Spotlights
How naira can return to below N1,000 per dollar mark – BDCs President
The National President of the Association of Bureaux De Change of Nigeria, ABCON, Dr Aminu Gwadabe, in an interview with DAILY POST, speaks on the reason for recent Naira depreciation and solutions to attaining foreign exchange stability in Nigeria. Excerpts:
In the past two weeks, Naira depreciation resumed, almost undoing the currency gains at the foreign exchange market in the last two months. How would you assess the situation? What is fundamentally wrong?
The Naira’s recent negative downward trend is worrisome and has come with many surprises.
Our interrogations revealed the following perspectives.
First, we discovered after the Naira achieved considerable strength to an all-high at below N1000/$, precisely N969/$ around April 8th 2024, some rational behaviour, not fundamental, erupted where people were buying dollars from the open market and selling at the interbank window and thus, there was significant demand pressure on the Naira and it turned its positive strides to weakness.
In the same vein, the activities of the online platforms come with serious debacles, where traders put pressure on the open market and dump the inline platforms where the Naira is badly traded.
As long as the platforms remain profitable, the Naira must continue depreciating.
Thirdly, the continuous attacks of speculators to reap their lost gains on naira depreciation is another issue. They have continued to speculate and hold their position.
Last week, the Central Bank of Nigeria released another intervention of $10,000 to legible BDCs at 1,021 per Dollar, although the Naira failed to fall below N1,300 per Dollar in the parallel market section. Does this not defeat the essence of the intervention?
The tumultuous challenge we all face is the acute liquidity shortage in the retail end market, where volatility is most pervasive.
The BDC sub-sector is the most potent tool in the central bank’s transmission mechanism of their foreign exchange policies.
We have seen the renewed collaborations of the central bank with the BDCs, which have achieved true exchange rate unification and naira appreciation.
The BDCs are the third leg of the market, and the hitherto suspension of their operations in July 2021 marked the beginning of a wild volatility in the market.
Before their suspension in July 2021, the open market rate was trading at N495/$, but with their immediate suspension, the rates continued to move southward against the Naira to the Dollar.
The CBN is working to achieve stability; it is leveraging on the BDCs to achieve stability and meet the invisible demand of the critical retail end of the market for the provision of school fees, medical fees, personal and Business Travelling allowance and has helped to achieve the convergence of both the open market rate and the Nigerian Autonomous Foreign Exchange, NAFEM, rates.
On Friday, both markets were trading at above N1300/$ respectively.
I think enhancing the collaboration will continue to confront speculation, hoarding and illegal currency substitutions.
Are your members part of the currency speculators contributing to the recent rise in the Dollar at the FX market as the EFCC recently arrested 34 persons in Abuja? What is your reaction to the disadvantages of currency speculators, Binance and other Cryptocurrency platforms?
It is a misnomer that most blame is attributed to the BDCs for naira woes.
We frowned at it as a generalisation of stigmatisation to blame only a minute subset of the market that controls less than 10 per cent of the market.
The question of changing the convention is where the significant percentages are, too.
We can not forget so quickly that a large portion of our diaspora remittances is said to be over 90 per cent, leaving us with only 10 per cent coming into the economy.
I also want to underscore the Apex Bank’s new draft of BDCs guidelines that provided a BDCs agency for international money transfer service operators and IMTSOs to attract huge diaspora remittances.
The volatility of a local country’s currency is like runoff water (erosion). If you don’t direct it, it will direct itself.
It is also worth noting that the recent CBN policies and guidelines have helped discourage illegal economic behaviours and put foundations for diversifying the sources of foreign exchange inflows.
On the government’s fiscal side, they are attracting investments in our oil field to increase capacity, efficiency and effectiveness.
The takeoff of the Dangote refinery will also help reduce our heavy dependence on the import of finished crude oil products, thereby increasing our foreign reserves to be hedged against speculators.
On the Monetary side, the Central Bank of Nigeria has introduced varying policies like the use of treasury bills to attract foreign investors, banks opening net positions to discourage holding positions of financial institutions, and willing buyers willing seller quotes for price discovery and transparency.
Also, the non-eligibility policy of using dollar deposits in non-export precedes Dom’s account for naira loan collateral.
