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Rising naira value: Tinubu backs Cardoso, vows further clampdown on racketeers
The Presidency on Tuesday said the concerted efforts of the Yemi Cardoso-led Central Bank of Nigeria aimed at stabilising the naira aligns with President Bola Tinubu’s “multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.”
It also vowed to continue its campaign against racketeers, urging Nigerians to expect a stronger naira that would reflect in a significant drop in the prices of essential commodities by the first quarter of 2025.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who said this, spoke against the backdrop of the recent series of measures rolled out by the central bank to halt the naira free fall and return the local currency to its fair value.
The CBN had rolled out several circulars and directives, leading to the rebound of the local currency from 1,900/dollar recorded in late February to nearly 1,200/dollar on Tuesday at the parallel market.
The naira, which had fallen against the greenback to over 1,500/dollar at the official market, also rose to about 1,230/dollar on Monday.
According to analysts, the CBN recent policies have played a pivotal role in the strengthening of the naira against the dollar.
Key reforms encompass the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.
A number of reforms in the FX market have adversely affected racketeers and currency speculators in the FX market and banking sector.
However, the Presidency on Tuesday vowed to sustain the momentum, saying regulatory agencies would go after racketeers and “malign actors” bent on frustrating the efforts of the government.
Beyond stabilising the exchange rate, the President also pledged to tackle inflation and bring it to a considerable rate.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, told The PUNCH that President Tinubu “has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board.”
Therefore, “The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing,” he said.
“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board,” he added.
The Presidency also expressed confidence that the expected resumption of operations by private and government-owned crude oil refineries would boost revenue for the country and better the economy.
Upon assuming office 10 months ago, Tinubu discontinued subsidies on petrol, which, he said, would save the government monies for infrastructural expansion.
Presidency assures Nigerians
He also unified the foreign exchange rates to, among other things, curb currency arbitrage.
However, these moves sparked collateral instability in the value of the naira and heaped hardship on Nigerians as food prices soared.
On the inauguration day, the President’s announcement of “subsidy is gone!” sparked a cascading scarcity in petrol even as pump prices tripled within hours.
In a statement issued on May 31 and signed by its then Chief Corporate Communications Officer, Garba Deen Muhammad, the Nigerian National Petroleum Company Limited explained that the adjusted pump price aligned with “current market realities.”
The increased pump price led to the soaring prices of essential goods and services, raising the cost of living to an all-time high.
Consequently, the administration and the Organised Labour have been at each other’s throats for months over what the latter termed the government’s failure to assuage the pains of the people. Labour also argued that the N30,000 minimum wage was no longer tenable given the soaring cost of living.
Following intermittent strikes and calls for nationwide protests by the Nigeria Labour Congress and the Trade Union Congress of Nigeria, the Federal Government, on January 30, inaugurated a 37-member minimum wage committee to recommend a new national minimum wage for the country.
More so, the cost of living crisis was exacerbated by the floating of the naira in the Investors & Exporters FX window. In February 2024, the local currency suffered an all-time low in value, exchanging for N1,900/$. It was exchanged for about N800/$ at the start of the administration.
However, the naira has recently seen a steady gain against the US dollar, exchanging N1,200/$.
More so, the CBN, in an effort to rectify distortions in the retail segment of Nigeria’s foreign exchange market and bridge the widening gap in the exchange rate, began the sale of FX to BDC operators at lower rates.
In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).
In April, it sold $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.
The CBN also directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 8, 2024.
The CBN’s efforts also include investigation of entities whose actions it believes are undermining the economic reforms efforts of the Tinubu administration.
In late March, Cardoso revealed that security agencies including the Economic and Financial Crimes Commission were investigating questionable foreign exchange allocations and forward contracts previously estimated at $2.4bn.
The new CBN administration had engaged a global firm, Deloitte, to carry out an audit of the $7bn debts. Cardoso had earlier said about $2.4bn FX allocations from the $7bn backlogs were invalid.
The development came as two executives of the global cryptocurrency trading platform, Binance, were detained and being investigated for tax evasion and other offences.
On April 8, 2024, the CBN directed all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans within 90 days. It disclosed this in a circular titled “The use of foreign-currency-denominated collaterals for naira loans” with ref number BSD/DIR/PUB/LAB/017/004.
The regulator said it had observed the use of FCY by bank customers as collateral for naira loans and, therefore, prohibits it with immediate effect.
