Economy
CBN allocates $197.71m into FX market to support naira
The Central Bank of Nigeria has injected $197.71m into the foreign exchange market on Friday, April 4, 2025, as part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning.
This was disclosed in a statement on Saturday by the Director of the Financial Markets Department, Dr Omolara Omotunde-Duke, reiterating the bank’s stance on maintaining market integrity and operational transparency.
The statement read, “In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71m through sales to authorised dealers. This measured step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
The CBN said the intervention was in line with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.
It added that it remained focused on sustaining liquidity levels to support smooth market operations amid ongoing global economic adjustments.
The apex bank said the decision to boost liquidity in the FX market came against the backdrop of significant shifts in the global macroeconomic landscape, which had affected many emerging markets and developing economies, including Nigeria.
It noted that the recent introduction of new import tariffs by the United States on goods from several economies had triggered adjustments across global markets.
It added that crude oil prices—a major revenue source for Nigeria—had dropped by over 12 per cent, settling at approximately $65.50 per barrel.
The CBN said the downturn posed challenges for oil-exporting countries, influencing exchange rate dynamics and market sentiment.
The CBN stressed that it would continue to monitor both global and domestic market conditions. It expressed confidence in the resilience of Nigeria’s foreign exchange framework, which it said was designed to adjust appropriately to changing economic fundamentals.
The bank also urged all authorised dealers to strictly adhere to the principles outlined in the Nigerian FX Market Code, promoting transparency and upholding the highest standards in their transactions with clients and market counterparties.
Meanwhile, Nigeria’s official exchange rate fell to N1,600/$1 at the end of trading on April 4, 2025, as the tariffs imposed during the Trump era continued to impact global markets.
Data from the CBN showed that the naira closed at N1,600/$1, marking a 1.9 per cent depreciation compared to the N1,569/$1 recorded the previous day.
The figure also marked the weakest level the naira had reached since December 4, 2024, when it closed at N1,608/$1. The exchange rate has now weakened by 3.9 per cent in the first four days of April, after closing March at N1,537/$1.
According to the CBN, the exchange rate closed at N1,600/$1 on Friday, marking a 1.9 per cent drop from the previous day.
The intra-day highs and lows were reported as N1,625 and N1,519 to the dollar, respectively. The intra-day high of N1,625 is also one of the highest levels recorded this year, indicating that traders priced the naira at significantly weaker levels.
Conversely, the intra-day low of N1,519/$1 suggests that some traders still priced the naira stronger, possibly betting on short-term interventions.
The NFEM rate, which represents the average exchange rate, closed at N1,567, the weakest the naira has traded this year and since December 4, 2024.
Economy
Japa: Essential Things Nigerians Should Pack Before Leaving Nigeria
Moving abroad from Nigeria is one of those life changes that makes a suitcase suddenly feel much smaller.
What looks like enough luggage in your bedroom can seem painfully limited once you start choosing between clothes, documents, electronics, personal care items and the small things that make an unfamiliar place feel like home.
That is why a good diaspora relocation packing list guide should not be about squeezing everything possible into your bags. It should help you decide what deserves precious luggage space, what can be bought after arrival and what should never go into your suitcase in the first place.
The distinction matters because airlines have strict baggage limits, while destination countries have their own customs rules.
Baggage allowances vary by airline, route, cabin class and aircraft, while individual checked bags are generally recommended not to exceed 23kg for handling reasons. Power banks and spare lithium batteries, for example, must generally remain in carry-on baggage rather than checked luggage.
Start with documents, not clothes
Before thinking about clothing or food, create a secure travel folder for the documents you cannot afford to lose. Your passport, visa or residence documentation, flight information, accommodation details, employment or school documents, insurance information and important contact details should stay accessible throughout the journey.
Carry originals where necessary and keep encrypted digital copies or secure backups of important documents. If you are relocating with children, their birth certificates, school records, vaccination documentation and immigration papers may also be important depending on the destination and circumstances.
Do not put irreplaceable documents in checked luggage. A suitcase can be delayed, misrouted or damaged, but losing access to your passport or immigration paperwork at the same time can turn a manageable travel problem into a serious one.
Pack for your first two weeks, not your entire future
One of the easiest ways to overpack is to imagine every possible situation you might encounter after moving. Resist that temptation. Your first luggage should support your transition, not reproduce your entire Nigerian household overseas.
