Asianet Pakistan Private Limited

The Chinwe-Bode Akinwande (CBA) Foundation is pleased to announce its upcoming conference themed ‘Empowering Widows in Nigeria: Breaking the Cycle of Poverty and Vulnerability,’ scheduled to be held on 9 October 2025 at Eko Hotel and Suites, Lagos. The pivotal event is aimed at spotlighting the pressing challenges faced by underprivileged widows across the country.

The CBA Foundation is a registered not-for-profit organisation, dedicated to providing a beacon of hope for underprivileged widows and children, protecting and empowering them with the courage to build better lives.

Widows, particularly those from marginalised communities, frequently endure isolation, neglect, and systemic injustice. The CBA Foundation Conference will provide a platform for meaningful conversations that illuminate these realities and explore empowerment strategies such as skill acquisition, microfinance, impact investing, and advocacy.

Speaking about the conference, the founder of the CBA Foundation, Chinwe Bode-Akinwande, stated, ‘Widows are often exploited, largely because they are vulnerable. Our mission is to empower them through strategic partnerships and capacity-building initiatives, amplifying their voices and strengthening their positions in society. With this conference, we are creating a platform for stakeholders to share their experiences on these issues, proffer solutions to them and drive everyone to commit to implementing the solutions.’

The conference will feature a keynote address by Amina Oyagbola, Founder of Women in Successful Careers (WISCAR), and a plenary session moderated by Hansatu Adegbite, Executive Director of Women in Business and Public Service (WIMBIZ). The event will also include interactive discussions, success stories from impact-driven programmes, and a call to action for attendees to engage in meaningful support for widows across the country.

It will bring together stakeholders from civil society, government, academia, and the private sector to share experiences, successes, and policy recommendations to build more supportive environment for widows.

Since its official launch in 2015, the CBA Foundation has impacted over ten thousand widows with women empowerment/capacity building projects. It has provided support for over seventeen thousand widows with health intervention support, food distribution, business start-up assistance, clothing, and one-on-one counseling. The Foundation has also supported over 100 underprivileged children with tuition fees and skill acquisition training.

Prominent Nigerians have called for restraint and sustained dialogue following the recent dispute at the Dangote Refinery, warning that industrial disruptions of such magnitude could derail efforts to stabilise the economy and restore confidence in local production.

In a joint statement by Abubakar Siddique Mohammed, Aisha Yesufu, Arunma Oteh, Atedo Peterside COM, Bishop Matthew Kukah CON, Salamatu Hussaini Suleiman and Dudu Mamman Manuga Tuesday, the coalition of concerned stakeholders commended the Federal Government, labour unions, and Dangote Refinery management for de-escalating tensions through dialogue, but warned that future industrial disruptions could undermine investor confidence and economic recovery.

The statement described the Dangote Refinery as ‘more than a private venture,’ calling it a national symbol of what bold domestic investment can achieve after decades of failure in Nigeria’s state-run refineries and wasteful subsidy regimes.

‘Already, the refinery has begun to ease supply pressures, with petrol prices in some parts of the country dropping from around N1,500 per litre to about N820, a 55 percent reduction. This impact on transport costs and food prices offers Nigerians a glimpse of how local productivity can improve daily life,’ the group noted.

However, the signatories of the statement cautioned that strikes and threats of shutdowns could reverse this progress. ‘Industrial disputes, if not carefully managed, risk discouraging both domestic and foreign investment at a time when Nigeria most needs capital and innovation,’ the statement said.

Emphasising a balanced approach, the group outlined three key principles for sustainable growth: respect for workers’ rights, protection of productive enterprises, and commitment to social responsibility.

They stressed that while workers have the constitutional right to organise and demand fair treatment, such rights ‘cannot become a licence to hold the economy hostage.’

The statement also dismissed claims of monopoly against Dangote Refinery, arguing that Nigeria has regulatory institutions, such as the Federal Competition and Consumer Protection Commission (FCCPC), to handle such concerns.

‘Where there are legitimate issues of pricing or dominance, the proper channel is through these statutory bodies, not strikes that harm ordinary Nigerians,’ it added.