It, therefore, directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 per cent capital adequacy ratio computation as part of the bank’s risk.
However, the Presidency said despite these efforts and the early gains realised, it is not yet Uhuru until these benefits reflect in the lowering of prices of essential goods and services for the average Nigerian.
The Presidency, directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.
“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order.
“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place,” said Ngelale.
The Presidency also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.
“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” the Presidential spokesman concluded.
Naira hits N1,200
Meanwhile, the naira appreciated to N1,200/dollar at the parallel section of the foreign exchange market on Tuesday, Bureau De change operators said.
The figure indicates an increase of N40 from the N1,240/dollar reported on April 3.
Licensed and unlicensed Bureau De Change operators at the popular Wuse Zone 4, quoted the buying rate of the local currency at between N1,100 and 1,150 while the sold at between N1,150 and 1200.
A currency trader, Malam Yahu said, “The dollar was quoted at N1,200 on Tuesday and we sold at that price because of the public holiday but we are buying at N1,100 and selling at N1,200 and I am sure that by next tomorrow, the price will drop further. Demand has really gone down and our traders have travelled, so you won’t find traders at the market now. “
The new rate followed Central Bank of Nigeria decision to review the exchange rate for the Bureau De Charge Operators to N1,101 per dollar from N1,251/$1 as it plans to sell $15.88 million to 1,588 eligible BDCs.
In a letter addressed to the President of the Association of Bureau De Change Operators of Nigeria, the CBN announced the sale of $10,000 to the BDC operators at an exchange rate of N1,101 per US dollar.
In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).
This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.
The statement read, ” We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”
This recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.
Meanwhile, the Lagos Chamber of Commerce and Industry and the Small and Medium Enterprises and Development Agency of Nigeria have backed the CBN for mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans, saying the move will help raise the supply of foreign exchange in the economy.
The LCCI and SMEDAN made this known in separate chats with The PUNCH in Lagos on Tuesday.
The President of LCCI, Mr. Gabriel Idahosa, said using foreign currencies as collateral for naira loans is one of the ways the economy has been losing liquidity in foreign exchange.
“That was one of the ways the economy was losing liquidity in foreign exchange. So when people have foreign currency rather than put in the economy and use it for import; they put it in an account unutilised and use it for collateral for naira transactions which again is one of those things that have become prevalent in Nigeria and helping to lower the value of the naira.” Idahosa said.
OPS members
He explained that to take a naira loan facility you should either make a naira deposit or assets that are available to the bank.
He said, “They are two different currencies because normally if you want to take a naira loan facility you should either make a naira deposit or assets that are available to the bank. So certainly the CBN is doing this as part of increasing the supply of foreign exchange into the economy.”
He added, “So the foreign currency is not doing anything, it is not helping the economy so that was why the CBN is doing that. So it is a welcome development because we have always said that the CBN should look at how to supply more foreign currency into the economy.”
The LCCI president advised that if anyone in possession of dollars doesn’t need them for anything it should be sold off.
“If you have dollars and you don’t need them, you sell them or you keep them in a sales account but you don’t now turn around to take a naira loan to do transactions.”
The Head, of Corporate Affairs of the Small and Medium Enterprises Development Agency, Mr. Moshood Lawal, said, “For us at SMEDAN, this is a very welcomed development as it reduces the bottlenecks encountered by Micro and Small and Medium Enterprises in accessing finance
“We believe that no business can thrive in an economy that is characterised as volatile uncertain complex and ambiguous and that is what the foreign currency-dominated collateral aggravates in the Nigerian economy. So it is a decision that is welcome within the MSME ecosystem.”
Nigeria’s capital market witnessed a significant leadership shift as BUA Foods Plc surged to the top of the Nigerian Exchange (NGX), overtaking Dangote Cement Plc and MTN Nigeria Communications Plc to become the most capitalized company, valued at N12.5 trillion, according to Nairametrics.
This milestone places BUA Foods at the forefront of the Stocks Worth Over One Trillion (SWOOT) group, a prestigious index of heavyweight equities that collectively account for over N78.92 trillion in market value.
Some other SWOOT members include: GTCO Plc, Zenith Bank, Access Holdings Plc, UBA, Fidelity Bank, Seplat Energy, Geregu, Transcorp Power, Presco Plc, etc.
It is important to note that BUA Foods has one of the least shares per float on the NGX, with as high as 90% held by its core investors. Shares with small floats often attract low liquidity, which often impacts valuation.
