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Are The CBN’s Intervention Finally Working? –

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Are The CBN’s Intervention Finally Working? –

CBN’s Master Plan is Paying Off

Listen up, fam! If you’ve been tracking the Naira vs. Dollar battle like a Premier League season, then you already know—we’re finally scoring goals!

Biggest plot twist of 2025? The Naira is appreciating like crazy. Just last December, one dollar was a painful ₦1,662, but today? We’re talking ₦1,540 and dropping. That’s a 9% gain in just two months—the best start we’ve had in over a decade!

So, what’s behind this unexpected winning streak? Did Nigeria suddenly find a mountain of oil? Is Wizkid printing money? Nah. The real MVP? The Central Bank of Nigeria (CBN) and its no-nonsense FX reforms. Let’s break it down:

1. CBN Said “No More FX Wahala!”

The CBN under Yemi Cardoso didn’t just talk about fixing the foreign exchange market—it took action. First, they increased transparency in how forex is traded by launching the BMatch system. Now, transactions aren’t shady backdoor deals, but open, fair, and trackable.

Then came the Nigeria Foreign Exchange Code (FX Code) in January 2025. It’s like the FIFA rulebook, but for forex—setting clear guidelines on how banks, investors, and traders handle dollars.

2. Diaspora Dollars? Bring ‘Em In!

You know all those “I Just Got Back” IJGB uncles and aunties? Well, thanks to CBN, their dollars aren’t just for Detty December. New diaspora-focused accounts (NRNOA & NRNIA) have made sending, saving, and investing foreign currency easier than ever. More remittances = stronger Naira. Oh, and CBN told banks to chill on charging crazy remittance fees, so more people now send money through official channels instead of Oga Kazeem at the bus park.

3. BDCs Got Their Groove Back

CBN brought Bureau De Change (BDC) operators back into the game by allowing them to buy forex directly from banks. This move flooded the market with more dollars, reducing pressure on the black market and stabilizing the rates.

4. No More FX Speculation

Last year, everyone was playing “forex lotto,” hoarding dollars and selling at ridiculous rates. But CBN shut that down by extending its $25,000 weekly forex sales to BDCs till May 2025. Translation? More supply, less panic, and a stronger Naira.

So… Is This The Real Deal?
Look, we’ve been burned before. In March 2024, the Naira also pulled a comeback, but it didn’t last because foreign investors cashed out too fast. This time, CBN is playing the long game by carefully managing dollar inflows.

Foreign investors are watching. If CBN keeps things stable, the money will keep rolling in, and the Naira will stay winning.

What Does This Mean for You?
Import Wahala Might Reduce – If you’ve been side-eyeing ASOS or AliExpress prices, hold on a little longer. Stronger Naira = cheaper imports.

Travel Just Got Less Stressful – Dollar exchange at the airport won’t make you cry anymore.

Businesses Can Breathe – With more forex liquidity, companies that rely on imports (tech, fashion, food) will see costs drop.

For years, we all complained about CBN mismanagement, shady policies, and forex gymnastics. But this new Cardoso team is actually putting in the work—and it’s showing. The Naira still has a long way to go, but one thing is clear: CBN isn’t playing this time. The policies are working, the dollar is sweating, and Nigeria’s economy just might have the comeback arc we’ve been waiting for.
So, to all the doomsday predictors saying “Naira can’t rise,” hope you kept receipts—because this one’s for the history books. 📖🇳🇬
What do you think? Will the Naira keep rising or is this just another fluke? Drop your thoughts below! 👇🏾

FX-REFORMS

FEB 11, 2025

Naira Appreciated by N45 Against The Dollar – What’s Driving the Gain?
Hold up! The naira just made a solid move in the black market, gaining N45 against the dollar from N1,610/$1 to a jaw-dropping N1,565/$1.

FX-REFORMS

DEC 30, 2024

The Economics of Detty December
It is that time of the year again when the big cities of Nigeria come alive with vibes, flashy outfits, and endless events.

Cross River Government Moves To Recover 76 Oil Wells From Akwa Ibom

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Cross River Government Moves To Recover 76 Oil Wells From Akwa Ibom

The Cross River State Government has announced its ongoing efforts to reclaim the 76 oil wells that were ceded to Akwa Ibom in 2012 following a Supreme Court judgment.

Governor Bassey Otu made the announcement on Tuesday during a media conference in Calabar, where he vowed that his administration is committed to regaining what rightfully belongs to the state.

