Business
CBN Sacks All NIRSAL Executive Directors
The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
The decision, approved by CBN Governor Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since his assumption of office last year.
The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.
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A NIRSAL official confirmed the development, stating the remaining staff are awaiting clarity on the circumstances surrounding the executive directors’ dismissal.
In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments.
It has played a crucial role in de-risking the agriculture value chain and facilitated over N219 billion in funding for the sector.
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The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year.
In May, seven directors and over 90 senior management staff were dismissed. The series of terminations has raised concerns about the bank’s restructuring efforts and their impact on its operations and the overall financial system.
As the CBN continues its restructuring process, the implications for NIRSAL and the broader agricultural sector remain uncertain.
The dismissal of the executive directors raises questions about the future direction of the organisation and its ability to effectively support agricultural development in Nigeria.
Business
NNPCL Increases Fuel Price
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.
It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.
This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.
READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery
Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.
This means that the petrol pump price was increased by N65.
This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.
Business
Naira Appreciates Against Dollar As External Reserves Swell
The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.
According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.
READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market
This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.
Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.
The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.
Business
Naira Continues To Appreciate Against Dollar On Official Market
The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.
Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.
This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.
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Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.
Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.
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