Pack enough everyday clothes for your initial period, but consider the climate of your destination before filling a suitcase with Nigerian weather essentials. A person moving to the UK in winter, for instance, needs a very different wardrobe from someone moving to a warmer country.
The better strategy is to prioritize versatile clothing that can be layered and reused. Comfortable shoes, underwear, sleepwear, basic toiletries and weather-appropriate outerwear deserve more attention than multiple outfits you may rarely wear.
This also reflects advice commonly shared in relocation communities: keep an “open first” collection of essentials so you are not searching through every box or suitcase when you are exhausted after arrival. The practical principle is simple, make your first few days easy before worrying about everything else.
Take the Nigerian items that are genuinely difficult to replace
Food is where relocation packing becomes particularly personal. Nigerians living abroad frequently mention missing familiar foods and ingredients, especially regional items that may be difficult to find or expensive in ordinary supermarkets.
Discussions among Nigerians abroad show that the issue is not necessarily basic rice, pasta or common spices; it is often the distinctive ingredients and flavors associated with home.
That does not mean you should fill an entire suitcase with food.
Instead, prioritise small quantities of dry, commercially packaged items that are legal to import into your destination and that you genuinely use. Depending on the destination, these could include permitted spice blends, seasoning, certain dried ingredients or packaged Nigerian foods.
However, never assume that because something is dry, packaged or commonly carried by other Nigerians, it is automatically permitted. Import rules differ significantly between countries.
For Great Britain, for example, travelers can bring some packaged foods such as biscuits, chocolate, pasta and packaged soup, while meat, dairy, fruits, vegetables, nuts and seeds can be subject to restrictions.
The EU is stricter in several respects. Travelers arriving from outside the EU generally cannot bring meat or dairy products into the bloc, although specific exemptions apply to certain products and circumstances.
So if you are relocating from Nigeria to London, Paris, Amsterdam or another destination, check the destination’s official customs rules before sealing that bag of food.
Do not sacrifice luggage space for easily replaceable goods
A relocation suitcase should contain things that solve a problem, preserve something important or save you meaningful money—not everything you happen to own.
Basic toiletries, ordinary kitchen utensils, cheap hangers, bulky bedding and generic household products can often be purchased after arrival. Carrying large quantities simply because they are cheaper in Nigeria may not make economic sense once excess-baggage charges and limited suitcase space are considered.
The same applies to appliances. Check the electrical system and plug standard of your destination before taking Nigerian appliances abroad. A device that is cheap to replace may not be worth carrying if it is incompatible with the local voltage or requires additional equipment.
Ask yourself a blunt question before packing anything: Would I still pay to transport this if I had to buy extra luggage for it? If the answer is no, leave it behind.
Give electronics and valuables special treatment
Your laptop, phone, chargers, external drives, camera equipment and other essential electronics should be packed with both security and airline rules in mind.
Keep valuable electronics in your carry-on whenever the airline permits it. IATA specifically advises passengers not to place valuable or irreplaceable items in checked baggage, while spare batteries and power banks have specific restrictions because of fire risk.
Keep chargers organized in a small pouch rather than scattering them throughout your luggage. If you use several devices, label unfamiliar cables before leaving Nigeria; it sounds trivial until you are sitting in temporary accommodation with three identical USB cables and no idea which one powers your laptop.
Think about health and personal-care essentials
Your relocation luggage should also cover the personal items that may be inconvenient to replace immediately. Prescription medicines, if applicable, should remain in their original packaging and be accompanied by the documentation required by the destination country.
Basic toiletries and personal-care products that you know work for you can be worth carrying in reasonable quantities, particularly during the first few weeks when you are still learning where to shop.
Do not, however, turn your suitcase into a pharmacy. Check the rules of the destination country for medicines and controlled substances before traveling, because something legally purchased in Nigeria may have different restrictions elsewhere.
Leave prohibited and questionable items behind
Some of the worst relocation-packing decisions are made with the assumption that customs officers will not notice.
That is a dangerous gamble. The UK, for example, prohibits or restricts items including controlled drugs, offensive weapons, certain endangered species and personal imports of meat and dairy products from most non-EU countries.