BUA Foods’ meteoric rise
Listed on the NGX since January 5, 2022, the stock now represents 12.7% of the total market capitalization of the Nigerian Exchange. The consumer goods leader began the year at N415 per share and climbed steadily to N692.50 by October 31, 2025, a 66.9% year-to-date (YTD) gain that places it among the top 100 gainers on the Exchange.
Within the last four weeks, the stock appreciated an additional 10%, maintaining strong investor confidence despite moderate trading volumes.
Over the past three months, BUA Foods has traded 7.33 million shares in 27,459 deals, valued at N4.24 billion, averaging 116,000 shares per session. Its 18 billion outstanding shares reinforce its dominant market capitalization.
Although recent sessions show price stagnation around N692.50, analysts attribute this to profit-taking and investor rotation within the consumer goods segment.
The company operates across five divisions — Sugar, Flour, Pasta, Rice, and Edible Oils — and remains a key subsidiary of BUA Group, one of Nigeria’s largest conglomerates.
Dangote Cement holds strong at N11.1 trillion market cap
Dangote Cement Plc, formerly the NGX’s most valuable stock, now ranks second with a N11.1 trillion capitalization and a N660 per share price as of October 31. The stock has gained 37.8% YTD, buoyed by sustained domestic demand and a strong export base.
Trading activity remains robust, with 112 million shares exchanged in 49,921 deals, valued at N61.6 billion between August and October. The stock has oscillated between N600 and N660 in recent weeks, maintaining stability amid market rotation toward consumer equities.
Dangote Cement’s performance places it 91st on the NGX YTD chart, though it remains the largest company by output in Nigeria’s industrial sector, supported by a 16.9 billion share base.
MTN Nigeria climbs on telecoms rebound
MTN Nigeria Communications Plc follows closely as the third most valuable equity, with a N10.9 trillion market cap and a N520.10 share price as of October 31. The telecom giant’s 160% YTD gain marks one of the most dramatic recoveries of 2025, following earlier losses tied to foreign exchange exposure in its 2024 results.
The rebound was driven by improved H1 earnings, foreign exchange stabilization, and a government-approved 50% tariff hike. Between August and October, MTN traded 149 million shares in 91,923 deals, worth N66.4 billion, with an average daily volume of 2.36 million shares.
Analysts say MTN’s resurgence reflects investor repositioning toward growth-oriented sectors, with Airtel Africa serving as its main market rival, valued at N8.68 trillion and trading at N2,310.50 per share.
Consumer stocks dominate market performance
The rise of BUA Foods also mirrors a broader trend in the NGX Consumer Goods sector, which has delivered some of the year’s most spectacular returns.
Champion Breweries (+294%), NASCON (+251%), and Honeywell Flour (+217%) are among the top gainers, alongside Presco (+212%), Cadbury (+191%), FTN Cocoa (+175%), and Guinness Nigeria (+146%).
Analysts attribute this rally to strong domestic consumption, improved profit margins, and foreign portfolio inflows targeting consumer goods and financial services equities. The sector’s resilience has made it a haven for investors seeking protection from naira volatility and policy uncertainty.
Outlook: BUA Foods poised to consolidate with earnings growth
While Dangote Cement and MTN Nigeria remain formidable challengers, BUA’s sustained earnings momentum and consumer demand tailwinds could keep it atop the NGX valuation table through year-end.
Key highlights of BUA Foods financial result: 9M 2025 vs. 9M 2024
Revenue: N1.42 trillion (+32.7% YoY)
Cost of Sales: N900.09 billion (+22.2% YoY)
Gross Profit: N520.65 billion (+56.0% YoY)
Operating Profit: N437.58 billion (+38.9% YoY)
Earnings Per Share (EPS): N22.52 (+101.3% YoY)
Total Assets: N1.24 trillion (+13.4% YoY)
Total Liabilities: N642.20 billion (+1.5% YoY)
Shareholders’ Funds: N600.33 billion (+40.0% YoY)
Despite the considerable challenges and hardships that Nigerians are currently grappling with as a result of various economic policies, there is compelling evidence that positive shifts are beginning to occur within the market.
The recent appreciation of the Naira is a significant development, reflecting not only improved investor confidence but also a broader trend toward market stabilization.
Such shifts suggest that, while challenges remain, progress is being made that could provide a foundation for future growth and resilience within the Nigerian economy.