Recently, ABCON unveiled plans to harmonise the retail section of the FX market; how would this be achieved, and how will the move tackle Naira depreciation?
In line with our vision to democratise, centralise and digitalize the retail end market, ABCON, as a proactive organisation and a strategic partner in the retail end FX market, has identified the trust we build with our clients and embraced innovation as part of our journey to automate our business process from manual to digital and develop a unified retail end forex market for stakeholders engagements and trading to confront the menace of undocumented and unregistered platforms like Binance, Bybit, etc.
The unified platform helps with price discovery, autonomy, reporting, market intelligence reports, and ease of monitoring and supervision of regulatory and security agencies.
We have inaugurated our state chapter chairmen to support our zonal chairpersons nationwide in repositioning data on market participants in their respective zones.
We also expect to unveil our upgraded SAAZ MASTERS for our members’ efficiency and effectiveness with their extant regulatory obligations.
These unified digital trading platforms will enable price discovery, our member’s visibility, and effective AML/CFT compliance.
How would you access Olayemi Cardoso’s administration as Central Bank of Nigeria governor and his impact on the country’s currency market?
The Olayemi Cardoso-led team at the apex Bank has brought professionalism, stakeholder engagement, and leadership qualities.
For the first time, a draft policy guideline was released before its final implementation in our sub-sector for inputs and observations.
They inherited turbulent waters and worked out of the box to institute fundamental market reforms.
I urge them to always be deliberate, decisive, agile, and act fast.
They are introducing a lot of orientations into the financial sector architecture and wish them well.
What is the short-term and long-term solution to Naira’s stability against the Dollar in the FX market?
In the immediate term, fiscal and monetary authorities should continue to deepen effective linkages and harmonisation and act fast in confronting volatility.
I also recommend amnesty for citizens who want to bring their home holdings into the Dom accounts with less cumbersome documentation requirements.
Also, there is the need for Diaspora remittance bonds to attract the huge, constant and cheap diaspora remittance proceeds.
There should be continued conversation on our oil production capacity through foreign investments to boost capacity and outputs in the medium to long term.
It is also germane to diversify our foreign earnings and incentivize the non-oil exports, which contribute less than 5 per cent to our GDP through risk and standards and efficient port processing systems.
Finally, we should continue to empower our youth through innovations, skills, and job creation to tame the failure of Japa syndrome.
Your last word for Nigerians amid the recent depreciation and soaring inflation?
Let’s all change our mindset as citizens to make the naira sovereign in West Africa.
Let us avoid currency substitution, hoarding, speculation and round-tripping.
It is also necessary to be cautious as the Government and the CBN work to inject liquidity and strengthen the Naira.
Culled from DailyPost
Excitement has erupted among many Nigerians as President Tinubu’s economic policies begin to deliver promising results.
The Central Bank of Nigeria (CBN) has implemented stricter controls while maintaining a lower exchange rate at official windows.
However, the limited access and stringent allocation restrictions have compelled numerous importers, businesses, and students seeking to study abroad to resort to the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the naira rose to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The last time it was that strong was on the 5th of March, 2025, when it closed at N1,500.80/$.
The naira has continued to enjoy rare stability, driven by the various policies of the apex Bank, including maintaining a high interest rate, a move that has lured in foreign capital and made the currency firmer.
Nigeria’s naira has witnessed some turbulence years after the authorities relaxed currency controls, effectively floating the currency to be more determined by market forces. That saw the unit fall by over 70 percent and disrupted business plans of many firms in Africa’s most populous nation.
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But those eras of sharp swings are phasing out as the local currency is expected to continue its rally until the end of the year, with global investment bank JP Morgan forecasting the naira to close 2025 at N1,450 per dollar.
A potential rate cut by the United States Federal Reserve also bodes well for the naira’s long-term stability as global capital finds its way into emerging markets like Nigeria, further bolstering the calmness of the currency.
“A lower US interest rate would diminish the relative attractiveness of US assets, prompting global investors to seek higher returns in emerging markets like Nigeria. Consequently, Nigeria will likely experience increased portfolio inflows, particularly into the fixed-income market,” analysts at FBNQuest Merchant Bank wrote in a note recently.