The coalition further urged transparency and community reinvestment from major investors, saying enterprises of such magnitude carry a social responsibility to the people they serve.

‘This crisis is not about a refinery or any other business. It is about the direction of our economy, whether we will continue in a cycle of scarcity and rent-seeking or build a future anchored in productivity, fairness, and shared prosperity. The Dangote Refinery represents an audacious step forward. It should not be undermined but strengthened, as a signal to other industrialists that investing in Nigeria’s future is worthwhile,’ the statement addded.

Other signees of the statement include Ibrahim Dahiru Waziri, Khalifa, Muhammad Sanusi II, Sarkin Kano, Obonganwan Barbara Etim James, Opeyemi Adamolekun, Osita Chidoka and Senator Sola Akinyede.

Sixty-seven percent of Nigerian children live in multidimensional poverty, deprived of basic education, health, and other basic rights, the United Nations Children Fund (UNICEF) said on Tuesday.

Kitty van der Heijden, the agency’s deputy executive director, said this at a breakout session on ‘Safeguarding Nigeria’s Future: Prioritising Child Well-being’ at the ongoing Nigerian Economic Summit in Abuja, warning that the country’s ambition for economic transformation could falter unless children’s welfare is placed at the heart of national policy.

‘Sixty-seven percent of children in Nigeria are multidimensionally poor. So if we talk about 100 children here, 67 out of 100 are deprived.

‘We talk about Nigeria’s economy and its political position in Africa and globally. But if the children of Nigeria are not getting their basic minimum rights and services, then those of us here as development partners are not doing our job’, she said, adding that children in the rural areas are the most deprived.

According to her, Nigeria’s children deserve better, and their well-being should not be treated as charity but as a matter of justice and rights.

‘It’s their right, not their privilege. It’s their fundamental right to be able to go to school, to learn, and to get the basic health services, both preventive and curative. Nigerian children don’t need to be child labourers. Nigerian girls don’t need to get married before they are actually women’, she added.

The UNICEF deputy chief underscored the importance of ensuring that every child has access to clean water, proper sanitation, and social protection, all of which she noted remain scarce in many parts of Nigeria.

Oby Ezekwesili, former minister of Education Minister, said Nigeria must begin to treat education as a core economic priority, warning that the country cannot achieve growth while neglecting its children’s learning and welfare.

‘Education is profoundly an economic activity,’ she stressed. She also tasked government on a nationwide system to register every child as the foundation for long-term planning.

‘We must get a sense of the children we bring into the world so we can plan scaled transformation for them. We can’t continue to cheat our children or dump on them.’

Ezekwesili, further proposed the creation of a national scorecard on child development, tracking progress in areas such as birth registration, immunisation, and literacy, among other indicators.

Suwaba Saidu, minister of State for Education, also emphasised that reliable data is crucial to tackling the problem of out-of-school children. She informed that he ministry is working to obtain accurate figures on the actual number lf out-of-school children tp ensure effective planning.

The Nigerian Presidency has dismissed a call by the US congressman, Riley M. Moore, urging the United States to designate Nigeria as a Country of Particular Concern (CPC) over what he described as ‘systematic persecution and slaughter of Christians’ in the country.

In a letter dated October 6, 2025, addressed to US Secretary of State Marco Rubio, Moore alleged that Nigeria had become ‘the deadliest place in the world to be a Christian,’ and urged Washington to halt arms sales to Abuja until the Nigerian government ‘demonstrates it is sufficiently committed to ending this reign of persecution and slaughter.’

‘More than 7,000 Christians have been killed in Nigeria in 2025 already, an average of 35 murders per day,’ the congressman wrote. ‘This includes at least 50 Christians brutally martyred on Palm Sunday and another 200 killed in June. These relentless persecutions have continued for years and show no signs of abating.’

He further claimed that between July 2009 and September 2025, over 19,100 Christian churches were attacked or destroyed, while at least 850 Christians were being held for ransom in jihadist camps. Moore also accused ‘corrupt cells of the Nigerian government’ of complicity in some of the attacks.