Specifically, the Nigerian Naira achieved a notable milestone by closing at ₦1,421.73 per U.S. dollar on Friday during trading at the official Investors and Exporters (I&E) window. This marks its strongest position since early February, showcasing a dramatic turnaround from the currency’s previous volatility observed earlier this year.
The 1.07% gain or ₦15.23, against Tuesday’s rate of ₦1,436.97 extends a five-day rally that has shaved nearly 2.2% off the dollar’s value in just one week, signaling renewed investor confidence in Africa’s largest economy.
Central Bank of Nigeria (CBN) data underscores the momentum: The Naira opened Monday at ₦1,452.79, dipped slightly to ₦1,448.20 on Tuesday, and climbed to ₦1,444.42 by Wednesday before accelerating to Friday’s peak.
This trajectory mirrors gains in the parallel market, where the local currency traded between ₦1,479 and ₦1,490 per dollar, down from highs above ₦1,500 just two weeks ago.
Trading volumes surged 12% week-on-week at the official window, reflecting heightened foreign inflows and reduced dollar demand amid stabilizing global oil prices.
Economists are hailing the uptick as a “turning point” for Nigeria’s battered currency, which lost over 70% of its value against the dollar in 2024 amid fuel subsidy cuts and foreign reserve drains.
Nigeria’s delisting from the Financial Action Task Force (FATF) “grey list” on October 24, after three years of compliance hurdles on anti-money laundering, has been a game-changer, analysts say.
The move restores access to international capital markets, slashing compliance costs for banks by up to 20% and drawing in $1.2 billion in fresh FDI pledges within days.
The rally’s broader implications are profound. Inflation, which peaked at 34.2% in June, eased to 28.1% last month, buoyed by cheaper imports and a 5% drop in food prices.Groceries
The sharp increase in cooking gas prices in Nigeria is significantly jeopardizing the nation’s clean energy transition efforts.
As prices soar beyond what many households can afford, experts caution that millions of Nigerians are turning back to firewood and charcoal.
This trend not only threatens environmental sustainability but also poses serious risks to public health.
Field interviews by Nairametrics across Abuja’s Karu, Mararaba, Nyanya, and Gwarimpa areas reveal that Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has recorded a steep price increase in recent weeks.
As of late October, a 12.5kg cylinder that sold for between N9,000 and N10,000 in early September now costs between N15,000 and N16,500, depending on the area. At A.A Rano filling station along the Keffi–Abuja Expressway, LPG retailed at N1,200 per kilogram, while outlets like Onas Gas in Nyanya charged as high as N1,600/kg.
In Lagos, price fluctuations have also been pronounced. Earlier in October, residents paid between N2,500 and N3,000 per kilogram.
However, recent checks show a partial decline, with rates in Apapa, Ketu, Fadeyi, Somolu, Bariga, and Surulere averaging between N1,300 and N1,500 per kilogram.
Filling stations along Ikorodu Road, Palmgrove, Anthony, and Apapa now sell between N1,100 and N1,300/kg. Consequently, the cost of refilling a 12.5kg cylinder dropped from about N27,500 to around N20,500 as of October 27.
Small businesses and food vendors bear the brunt
The rising prices have hit food vendors and small restaurant owners particularly hard. Mrs. Blessing Ogar, a food vendor in Mararaba, lamented that cooking gas, once considered the cheapest and cleanest option, has now become a luxury.
“I tried to return to using charcoal, but even that is becoming expensive,” she said.
Similarly, Ms. Esther, another vendor in Gwarimpa, said she recently paid N18,125 to refill her 12.5kg cylinder, a sharp increase from N15,000 previously.
“Customers will leave if I raise my prices too much. At this point, profit margins are disappearing,” she added.
For civil servants and low-income earners, the impact has been equally distressing. Mr. Musa Abdul, a resident of Nyanya, said,
“I used to fill my cylinder with N8,500 last year. Now it’s N15,000. How are ordinary people supposed to survive this?”
Retailers defend price hike
Meanwhile, gas retailers insist they are not responsible for the surge, attributing the increases to higher depot and transportation costs.
“If I get gas from the depot at N1,000, I can’t sell it at that same price. We sell what we buy,” explained Mr. John Okafor, a retailer in Nyanya.
He noted that the cost of refilling a truckload of gas has risen dramatically, threatening the survival of small operators.
“Transportation and depot charges are killing small businesses. Without government support, many of us will close shop,” he warned.
