By Alade Adisa The Central Bank of Nigeria (CBN) on Monday night dispelled rumours that there is instability in the Nigerian banking sector. The apex bank, in a statement described insinuations that some banks are experiencing difficulties as far from the truth. The bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in a statement, said that certain publications and online reports to the contrary, were false and should…

Nigeria’s naira remained stable against major foreign currencies on Tuesday, holding ground in a volatile global market marked by inflation concerns and tightening monetary policies across key economies. As of May 20, 2025, the Central Bank of Nigeria (CBN) set the official exchange rates as follows: ₦1,610.97 to a US dollar ₦2,151.32 to a British pound ₦1,809.10 to a euro The naira’s performance signals a momentary pause in the depreciation…

The Chinese government has announced plans to establish electric vehicle (EV) factories in Nigeria as part of a broader strategy to deepen cooperation in the solid minerals sector and support the country’s industrialisation agenda. Chinese Ambassador to Nigeria, Yu Dunhai, made the disclosure during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake, in Abuja over the weekend. Dunhai stressed the need for stronger China-Nigeria collaboration to…

The Federal Government, FG, 36 states, and 774 local government councils have shared a total of N1.681 trillion as revenue for April 2025, the Federation Account Allocation Committee (FAAC) announced. The amount represented a 6.5 per cent increase—equivalent to N110 billion—over the N1.578 trillion distributed in March. READ ALSO: Let LGs have representatives in FAAC, Senate tells FG According to a statement by Bawa Mokwa, Director of Press and Public Relations…

Lagos, May 16, 2025 — The Nigerian naira continued to display resilience in the foreign exchange market today, maintaining its stability against major global currencies including the U.S. dollar, British pound, and the euro. At the close of trading, the naira was exchanged at ₦1601.16/$1, nearly unchanged from the previous day’s rate of ₦1602.67/$1. This marginal improvement continues a week-long trend of relative stability in the foreign exchange market. Against…

The Minister of Budget and Economic Planning, Abubakar Bagudu, has said Nigeria’s economy is on a recovery path, bolstered by bold policy reforms, renewed fiscal discipline, and improved investor sentiment. The minister spoke while featuring in an interview for an upcoming TV documentary marking President Bola Tinubu’s second year in office, Bagudu said the administration’s “Renewed Hope Agenda” is delivering measurable results and winning the trust of both local and…

Nigeria’s economy grew by 4.6% in the last quarter of 2024, showing signs of strong recovery. The World Bank’s Lead Economist for Nigeria, Alex Sienaert, says the country’s business sector is bouncing back, and the growth is expected to continue into early 2025. Sienaert attributed the economic momentum in part to the country’s foreign exchange reforms, which have created a more unified, market-reflective, and stable exchange rate. As a result,…

Naira, slips further as Nigerian currency loses ground against dollar, pound, and euro. At the close of trading on Tuesday, Naira exchanged at ₦1602.67 per U.S. dollar, down from ₦1601.45 the previous day—representing a 0.0762% depreciation. While modest in numerical terms, the shift reflects continued uncertainty in Nigeria’s currency markets and broader macroeconomic headwinds. Weakening Across the Board The Naira also recorded losses against other major global currencies. It fell…

Vice President Kashim Shettima has urged investors, particularly the Islamic Development Bank (IsDB), to channel investments into Nigeria. He made the call on Tuesday while receiving a delegation from the IsDB, led by the Head of its Regional Hub, Hammad Hundal, at the Presidential Villa in Abuja. According to Shettima, this is an opportune moment for investors to engage with Nigeria, as President Bola Tinubu’s administration has addressed many of…

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the federal government’s commitment to private-sector-led growth. This he said as the World Bank launched its latest Nigeria Development Update (NDU) themed ‘Building Momentum for Inclusive Growth.’ READ ALSO: Edun advocates flexible agricultural strategy to bolster food security Edun, who spoke at the launch, commended the World Bank as a valued development partner. He lauded its technical support…

The Nigerian naira appreciated by 0.56% against the U.S. dollar today, strengthening to ₦1601.45/$1 from ₦1610.49/$1 recorded on May 12, 2025. The local currency also posted a 1.13% gain against the British pound, with the exchange rate improving from ₦2140.71/£1 to ₦2116.49/£1. Although modest, these gains highlight ongoing volatility in Nigeria’s foreign exchange market, driven by shifting currency demand, constrained supply, and continued interventions by the Central Bank of Nigeria…

The Minister of Solid Minerals Development, Dele Alake, has revealed that the country’s mining sector recorded impressive growth in the first quarter of 2025. He said the sector generated close to N7 billion from mining licence fees. Speaking at the Organisation for Economic Cooperation and Development (OECD) Forum in Paris, Alake revealed that the country’s solid minerals sector is rapidly gaining momentum. He said the sector is positioning Nigeria as…