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Tag: Naira

  • Naira surges as forex reforms gain traction

    Naira surges as forex reforms gain traction

    The Naira appreciated by ₦4.59 against the U.S. Dollar on Thursday, closing at ₦1,586.15 at the official foreign exchange market.

    Data from the Central Bank of Nigeria’s website showed that the Naira recorded a 0.28 per cent gain, indicating a slight but consistent upward trend.

    On Wednesday, the local currency had exchanged at ₦1,590.74 to the Dollar, continuing its modest recovery from earlier volatility in the currency market.

    Earlier in the week, the Naira traded at ₦1,583.73 on Tuesday and ₦1,579.40 on Monday, reflecting improved demand and foreign currency inflows.

    Financial analysts attribute the currency’s recent gains to policy consistency and improved liquidity in the official foreign exchange market.

    There has been a notable increase in foreign exchange supply, believed to be driven by growing investor confidence and reforms introduced by the current administration.

    Experts believe that the Central Bank’s interventions, along with fiscal support measures, have played a vital role in calming speculative pressures.

    Analysts continue to applaud the bold reforms in the foreign exchange sector initiated by President Bola Tinubu’s administration.

    They argue that liberalisation of the FX market, removal of multiple exchange rates, and unification policies have contributed to greater transparency.

    The Centre for the Promotion of Private Enterprise (CPPE) said the FX reforms have had significant effects on the broader economy within Tinubu’s two-year tenure.

    According to the CPPE, improved investor sentiment and better market efficiency have been key outcomes of the administration’s economic strategy.

    Market observers suggest that if current momentum is sustained, the Naira may continue to strengthen in the medium term.

    However, they also caution that maintaining macroeconomic stability and curbing inflation are essential to preserving the gains recorded so far.

  • Naira strengthens steadily against Dollar

    Naira strengthens steadily against Dollar

    The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

    Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

    This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

    The local currency maintained consistent strength throughout the week, recording gains daily.

    On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

    These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

    Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

  • Naira ends week strong against Dollar

    Naira ends week strong against Dollar

    The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

    It appreciated to N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

    According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

    This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

    The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

    On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

    These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

    However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

    This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

    Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

    In spite of this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

    Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

    The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.

  • Naira strengthens further against Dollar

    Naira strengthens further against Dollar

    The Naira continued its upward trend on Wednesday, appreciating further at the official market and closing at N1,596.70 to the U.S. dollar.

    According to data released on the Central Bank of Nigeria’s official website, the local currency gained N3.33 against the dollar.

    This improvement represents a 0.21 per cent appreciation compared to the rate of N1,600.03 per dollar recorded at the close of trading on Tuesday.

    The Naira had already shown signs of resilience earlier in the week, gaining 0.02 per cent on Tuesday against the dollar.

    Analysts attribute the recent strengthening of the Naira to improved foreign exchange liquidity and sustained interventions by CBN.

    Market observers also note that increased confidence in monetary policy reforms may be contributing to the currency’s steady performance in recent days.

    In spite of ongoing economic challenges, the recent movements suggest cautious optimism among traders and investors watching the foreign exchange market.

    The Naira’s performance this week is being closely monitored as the country continues efforts to stabilise its economy and attract foreign investment.

  • Naira appreciates by 0.35% against dollar

    Naira appreciates by 0.35% against dollar

    The Naira appreciated on Monday at the official market, trading at N1,600.44 to a dollar.

    Data from the Central Bank of Nigeria (CBN) Website showed that the Naira gained N5.71.

    This represents a 0.35 per cent gain when compared to N1606.15 per dollar recorded on Friday, May 9, 2025.

    The Naira, which slumped in the early part of the previous week, ended the week on a positive note with a N3.48 gain on Friday.

    The local currency traded on Thursday, May 8, 2025 at N1,609.64 to the dollar.

  • Naira depreciates to N1,600 per USD at official market

    Naira depreciates to N1,600 per USD at official market

    The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar.Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49.

    This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1.

    The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at N1,599.95, N1,599.71, and N1,596.69, respectively.

    The local currency, which closed the current week on a negative note, had also opened the trading week with a minimal loss of 0.02 per cent.

  • Naira strengthens after week of fluctuations

    Naira strengthens after week of fluctuations

    The Naira closed stronger on Friday in the official market, trading at N1,599.55 to the Dollar, ending a week marked by fluctuations.

    This recovery follows a period of instability, with the local currency experiencing several days of inconsistent performance.

    Data from the Central Bank of Nigeria (CBN) indicated that the Naira gained N2.27 against the Dollar.

    The gain represents a 0.14 per cent improvement from Thursday’s rate of N1,601.82 to the Dollar.

    The Naira had opened negatively following the Easter break on Tuesday, April 22.

