By Seun Ibiyemi Nigeria’s gold reserves have risen to about $3.5 billion following the delivery of additional locally sourced and refined gold to the Central Bank of Nigeria (CBN), the Solid Minerals Development Fund (SMDF) has announced. The Executive Secretary of the fund, Fatima Shinkafi, disclosed this while confirming that the latest batch of gold…
By Seun Ibiyemi The House of Representatives has intensified its investigation into alleged revenue leakages in Nigeria’s crude oil export chain, directing key government agencies to submit updated documents on pre-shipment inspection and the remittance of export proceeds. The directive was issued on Wednesday by an ad hoc committee of the House during a public…
By Seun Ibiyemi The Nigerian naira weakened further on Wednesday, March 4, 2026, as currency trading in both official and parallel foreign exchange markets reflected persistent demand pressures and liquidity stresses. In official mid-week trading at the Nigerian Foreign Exchange Market (NFEM), the naira opened around ₦1,379 per US dollar and fluctuated within a narrow…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves, raising its total gold holdings to 3.5 billion dollars in a major push to diversify the nation’s reserve assets. In a statement issued on Wednesday,…
By Seun Ibiyemi The Nigerian naira experienced a modest depreciation against the United States dollar on Tuesday, with currency markets showing signs of renewed demand pressure and cautious trading activity. Data from the Nigerian Foreign Exchange Market (NFEM) reported that the naira opened trading around ₦1,368 to the dollar in the official FX window, eventually…
Nigerian Exchange Group (NGX Group) has confirmed the appointment of Ms. Jumoke Olaniyan as its Group Chief Strategy Officer, a move aimed at strengthening executive leadership as the organisation advances its next phase of strategic growth and digital transformation. The Group announced the development on Monday, stating that the appointment would reinforce its drive for…
By Seun Ibiyemi The Nigerian naira maintained a relatively stable performance against the United States dollar today, with traders showing cautious optimism as the new trading week began. According to currency market data, ₦1,360 was exchanged for $1 on the foreign exchange market as of this morning, reflecting only minor day‑to‑day movement and signalling stability…
By Seun Ibiyemi Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s net foreign exchange reserves rose to 34.80 billion dollars as at December 2025, marking a sharp increase from previous years. Cardoso disclosed this in a statement issued on Monday in Lagos at the end of the last Monetary Policy Committee…
By Seun Ibiyemi The naira weakened against the United States dollar across foreign exchange segments for the week ended Friday as sustained demand pressures outweighed liquidity support measures. Data from the official Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency closed the week at ₦1,363.39 per dollar on Friday, compared to ₦1,359.82…
By Seun Ibiyemi The Nigerian equities market closed on a bearish note on Thursday, declining by 0.41 per cent as investors lost N515 billion in market value, with Zenith Bank Plc emerging as the most traded stock by value. Despite the overall downturn, Zenith Bank stood out in market activity, recording the highest value of…
