Connect with us

Economy

CBN Intervenes as Naira Gains Amid $736m Reserves Increase

Published

on

CBN

The CBN intervenes in Nigeria’s forex market to slow the naira’s rapid appreciation, mopping up $72m amid rising external reserves of $46.91bn

adron lemon friday

The Nigerian Central Bank (CBN) intervened in the foreign exchange market last week to slow the naira’s rapid appreciation against the US dollar, following a surge in the local currency driven by strong inflows from investors, exporters, and non-bank corporates.

Also read: CBN Forecasts Stronger Growth as Nigeria Stabilises Economy

The naira had strengthened sharply at the official window, reaching an intra-week low of ₦1,358 per dollar, up from ₦1,445 at the end of December 2025.

To stabilise the market, the CBN purchased $72 million, mopping up excess dollar liquidity.

Economists note that increased offshore investment in Nigeria’s financial markets continues to supply dollars, reflecting attractive yields on local instruments.

Janet Ogochukwu, a senior banker, explained that the intervention was aimed at reducing the widening gap currently ₦94—between official and parallel markets.

Nigeria’s external reserves rose by $736.67 million, reaching $46.91 billion, buoyed by oil receipts, remittances, and non-oil inflows.

Analysts predict that the FX market will remain relatively stable, supported by rising reserves, policy measures, and improved investor confidence.

Meanwhile, global oil prices fell, with Brent crude dropping to $67.60 per barrel, while gold rallied to $4,966 per ounce, reflecting contrasting commodity trends.

Also read: Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval

Despite the temporary depreciation following the CBN’s intervention, the naira ended the week stronger at ₦1,366.19 per dollar, up from ₦1,386.55 the previous week, reflecting a positive sentiment in Nigeria’s forex market.

75 / 100 SEO Score

Business

Wale Tinubu Says Nigeria’s Creativity Can Drive Exports

Published

on

Wale Tinubu

Wale Tinubu says Nigeria’s creativity can become a major export industry, creating jobs, attracting foreign exchange and building sustainable businesses (more…)

63 / 100 SEO Score
Continue Reading

Economy

FG Begins Fresh Tax Reform Review Ahead of 2027 Budget

Published

on

FG

Nigeria begins a tax reform review ahead of the 2027 Finance Bill, with officials targeting implementation gaps, simpler compliance and stronger investment (more…)

70 / 100 SEO Score
Continue Reading

Economy

Governor Dauda Lawal woos investors, highlights Zamfara’s economic opportunities at CEO Forum

Published

on

By

Zamfara State Governor, Dauda Lawal, has called for stronger collaboration between government, businesses and investors to unlock private capital and drive inclusive economic growth in the state.

adron lemon friday

Lawal made the call while delivering a Special Policy Address at the 2026 CEO Forum organised by the Global Compact Network Nigeria in Lagos.

The forum, held under the theme “Financing a Dignified Future: Aligning Business Action, Policy and Capital,” brought together chief executives, senior government officials, industry leaders, diplomats, trade commissioners and international development partners.

Participants were drawn from key sectors of the economy, including oil and gas, energy, manufacturing, construction and infrastructure.

The governor spoke on the growing competition among states for increasingly selective private capital and the factors that could transform an economic opportunity into an investable proposition.

He explained how his administration was working to bridge the gap between available economic opportunities and investment, with emphasis on building investor confidence while ensuring that investments deliver meaningful outcomes for the people of Zamfara.

According to him, attracting investment requires more than identifying economic opportunities, but also creating the conditions, policies and partnerships capable of giving investors confidence to commit capital.

The forum provided a platform for business leaders, government officials and investors to examine ways of aligning business strategies, public policies and capital deployment to unlock productive investment.

Discussions also focused on identifying businesses, sectors and projects with strong potential but facing difficulties in accessing financing, as well as measures to make such opportunities more attractive to investors.

The organisers also introduced the concept of the “Dignity Dividend,” examining how investment-led growth could translate into better jobs, stronger businesses, increased productivity, local value creation and broader economic participation.

Another key component of the forum was the identification of actionable commitments and partnerships that participating institutions could advance over the next six to 12 months.

Notable speakers at the event included chief executives of First Bank Group, Access Bank, Flour Mills of Nigeria Plc, Nigeria Economic Summit Group, Nigerian Exchange Group, Chellarams Plc, SecureID Group and Greenwich Merchant Bank Plc, among others.

The organisers said the session would culminate in a live showcase of the Business Value and Sustainability Platform (BVSP), described as a standing coalition of business, capital and policy actors designed to sustain the dialogue.

The platform is also expected to contribute to shaping Nigeria’s private-sector engagement during the United Nations General Assembly High-Level Week.

The governor’s participation in the forum comes as Zamfara seeks to strengthen its economic base, attract productive investment and create opportunities that can support sustainable livelihoods and wider participation in the state’s economy.

45 / 100 SEO Score
Continue Reading

Trending News