Figures cited by Leadership Newspaper show a significant stabilization in Nigeria’s Foreign Exchange (FX) market, following a high-profile meeting between President Bola Tinubu and the Chairman of Heirs Holdings, Tony Elumelu. Elumelu informed reporters at the State House that the era of acute dollar scarcity is largely over, attributing the progress to recent central bank reforms and improved investor confidence.
During the briefing, Elumelu praised the government’s efforts in harmonizing the FX windows and ensuring a more transparent liquidity flow. He noted that the private sector is beginning to feel the positive impact of these fiscal policies, which has allowed for better planning and increased foreign direct investment into critical sectors like power and manufacturing.
Reports from The Nation and Vanguard corroborate Elumelu’s optimistic outlook. The Nation mentioned that “the Naira has maintained a steady range against the dollar for the third consecutive week,” and Vanguard quoted Elumelu saying: “The FX market is sorted; what we see now is the result of painstaking reforms that have finally gained traction.”
Echotitbits take: While the declaration of the “end” of dollar scarcity is bold, the stability Elumelu references is essential for business planning in 2026. However, the true test remains the sustained availability of FX for small and medium-sized enterprises (SMEs) who often lack the access of larger conglomerates.
Source: The Punch – https://punchng.com/elumelu-meets-tinubu-says-dollar-scarcity-over-fx-market-sorted/, February 14, 2026
Photo credit: The Punch
Tag: CBN
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Tony Elumelu Meets President Tinubu, Declares End to Dollar Scarcity
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Banking Sector Crackdown: CBN Imposes Stiff Fines for Cheque Violations
Figures cited by Daily Post show that the Central Bank of Nigeria has introduced a new penalty regime for banks and printers found guilty of cheque-related violations. Under the new guidelines, infractions can now attract fines of up to N20 million, a significant increase from previous sanctions.
Reporting by Daily Post indicates that the move is part of a broader effort to strengthen the integrity of the Nigerian payment system. The CBN is particularly concerned with the quality of cheque leaflets and the security features embedded in them, which are vital for preventing fraud and ensuring smooth interbank transactions.
The apex bank warned that it would not hesitate to blacklist printers who fail to meet the required standards. Banks are also required to conduct more rigorous due diligence on their cheque clearing processes to protect customers from the rising wave of sophisticated financial crimes.
Vanguard and ThisDay have verified the issuance of these new guidelines. Vanguard noted that “the policy aims to restore confidence in paper-based transactions,” while ThisDay quoted a banking executive stating, “these fines will force institutions to prioritize security over cost-cutting.”
Echotitbits take: While the world is moving toward digital payments, cheques remain a staple for corporate transactions in Nigeria. This crackdown is a necessary evil to ensure the “old school” payment method doesn’t become the weakest link in the financial chain. Expect banks to pass on some of these compliance costs to corporate clients.
Source: Channels TV – https://www.channelstv.com/2025/01/14/cbn-sanctions-banks-for-failing-to-dispense-cash-via-atms/, February 13, 2026
Photo credit: Channels TV
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Central Bank Targets Exchange Rate Stability With New BDC Dollar Supply
Reporting by BusinessDay indicates that the Central Bank of Nigeria (CBN) has reopened its foreign exchange window for Bureau De Change (BDC) operators. This strategic move is designed to narrow the widening gap between the official and parallel market rates, providing much-needed liquidity to the retail segment of the currency market.
In an update published by the same outlet, the apex bank’s decision follows a period of heightened volatility that saw the Naira under significant pressure. By channeling funds directly through licensed BDCs, the CBN aims to decentralize access to foreign currency for small-scale users and travelers, thereby curbing speculative activities that have historically fueled inflation.
Market analysts suggest that this intervention, coupled with the ongoing “clean-up” of the BDC sector, reflects a more aggressive stance by the regulator to maintain macroeconomic stability. The reopening of the “dollar tap” is expected to provide immediate relief to businesses that rely on the informal market for their foreign exchange needs.
The Punch and The Nation have confirmed this development, noting the positive reception from financial stakeholders. The Punch reported that “operators expect the move to significantly reduce the premium between markets,” while The Nation quoted a source stating, “this is a vital step toward achieving a realistic exchange rate for the 2026 fiscal year.”
