Nigeria’s naira weakened against the United States dollar last week despite record foreign exchange turnover of $1.01bn in the interbank market, as the Central Bank of Nigeria stepped up dollar sales to meet demand. The naira closed at ₦1,361.84 to the dollar on October 23, its weakest official exchange...
Naira
Every morning, importers in Alaba, Idumota, and Onitsha markets face the same arithmetic. Goods made in Guangzhou or Yiwu must be paid for in dollars, and dollars must be bought at a price that moves with the vagaries of the foreign exchange market. A cost that should be simple...
Cash held outside Nigeria’s banking system rose to ₦4.87 trillion in August 2026, reversing a three-month decline, according to data from the Central Bank of Nigeria (CBN). The figure increased by ₦70.9 billion, or 1.48 per cent, from ₦4.80 trillion recorded in July. Currency outside banks had declined from...
Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday, August 18, 2026, convicted and sentenced two persons to six months imprisonment respectively for offences bordering on unlawful trading of naira notes. The convicts; Mutairu Omowunmi Tawa and Faith Chukwujeku were separately arraigned by the Lagos Zonal Directorate...
Central Bank of Nigeria (CBN)has launched the CBN Naira Ambassadors Club to promote respect for and proper handling of the Naira among young Nigerians. CBN Governor Olayemi Cardoso inaugurated the club in the Federal Capital Territory with secondary school students as pioneer members. He said the Naira is legal...
Naira strengthened against the U.S. dollar on Monday, closing at N1,366.79/$1 at the official CBN window. That’s a gain of N6.46 from Wednesday’s N1,373.25/$1, according to CBN forex data. At the parallel market, the story was flat. The naira held at N1,390/$1, unchanged from the previous day. Other currencies...
Naira stopped its fall against the US dollar on Wednesday and gained some ground at the official market. Data from the Central Bank of Nigeria showed the naira closed at *N1,370.56 per dollar*. That is stronger than Tuesday’s rate of *N1,375.62 per dollar*, meaning the naira gained *N5.06*. However,...
Justice S.M Shuaibu of the Federal High Court sitting in Kano on Friday, February 13, 2026 convicted and sentenced a Kannywood actress, Saadatu Mohammed Inuwa, (a.k.a Samha) to six months imprisonment for the abuse and mutilation of the Naira. The actress was arraigned on a one-count charge bordering on the...
The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, (EFCC), have arrested three individuals over alleged Naira mutilation. The Commission in a post via its X handle (@OfficialEFCC) identified the suspects as: Adam Muhammad, Muhammad Muhammad and Bashir Musa. The EFCC said Adam, Muhammad and Musa were arrested following...
Nigeria’s naira has strengthened to its best level in over eight months, hitting about ₦1,394 to the US dollar on January 28. This comes after three consecutive days of gains in the official foreign exchange market. According to market data, the naira had previously traded at ₦1,409.50/$, meaning it...
Justice R. N. Ofili-Ajumogobia of the Federal High Court, Abuja, on Tuesday, December 9, 2025, convicted and sentenced one Faisal Muhammad to six months imprisonment for hawking and selling of Naira notes in Abuja. The Abuja Zonal Directorate of the Economic and Financial Crimes Commission, (EFCC), arraigned the defendant...
The implementation of these new tax laws in January 2026; under President Bola Ahmed Tinubu administration, in the midst of insecurity, endemic corruption and high inflation, an unsteady economy, and an unstable Naira, has sparked a debate regarding the negative effects the laws would have on the Nigerian economy,...
House of Representatives has laid down a firm ultimatum in its ongoing investigation into the Naira-for-Crude Oil Policy, giving all involved stakeholders seven days—until Nov. 27—to submit their outstanding documents. The directive came from the Chairman of the Ad hoc Committee on Implementation and Oversight of the policy, Rep....
Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), on Tuesday November 18, 2025 arrested one Archbishop Angel Oyeghe for conspiracy, naira mutilation and suspected money laundering. The Commission disclosed this in a post via its X handle @OfficialEFCC on Wednesday. The self-acclaimed Archbishop,...
Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools in Nigeria that demand tuition fees in foreign currencies, labeling the practice as an economic anomaly contributing to the depreciation of the naira. Speaking on Wednesday at the Nigeria Gold Day Celebration, a side...
President Bola Tinubu has directed the National Hajj Commission of Nigeria (NAHCON) to immediately review and reduce the cost of the 2026 Hajj pilgrimage, following concerns over high exchange rate assumptions in the earlier fare projections. The announcement was made by the Deputy Chief of Staff to the President,...
By TANIMU YAKUBU When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2024, critics were quick to call it a currency collapse. The naira plunged to ₦1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk...
Nick AguleEmail: nick.agule@yahoo.co.ukX: Nick Agule, FCAFacebook: Nick Agule, FCA15.08.2025 There are indications that the CBN intends to revive the eNaira. There are 12 questions for the CBN to tackle. 1. Security and Competition: The eNaira’s security—being backed by the CBN—is reassuring. However, does this not position the CBN, as...
In circumstances like Nigeria, where economic challenges and living costs are already weighing heavily on many people, yet the administration’s economic experts aren’t fully considering the impact on citizens. Talking straight without sugarcoating, for citizens, the past two years of the administration have been a tough struggle for survival,...
Unless the Federal Government wades in, the planned establishment of a multi-million-dollar gold refinery in Nigeria may become a pipe dream as the foreign co-investors are considering moving the project, instead, to other African countries. If that happens, Nigeria will be robbed of another good opportunity for job creation...