The Supreme Court of Nigeria, in 2012, ruled in favor of Akwa Ibom in the dispute involving the rightful owner of the oil wells, dismissing Cross River’s appeal.

Justice Olufunlola Adekeye, who delivered the lead judgment, stated that Cross River lost its status as a littoral state following the cession of the Bakassi Peninsula to Cameroon in 2008. Consequently, the state was deemed ineligible to claim offshore oil wells.

“The facts before the court do not support the claim of the plaintiff to being a littoral state. A non-littoral state cannot claim oil wells offshore as she has no maritime territory.

“The plaintiff has no maritime territory since the cessation of Bakassi Peninsula and the Cross River estuary, which used to be part of the state prior to August 2008.

“The present position of the plaintiff cannot be blamed on any government agency, particularly the National Boundary Commission and the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC),” Justice Adekeye had ruled.

The judgment also absolved government agencies such as the National Boundary Commission and the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) of any blame for the loss.

However, Governor Otu argued that the wells were wrongly ceded to Akwa Ibom and his administration would take all necessary steps to reverse the decision.

Governor Otu optimistic

He expressed optimism about the ongoing process, stating that while Cross River has not received revenue from the wells, Akwa Ibom has also been unable to access proceeds from them.

“I am happy to let us know that even though we have not received any money from the wells, Akwa Ibom is also not getting anything for now from it. While a decision is yet to be made on where the wells rightfully belong, the proceeds are being kept in an escrow account by the authority,” Otu explained.

What you should know

• The dispute over ownership of the oil wells started after Nigeria lost the Bakassi peninsula to Cameroon following a legal dispute at the International Court of Justice.

• In October 2002, ICJ ruled (based principally on the Anglo-German agreements) that sovereignty over Bakassi rested with Cameroon. It instructed Nigeria to transfer possession of the peninsula but did not require the inhabitants to move or to change their nationality.

Saudi Arabia Gifts Nigeria 100 Tons Of Date –

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Saudi Arabia Gifts Nigeria 100 Tons Of Date –

The Embassy of the Kingdom of Saudi Arabia in Abuja has held an official ceremony to distribute 100 tons of dates to Nigeria as part of its annual humanitarian relief efforts. In a statement, it said the initiative, facilitated by the King Salman Humanitarian Aid and Relief Centre (KSrelief), aims to support vulnerable families across the country and strengthen the deep-rooted ties between the two nations.

During the ceremony, the Ambassador of Saudi Arabia to Nigeria, His Excellency Faisal bin Ibrahim Al-Ghamdi, conveyed the Kingdom’s dedication to humanitarian causes.

He expressed his profound gratitude to King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud for their unwavering support in providing aid to Muslims and underserved communities worldwide.

He emphasised that Saudi Arabia remains steadfast in its commitment to fostering Islamic solidarity and providing relief to those in need.

Ambassador Al-Ghamdi explained that this year’s distribution includes 50 tons of dates for Abuja and another 50 tons for Kano, continuing Saudi Arabia’s tradition of assisting Nigeria through humanitarian donations.

He noted that the initiative represents the Kingdom’s broader mission to uplift Muslim communities, alleviate suffering, and promote unity, particularly during significant religious periods such as Ramadan.

The Embassy, in collaboration with local authorities and humanitarian organisations, will ensure the proper distribution of the dates so that they reach the most vulnerable families in various regions of Nigeria.

Ambassador Al-Ghamdi reaffirmed the Kingdom’s commitment to strengthening cooperation with Nigeria across multiple sectors, particularly in humanitarian and Islamic affairs.

Saudi Arabia has been a longstanding partner in providing humanitarian aid to nations across the globe, including Nigeria. The Kingdom’s continued efforts in supporting food security and welfare initiatives exemplify its role as a global leader in charitable and humanitarian endeavours.

Sokoto Opens N1bn Palliative Shops For Workers, Retirees After Salary Increase

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Sokoto Opens N1bn Palliative Shops For Workers, Retirees After Salary Increase

The Sokoto State Government has launched palliative shops worth approximately N1 billion to support state and local government employees and retirees.

Speaking during the training of sales agents on Monday, the chairman of the Committee on the Sale of Rice and Essential Commodities, Alhaji Chiso Dattijo, explained that workers would be able to purchase food items on credit at subsidised rates.

He said the initiative is part of the state government’s ongoing efforts to alleviate economic hardships for its people.

