Nigeria is set to benefit from rising foreign exchange inflows as global crude oil prices surged above $105 per barrel, far above the 2026 budget benchmark of $64.85.
That was the dilemma facing the Central Bank of Nigeria at the height of the foreign exchange crisis: how to sustain difficult reforms in an environment defined by volatility, speculation, and public anxiety.
Few institutions in Nigeria carry as much influence over daily life as the Central Bank of Nigeria (CBN). Its decisions affect inflation, exchange rates, lending costs, savings, jobs, investment flows, and the broader confidence investors place in the country.
By any serious reading of Nigeria’s current economic condition, one reform under President Bola Ahmed Tinubu stands out as the clearest indicator of where the country is headed: the restructuring of the foreign exchange market led by the Central Bank of Nigeria.
Money Market Liquidity Drops to N5.8trn
The Nigerian money market maintained a steady posture mid-week as the banking system’s massive liquidity surplus experienced a marginal narrowing. Despite the contraction, the financial system remains significantly awash with cash, shielding interest rates from upward pressure even in...
FX Turnover Surge Lifts Naira Against Dollar
The naira rose against the US dollar at the Nigerian Foreign Exchange Market amidst a significant surge in interbank turnover, according to daily FX data published by the Central Bank of Nigeria.
Dollar liquidity improved above international payment levels...