Citing reports from Open Doors and other Christian watchdog groups, Moore said Nigeria hosts ‘no less than 22 Islamic terror groups with links to ISIS and other broader networks,’ describing the situation as a ‘scourge of anti-Christian violence.’

The lawmaker urged Rubio to ‘redesignate Nigeria as a CPC without delay and withhold arms sales and all associated technical support until the Nigerian government has taken tangible steps to protect our brothers and sisters in Christ.’

However, the Nigerian government swiftly condemned the claims, describing them as misinformed, exaggerated, and politically motivated.

Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, criticised Moore and other US politicians for what he called a ‘propaganda campaign’ built on falsehood.

‘Rep Riley Moore, you are simply pathetic. You don’t know anything about my country. You, Rubio, Cruz and other hypocritical Christians on a propaganda campaign are feeding from some pots of lies about Nigeria,’ Onanuga said in a reply to Moore’s post on X.

‘Nigerian Christians are not under persecution, except for what you imagine. We reject your labeling of our country as the deadliest for Christians. If you are a faithful Christian, you should be more concerned about the genocide against Christian and Muslim Palestinians, including children and women, by your beloved Israel,’ he added.

Onanuga argued that the insecurity in Nigeria is not religiously motivated, stressing that ‘bandits and terrorists operating in some tiny parts of my country are not operating based on religion. They kill and maim Muslims inside mosques. They kidnap fellow Muslims and just anyone who falls prey.’

Similarly, Dada Olusegun, another presidential aide, described Moore’s letter as ignorant and disrespectful to Nigeria’s sovereignty.

‘Firstly let me say, Congressman Riley, you are ignorant if not more ignorant than @tedcruz about Nigeria,’ he wrote. ‘Secondly, Nigeria is a proud, sovereign nation built on the faith and resilience of its people. Here, no faith is under siege, no community is excluded. Our churches, mosques, and traditional shrines stand side by side – not as rivals, but as symbols of the unity that binds us.’

Just last week, the federal government also debunked similar claims of ‘religious genocide’ circulating on social media, linking them to coordinated disinformation from foreign accounts allegedly affiliated with the US and Israel.

In a statement, Mohammed Idris, minister of Information and National Orientation, said Nigeria remains a ‘multi-religious state’ that accommodates both major faiths.

‘Nigeria is a multi-religious state with large populations of both Christians and Muslims. We are home to one of the largest Muslim communities in the world, alongside some of the biggest Pentecostal churches and the largest Anglican congregation globally,’ Idris said.

‘Christianity is neither endangered nor marginalized in Nigeria. It is doubtful that foreign interlopers into Nigerian affairs are aware that the current heads of both the Armed Forces and the Police Force are Christians, a fact that underscores the inclusivity of our national leadership.’

The debate has since sparked controversy on social media, with Nigerians expressing mixed reactions. While some users supported Moore’s position, citing frequent attacks on churches and clergy in the country, others accused the US and Israel of attempting to blackmail Nigeria following Vice President Kashim Shettima’s recent speech at the United Nations General Assembly, where he reaffirmed Nigeria’s support for the Palestinian cause.

Observers say the latest exchange reflects growing tensions between Abuja and Washington over human rights and religious freedom narratives, an issue that has repeatedly surfaced in U.S. foreign policy toward Nigeria since the country was first placed, and later removed, from the CPC list between 2020 and 2021.

The US Country of Particular Concern (CPC) designation is reserved for nations that engage in or tolerate severe violations of religious freedom under the International Religious Freedom Act. Nigeria was first designated a CPC by the Trump administration in 2020, but the Biden administration removed it from the list in 2021, citing improved engagement with Nigerian authorities.

Several decades ago, the world-renowned artist and musician, Brian Eno, created a deck of cards called Oblique Strategies, each containing what he described as ‘a worthwhile dilemma.’ These cards, cryptic yet purposeful, were designed to accelerate imagination and open new pathways of association and meaning. Much like horoscopes in ancient times where celestial movements were linked to human affairs, Eno’s strategies sought to turn ambiguity into clarity and transform hesitation into direction.

InfraCredit has appointed Boo Hock Khoo, a leading figure in Asia’s development finance landscape, as an Independent Non-Executive Director. This addition adds depth and international experience to the company’s board as it continues to expand its impact in Nigeria’s infrastructure financing space.