Echotitbits take: This intervention is a reactive measure to the recent currency slide. While it offers short-term liquidity, the long-term stability of the Naira depends on Nigeria’s ability to boost non-oil exports and attract foreign direct investment. Watch for the CBN’s next Monetary Policy Committee (MPC) meeting to see if interest rates will be adjusted to complement this liquidity injection.
Source: BusinessDay – https://businessday.ng/news/article/cbn-approves-150000-weekly-fx-sales-to-bdcs/, February 13, 2026
Photo credit: BusinessDay
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Naira Hits Two-Year High as CBN Resumes Dollar Sales to BDC Operators
Figures cited by Vanguard show that the Nigerian Naira has reached its strongest position against the US Dollar in over two years, trading near the 1,351 mark in the official market on Thursday. This significant appreciation is largely attributed to the Central Bank of Nigeria’s (CBN) recent policy shift, which reopened the “dollar tap” for licensed Bureau De Change (BDC) operators. By allowing BDCs to purchase up to $150,000 weekly, the apex bank has effectively saturated the retail segment with much-needed liquidity.
The ripple effect of this intervention has been felt across major commercial hubs like Lagos and Abuja, where the parallel market rate has stabilized between 1,430 and 1,440. Market analysts suggest that the direct involvement of BDCs in the official window has curbed the speculative demand that previously drove the “black market” to record lows. The increased transparency in price discovery is now allowing for more predictable business transactions for small-scale importers and travelers.
Despite the positive momentum, a spread of approximately 90 Naira still exists between the official Nigerian Foreign Exchange Market (NFEM) and the street rate. However, the CBN’s strategy of consistent weekly auctions appears to be working to narrow this gap. Financial experts are optimistic that if this supply remains steady, the Naira could sustain its gains throughout the first quarter of 2026.
In support of these findings, The Nation observed that “the influx of forex has calmed the nerves of manufacturers who were previously struggling to source dollars.” Furthermore, BusinessDay confirmed the trend, quoting a currency dealer who said, “The frantic demand we saw in December has evaporated because people can now get FX through official channels.”
Echotitbits take: The CBN’s return to BDC interventions is a pragmatic move to control the retail forex market. While the appreciation is a win for importers, the sustainability of this trend depends on Nigeria’s oil production levels and foreign reserve health. Keep an eye on the next MPC meeting for hints on interest rate adjustments to complement this FX stability.
Source: Daily Post – https://dailypost.ng/2026/02/11/naira-continues-to-appreciate-against-us-dollar-as-cbn-directs-fx-sales-to-bdcs/, February 12, 2026
Photo credit: Daily Post
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Nigeria Faces Deepening Economic Crisis as Currency Gap Widens
Figures cited by BusinessDay show that the Nigerian economy is facing renewed pressure as the gap between the official and parallel market exchange rates has widened to over N90. This development marks the most significant divergence in three years, threatening the government’s efforts to achieve exchange rate convergence and stabilize the local currency.
The widening gap is attributed to a “scramble for FX” by importers and a slowdown in foreign capital inflows. Despite the Central Bank’s recent policy adjustments, liquidity remains tight, forcing many businesses to source dollars at exorbitant rates from the black market. This has directly contributed to the rising cost of imported raw materials and finished goods, further fueling headline inflation.
Economic experts warn that if the divergence continues, it could lead to another round of official devaluation. The manufacturing sector is particularly hit, with many firms reporting narrowed profit margins and reduced production capacity. The government’s 2026 budget projections, which rely on a stable exchange rate, are now under threat of significant revision.
Validating data from ThisDay and The Sun confirm the market volatility. ThisDay reported that “the FX scarcity is stalling major infrastructure projects,” while The Sun quoted a financial analyst stating, “the market is reacting to the delay in the anticipated $3 billion emergency loan from international lenders.”
Echotitbits take: The “Naira-mismatch” is back, and it’s a nightmare for the Central Bank. Watch for a potential hike in interest rates (MPR) in the next MPC meeting as the CBN tries to mop up excess liquidity and attract investors to the fixed-income market.
