Business
Naira Falls Nine Days in Row Against Dollar
Naira depreciation continues with nine consecutive days of decline, hitting N1,387.09 against the dollar amid rising external reserves of $49.88bn
The Naira has depreciated for nine consecutive days against the United States dollar at Nigeria’s official foreign exchange market, data from the Central Bank of Nigeria (CBN) showed on Wednesday, March 3, 2026.
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The local currency weakened to N1,387.09 per dollar, down from N1,384.29 recorded on Tuesday, marking a daily loss of N2.8.
Since February 23, 2026, when the depreciation streak began, the Naira has lost N37.85 at the official market.
In contrast, the Naira remained stable at N1,390 per dollar in the parallel black market, up from N1,370 nine days ago, according to multiple Bureau de Change operators in Abuja.
Despite the currency’s decline, Nigeria’s external reserves strengthened further, reaching $49.88 billion as of March 3, 2026.
Analysts note that rising reserves provide some cushion against external shocks, even as the Naira continues to face pressure in the official market.
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The continued depreciation underscores the need for cautious forex management amid rising global demand for the dollar and persistent domestic economic pressures.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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