Khoo is widely recognised as one of the pioneers of modern credit guarantee institutions across Asia. With nearly three decades of experience mobilising private capital for infrastructure and sustainable development, his appointment underscores InfraCredit’s strategy of strengthening its governance with globally tested expertise to deepen Nigeria’s domestic capital markets.

From Malaysia to Lagos

Born in March 1970 in Malaysia, Khoo holds a Bachelor’s degree in Management Information Systems from the University of Mount Union and an MBA from Ohio University. His career has been defined by his work in building financial systems that channel private capital into long-term infrastructure investments.

He began his career in Malaysia’s capital markets, serving as head of Infrastructure Ratings at RAM Ratings Services between April 2008 and May 2009. He later became deputy chief executive officer of Danajamin Nasional Berhad, Malaysia’s first financial guarantee insurer, where he helped deepen the country’s corporate bond market from 2009 to 2011.

From 2012 to 2019, Khoo was vice president of operations at the Credit Guarantee and Investment Facility (CGIF), a $700 million ASEAN+3 trust fund managed by the Asian Development Bank. There, he oversaw transactions that strengthened regional bond markets and expanded investor confidence across Asia.

He is also co-founder and chairman of the Development Guarantee Group (DGG), which designs and operates guarantee mechanisms to unlock private investment for sustainable infrastructure. Through DGG, he helped establish the Green Guarantee Company (GGC), the world’s first climate-focused financial guarantor dedicated to accelerating green investment in developing economies. He also chairs InfraZamin Pakistan, a credit enhancement facility supported by the Private Infrastructure Development Group (PIDG) and Karandaaz Pakistan, which promotes local-currency financing for infrastructure projects.

Commenting on his appointment, Khoo said, ‘It’s an honour to support InfraCredit’s continued progress. Its success in Nigeria is an inspiration to many countries around the world.’

InfraCredit’s Chairman, Sanjeev Gupta, said Khoo’s appointment ‘strengthens the company’s mission to unlock long-term local currency financing for sustainable infrastructure.’ CEO InfraCredit, Chinua Azubike, added that Khoo’s ‘firsthand expertise from Asia’s success stories’ will be invaluable as InfraCredit deepens Nigeria’s domestic capital markets and explores expansion opportunities across frontier economies.

Stakeholders in Nigeria’s infrastructure sector have called for greater respect for contractual agreements and sustained political stability to attract and retain private investment critical to the country’s development.

Speaking during a panel session titled Future of Infrastructure Funding at the 31st Nigerian Economic Summit (NESG) in Abuja on Tuesday, experts emphasised that unlocking Nigeria’s infrastructure potential requires private sector-led financing, especially to implement the National Integrated Infrastructure Master Plan (NIIMP).

Sustainable infrastructure growth depends on innovative financing models, including Public-Private Partnerships (PPPs), and incentives for subnational investments.

The stakeholders said private capital must take the lead, supported by clear regulatory frameworks that mitigate risks and ensure long-term returns across national and subnational levels.

They highlighted that investor confidence hinges on predictable governance and a reliable regulatory environment.

Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), stressed that upholding contract terms and maintaining political stability are essential to attracting private investment in Nigeria’s infrastructure sector.

Ewalefoh said investor confidence depends on credible governance and consistent regulatory frameworks.

According to him, ‘The future of infrastructure funding depends not only on available capital but also on the credibility of our institutions, the coherence of our policies, and the discipline of our implementation.’

Highlighting Nigeria’s infrastructure financing gap-estimated at over $3 trillion in the next 30 years-he stressed the need for private sector participation through Public-Private Partnerships.

He added that how governments honor existing contracts affects investor trust. ‘Investors watch how current partners are treated before committing funds,’ he said, noting that under the current administration, no PPP contract has been canceled-a message to reassure investors.

Abdul Kamara, Director-General of the African Development Bank (AfDB) in Nigeria, emphasised the role of capacity building and technical assistance in turning project ideas into bankable investments.