Source: Legit.ng – https://www.legit.ng/business-economy/economy/1695884-naira-suffers-decline-forex-market-exchange-gap-widens/, February 10, 2026
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Manufacturing Sector Accesses N68.7 Trillion in Bank Loans
New data from the Central Bank of Nigeria (CBN) reveals that manufacturers have accessed a staggering N68.7 trillion in credit facilities over the last nine months. According to The Guardian, this surge in lending is part of a broader effort to stimulate industrial growth and reduce the country’s dependence on imports. The loans are reportedly being utilized for facility upgrades, raw material acquisition, and expansion of production lines across various sub-sectors.
In an update published by ThisDay, the CBN noted that while credit access has improved, the manufacturing sector still faces significant hurdles, including high interest rates and energy costs. The report highlights that the apex bank is working on further interventions to ensure that the credit results in tangible GDP growth. BusinessDay validated the report, quoting a manufacturer: “While the volume of credit is high, the cost of servicing these loans remains a heavy burden on our margins.”
Reporting by Tribune indicates that the Manufacturers Association of Nigeria (MAN) has called for more specialized windows for long-term, low-interest funding. A MAN representative stated, “Access to credit is only one half of the equation; we need a stable power supply and better infrastructure to make this capital truly productive.” This highlights the ongoing tension between financial liquidity and the ease of doing business in Nigeria.
Echotitbits take:
The massive credit injection into manufacturing is a gamble on the sector’s ability to drive Nigeria’s economic recovery. However, with inflation still a concern, the “high borrowing costs” mentioned by MAN could lead to a cycle of debt if production doesn’t scale rapidly. Watch for the next GDP report to see if this N68.7 trillion translates into a manufacturing-led growth spike.
Source: The Guardian – https://guardian.ng/news/manufacturers-access-n68-7tr-bank-loans-in-nine-months-says-cbn/, February 9, 2026
Photo credit: The Guardian
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Nigeria’s External Reserves Hit $46.91bn as Naira Closes at N1,366.19
According to Daily Post reporting, the Nigerian Naira concluded the week at N1,366.19 against the US Dollar at the official foreign exchange market, marking a slight daily depreciation from its previous standing. Despite this minor dip, the nation’s economic outlook remains bolstered by a significant surge in external reserves, which have now climbed to $46.91 billion as of early February 2026.
The local currency’s performance showed resilience on a week-on-week basis, gaining approximately N20.36 at the official window. Meanwhile, the parallel market—often referred to as the black market—saw the Naira ending the week with a notable N10 gain, settling at a rate of N1,450 per dollar. This convergence of rates is seen as a positive sign of stabilizing liquidity within the financial system.
Market analysts note that the steady accumulation of foreign reserves provides the Central Bank of Nigeria (CBN) with a stronger buffer to manage exchange rate volatility. This development was further validated by The Punch, which noted that “the robust reserve level is a testament to improved crude oil receipts and tighter fiscal controls,” while Vanguard added that “the stability in the FX market is increasingly attracting the interest of offshore portfolio investors.”
Echotitbits take: The climb to $46.91bn in reserves is a major milestone for the Tinubu administration’s economic team. It suggests that the aggressive monetary tightening and FX reforms are finally yielding a “liquidity cushion.” Watch for whether the CBN will use this surplus to intervene more frequently in the retail end of the market to further close the gap between official and parallel rates.
Source: Daily Post – https://dailypost.ng/2026/02/07/naira-closes-week-at-n1366-19-per-dollar-as-nigerias-external-reserves-hit-46-91bn/, February 7, 2026
Photo credit: Daily Post
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Naira Maintains Stability Against Dollar Amid Low Speculative Demand
Figures cited by Vanguard show that the Nigerian Naira opened at ₦1,367.10 per dollar in the official window this Friday, maintaining a steady course below the ₦1,400 threshold. Financial analysts attribute this relative calm to the Central Bank of Nigeria’s (CBN) consistent market interventions and a transparent electronic trading framework that has significantly dampened the activities of currency speculators.
The currency’s performance was also tracked by BusinessDay and The Cable, which both reported a narrowing gap between the official and parallel markets. BusinessDay observed that “the absence of aggressive hoarding has stabilized retail demand,” while The Cable quoted a BDC operator in Abuja saying, “The market is no longer as volatile as it was last year; supply is more predictable now.”