Six local government areas-Sokoto South, Sokoto North, Bodinga, Wamakko, Dange-Shuni and Kware-have been selected for the pilot phase of the programme, as they have a high concentration of civil servants.

Dattijo assured that the programme is designed to be sustainable and will be expanded to all local government areas soon.

The Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ibrahim Dadi-Adare, warned that the state government would take decisive action against anyone attempting to sabotage the initiative, regardless of their position.

Dr Aminu Bizi, the programme’s consultant, stated that all civil servants would be registered and issued special cards for making purchases.

Prince Tajudeen Oluyole Olusi’s 2025 Annual Symposium Set to Hold in Lagos.

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Prince Tajudeen Oluyole Olusi’s 2025 Annual Symposium Set to Hold in Lagos.

The Prince Tajudeen Oluyole Olusi’s Annual symposium, with the theme “Shaping Nigeria’s Future: From Resilience to Prosperity” and emphasizes on the critical pathways to a sustainable and prosperous Nigeria  is set to hold in Lagos, South West Nigeria. 

The annual symposium organised in honour of elder statesman and the leader of Governance Advisory Council, Prince Tajudeen Oluyole Olusi has as chairman of planning committee the Special Assistant to the President on Sustainable Development Goals (SSAP-SDGs) and former Deputy Governor of Lagos State, HE Princess Adejoke Orelope-Adefulire.

The Annual symposium serves as a vital platform for national discourse focusing on Leadership and Governance.

With the theme which reflects the need for robust dialogue on Nigeria’s future, emphasizes resilience as a cornerstone for sustainable prosperity, the symposium addresses the nuances of transforming national challenges into opportunities, exploring our leadership dynamics, institutional integrity, and the potential for human capital development.

The symposium will present an opportunity for deeper dialogue on Nigeria’s leadership challenges, fostering discussions that seek actionable solutions across various sectors.

Attendees can expect a comprehensive program featuring insights from prominent speakers and thought leaders who will share their expertise and perspectives on navigating Nigeria’s political landscape, driving sustainable development, and enhancing shared prosperity.

The 2025 edition will showcase a distinguished Keynote Speaker alongside an array of notable guest speakers and deeply informed panelists.

More than 300 invited delegates, including chief executives, traditional leaders, government officials, and academics will converge to engage in meaningful dialogue that seek to redefine Nigeria’s path.

Attendance is strictly by invitation, with a meticulous vetting process in place to ensure relevance and impact.

Join us as we shape the narrative for Nigeria’s future through constructive deliberation, collaboration, and innovation.

Bayelsa State: Prosperity Cup Organizers Holds Two Day Refresher Course For Referees

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Bayelsa State: Prosperity Cup Organizers Holds Two Day Refresher Course For Referees

The organizers of Nigeria’s biggest grassroots football fiesta, the Bayelsa Governor’s Football Tournament christened the Prosperity Cup shall hold a two days training for the state referees that will participate in the season seven of the tournament.

This was contained in a statement by the Director General of the tournament, Mr. Ono Akpe during the kick off of the tournament in Yenagoa.

According to him, the exercise is in collaboration with the Nigeria Referees Association (NRA), Bayelsa State Referees Council, Bayelsa State Football Association and Ministry of Sports Development, stating that the essence of the programme was to equip referees in the state with modern officiating techniques ahead of the competition.

Mr. Akpe said that over one hundred referees would be trained to be handled by Chukwudi Chukwujekwu, CAF Instructor, Member NFF Referees Committee and Head, Panel of Instructors of Nigeria Referees as well as Felicia Chibuogwu CAF Instructor, NFF Referees Assessor, and Instructor of Referees in the country are all expected in Yenagoa.

According to Mr. Akpe, renowned referee technical instructor, FIFA trained Referees instructor and assessor, Peter Elgam Edibi would also be in Bayelsa to train the younger generation in the state.

He notes that the refresher course which is aimed at enhancing officiating skills of the referees and equipping them with updated information of the game, in line with best global practices in view of the governor’s desire to promote capacity building

He further explained that the governor is desirous to see Bayelsa referees competing with their peers anywhere in the world, stating that this year’s programme is an expansion of season six edition which was a 1-day programme.

He stated that those intending to be referees in future and match commissioners are as well included in the programme, describing the initiative as significant to the referees council.

The two-day refresher course is slated for Tuesday 18th and Wednesday 19th February 2025, and will be held at the Ernest Ikoli Press Centre, Azikoro Road, Ekeki, Yenagoa from 9am daily.