He highlighted Project Preparation Facilities (PPFs) as key tools for financing early-stage feasibility studies and engineering designs.

Kamara cited the AfDB-supported National Electrification Program, which has attracted over $350 million in private capital by targeting rural energy access through minimum subsidy tenders.

He also noted that Nigeria has yet to fully use risk mitigation tools such as Partial Credit Guarantees and Partial Risk Guarantees-mechanisms effective in other markets-and proposed a roundtable to raise awareness among project sponsors and financiers.

Daniel Mueller, Executive Director and COO of InfraCredit, stressed the need to update state-level PPP laws to allow longer-term concession agreements, especially in social infrastructure.

While welcoming recent reforms like decentralized electricity licensing, improved pension fund investment rules, and a more transparent foreign exchange regime, Mueller said clearer legal frameworks and more consistent project development across federal and state levels are still needed to unlock investment.

The forum also highlighted a key policy reform by President Bola Ahmed Tinubu’s administration that raised the Federal Executive Council’s (FEC) approval threshold for PPP projects to ?20 billion. This change aims to fast-track smaller projects, reduce delays, and align project timelines with investor expectations.

Ewalefoh described the reform as a strategic gesture of trust and partnership that strengthens the PPP framework.

Participants agreed that despite improvements in the investment climate, the priority now is effective implementation. They called for updates to subnational PPP laws, greater use of risk mitigation instruments, improved public sector capacity, and stronger project preparation.

‘The task before us is clear-to turn infrastructure plans into tangible, financeable, and deliverable outcomes,’ Ewalefoh concluded.

The roundtable is part of ongoing efforts by the ICRC and its partners to align Nigeria’s infrastructure financing strategy with global best practices while addressing the country’s development needs.

The Nigerian Economic Summit Group (NESG) has said Nigeria must begin to act urgently to transform ongoing economic reforms into sustainable growth and shared prosperity for citizens, warning that failure to consolidate the current phase could erode the hard gains made so far.

The economic group highlighted a seven-point focus area at the ongoing Economic Summit in Abuja on Monday that must underpin the next stage of reforms, which include a renewed focus on industrialisation and enterprise growth, infrastructure development and unlocking investments.

The group also highlighted fiscal sustainability, inclusion, strengthened institutions and improved security as critical drivers for the next phase of the reforms.

According to NESG, these reforms will not only turn to gains for Nigerians but can also unlock the ambitious $1 trillion economy.

Olaniyi Yusuf, chairman, NESG, in his opening remarks, commended the government for taking ‘courageous steps’ to remove fuel subsidies, unify the foreign exchange market, and initiate tax reforms, but acknowledged that Nigerians are currently in grief for these changes. He stressed that the real test now lies in converting reform gains into tangible improvements in productivity, competitiveness, and inclusion.

‘If we stop here, we risk losing the progress that has been so courageously won. The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while laying the foundations for long-term transformation that will secure prosperity for every Nigerian,’ he said.

He framed Nigeria’s reform journey around three distinct phases: stabilisation, consolidation, and acceleration, calling for deliberate policy action to move from the first to the second phase.

Meanwhile, President Bola Tinubu defended his administration’s sweeping economic reforms, insisting that every policy decision has been guided by ‘a pursuit of balance between economic logic and public expectation,’ even as he acknowledged the pain Nigerians continue to face in the transition period.

Speaking through Vice President Kashim Shettima at the event, the president said the government’s tough choices are beginning to yield tangible results across key sectors – including improved revenue generation, debt management, and macroeconomic stability.

Tinubu said, ‘There is no single decision we have taken that is not guided by the pursuit of balance between economic logic and public expectation. Every reform we have introduced has emerged from deep reflection, difficult conversations, and the courage to act in the national interest.’

He noted that Nigeria’s economy expanded to $372.8 billion in 2024, up from $309.5 billion in 2023, while total revenue rose from $19.9 billion to $25.2 billion within the same period. The country’s debt-to-GDP ratio, he noted, stood at 38.8 percent, well below the 60 percent limit prescribed by both the Fiscal Responsibility Act and the ECOWAS threshold.

‘Our tax-to-GDP ratio has now nudged towards 13.5 percent, up from barely 7 percent a few years ago,’ he said.