“Renewed interest by offshore investors could potentially bolster foreign exchange reserves and support the stability of the Naira.”
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The Nigeria’s national grid has again collapsed with the total of 50 Mega Watts drop, according to the report that emerged after the incident.
A breakdown of the affected states indicted that the collapse, which happened around 12:25 pm on Wednesday, September 10, affected 11 states, including the Federal Capital Territory (FCT). ...click link for full list here
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Below is the states and the affected areas according to The Cable:
1. Abuja DisCo: 20 MW
2. Benin DisCo: 10 MW
3. Eko DisCo: 0 MW
4. Enugu DisCo: 0 MW
5. Ibadan DisCo: 20 MW
6. Ikeja DisCo: 0 MW
7. Jos DisCo: 0 MW
8. Kaduna DisCo: 0 MW
9. Kano DisCo: 0 MW
10. PHarcourt DisCo: 0 MW
11. Yola DisCo: 0 MW
Total: 50 MW
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Delta State Governor, Rt. Hon. Sheriff Oborevwori, has commended the South-South states for their immense contributions to Nigeria’s growth and stability, describing the region as a critical pillar of the nation’s economic and social development.
Speaking on Sunday at the 2025 Passover Conference and dedication of the children of Apostle Charles Osazuwa, Founder of Rock of Ages Christian Assembly International, in Benin City, Edo State, the Governor stressed that the South-South remained central to Nigeria’s prosperity, given its oil and gas wealth, agricultural resources, and human capital.
Oborevwori maintained that a stronger collaboration with the Federal Government was essential to closing the development gaps and ensure that the region fully benefits from its natural endowments.
He also underscored the need for unity among South-South states in engaging the Federal Government on key issues of infrastructure, environmental protection, and economic diversification.
“A united South-South voice will not only fast-track development but also strengthen security and promote inclusive growth across our region,” the Governor said.
On the occasion, which he described as both spiritual and instructive, Oborevwori emphasized the value of thanksgiving and faith.
“Whenever God does something, it is only right that we appreciate Him. Today, we have not only witnessed the dedication, but we have also received a powerful message, one that has truly blessed us. I took notes myself because there was so much to take home,” he added.
The Governor highlighted the cultural, spiritual, and historical bond between Delta, Edo, and Bayelsa states, describing them as “one people with the same roots and destiny.”
He noted that the unity of the three states was reflected in their collective achievements, citing their strong outings at recent national sporting events as evidence of shared progress.
“At the National Youth Games, Delta came second and Edo came third. In Ogun State, Delta took first while Bayelsa came second. Whenever one of us shines, we all shine. That is the strength of our brotherhood,” he remarked.
Oborevwori also commended Apostle Osazuwa and his ministry for their integrity and commitment to the gospel, praying that the church would continue to grow in strength and impact.
Edo State Governor, Senator Monday Okpebholo, represented by his deputy, Rt. Hon. Dennis Idahosa, assured that his administration remained committed to promoting Christianity through good governance.
Similarly, Bayelsa State Governor, Senator Douye Diri, represented by his deputy, Senator Lawrence Ewhrudjakpo, congratulated Apostle Osazuwa on the dedication of his triplets, describing him as a genuine man of God who preaches with ease and conviction.
In his remarks, Apostle Osazuwa urged Governors Monday Okpebholo and Sheriff Oborevwori to leverage their offices to press the Federal Government for the urgent rehabilitation of the dilapidated Benin–Sapele Road, lamenting the severe hardships it continues to inflict on motorists.
Earlier, in a sermon titled “Understanding the Power of Effective Prayer,” Apostle Osazuwa stressed the potency of prayer as a vital tool for believers to effect change, overcome afflictions, and engage in spiritual warfare.
He described prayer as a two-way communication between man and God, noting its mystery and transformative power.
The event attracted dignitaries, including immediate past Governor of Delta State, Senator Ifeanyi Okowa; the Speaker of Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, Pastor Osagie Ize-Iyamu; Prof. Idia Ize-Iyamu; alongside worshippers and well-wishers who joined the Osazuwa family in thanksgiving.