Court Stops FG From Tampering With Funds Of 44 Kano Local Govt

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Court Stops FG From Tampering With Funds Of 44 Kano Local Govt

A Kano State High Court has ruled that the federal government should not tamper with the funds belonging to the 44 local governments of the state. The ruling was delivered on Monday by Justice Musa Ibrahim Karaye after reviewing the evidence presented by the local government representatives.

Initially, the opposition All Progressives Congress (APC) had sought a court order to stop the disbursement of funds to the local governments, alleging irregularities in the local government elections conducted by the state electoral commission in October 2024.

Earlier, the court had issued an interim order directing the Central Bank of Nigeria (CBN), the Federation Account Allocation Committee (FAAC), the Office of the Accountant General of the Federation, and all commercial banks not to tamper with the funds until the case was concluded.

Speaking to DAILY POST after the ruling, Barrister Bashir Yusuf Tudun Wuzirchi, who represented the 44 local governments in the case, said: “We filed the case to protect Kano State from forces attempting to obstruct development by targeting the local governments.

“Today, by God’s grace, the court ruled in our favor, granting all our requests. It also directed the federal government to refrain from tampering with these funds, which constitutionally belong to the local governments.”

Efforts to get a response from the legal representatives of the opposition party were unsuccessful. It remains uncertain whether they will appeal the decision.

The NNPP and APC remain locked in a fierce political rivalry in Kano State as they seek to win public support ahead of the 2027 general elections.

Dangote Says $23 Billion Refinery Project Was The Biggest Risk Of His Life

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Dangote Says $23 Billion Refinery Project Was The Biggest Risk Of His Life

Billionaire Dangote says $23 billion Refinery project was the biggest risk of his life.

Aliko Dangote, Africa’s wealthiest individual, has reflected on the immense risk he undertook in building the Dangote Refinery, a project that has not only redefined his fortune but also reshaped Africa’s energy landscape.

The 67-year-old billionaire described the refinery venture as “the biggest risk of my life,” revealing that the final investment exceeded $20 billion, more than double the original budget.

In an exclusive interview with Forbes, Dangote shared the complexities behind the massive undertaking. Initially, the refinery’s projected cost was $10 billion, but the price escalated as Dangote insisted on expanding its scope beyond the original plans.

“If this didn’t work, I was dead,” he admitted to Forbes, acknowledging the enormity of the gamble he took when he first announced the refinery in 2013.

Dangote initially planned to build the facility in southwest Nigeria but faced delays due to disputes with local officials. In a dramatic pivot, he relocated the project to the Lekki Free Zone, just outside Lagos, paying $100 million to secure the land. The move, however, came with its own set of obstacles, as the swampy terrain required dredging 65 million cubic meters of sand and constructing a port to facilitate transport.

Despite these setbacks, the Dangote Refinery began operations in 2024. Situated on a 6,200-acre site, the refinery initially processed 350,000 barrels of crude per day (b/d), reaching 500,000 b/d by January.

With full capacity slated for next month, the refinery will process a staggering 650,000 b/d, positioning it as the seventh-largest refinery globally by production and the largest in Africa. Adjacent to the refinery is a petrochemical complex that produces 3 million metric tons of urea annually, making Dangote the continent’s largest fertilizer producer.

How Dangote raised funds for his refinery project

The financing of the refinery was no less ambitious. To fund the project, Dangote secured $5.5 billion in bank loans and divested stakes in his cement business, raising $600 million from investors including Dubai’s investment corporation and an Australian sovereign wealth fund.

Additionally, his holding company, which oversees Dangote’s cement, flour, and sugar businesses, provided a $10 billion intercompany loan to cover the project’s rising costs. The total bill for the refinery ultimately reached nearly $23 billion, significantly surpassing the initial estimates.

However, the refinery still faces financial challenges. With $3 billion in outstanding debt, the project’s liquidity came under scrutiny, leading to a downgrade from Fitch in August.

This was attributed to the under-utilization of the refinery in its early months and the severe depreciation of Nigeria’s Naira, which has lost over 70% of its value since the currency was floated in June 2023.

Despite these hurdles, Dangote remains confident in the refinery’s financial stability, citing its dollar-based revenue model from foreign clients as a buffer against the Naira’s volatility.

