The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), has announced the introduction of the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market. The development was disclosed in a statement issued on Friday in Abuja by Hakama Sidi-Ali, Acting Director of the CBN’s…
Global ratings agency Fitch Ratings has affirmed Nigeria’s sovereign credit rating at ‘B’ with a Stable Outlook, citing ongoing economic reforms, rising foreign reserves and improving macroeconomic conditions. The development was disclosed in a statement by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Ahmed Tinubu. According to the statement, Nigeria’s gross external…
By Seun Ibiyemi Nigerian banks have mobilised a total of N4.61 trillion in fresh capital under the ongoing recapitalisation programme of the Central Bank of Nigeria (CBN), reflecting robust investor confidence and increased foreign participation in the sector. This was disclosed in a statement issued on Tuesday following remarks by the CBN Governor, Olayemi Cardoso,…
By Seun Ibiyemi The Nigerian naira traded with relative stability on Tuesday, amid continued fluctuations in the foreign exchange market, reflecting cautious optimism driven by improving liquidity and market reforms. Latest data from market trackers indicate that the naira hovered around the ₦1,360–₦1,370 range against the United States dollar in the official Nigerian Foreign Exchange…
By Seun Ibiyemi The naira, recorded a relatively stable performance at the start of trading on Monday, maintaining its position against major global currencies despite ongoing market pressures. At the official Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,356.74 to the United States dollar, reflecting a steady trend seen in recent sessions….
…as Dangote Refinery reshapes oil trade By Seun Ibiyemi Nigeria’s crude oil exports declined by 14.41 per cent to $31.54bn in 2025, down from $36.85bn recorded in 2024, as the operations of the Dangote Petroleum Refinery significantly altered the country’s oil trade dynamics. This was revealed in the Balance of Payments report released by the…
By Seun Ibiyemi The Nigerian naira, displayed signs of resilience on Monday as it posted modest gains against the United States dollar in the foreign exchange market, signalling a positive start to the week for the local currency. Data from the Nigerian Foreign Exchange Market (NFEM) and parallel trading points across major cities indicated that…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has warned banking customers to safeguard their financial information by never sharing their Personal Identification Numbers (PINs), passwords, and other sensitive banking details with anyone. The apex bank gave the advice in a post on its official X handle as the world observes Global Money Week…
..As reforms raise capital inflows by 200% By Seun Ibiyemi The Central Bank of Nigeria Governor, Olayemi Cardoso has said reforms in Nigeria’s foreign exchange (FX) market have significantly improved liquidity, restored investor confidence, and stabilised the Naira. Cardoso made the remarks on Thursday in Lagos while delivering a distinguished Alumni Lecture at St. Gregory’s…
By Seun Ibiyemi The Nigerian naira recorded a modest gain against the United States dollar at the official foreign exchange market on Thursday, reflecting improved liquidity and renewed intervention by monetary authorities. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at about ₦1,373.5 per dollar, strengthening slightly from the previous…
