Economy
Naira gathers marginal momentum against US Dollar
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The Nigerian naira recorded a marginal gain against the United States dollar at the official foreign exchange market on Tuesday, April 14, 2026, as improved liquidity and increased interbank activity supported the currency.
Data from the Central Bank of Nigeria showed that the naira strengthened to N1,356.19 per dollar in the Nigerian Autonomous Foreign Exchange Market, extending last week’s gains when the currency appreciated by 1.76 percent. Intraday trading ranged between N1,354.50 and N1,362.50 per dollar, reflecting stronger supply conditions.
Interbank turnover rose significantly to $114.89 million across 141 deals, up from $71.16 million recorded in the previous session. The parallel market also recorded gains, with the currency trading at N1,385 to N1,410 per dollar, while the gap between official and parallel rates narrowed slightly.
However, FX inflows into the official window declined sharply to $571.8 million from $1.06 billion in the previous week, indicating tighter supply conditions. Foreign portfolio investors remained the dominant source of FX supply, contributing $282.2 million, while the CBN accounted for $103.2 million.
The naira’s recent strength is largely liquidity-driven, not structural, and may prove difficult to sustain without consistent FX inflows,” said an economist at a Lagos-based research firm. “The decline in weekly inflows highlights ongoing pressure on supply, especially as global financial conditions remain tight.”
The positive movement came as Nigeria achieved a significant milestone, becoming a net exporter of premium motor spirit in March 2026. The Dangote Petroleum Refinery exported 44,000 barrels per day of petrol, including a 317,000-barrel cargo delivered to Mozambique, allowing the country to earn fresh foreign exchange to help boost the naira’s value.
Despite the currency’s recent stability, global rating agency Fitch projected that Nigeria’s external reserves would decline to $47 billion by the end of 2026, from $49.4 billion at the end of March, reflecting higher spending pressures and external risks. The agency affirmed Nigeria’s long-term foreign currency issuer default rating at ‘B’ with a stable outlook.
“We forecast a marginal decline to $47 billion at end 2026, reflecting higher spending pressures and external risks,” Fitch stated in its latest assessment.
The agency noted that while reserves provide about seven months of import cover above the median for countries within the ‘B’ rating category, fiscal pressures and external vulnerabilities could drive modest currency depreciation in the near term. Fitch expects Nigeria’s budget deficit to widen to nearly five percent of gross domestic product in 2026, while inflation is projected to average 16 percent.
Nigeria’s external reserves recently hit a 17-year high of $50.02 billion on March 11, before easing to $48.80 billion as of April 10. The CBN has pledged to stabilise the naira and boost sales of high-yield short-term debt to attract dollar inflows.
Economists remain cautiously optimistic about the naira’s trajectory, though structural challenges persist. The Centre for the Promotion of Private Enterprise reported that the naira stabilised within a relatively narrow band of about N1,340 to N1,430 to the dollar in the official market during the first quarter of 2026, helping to moderate imported inflation and boost business confidence.
However, analysts warned that the ongoing Middle East conflict introduces fresh upside risks, with Brent crude trading above $100 per barrel, which could feed into domestic fuel costs and create renewed cost-push inflation pressures.
The Naira yesterday appreciated to N1,387 per dollar from N1,390 in the parallel market on Monday.
Similarly, the naira appreciated to N1,322.9 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,322.9 per dollar from N1,320 per dollar on Monday, indicating N2.9 appreciation for the local currency.
Consequently, the margin between the parallel and official markets narrowed to N64.1 per dollar from N70 per dollar on Monday. The value of interbank turnover in NFEM declined by 48.07 percent to $55.6 million from $107.07 million on Monday.
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
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