Market experts suggest that the current stability is a result of a 15.15% moderating inflation rate and the CBN’s decision to maintain the Monetary Policy Rate at 27.00%. This high-interest-rate environment has continued to attract foreign portfolio investment, providing the necessary liquidity to support the local currency.
Echotitbits take: The Naira’s stability is a win for the CBN’s orthodox monetary policies. However, for this to be sustainable in the long term, Nigeria needs to significantly diversify its export base to move beyond total reliance on oil-driven forex inflows.
Source: Legit.ng – https://www.legit.ng/business-economy/economy/1695016-dollar-stumbles-year-naira-opens-month-a-surprise-surge/, February 6, 2026
Photo credit: Legit.ng
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Naira Strengthens Against Dollar as Market Liquidity Stabilizes
According to reporting by Vanguard, the Nigerian Naira sustained its positive momentum against the United States dollar during the early trading hours of Thursday, February 5, 2026. The local currency opened at approximately 1,368.56 per dollar at the Nigerian Foreign Exchange Market (NFEM), reflecting a steady appreciation from the 1,388 levels recorded only 24 hours prior. This recovery is largely attributed to the Central Bank of Nigeria’s (CBN) aggressive market-matching strategies and a robust increase in external reserves.
The Electronic Foreign Exchange Matching System (EFEMS) has been cited as a primary driver for narrowing bid-ask spreads, fostering greater transparency within the official window. In the parallel market, the dollar exchanged between 1,450 and 1,465 across major hubs like Lagos and Abuja. Bureau De Change operators noted that while a premium remains, the gap between official and informal rates has contracted to one of its lowest margins in several months due to steady supply from diaspora remittances.
The Punch and ThisDay have corroborated this downward trend in exchange volatility. Business analysts at The Punch remarked that “the Naira’s resilience this week suggests a shift from speculative behavior to demand-driven market fundamentals.” Similarly, ThisDay reported that “investor confidence is returning as the CBN stabilizes the liquidity pool,” with one analyst noting that “we are seeing the most stable foreign exchange window since the unification reforms of 2024.”
Echotitbits take:
The narrowing gap between the official and parallel market rates is a significant victory for the CBN’s monetary policy. If the current liquidity levels are maintained through Q1 2026, we expect a further reduction in imported inflation, which could lead to a potential softening of interest rates by mid-year. Watch for the next Monetary Policy Committee (MPC) meeting to see if these gains trigger a shift from the current 27% MPR.
Source: BusinessDay – https://businessday.ng/news/article/naira-maintains-steady-rise-hits-n1358-28-as-reserves-grow/, February 5, 2026
Photo credit: BusinessDay
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Naira Maintains Resilience in Official Market as Exchange Rate Stabilizes
Figures cited by Vanguard show that the Nigerian Naira held its ground against the US Dollar on February 4, 2026, opening the session at approximately N1,387.42 in the official window. This continued stability is being attributed to the sustained impact of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), which has drastically reduced speculative activities and improved market transparency.
Market analysts observe that the naira’s performance is bolstered by healthy external reserves and the clearing of historic FX backlogs. While the parallel market continues to trade at a premium—ranging between N1,460 and N1,475—the spread has narrowed significantly compared to the volatility experienced in late 2025. The absence of “aggressive speculative activity” is seen as a major win for the current monetary policy direction.
This stability is corroborated by reports from Punch and ThisDay. Punch highlights that the convergence of rates is helping corporate planning, stating that “businesses are finally seeing a predictable window for import financing.” Meanwhile, ThisDay reports that the central bank’s recent liquidity injections have successfully met retail demand, with an analyst quoted as saying, “The current exchange rate reflects a genuine market equilibrium rather than artificial suppression.”
Echotitbits take: The Naira’s stability is a breather for an economy that has faced years of currency trauma. The success of the EFEMS suggests that structural reforms in the FX market are finally taking root. For the average Nigerian, this could lead to a gradual reduction in the cost of imported goods, provided the CBN maintains its current level of transparency and supply.
Source: The Punch – https://punchng.com/naira-hits-1418-26-at-official-market/, February 4, 2026
Photo credit: The Punch