Business
CBN Issues Directive On Foreign Exchange Policy Reforms
The Central Bank of Nigeria has issued a directive to all banks on the need to strictly comply with recent foreign exchange policy reforms.
In a letter signed by the Acting Director, Banking Supervision, Dr. Adetona Adedeji on Thursday addressed to banking institutions, the CBN stressed the need for prudent financial management and risk mitigation.
The CBN’s directive underscores the importance of maintaining a robust financial position in the face of potential currency fluctuations. Specifically, banks are required to set aside Foreign Currency revaluation gains as a counter-cyclical buffer. This measure aims to cushion any adverse movements in the FX rate, ensuring stability and resilience within the banking sector.
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In a bid to enhance financial stability, the CBN has explicitly prohibited banks from utilizing these gains for certain purposes. Notably, banks are not allowed to pay dividends – FCY revaluation gains should not be distributed as dividends to shareholders. Instead, they must be retained to strengthen the banks’ financial position.
The apex bank noted that the gains cannot be used to cover day-to-day operating expenses. Banks must exercise prudence and allocate these funds strategically.
The CBN’s letter serves as a reminder to all banks to adhere strictly to these guidelines. Failure to comply may result in regulatory action. Banks are urged to review their financial practices and ensure alignment with the prudential measures outlined by the CBN.
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The Acting Director reiterated the importance of maintaining financial stability and safeguarding the interests of depositors and the broader economy.
Banks are advised to take immediate action in line with this guidance.
The statement partly reads, “Further to our letter dated September 11, 2023, referenced BSD/DIR/CON/LAB/16/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate.
“In this regard, banks shall not utilise such FX revaluation gains to pay dividends or meet operating expenses. Please be guided accordingly.”
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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