Some other gas retailers also shared similar sentiments in Mararaba axis.
Experts call for FG’s urgent intervention
Energy and environmental experts have warned that the persistent rise in Liquefied Petroleum Gas (LPG) prices could jeopardize Nigeria’s clean cooking and energy transition goals, which aim to ensure that at least 30 million households adopt cleaner cooking fuels by 2030.
Dr. Bala Zakka, an energy analyst, said the situation reflects a deeper structural failure in Nigeria’s gas policy.
“It is tragic that a country with over 200 trillion cubic feet of proven natural gas reserves is still struggling to make LPG affordable for its citizens,” he said.
“Without strong government intervention, Nigeria’s energy transition targets will become unrealistic.”
Dr. Nnimmo Brimah, an environmental analyst at Nasarawa State University, noted that Nigeria’s over-reliance on imported LPG and poor investment in local gas processing are major contributors to the crisis.
“Despite having one of the largest natural gas reserves in Africa, Nigeria continues to depend on imports for domestic consumption. This is both unsustainable and economically reckless,” Bassey said.
He urged the Federal Government to accelerate investment in domestic gas infrastructure, promote modular LPG plants, and support local distributors through tax reliefs and incentives.
Another expert, Mrs. Adaobi Okonkwo, an energy policy analyst, emphasized that the situation calls for an urgent review of fiscal policies affecting gas production and distribution.
“The high cost of foreign exchange and the removal of energy subsidies have worsened LPG affordability. The government must work with private stakeholders to stabilize prices and ensure access for low-income households,” she explained.
Environmentalist and director of SafeEarth, Dr. Umo Bassey, noted that the government’s failure to prioritize domestic gas supply is crippling its own environmental commitments.
“We are supposed to be transitioning to cleaner energy sources, but current realities show that affordability is a huge barrier. Without access, the transition plan is just a slogan,” he warned.
FG to intensify clampdown on hoarders
Earlier this month, Nairametrics reported that Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has ordered a clampdown on marketers hoarding or exploiting consumers following the recent surge in the price of cooking gas.
According to him, the sharp increase in price was caused by two main factors: the industrial action by PENGASSAN at the Dangote refinery and the ongoing maintenance activities at the Nigeria LNG Train 4 facility.
The minister explained that the strike by PENGASSAN at the Dangote refinery temporarily halted LPG loading, while the maintenance work at NLNG reduced the volume of gas available in the domestic market.
Nigeria’s energy transition plan under threat
Nigeria’s Energy Transition Plan, launched in 2021 and updated in 2022, seeks to achieve net-zero carbon emissions by 2060, with gas serving as the nation’s bridge fuel. The plan also targets the adoption of clean cooking energy by 30 million households by 2030.
However, with prices spiraling and households reverting to firewood and charcoal, experts fear that Nigeria’s energy transition goals are slipping out of reach.
“If clean energy becomes a privilege for the rich, Nigeria’s sustainability efforts will collapse,” warned Dr. Brimah. “The government must treat the cooking gas crisis as an emergency — not just an economic issue, but a public health and environmental one.”
Until decisive action is taken to stabilize the market and expand local gas production, millions of Nigerian households may continue to suffocate under the weight of rising energy costs, and the country’s clean energy dream may remain just a dream.
Zenith Bank Plc has released its Group financial results for the nine months ended 30 September 2025, according to Nairametrics.
According to the unaudited report, the Group recorded a pre-tax profit of N917.4 billion in 9M 2025.
For Q3 alone, the Group posted a pre-tax profit of N291.78 billion, which represents a 6% growth from the N275.8 billion recorded in Q3 2024.
On the revenue front, Zenith Bank reported a significant 16.29% growth in gross earnings, which totaled N3.37 trillion in 9M 2025, up from N2.89 trillion in the same period of 2024.
Key Highlights (9M 2025 vs. 9M 2024)
- Gross Earnings: N3.37 trillion (+16.29% YoY)
- Net Interest Income: N1.93 trillion (+50.4% YoY)
- Non-Interest Revenue: N539.7 billion (+18.4% YoY)
- Operating Profit (Pre-Impairment): N1.31 trillion (+15.2% YoY)
- Profit Before Income Tax: N917.4 billion (-8.5% YoY)
- Profit After Tax: N764.2 billion (-7.6% YoY)
- Total Assets: N31.18 trillion (+2.6% YoY)
- Customer Deposits: N23.69 trillion (+9.8% YoY)
- Loans and Advances to Customers: N9.37 trillion (-1.1% YoY)
Commenting on the results, Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said:
“Zenith delivered a solid nine-month performance despite a demanding backdrop. We stayed disciplined on risk, deepened customer relationships across retail and corporate segments, and deployed our balance sheet where we saw quality opportunities.”