Food restrictions also deserve serious attention. If you arrive in Great Britain with banned food and declare it, the Border Force can confiscate and destroy it; failing to declare prohibited products can result in penalties or prosecution.
When in doubt, check the official customs guidance for your destination before packing. If an item requires a permit, certificate or declaration, find that out before you arrive at the airport, not while standing in front of a customs officer.
Build one ‘first-night’ bag
Finally, separate the things you will need immediately from everything else.
Your first-night bag should contain a change of clothes, basic toiletries, essential documents, medications, chargers, important electronics and anything else you would need if your checked luggage were delayed. This simple step can save you considerable stress during the first 24 hours.
Your relocation luggage should make your new beginning easier, not burden you with your old life. Pack the things that are valuable, difficult to replace, culturally meaningful or immediately useful. Leave behind what is cheap, bulky and readily available.
Most importantly, remember that your airline’s baggage allowance and your destination country’s customs rules are separate issues. Staying within the weight limit does not mean every item inside the suitcase is legally admissible.
IATA emphasises that baggage conditions remain airline-specific, while governments set their own customs and import requirements.
For Nigerians relocating abroad, the smartest suitcase is therefore not necessarily the heaviest one. It is the one that contains exactly what you will need to begin your new life with less stress, fewer unnecessary expenses and no avoidable customs problems.
(TRIBUNE)
Economy
Dangote To Support Two Million Women With Refinery IPO Share Ownership – Aliko Dangote
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has announced plans for the Aliko Dangote Foundation to collaborate with state governments to empower vulnerable women across Nigeria through participation in the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering (IPO).
Dangote made the announcement in New York during the 81st United Nations General Assembly while responding to a question from the Secretary to the Yobe State Government, Dr. Goje Mohammed. The discussion focused on how partnerships between government and the private sector can help conflict-affected communities, particularly widows, build sustainable financial futures through investment opportunities.
According to Dangote, the Foundation will work closely with state governments to ensure that women from vulnerable groups, including widows and victims of conflict, can take advantage of the refinery’s share offering and begin building long-term wealth through equity ownership.
The initiative is designed to expand access to Nigeria’s capital market by giving women who might otherwise be excluded the opportunity to become shareholders in one of Africa’s largest industrial enterprises.
Speaking on the programme, Dangote revealed that the Foundation plans to provide additional support to participating women by donating shares to complement their investments.
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” he said.
He explained that women who purchase shares under the IPO will receive an additional allotment of shares from the Foundation, helping them establish a long-term financial asset.
“Beyond enabling them to buy shares, the Foundation will also support them by donating additional shares that they can hold as savings for the future,” Dangote noted.
The programme targets up to two million women nationwide, making it one of the largest financial inclusion and women’s empowerment initiatives linked to Nigeria’s capital market.
“We are looking at reaching about two million women through this initiative,” he added.
The proposed intervention forms part of the broader objectives of the Dangote Refinery “People’s IPO,” which seeks to democratise ownership of the landmark refinery and enable more Nigerians to share in the value created by one of the country’s most significant private-sector investments.
The initiative is expected to have particular significance for conflict-affected states such as Yobe, where many widows and vulnerable households continue to face economic challenges resulting from years of insecurity. By facilitating access to investment opportunities, the partnership aims to provide a pathway to sustainable wealth creation and long-term financial security.
Dangote emphasized that collaboration between the Foundation and state governments will create a structured framework for supporting vulnerable women to participate in the IPO, reinforcing the role of investment and equity ownership as tools for economic empowerment, financial inclusion and social development.
Through this initiative, the ownership opportunity presented by the Dangote Refinery IPO will be extended to some of Nigeria’s most vulnerable women, helping them build assets, secure their futures and participate directly in the growth of a landmark national enterprise.
Economy
BREAKING: CBN cuts interest rate to 23 percent
The Central Bank of Nigeria, CBN, has cut its interest rate to 23 per cent from 26.5 per cent.
The CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th Monetary Policy Committee, MPC meeting on Tuesday.
Announcing the rate cut, Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
He added that the apex bank has been able to raise the country’s foreign reserves to $55 billion.
The MPR cut follows a hold at the two previous MPC meetings and a 50-basis-point cut announced in February 2026.
Recall that Nigeria’s inflation rate fell for two consecutive months in July and August 2026, declining to 15.39 per cent in August from 15.43 per cent recorded in July.
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