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Tag: Naira

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Naira strengthens to N1,337/$ at official market

The Naira strengthened to N1,337 per dollar at the official foreign exchange market on Tuesday, rising from N1,344 on Monday. Data from the Central Bank of Nigeria website shows this marks the Naira’s strongest official closing rate since May 29, 2024, when it stood at N1,329.65 per dollar. The Naira strengthened amid improved dollar availability, […]

featured Finance

Naira mutual funds surge 140% as investors shun dollars

Naira-denominated mutual funds surged by about 140 per cent in one year as investor appetite shifted away from United States’ dollar assets, signalling renewed confidence in local currency investments. Dollar-denominated mutual funds recorded slower growth, rising by 12 per cent from N1,708 billion in 2024 to N1,920 billion by November 2025. In contrast, naira-denominated mutual […]

Business

Naira dips to N1,421/$ in official FX market

The naira edged lower at the official foreign exchange market in the second week of January 2026, closing at N1,421 per dollar on Wednesday. Data published on the Central Bank of Nigeria website on Wednesday confirmed the movement. Analysts attribute the mild depreciation to market dynamics, noting that stronger reserve buffers, ongoing FX reforms, and […]

Finance

Naira stability sparks 50% rise in ship calls, trade volumes

The Shipping Association of Nigeria has stated that the improved stability of the naira throughout 2025 has significantly energized commercial activities across Nigeria’s maritime and logistics corridors, which has resulted in more predictable operations for the shipping industry and its stakeholders. The Chairman of the association, Boma Alabi, Senior Advocate of Nigeria, discussed the development […]

Gradual removal of old naira notes continues – CBN
Opinion

‘Detty December’ inflow to boost naira – Analyst

A new report suggests that inflows generated by seasonal activities, particularly the “Detty December” festivities, are expected to provide a boost to the naira after it experienced a mild depreciation last month. According to BusinessDay, analysts at the research unit of the FMDA, in their latest monthly report for November, foresee positive effects from the […]

Oil and Gas

How naira float drove NNPC to N5.4tr profit in 2024 — Ojulari

The Nigerian National Petroleum Company Limited recorded a substantial Profit After Tax of ₦5.4 trillion on a total revenue of ₦45.1 trillion in its 2024 financial operations. This significant financial boost was attributed primarily to the Central Bank of Nigeria’s decision to float the local currency in 2023. These figures were disclosed by the NNPCL’s […]

Nigeria’s debt crisis deepens as FG borrows N10.85trn in four months
Business

Naira rises to ₦1,465 against dollar amid stronger FX inflow

The naira extended its rally last week, closing at ₦1,465/$ on the official market, driven by a weaker U.S. dollar—following soft U.S. economic data and a government shutdown—and stronger foreign exchange inflows that reduced demand pressure. Similarly, in the parallel market, the currency appreciated by 3.8% week-on-week to ₦1,460/$, narrowing the gap between the two […]

New FX rules'll help Naira regain value, says Oyedele
Finance

Naira stability expected to persist over medium term — MPC members

The naira’s stability is expected to persist over the medium term as speculative activities continue to decline, according to members of the Monetary Policy Committee in their last meeting held in July 2025. At the Nigerian Foreign Exchange Market, the naira posted a strong performance against the US dollar last week, appreciating by 0.98% week-on-week […]

Finance

CBN uses OMO to curb inflation, support naira stability

The Central Bank of Nigeria is set to roll out fresh liquidity control measures, known as Open Market Operations, to absorb N784 billion inflows expected to hit the banking system this week. A breakdown of the inflows shows that OMO maturities of N459.60 billion will come in today, while Nigerian Treasury Bill maturities of N324.41 […]

Economy

Tinubu’s reforms restoring foreign confidence in naira — Onanuga

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has said that ongoing economic reforms are restoring foreign confidence in the Naira and positioning it as a viable international means of exchange. Onanuga, in a statement posted on his X (formerly Twitter) handle, described the development as salutary for the Nigerian […]

Naira strengthens slightly to N1,534.52/$ at official market
News

Naira strengthens slightly to N1,534.52/$ at official market

The naira appreciated marginally against the US dollar at the official foreign exchange window on Thursday, closing at N1,534.52 to the dollar. Data from the Central Bank of Nigeria show the currency strengthened from Wednesday’s rate of N1,534.83, marking a modest gain of 0.3 kobo. In the parallel market, the exchange rate held steady at […]

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