On the Outlook of the Bank
“As we enter the final quarter, our priorities are clear: service excellence, prudent growth, and sustained value creation for our shareholders,” the CEO further noted.
Cursory analysis of the key drivers
Zenith Bank’s profit growth was mainly driven by a sharp increase in interest income, which grew by 40.7% to N2.74 trillion, compared to N1.95 trillion in the same period in 2024. This increase was largely attributed to:
Interest income on loans and advances: N1.36 trillion
Interest income from investment securities (including treasury bills): N740.5 billion (from treasury bills) and N400.3 billion (from investment securities)
On the expense side, interest expenses rose by 22.2% to N814.2 billion for the period. This increase was primarily due to higher costs associated with customer deposits, which surged by 9.8% YoY to N23.69 trillion.
Despite the increase in interest expenses, Zenith Bank maintained a strong net interest income:
The net interest income for the nine months ended September 30, 2025, stood at N1.93 trillion, reflecting a solid 50.4% YoY growth.
After accounting for impairment charges of N781.5 billion, net interest income after impairment reached N1.15 trillion, an increase of 42.2% from the previous year’s N802.9 billion.
Notably, though impairment charges increased for the nine-month period, in Q3, impairment dropped to N20.71 billion compared to N62.5 billion in Q3 2024, suggesting easing in impairment.
This illustrates how net interest income after impairment was bolstered by both the growth in interest income and the reduction in impairment charges, despite the rise in interest expenses.
Non-interest income
Zenith Bank recorded N539.7 billion in non-interest income, a decline of 38%. The drop was driven by a 60% decline in trading income, especially the decline in gain on other trading books to N261 billion from N755 billion in 9M 2024. In fact, in Q3, the bank recorded a loss of N222.4 billion in the other trading books.
However, fees and commission income, which is part of non-interest income, grew by 10.45% to N299 billion in 9M 2025, driven by:
Account maintenance fees (N64 billion)
Fees on electronic products (N59 billion)
Balance sheet
Zenith Bank’s total assets rose by 2.6% to N31.18 trillion, driven by:
Growth in cash and bank balances increased to N6.85 trillion from N5.38 trillion in the previous year.
An increase in loans and advances, which amounted to N9.37 trillion.
Investment securities (up 2% to N4.86 trillion) and treasury bills (up 46% to N4.2 trillion), reflecting a continued push for liquidity management.
Liabilities saw an increase, with customer deposits driving the balance sheet and growing by 9.8% to N23.69 trillion.
Market performance
Zenith Bank’s share price surged by 38.5% YTD, closing at N63 as of the last session, up from the beginning of the year when the share price stood at N45.50.
Source: Nairametrics
Bokku Mart, the Nigerian grocery store, has come under heavy criticism on social media after posting what users described as a “tribalistic” advertisement video.
The video, which has since been deleted, featured influencer Defolah comparing the store’s prices to those in local markets.
In the clip, she made a remark implying that Igbo traders cheat their customers.
“So you mean I can get beans and garri Ijebu at Bokku without any Omo Igbo cheating me?” the content creator said.
“It’s so relaxing to shop without someone pulling you from the left and right, shouting my colour.”
The comment triggered widespread outrage online, with several users accusing Bokku of promoting ethnic bias and disrespecting the Igbo community.
Following the backlash, Defolah issued a public apology, saying her statement was not intended to promote tribalism.
“I sincerely apologize. It was never my intention to promote any form of tribal bias or disrespect to the Igbo people,” she said.
Despite her apology, Bokku has continued to attract criticism on social media, with many users vowing to boycott its stores.
One user wrote: “Bokku Mart posted an advert insulting Igbos with slurs. Any Igbo who still patronizes them is an enemy of their tribe”.
“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.
@firstladyship argued the store’s marketing strategy was “lazy and divisive”.
“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.
Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”
See more reactions below:
“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.
I’m not going to let this Bokku thing go because I’ve been so tired of being gas lit. Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves.
It’s not just to delete the…
— CHIKAMMA (@AlexVivyNnabue) October 28, 2025
@firstladyship argued the store’s marketing strategy was “lazy and divisive”.