‘These are not mere statistics; they tell the story of a nation committed to reform and renewal. It shows that our decisions, though tough, are restoring fiscal confidence and investor trust.’

He further disclosed that Nigeria’s fiscal deficit had dropped sharply, with the debt service-to-revenue ratio declining to less than 50 percent, compared to 97 percent before the administration came into office.

Despite the improvements, Shettima admitted that the benefits of these reforms had not yet fully translated into jobs or relief for citizens.

‘I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap,’ he said, noting that the administration was prioritising agriculture, solid minerals, and small business financing to create sustainable employment.

Among other initiatives, the government has established a ?200 billion integration fund to support small and medium-scale enterprises (SMEs) and launched the New Hope Local Economy Programme, targeting all 8,809 wards across Nigeria’s 774 local government areas.

Tinubu, through the Minister of Finance and Coordinating Minister of the Economy, also highlighted tax reforms as key to boosting domestic revenue and reducing dependence on oil. He cited the recently enacted Tax Reform Act and new revenue administration laws as major steps in this direction.

‘These reforms will take low-income earners off the tax bracket, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration,’ he said.

‘We are simplifying processes, blocking leakages, and ensuring that every kobo counts.’

On infrastructure, the president said the government was currently constructing over 2,700 kilometres of superhighways and 440 road projects nationwide, alongside new rail lines and bridges.

He described such investments as ‘the axis of national prosperity and a pathway to long-term productivity.’

As he declared the summit open on behalf of the President, Shettima reaffirmed Tinubu’s commitment to an economy that is ‘stable, industrialised, and humanised.’

‘We will stabilise prices and the naira, industrialise our economy, humanise governance, and ensure that every citizen feels respected and served,’ he concluded.

Nigeria’s agricultural sector recorded steady growth during the 2025 wet season, with increased production across major food crops and a general decline in market prices, according to the latest Agricultural Performance Survey (APS) conducted by the National Agricultural Extension and Research Liaison Services (NAERLS), Ahmadu Bello University, Zaria.

The survey, released in collaboration with the Federal Ministry of Agriculture and Food Security (FMAFS) and 22 partner agencies, showed that rice, maize, sorghum, millet, cowpea, yam, and cassava all posted higher outputs compared to 2024.

‘The 2025 APS confirms steady growth in Nigerian agriculture, driven by expanded cultivated areas, improved practices, and farmer resilience across major producing states’, said Yusuf Sani Ahmad, Executive Director, NAERLS.

The study also found that food prices fell sharply across all six geopolitical zones, with maize, rice, and sorghum prices dropping by more than 50 percent nationally, reflecting improved food availability.

However, the sector continues to face challenges from climate shocks, flooding, and rising input costs. Fertiliser prices rose by nearly 20% on average, while floods in Niger, Jigawa, and several Southern States destroyed crops and infrastructure.

Despite these setbacks, the report highlights improved mechanisation data, with over 1,600 functional tractors recorded nationwide and new datasets from a Farm Family Census and Tractor Census introduced to enhance planning.

The livestock and fisheries sub-sectors showed mixed performance. Poultry and pig farmers faced outbreaks of Newcastle Disease and African Swine Fever, while fish production fell in some northern zones due to insecurity and flooding.

In his remarks during the report presentation, Abubakar Kyari, Minister of Agriculture and Food Security, said the findings would help the government refine its policies to boost food and nutrition security.

‘This report provides the evidence base we need to plan smarter, support our farmers better, and achieve national food sufficiency’, the minister stated.

According to the minister, the 2025 APS recorded increased production of rice, maize, sorghum, millet, cowpea, yam, and cassava compared to 2024 levels, alongside a ‘significant drop in food prices across all zones.’ He attributed the improvement to cumulative government efforts in boosting input supply, mechanisation, and farmer support systems, despite challenges such as erratic rainfall, flooding, and pest outbreaks.

Kyari, however, cautioned that rising input costs, particularly for fertiliser and fuel, as well as uneven mechanisation coverage and persistent postharvest losses, remain serious constraints to productivity.

