…to greater naira flexibility, disinflation and faster-than-expected accumulation of foreign exchange reserves. The minister said that Nigeria’s gross foreign reserves rose to 54.9 billion dollars on Sept. 25, from 32 billion dollars in mid-April 2024. He said that the increase was supported by stronger portfolio inflow…

…by President Bola Tinubu's administration.The report said fuel subsidy removal and foreign exchange liberalisation initially caused significant economic volatility, although indicators in early 2026 suggested some stabilisation. Security risks, administrative bottlenecks and the social costs of those reforms neverthele…

…by about 4% in the first half of 2026, trading around N1,380/$ in the official foreign exchange market before strengthening to approximately N1,330/$ in August.The group expects the currency to average N1,385/$ for the full year, with quarterly projections pointing to further stability.The report stated:“Staff project…

…that the policy had become fiscally unsustainable. The removal, alongside changes to the foreign exchange market, has contributed to higher living costs, although the government has maintained that the reforms were necessary to avert a deeper economic crisis. Nigeria remains a major crude oil producer and is home to th…

…official market on Thursday, October 8, 2026, while gaining N5 in the parallel market.Foreign exchange turnover surged by 350% to $326.12 million, according to Central Bank of Nigeria data.Nigeria’s foreign reserves rose to about $54.98 billion, while the naira also weakened against the pound and euro.PAY ATTENTION: Ma…

…cocoa processing, which he described as an important opportunity for wealth creation and foreign exchange earnings. *CONTINUITY, INFRASTRUCTURE AND WEALTH CREATION*Olowolafe identified the Ekiti Agro-Allied International Cargo Airport as evidence of the benefits of continuity of vision by successive administrations, st…

…on the factors behind significant price adjustments, including crude oil prices, foreign exchange movements, refining costs, logistics and supply conditions. Beyond demanding transparency, the association proposed the establishment of a Dangote Education Petroleum Trust Fund, known as DEPT-FUND, to provide sustained as…

…benefiting immensely from the international trade which will also add to the country’s foreign exchange earnings.” “Our turn out is this massive because we believe in its impact. As yo can see, there is no job anywhere, and we don’t want to be victims of job seekers. That is why most of us are already into one trade or…

…The Nigerian naira is trading at ₦1,331.77 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) rate, based on the latest completed trading session, while the dollar is quoted at ₦1,370 to buy and ₦1,375 to sell in the parallel market on Thursday, October 8, 2026. Official dollar to naira rate Data fro…

The naira recorded a marginal gain against the US dollar in the official foreign exchange market on TuesdayNAFEM forex turnover surged from $72 million to over $313 million in a single trading sessionNigeria's gross external reserves climbed to nearly $55 billion, driven by stronger oil output and foreign investmentsPA…

…an extended period of tight policy aimed at containing inflation and stabilising the foreign exchange market. Sidi-Ali said the CBN, working with fiscal authorities, had implemented reforms aimed at strengthening macroeconomic stability, restoring investor confidence and supporting sustainable growth. According to her,…

…the country’s high public debt, cost of living, inflation, infrastructure deficit and foreign exchange pressures. Mauritius emerged as the most investable African market in the latest ranking, while Botswana fell two places. South Africa, which topped the ranking in the previous edition, also dropped one place followin…

…the CBNThe apex bank is targeting $1 billion in monthly remittances to boost Nigeria’s foreign exchange supplyThe CBN said FX reforms have narrowed the gap between official and parallel market rates, while reserves rose to $55.60 billionPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear hig…

…relatively stable against the United States dollar across both official and parallel foreign exchange markets on Monday, October 5, 2026. At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at approximately ₦1,327.08, reflecting a steady baseline supported by improved market liquidity and higher turno…

…country, under the same government, with the same roads, the same ports and the same foreign exchange regime that Nigeria’s own refineries have used as an excuse for decades. The Port Harcourt, Warri and Kaduna refineries have a combined capacity of 445,000 barrels per day. They have operated below 30 per cent capacity…

…Tinubu’s administration, saying things are gradually getting better. Rabiu also said the foreign exchange reforms were yielding visible results, with increased dollar inflows into the country and relative stability in the exchange rate. He spoke after visiting President Tinubu in Lagos, saying he went to welcome the Pr…

​The naira recorded a depreciation against the dollar at the official foreign exchange market as trading resumed after the Independence Day holiday. Central Bank of Nigeria data showed that the naira dropped to N1,330.10 against the dollar on Friday from N1,329.16 recorded on Wednesday, before the October 1 holiday in…

…Legit.ng on Instagram!Oriri pointed specifically to the removal of the fuel subsidy, foreign exchange reforms, and ongoing fiscal and tax adjustments as bold steps the administration had taken. He said these decisions, while difficult, were necessary to put public finances on a more stable footing and create conditions…

…cent, declining oil theft, lower inflation, improved foreign reserves and a more stable foreign exchange market. He also said Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion. The President declared that the administration had moved from what he described as the “age of reform” to…

…fall in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market. Tinubu said Nigeria recorded its highest revenue from non-oil exports in 2025, exceeding $6 billion. “This is real money being made by real Nigerian businesses,” he said. The President said international obse…

…decline in inflation from its peak. He also said foreign reserves had been rebuilt, the foreign exchange market had stabilised and non-oil export revenue exceeded $6 billion in 2025. “These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” Tinubu said. He…

…longstanding structural challenges. Yilwatda cited the removal of the petrol subsidy, foreign exchange reforms, efforts to improve domestic revenue mobilisation, and monetary and fiscal measures as some of the steps taken by the administration. He acknowledged that the reforms had created significant short-term difficu…

…while prices elsewhere range from N2,180 to N2,230 per litreAirlines say rising fuel and foreign exchange-linked costs are squeezing their finances, prompting calls for government intervention PAY ATTENTION: Find it fast with our new search feature at Legit.ng! Legit.ng journalist Victor Enengedi has over a decade's ex…

…naira strengthened against the US dollar across Nigeria’s official and parallel foreign exchange markets on Tuesday, supported by improved dollar liquidity and a sharp rise in interbank FX turnover.The local currency also recorded gains against the British pound and euro, while the gap between the official and street-m…

…to undertake various reforms to effectively tackle them. He stated:”By 2023, Nigeria’s foreign exchange market was deeply fragmented with multiple windows operating alongside a massive parallel market, which made it incredibly difficult for businesses to know which rate would apply to them or when foreign exchange woul…