“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.
Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”
You all asking, this is the now deleted ad @bokkumart posted.
Deleting it without any apologies is a no!Same time people are claiming Igbo importers are the reason for the expensive products in the market Bokku mart subtly saying Igbo traders cheat.
Make it make sense? pic.twitter.com/8gVtjzdFpw— Ugegbe ✨ (@MarinatedTurks) October 28, 2025
The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses.
These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to the BDCs, as they struggle to have access to foreign exchange from the official window.
The operators lamented that with the huge drop in income level, paying staff salaries, office rent, licenses and other compliance expenses has become a major challenge.
This is further compounded by the uncertainty in the retail sub-sector of the forex market, with many of the BDC operators still battling to meet up with the recapitalization and license processes.
The BDC operators had always advocated for increased participation and involvement in the foreign exchange market to help sustain the success of the various policies being implemented by the CBN and help provide more liquidity.
This push by the BDCs followed the June 2023 unification of all segments of Nigeria’s foreign exchange market, consolidating all windows into one. This action by the apex bank was part of a series of immediate changes aimed at improving liquidity and stability in the Nigerian Foreign Exchange (FX) Market.
The currency traders had advised the CBN to always leverage the BDCs and allow them access to banks’ autonomous window and agencies of international money transfer operators.
The CBN had in July 2021 stopped the sale of forex to BDC operators across the country, accusing them of becoming conduit for illegal financial flows, working with corrupt people to conduct money laundering in Nigeria.
In February 2024, the apex bank announced the resumption of forex sales to the BDCs following the revocation of operational licenses of over 4,173 of these licensed currency traders over their failure to comply with some regulatory guidelines. This was to help enhance liquidity in the retail segment of the forex market.
However, the CBN has since stopped the sales of forex to the licensed currency traders with little or no intervention till date. The BDC operators, who said that the CBN could not sustain the exercise, however, noted that they are `engaged in positive discussion with the apex bank for the return of their active participation in the BDCs in the retail end of the forex market.
Customers now prefer to use IMTOs
In an exclusive chat with Nairametrics, a BDC operator, Abubakar Ardo, said that most of them are barely managing to stay in business, as the non-sale of forex directly to the BDCs has affected their operations badly.
Apart from the challenge of getting forex from the official window, Ardo explained that the demand for forex has dropped sharply as most customers now prefer to do transfers or use online platforms or International Money Transfer Operator (IMTOs) instead of physical cash exchanges.
He said, ‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at regulated rates, but that avenue has been shut for a long time.
‘’Right now, survival depends mostly on what we can get from walk-in customers — people coming in to sell small amounts of dollars, pounds, or euros. But that’s not structured or steady. Sometimes, you can go days without a single serious transaction. The market is very dislocated, and demand has dropped sharply because most people now prefer to do transfers or use online platforms or IMTOs instead of physical cash exchanges.
‘’This may be good for the Naira, but sincerely, many of us are suffering. That’s why we’re proposing we get fully integrated.
‘’Meeting up with overhead costs has become a major challenge. Office rent, staff salaries, licenses, and other compliance expenses are still there, but the income isn’t coming in as before. As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.’’
He insisted that they are basically operating in survival mode — trying to keep their licenses active and hoping that the CBN will eventually re-integrate BDCs into the official market.
Going extinct
Making his own contribution, the President of the Association of Bureau Dec Change Operators of Nigeria (ABCON), Aminu Gwadebe, pointed out that the majority of its members are struggling to meet up with their overhead expenses, with their operations almost going extinct.
He said, ‘’The market is stable. As patriotic citizens, we align with policies that strengthen our sovereignty, which is the naira and commend both the regulatory and fiscal authorities on the naira stability and elimination of the exchange rate spikes.
‘’Our operations are currently near extinction, with the majority of our members struggling to meet up with overhead expenses. There is an ongoing positive collaboration between the CBN and the operators on the return of active participation of the BDCs in the retail end of the FX market.
‘’The BDCs, over time, remained the most potent tool of the CBN’s foreign exchange policy transmission mechanism. The majority of us are comatose as survival is largely dependent on the official foreign exchange market, which is not accessible to the BDCs, with only very few grappling with dislocated and unstructured walk-in customers.’’
Gwadebe noted that the CBN discontinued the sales of forex to BDCs a long time ago, with little or no intervention to date.
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