Economy

Naira gathers marginal momentum against US Dollar

Published

3 days ago

April 14, 2026

EMMANUEL AGAJI

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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.

Economy

Nigerian stocks rally again as investors gain N1.66tn, market cap crosses N136tn

Published

15 hours ago

April 17, 2026

Admin

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The Nigerian equities market sustained its bullish momentum on Thursday, delivering a fresh massive gains of N1.663 trillion to investors as market capitalization surged beyond the N136 trillion mark.

At the close of trading, total market value rose by 1.23 percent to N136.435 trillion, up from N134.772 trillion recorded at the start of the session.

In the same vein, the All-Share Index (ASI) advanced by 2,583.61 points, representing a 1.23 percent increase, to settle at 211,901.02, compared to 209,317.41 in the previous trading day.

The market’s Year-To-Date (YTD) return strengthened further to 36.17 percent, while sentiment remained positive as 45 stocks posted gains against 20 decliners.

Leading the gainers’ table were Trans-Nationwide Express and Guinea Insurance, both appreciating by 10 per cent to close at N5.50 and N1.21 per share, respectively. Aradel rose by 9.99 percent to N1,547.50; Ecobank Transnational gained 9.97 percent to close at N61.20, while Daar Communications climbed 9.93 percent to N1.66 per share.

On the losers’ side, Ikeja Hotel topped the chart with a 9.73 per cent decline to N33.40. WAPIC followed with an 8.77 per cent drop to N2.60, while CAP shed 8.61 per cent to close at N95 per share. International Energy Insurance and McNichols also recorded losses of 8.18 per cent and 5.82 per cent, respectively.

Trading activity, however, slowed during the session. Total volume traded declined by 17.19 percent to 584.96 million shares valued at N34.76 billion across 45,559 deals.

Zenith Bank emerged as the most actively traded stock, accounting for 61.74 million shares worth N7.60 billion, representing 10.55 per cent and 21.86 per cent of total volume and value, respectively.

The latest performance extends the market’s winning streak to four consecutive sessions, following a strong N2.28 trillion gain recorded on Wednesday.

Economy

NDIC moves to wind down 89 failed banks

Published

2 days ago

April 16, 2026

Admin

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The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country following their acquisition by new operators under its resolution framework, it emerged on Wednesday.

The Corporation said the move follows the earlier revocation of licences by the Central Bank of Nigeria (CBN) in May 2023, which affected 179 microfinance banks and four primary mortgage banks.

Under the Purchase and Assumption (P&A) model, according to Hawwau Gambo, the Head of Communication and Public Affairs, 89 new institutions were subsequently licensed to take over the assets and liabilities of the failed banks and have since commenced operations under new identities.

NDIC, acting as liquidator, the statement noted, will now approach various divisions of the Federal High Court to obtain formal orders dissolving the defunct entities and discharging the Corporation from its liquidation responsibilities, in line with its enabling law.

A breakdown of the affected institutions shows that Lagos accounts for the highest number, with 27 banks undergoing the process.

This is followed by Osun with seven, Anambra with six, the Federal Capital Territory (FCT) with five, while Akwa Ibom, Ogun, and Adamawa recorded four each.

Oyo, Kaduna, Edo, and Niger recorded three each.

Other states affected include Benue, Delta, Imo, and Ondo, with two each, while Abia, Ekiti, Enugu, Rivers, Plateau, Nasarawa, Kano, Kwara, Jigawa, and Katsina recorded one each.

The Corporation said the exercise aims to bring closure to the resolution process while ensuring depositors’ interests remain protected, and the financial system remains stable.

The NDIC added that the transition under the P&A arrangement has allowed continuity of banking services in affected locations, as the acquiring institutions have fully taken over operations of the defunct banks.

Economy

Nigeria’s Inflation hits15.38% in March

Published

2 days ago

April 15, 2026

EMMANUEL AGAJI

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Nigeria’s headline inflation rate rose to 15.38% in March 2026, reflecting a modest increase from the 15.06% recorded in February.

This is according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0).
In March 2026, the headline inflation rate rose to 15.38%, up from 15.06% in February 2026 and stood 27.35% in the same month of the preceding year (March 2025).
Looking at the movement, the March 2026 headline inflation rate showed an increase of 0.32% compared to that recorded in February 2026.

However, on a month-on-month basis, the rate in March 2026 was 4.18%, which was 2.17% higher than the rate recorded in February 2026 (2.01%).

The percentage change in the average CPI for the twelve months ending March 2026 over the average for the previous twelve-month period was 20.05%, showing a 1.48% increase compared to 18.58% recorded in March 2025.

On a year-on-year basis, in March 2026, the Urban inflation rate was 14.64%. On a month-on-month basis, the Urban inflation rate was 3.16% in March 2026, up by 0.61% compared to February 2026 (2.55%).

The corresponding twelve-month average for the Urban inflation rate was 20.04% in March 2026. This was 0.06% points lower compared to the 20.10% reported in March 2025.
Rural inflation rate in March 2026 was 17.22% on a year-on-year basis.
On a month-on-month ba sis, the Rural inflation rate in March 2026 was 6.73%, up by 6.02% compared to February 2026 (0,71%).

The corresponding twelve-month average for the Rural inflation rate in March 2026 was 19.74%. This was 2.93% points higher compared to the 16.81% recorded in March 2025.
The food inflation rate in the month under review was 14.31% on a year-on-year basis and stood at 25.22% in the same month of the preceding year (March 2025).
However, on a month-on-month basis, food inflation rate in March 2026 was 4.17%, down 0.52 percentage points from February 2026 (4.69%).

The drop was attributed to the rate of change in the average prices of the following products: Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Toma toes (fresh), Cassava Flour sold loose, etc.

NBS said average annual rate of Food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21%, which was 17.81% points lower compared with the average annual rate of change recorded in March 2025 (36.02%).
The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 16.21% in March 2026 on a year-on-year basis; a decline of 10.91% points when compared to the 27.12% recorded in March 2025.

On a month-on-month basis, the core inflation rate was 4.03% in March 2026, up by 3.14% points compared to Feb ruary 2026 (0.89%).
The average twelve-month annual inflation rate was 21.09% for the twelve months ending March 2026, which was 6.25% points lower than the 27.34% recorded in March 2025.

On a state level, headline inflation was highest in Bayelsa Year-on-Year with (27.37%), Sokoto (26.03%), and Bauchi (23.67%), while Osun (5.25%), Kano (9.85%), and Kaduna (10.38%) recorded the lowest rise.
On a Month-on-Month basis, however, March 2026 recorded the highest increases in Zamfara (10.77%), Bauchi (9.37%), and Sokoto (9.05%), while Lagos (1.54%), Akwa Ibom (1.80%), and Rivers (1.89%) recorded the lowest rise in the Month-on-Month inflation.
Food inflation was highest in Bayelsa (33.35%), Sokoto (28.02%), and Adamawa (21.67%), while Kano (4.29%), Oyo (4.86%), and Katsina (7.48%) recorded the slowest rise on a Year-on-Year basis.

On a Month-on-Month basis, however, March 2026 food inflation was highest in Sokoto (11.78%), Niger (8.59%), and Gombe (8.10%), while Katsina (0.09%), Ogun (0.77%), and Adamawa (1.30%) recorded the slowest rise in Food inflation on a Month-on-Month basis.