The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Suji Ogundele, founder of Sujimoto Luxury Construction Limited, wanted for allegedly diverting funds and engaging in money laundering.
The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account.
According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command
“The public is hereby notified that OLASIJIBOMI SUJI OGUNDELE of Sujimoto Luxury Construction Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Diversion of Funds and Money Laundering,” the commission stated.
Public appeal for information
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country.
The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice read.
The controversies surrounding Olasijibomi Suji Ogundele, the founder of Sujimoto Luxury Construction Limited, did not just begin.
In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation.
He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
Following his release, Ogundele issued a response, denying any fraudulent activity. He explained that the delays in delivering the project were caused by external economic factors, specifically inflation, rising construction material costs, and the volatility of foreign exchange.
He stated that he had arrived at the FCID with a trove of evidence, including title documents of the Leonardo project, approvals from Lagos State, and other paperwork, which he claimed demonstrated transparency and a genuine commitment to fulfilling obligations to clients.
The Federal Government of Nigeria is in the process of obtaining new financing from the World Bank amounting to $1.75 billion, despite recent announcements of a significant increase in national revenues.
President Bola Tinubu stated on Tuesday that Nigeria has already exceeded its revenue targets for 2025.
In a follow-up clarification, the Presidency revealed that Nigeria collected N20.59 trillion between January and August 2025, reflecting a 40.5% increase compared to the N14.6 trillion accrued in the same period the previous year.
According to Bayo Onanuga, the Special Adviser to the President on Information and Strategy, this revenue surge has been largely driven by non-oil sources, which now represent 75% of the government’s total revenue.
Nevertheless, officials indicated that borrowing would persist to address funding gaps in essential sectors.
Documentation from the World Bank suggests that approval for the $1.75 billion in new loans for Nigeria is anticipated before the end of the year. These funds will be allocated to projects in agriculture, health, digital infrastructure, and financing for small businesses.
Key initiatives earmarked for support include a $500 million project aimed at enhancing agricultural value chains to improve farm productivity and promote rural development.
Additionally, there is a $500 million digital infrastructure program intended to expand connectivity and foster technology-led growth, a $250 million health security project, and a $500 million initiative focused on providing inclusive financing for micro, small, and medium enterprises.
The loans are currently undergoing various stages of review and negotiation, indicating that Nigeria continues to rely on external borrowing to meet its financial needs. According to World Bank data, the country has secured a total of $8.4 billion in new credit lines over the past two years.
President Bola Tinubu has asserted that the policies and initiatives of his administration are fundamentally anchored in the solemn oath of office he took, which obligates him to serve the interests of all Nigerians.
In a statement shared on his X handle on Monday, he emphasized that this oath serves as a guiding principle for the various infrastructural projects his government is undertaking, including the construction of bridges, roads, railways, and advancements in the power and healthcare sectors.
His remarks came in response to mounting criticisms regarding perceived imbalances in the distribution of projects and allegations of regional neglect.
Tinubu contended that his administration is committed to implementing policies and delivering projects that are intended to benefit all citizens, irrespective of their region, religion, or ethnic background.
“I took an oath to serve all Nigerians, not a section. That oath guides every bridge, road, rail, power, and health project we deliver,” the post reads.
“From the Lagos–Calabar Highway in the South to the Sokoto–Badagry Superhighway in the North; from Port Harcourt–Maiduguri rail in the East to Abuja–Kaduna–Kano expressway in the Centre, and the Trans-Saharan highway connecting African countries, these are not local trophies. They are our national assets.”
Tinubu said health centres are being rehabilitated nationwide, and light rail projects in Kano, Kaduna, Lagos, and Ogun have been given the green light.
“250,000 jobs are being created, power is returning to Kaduna through the revived 255MW power plant, bridges in Onitsha and Bonny reconnect our people, oil exploration is expanding in Bauchi and Gombe, and the AKK pipeline has crossed the Niger,” he said.
“Every farmer who needs a road, every trader who needs power, every child who needs a school, every patient who needs care… this is who we are building for.”
The president noted that the “equity of renewed hope” ensures no Nigerian is second class and no region is left behind.
“Together we will rise as one nation, one people, and one destiny. Bet on Nigeria,” he added.
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