
Andray Finance introduces an innovative SaaS platform using artificial intelligence to tackle unethical lending practices in Nigeria's digital credit market, promoting financial dignity and inclusion.
Naira Gains as Dollar Drops N50 in Black Market
The Nigerian naira shows remarkable strength as the US dollar crashes by N50 in the parallel market. Traders confirm new exchange rates for major currencies amid positive economic indicators.
10 Spending Habits to Cut for Financial Success
Practical Nigerian money advice: Stop buying these 10 things to reach your financial goals faster. Learn how to control quiet spending and prioritize your future.
Naira Gains 3.6% as Foreign Investors Return to Nigeria
Nigeria's naira appreciated 3.6% in January, its strongest monthly performance in nearly two years, driven by foreign investor inflows and rising external reserves.
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FG Launches Free Financial Training for 10 Million Nigerians
The Federal Government has launched a nationwide financial literacy program targeting 10 million Nigerians, with special focus on youth and women empowerment through digital skills and investment knowledge.
Food Prices Fall Across Nigeria as Inflation Eases
Staple food prices including rice, beans, and garri have decreased significantly across Nigeria, providing much-needed relief to households after months of inflationary pressure.
World Bank Job Vacancy for Qualified Nigerians Announced
The World Bank has announced a major job vacancy for qualified Nigerians as Regional Industry Director for Infrastructure and Natural Resources in Africa. The position requires advanced qualifications and extensive experience.
FG Releases N2.45tn Non-Oil Funds to States
The Federal Government has disbursed N2.45 trillion from non-oil revenue savings to states and FCT between March 2024 and August 2025 to support infrastructure and security projects nationwide.
Lagos Leads Nigeria's VAT Contributions in 2025
Lagos State accounted for 52% of Nigeria's non-import VAT in 2025, with South-West geopolitical zone leading regional contributions. New tax reforms may redistribute revenues.
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Nigeria's External Reserves Rise to $46.11 Billion
Nigeria's external reserves increased by $66 million to $46.11 billion in January 2026, boosted by higher oil prices and foreign inflows, while the naira strengthened to near two-year highs.
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