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CBN Withdraws $190M to Curb Naira Rally as Reserves Cross $50B

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CBN intervenes in FX market, withdrawing $190M to slow naira appreciation. Nigeria’s external reserves hit $50B, fueling investor caution amid volatility

The Central Bank of Nigeria (CBN) moved to slow the naira’s recent surge by withdrawing $190 million from the foreign exchange market. Analysts warn the rapid appreciation may unsettle foreign investors despite a stronger currency.

Also read: Abia Man Arrested for Beating Nurse Girlfriend to Death

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The naira had gained over three per cent within days at the official window before retreating in the final sessions ending February 20.

Following the CBN’s intervention, the naira fell to ₦1,355.37 per dollar on February 24, down from ₦1,349.24 the previous day, as demand exceeded limited dollar supply.

Financial analyst Osas Igho noted, “Foreign investors are uneasy in a market with a strong currency. The naira’s aggressive rally could narrow profit margins and reduce carry trade attractiveness.” He added that a moderately weaker currency is often preferred to enhance returns on offshore investments.

Meanwhile, CBN Governor Olayemi Cardoso revealed that Nigeria’s external reserves surpassed $50 billion, sufficient to cover 9.68 months of imports, marking the strongest external buffer in years. The apex bank aims to push reserves to their highest level in 15 years.

The CBN’s intervention comes amid expectations for improved crude oil earnings, rising remittances, and foreign portfolio inflows.

Market participants are closely watching whether the bank will continue active interventions or allow the naira to stabilize naturally.

The narrowing of the gap between official and parallel FX markets—from ₦92 to ₦65—also signals renewed convergence, aided by CBN’s reopening of dollar sales to Bureau De Change operators.

Also read: INSECURITY: Zamfara State Adopts Colombia’s Strategic Model to Tackle Insurgency and Banditry3

As Nigeria balances currency stability with competitiveness, investor sentiment will be critical in shaping the outlook for the remainder of 2026.

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WEMA BANK SETS NOVEMBER 6 FOR HACKAHOLICS 7.0 GRAND FINALE, UNVEILS “FESTIVAL OF THE FUTURE” AS THEME

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Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.

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Themed “Festival of the Future.” The grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

Beyond the much anticipated announcement of this year’s Hackaholics Finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.

Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world. The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.

Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.

“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.

“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.

Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.

“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.

“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions. Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.

Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.

The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.

Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors. The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.

At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.

As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.

On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.

The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.

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Theparkpay Technologies Limited Strengthens Global Payments Infrastructure with UK FCA Licence

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Theparkpay UK FCA licence strengthens the fintech’s global payments infrastructure as it expands regulated cross-border services across key markets (more…)

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NDIC Commences Payment to Customers of 46 Failed Microfinance Banks

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NDIC payments to depositors begin as customers of 46 failed microfinance banks receive insured refunds of up to N2 million (more…)

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