He also highlighted livestock disease outbreaks and a decline in fisheries production in some regions as areas requiring urgent intervention.

‘The APS findings present both encouraging progress and critical challenges,’ the Minister said. ‘As a Ministry, we view these findings not merely as statistics but as a compass for future action.’

The report concluded with key recommendations, including the institutionalisation of a Dry Season Agricultural Survey, scaling up climate-smart agriculture, ensuring affordable farm inputs, expanding mechanisation, and strengthening extension and veterinary systems.

‘Nigeria’s farmers have shown remarkable resilience,’ Ahmad added. ‘Our task now is to build on these gains and make agriculture more adaptive, efficient, and data-driven.’

On Thursday last week, the naira converged at N1,455 per dollar in both the official foreign exchange (FX) market and the parallel market, effectively closing the exchange rate gap.

Foreign exchange speculation in Nigeria has fallen to an all-time low as the gap between official and parallel market rates continues to narrow sharply. The naira, which has sustained a strong rally across markets in recent months, trades at N1,480 per dollar at the parallel market and N1,470.26 per dollar at the official window as of Monday, October 6, 2025.

Analysts attribute the rebound to a surge in external reserves to $43.05 billion and a marked decline in speculative trading, reflecting renewed investor confidence driven by the Central Bank of Nigeria (CBN)’s ongoing reforms.

‘When I assumed office, I made a commitment that by the time I leave the Central Bank, no one would need to know anybody to get their business done. That was particularly important for the foreign exchange market, which had been plagued by inefficiencies and favouritism,’ said Olayemi Cardoso, governor of the, while addressing participants at the Bank’s annual lecture series held at the Lagos Business School last week.

He explained that the journey toward a more transparent and inclusive foreign exchange market has been long and demanding but ultimately rewarding. ‘In the past, people had to rely on connections to access foreign exchange for travel or business, but that was never a sustainable model. Things are now different. With the support of commercial banks and Chief Executive Officers present here, I must say a big thank you to them for their collaboration. Today, Nigerians can use their naira debit cards when they travel abroad, something that once seemed impossible,’ Cardoso stated.

Describing the development as a ‘major step in the right direction,’ he added, ‘It is transformative, it is not a passing phase, and it is here to stay. Going forward, you can expect to see more initiatives like this that will continue to strengthen confidence and encourage transparency in the foreign exchange market.’

Cardoso’s remarks reflect a broader transformation unfolding in Nigeria’s foreign exchange ecosystem, one defined by reduced speculation, improved liquidity, rising foreign reserves, and stronger market confidence driven by reforms under his leadership.

A country’s currency is an instrument of national pride. For the naira, a turbulent past that saw it lose significant value is gradually giving way to recovery. The ongoing rebound is being driven by stronger demand for the local currency, reduced speculative activity, and rising foreign reserves.

The forex reforms introduced by the CBN under Cardoso’s leadership are now yielding results, curbing speculative trading, narrowing market disparities, and restoring stability.

The apex bank has taken major steps to keep the naira stable in line with its exchange rate objective, boosting foreign exchange supply to retail end users, reducing distortions, and maintaining effective reserves management. Injecting liquidity into the market and enforcing compliance with FX regulations have reduced sharp depreciation pressures and increased foreign investor interest in the domestic economy.

Naira stability has also been supported by inflows from Foreign Portfolio Investors (FPIs), contributions from International Oil Companies (IOCs), and CBN interventions to authorised dealers. Renewed investor confidence has encouraged higher foreign participation, driven by a more transparent FX framework and improving macroeconomic fundamentals.

The CBN governor recently disclosed that Nigeria’s gross external reserves rose to $43.05 billion as of September 11, 2025, compared to $40.51 billion at the end of July 2025, providing an import cover of 8.28 months. ‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,’ Cardoso said at the 302nd Monetary Policy Committee meeting held in Abuja.

FX Speculations Dip

A Bureaux De Change (BDC) operator in Marina, Lagos, Garuba Sarki, said many dealers have incurred heavy losses as they sold below purchase rates due to the narrowing exchange rate gap.

‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira’s position against the dollar,’ he said.

