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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.
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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.”
As the 2027 election approaches, the political landscape is intensifying, with the spotlight firmly on President Bola Tinubu and the policies his administration has implemented.
One notable development is the recent appreciation of the Naira, which has gained traction in the foreign exchange market. Click link to continue reading.
On Monday, the Naira made headlines by appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.
According to data released by the Central Bank of Nigeria, the Naira improved to N1,497.5 per dollar, a notable increase from last week’s closing figure of N1,501.5. This remarkable shift indicates a substantial gain of N4.03 against the dollar, showcasing the currency’s strengthening position compared to its previous status.
In contrast, the Naira held steady at the black market, maintaining a rate of N1,537 per dollar, consistent with the figures from the previous weekend.
The last recorded instance of the Naira trading below N1,500 at the official market was back in February 2025, underscoring the significance of this recent performance.
This rising trend in the Naira is notable against the backdrop of Nigeria’s bolstered external reserves, which have surged to an impressive $41.70 billion as of September 12, 2025. The combination of these economic indicators casts a spotlight on the government’s financial strategies and their implications as the nation gears up for a pivotal electoral season.
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The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.
Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.
Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.
He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.
“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”
He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.
According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.
Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.
“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.
“This is how we can guarantee both social and fiscal security for our state while raising living standards.”
He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
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