    On that day, it traded at N1,602.63 per Dollar, a 0.16 per cent loss from 17 April’s rate of N1,599.94.

    By Wednesday, April 23, the Naira strengthened slightly to N1,602.30, a 0.03 per cent gain from the previous day.

  • Implementing SAPZs ‘ll create jobs, slash imports, boost naira – Adesina

    Implementing SAPZs ‘ll create jobs, slash imports, boost naira – Adesina

    Dr Akinwumi Adesina, the African Development Bank’s President, says implementation of the Special Agro-Industrial Processing Zones (SAPZs) in Nigeria will reduce food imports, strengthen the Naira, and generate millions of jobs.

    Adesina stated this on Thursday in Calabar, Cross River, at the groundbreaking of the SAPZ project on Thursday in Calabar.

    He described it as a transformative initiative that would unlock the economic potential of Nigeria’s agricultural sector.

    The AfDB president said for Nigeria to thrive, its rural areas must be awakened .

    He said the country should not be importing food with its abundant arable land, cheap labour, and vast agroecological zones.

    Nigeria should be completely self-sufficient in food and a significant exporter of food and agricultural commodities.

    “By taking advantage of the special agro-industrial processing zones, Nigeria will now have the infrastructure and industrial platform to transform all its food and agricultural commodities.

    “What a day we are celebrating today. The special agro-industrial processing zones will reduce food imports, conserve foreign exchange, expand production and processing of food and agricultural commodities.

    “It will strengthen the Naira, and attract significant private investment in agricultural value chains.

    “The SAPCs will also revive and transform rural economies and create millions of jobs,” he said
    Adesina commended the Federal Government for its commitment and strong politicalwill under President Bola

    Tinubu, which he said had been pivotal to the rollout of the zones across multiple states.
    He also lauded Vice President Kashim Shettima, for his consistent presence and unwavering support of the project.

    “You have been the promoter, the facilitator, and the enabler of this vision. Your commitment speaks volumes,” he said.

    The AfDB president reiterated that a financing package of $510 million had been secured for the first phase of the SAPZ programme in eight states and the Federal Capital Territory.

    He said plans were underway to expand to 28 states in the second phase, backed by $2.2 billion from development partners.

    Cross River State Governor, Sen. Bassey Otu, reaffirmed his administration’s commitment to harnessing the state’s vast agricultural potential to drive economic diversification and job creation.

    “Our plan is to move from a non-renewable resource base to a sustainable agricultural economy that brings prosperity to every part of Cross River State,” Otu said.

    He said the state would leverage its comparative advantage in the production of cocoa, palm oil, rice, and banana.

    He said the state would also take advantage of its infrastructure, including the proposed Bakassi Deep Sea Port, Obudu Cargo Airport, and Calabar-Budu rail line, to support agro-industrialisation.

    Vice President Shettima, in his remarks, reaffirmed the administration’s resolve to implement policies that would ensure food security, economic growth, and inclusive development.

    Other dignitaries at the event included the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, other government officials, senior officials from the AfDB and development partners and stakeholders.

    The SAPZ programme is spearheaded by the AfDB in partnership with the Islamic Development Bank and the International Fund for Agricultural Development, and the government.

  • FG continues crude oil sales in Naira

    FG continues crude oil sales in Naira

    The Federal Government has confirmed that crude and refined product sales in Naira initiative will be implemented and continue as a national policy.

    This assurance was contained in the official X (formerly Twitter) handle of the Federal Ministry of Finance on Wednesday morning amid growing inquiries on the status of the policy.

    The Ministry stated the initiative, first approved by the Federal Executive Council (FEC), is a long-term strategic directive and not a short-term or provisional measure.

    According to the Ministry, stakeholders have reconvened to reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative.

    The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

    The Ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.

    “The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the post read.

    “As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.”

    The post also revealed that officials of the Ministry of Finance and Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing implementation matters.

    The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; the Chief Financial Officer of NNPCL, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.

    Others at the meeting include senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

  • Naira depreciates against dollar at official market

    Naira depreciates against dollar at official market

    The Naira depreciated on Friday at the official market, trading at N1,567.02 to a dollar.

    Data from the Central Bank of Nigeria (CBN) Website showed that the Naira lost N14.49.

    This represents a 0.93 per cent loss when compared to N1,552.53 per dollar recorded on Thursday.

    The local currency which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain against the Dollar.

    However, the local currency slumped by 1.38 per cent on Thursday, April 3 representing a loss of N21.28.

    The Naira had enjoyed relative stability against the US Dollar since December 2024, due to CBN’s reforms promoting transparency in the foreign exchange market.

    However, the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, had in February warned of consequences of the global trade wars on Nigeria.

    Cardoso said that the imposition of increased tariffs by the United States could exacerbate inflationary pressures globally, with potential spillover effects on Nigeria’s economy.