Analysts at Commercio Partners attributed the rally and narrowing gap to stronger demand for the naira, reduced speculative trading, and improved reserves.

Ifeanyi Ubah, head of Research at Commercio Partners, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

However, experts caution that sustaining this momentum will depend on maintaining macroeconomic discipline, boosting crude oil production, and diversifying export earnings.

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), credited the naira’s ongoing stability to the CBN’s reforms.

He highlighted key policies such as the FX Code, improved investor confidence, and pro-investment initiatives that have effectively curtailed speculation. The FX Code, he said, comprehensively addresses standards for market conduct and operations among financial institutions, entrenching transparency, accountability, and compliance.

Gwadabe noted that all institutions engaged in the FX market are required to submit detailed implementation plans to the CBN on how they intend to achieve full compliance with the Code, approved and signed by their boards.

At the launch of the FX Code, Cardoso emphasised integrity, fairness, transparency, and efficiency as essential principles for sustaining Nigeria’s economic growth. The Code, built on six core pillars, ethics, governance, execution, information sharing, risk management, and compliance, aligns with international standards while addressing Nigeria’s unique market challenges.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Reforms Reshaping the Market

Beyond the FX Code, the CBN also introduced the Electronic Foreign Exchange Matching System (EFEMS), a tool proven in other economies to improve transparency, eliminate speculative distortions, and provide real-time market information.

Additionally, the apex bank lifted the 2015 restriction on 41 items from accessing FX at the official market to stimulate trade and investment.

These measures underscore the CBN’s commitment to creating an enabling environment for inclusive economic growth. However, Cardoso maintains that achieving lasting macroeconomic stability will require vigilance and proactive monetary management.

Gwadabe added that these policy shifts reflect Cardoso’s determination and creativity in ensuring sustained forex inflows that remain accessible to businesses and end users.

How It Started

When Cardoso assumed office in October 2023, he prioritised rebuilding Nigeria’s economic buffers and strengthening resilience. At the time, the FX market was burdened by over $7 billion in outstanding commitments and multiple exchange rate windows that encouraged arbitrage.

‘Over the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses, ranging from manufacturers to airlines the confidence to plan and invest in the future. To further enhance functionality, we are introducing an electronic FX matching system, which has proven effective in other markets,’ Cardoso explained.

Foreign capital inflows remain central to Nigeria’s economic stability. The CBN has since expanded sources of FX inflows, supporting manufacturers, investors, and retail users through improved access and simplified processes.

The Bank has encouraged diaspora remittances through new products, licensing additional International Money Transfer Operators (IMTOs), adopting a willing-buyer, willing-seller model, and ensuring timely naira liquidity access for IMTOs, all aimed at boosting inflows and promoting growth.

Policies Supporting Remittance Inflows

In further efforts to stabilise the naira, the CBN introduced two new financial products for Nigerians in the diaspora, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to streamline remittances, attract investments, and promote financial inclusion.

The CBN said the initiative provides a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. Non-Resident Nigerians can now remit foreign earnings into Nigeria and manage funds in foreign currency or naira, supporting family maintenance, education, and healthcare.

The investment account enables diaspora Nigerians to participate in the local financial markets, investing in bonds, fixed deposits, equities, government securities, and mortgage products. Both accounts offer currency flexibility and convertibility at prevailing exchange rates.

These innovations align with the CBN’s goal of doubling formal remittance receipts within a year, a move expected to deepen confidence in Nigeria’s financial system and enhance economic stability.

Mohamed Touhami el Ouazzani, Western Union’s regional vice president for Africa, noted in his report ‘Diaspora Remittances: The Power Behind Africa’s Sustainable Growth’ that remittances, beyond being financial flows, change lives. In 2023 alone, Africa received $90 billion in remittances, an amount comparable to the GDP of several nations.

He said, ‘Remittances symbolise deep ties that keep communities connected across borders. Families with breadwinners abroad depend on these funds for their daily needs, laying foundations for broader financial stability.’

According to him, every remittance is a seed of change, a deliberate investment in Africa’s future. By channeling these funds into key sectors, the diaspora is not just sending money home but building resilient economies across the continent.