Looking ahead, Dangote has plans to build a subsea pipeline to transport natural gas from the Niger Delta to Lagos and to expand production at the refinery’s fertilizer plant.

Furthermore, Dangote is eyeing a public listing for the refinery within the next few years, signaling his long-term vision for the project’s success.

Court Grants Diezani Alison-madueke Permission To Amend Suit Against EFCC

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Court Grants Diezani Alison-madueke Permission To Amend Suit Against EFCC

A Federal High Court in Abuja has granted former Minister of Petroleum Resources, Diezani Alison-Madueke, permission to amend her suit challenging the Economic and Financial Crimes Commission (EFCC) over the final forfeiture of her seized assets.

Justice Inyang Ekwo approved the application after Alison-Madueke’s lawyer, Godwin Inyinbor, moved the motion, which the EFCC’s counsel, Divine Oguru, did not oppose.

The court directed Alison-Madueke to file and serve the amended processes within five days, while the EFCC was given 14 days from the date of service to respond. The case was adjourned until March 17 for further mention.

Alison-Madueke’s Claims

The former minister is challenging the EFCC’s public notice announcing the sale of her confiscated properties. In a motion filed on January 6, 2023, she argued that the forfeiture orders were issued without jurisdiction and should be annulled.

She claimed that she was denied a fair hearing in the proceedings that led to the orders, stating that she was neither served with charge sheets nor given the opportunity to defend herself.

“The various court orders issued in favor of the respondent and upon which the respondent issued the public notice were made in breach of my right to fair hearing as guaranteed by Section 36 (1) of the 1999 Constitution,” she stated.

She further alleged that the courts were misled into granting the forfeiture orders due to suppression and non-disclosure of material facts by the EFCC.

EFCC’s Response

In a counter-affidavit, EFCC operative Rufus Zaki urged the court to dismiss Alison-Madueke’s application.

Zaki, part of the team investigating corruption and money laundering allegations against her, stated that their findings confirmed her involvement in criminal activities.

The EFCC argued that the forfeiture proceedings followed due process, with public notices inviting interested parties to contest the forfeiture before final orders were made.

Zaki also stated that the seized properties have already been auctioned in line with court rulings and that Alison-Madueke was represented by a lawyer, Nnamdi Awa Kalu, during a forfeiture application.

Background on the Case

The EFCC, under its former chairman Abdulrasheed Bawa, announced plans to auction forfeited assets, including those linked to Alison-Madueke, starting from January 9, 2023.

Bawa previously revealed that the agency recovered $153 million and over 80 properties from her.

Alison-Madueke, who served as Petroleum Minister from 2010 to 2015 under President Goodluck Jonathan, has been living in the United Kingdom since leaving office.

Nigeria, AU Seal Deal On Sea Lift Services

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Nigeria, AU Seal Deal On Sea Lift Services

Nigeria Signs Agreement with AU to Provide Strategic Sea Lift Services for Peace Operations

The Federal Government of Nigeria has signed an agreement with the African Union (AU) to provide Strategic Sea Lift Services for peace support operations, humanitarian actions, natural disaster response, and personnel movement across the continent.

Nigeria’s Minister of Defence, Badaru Abubakar, signed the agreement on behalf of the country, while Ambassador Bankole Adeoye, the AU Commissioner for Political Affairs, Peace and Security, signed for the African Union.

Key Highlights of the Agreement

1. The agreement mandates the Nigerian Navy to provide a vessel for AU peace operations on a cost-recovery basis.

2. The signing was witnessed by top Nigerian officials, including:

A. Attorney-General and Minister of Justice, Prince Lateef Fagbemi
B. Minister of Foreign Affairs, Ambassador Yusuf Tuggar
C. Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla
D. Director-General of the Nigerian Intelligence Agency, Ambassador Muhammed Muhammed

Nigeria’s Commitment to Regional Security

President Bola Ahmed Tinubu welcomed the agreement and expressed satisfaction with the African Union Peace and Security Council (AUPSC) for adopting key security resolutions.

Among these decisions was the upgrade of the Nigerian National Counter-Terrorism Centre to a Regional Counter-Terrorism Centre—a move aimed at strengthening counterterrorism efforts in West Africa.

Additionally, Tinubu commended the renewal of the Multinational Joint Taskforce’s mandate, which plays a crucial role in tackling terrorism and violent extremism in the Lake Chad region.

This agreement further reinforces Nigeria’s strategic role in regional peacekeeping, counterterrorism, and humanitarian operations across Africa.

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