Business
Naira Depreciates By 41% Against Dollar Despite CBN Interventions In 2024
Published
7 months agoon
By
Editor
The Naira depreciated by 41% and 26% against the dollar in the official and parallel foreign exchange markets, respectively, to end 2024, despite interventions from the Central Bank of Nigeria.
This comes as DAILY POST reports that the exchange rate against the dollar closed at N1,538.25 in the last trading session of 2024.
On a year-on-year basis, the Naira fell by 41% when compared to N907.11 per dollar at the end of 2023, according to FMDQ data.
Similarly, the Naira weakened by 26.6% at the black market compared to the N1,215 per dollar exchange rate at the end of 2023.
READ ALSO: Naira To Depreciate To N1,804 Per Dollar In 2025 – Report
The depreciation in both markets occurred despite the rollout of policy interventions by the Central Bank of Nigeria under Olayemi Cardoso.
Recall that in May 2024, the apex bank introduced fresh guidelines for Bureau De Change (BDC) operators in Nigeria to regulate their activities.
At different intervals, the CBN also intervened in the FX market, supplying dollars to licensed BDC operators at a subsidized rate.
The latest intervention by the CBN was the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in 2024.
In the 2025 projection, President Bola Ahmed Tinubu, in his annual budget presentation, benchmarked the exchange rate at N1,500 per dollar.
DAILY POST
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Business
Nigeria’s Economy Grew By 3.13% In Q1 2025 — NBS
Published
1 day agoon
July 22, 2025By
Editor
Nigeria’s Gross Domestic Product grew by 3.13 per cent year-on-year in real terms in the first quarter of 2025.
This is according to the latest report by the National Bureau of Statistics on Monday.
According to the bureau, this represents an improvement over the 2.27 per cent growth recorded in the corresponding period of 2024.
READ ALSO:Coalition Illogical, Driven By Personal Ambition – Bode George
The NBS, in its Q1 2025 GDP report, said the economic performance in the quarter was driven mainly by the services and industry sectors.
The report read, “Gross Domestic Product (GDP) grew by 3.13 per cent (year-on-year) in real terms in the first quarter of 2025. This growth rate is higher than the 2.27 per cent recorded in the first quarter of 2024.”

The Central Bank of Nigeria has explained why interest rates remain elevated, insisting that the monetary policy stance reflects not just a fight against inflation but a bold attempt to restore credibility, rebuild investor confidence, and defend the value of the naira.
The CBN Governor, Olayemi Cardoso, disclosed this at the Nigeria Domestic Investment Summit: Operationalising Nigeria’s first policy, organised by the Ministry of Industry, Trade and Investment, on Monday in Abuja.
The apex bank stated this ahead of its forthcoming decision on the Monetary Policy Rate on Tuesday, a critical benchmark that directly impacts domestic investors.
Represented by the Director of Risk Management, Blaise Ijebor, at the Nigeria Domestic Investment Summit in Abuja, he admitted that high interest rates are painful, especially for businesses and the real sector, but argued that they are necessary to stabilise the macroeconomic environment.
“High interest rates are painful. We all know that. We all recognise that, especially for the real sector. But interest rates are not just about affordability, they are also about credibility,” Cardoso said.
READ ALSO:DMO Unveils July FGN Savings Bond As CBN Offers N250bn In Treasury Bills
According to him, the current monetary policy stance sends “a strong signal that Nigeria is serious about defending the value of its currency, restoring macroeconomic balance, and regaining investors’ confidence.”
The CBN Governor said the bank had no choice but to “return to fundamentals” after taking over an economy plagued by policy distortions, opaque forex markets, and evaporating investor confidence.
“Eighteen months ago, our financial markets were in disarray. The foreign exchange system was broken. There was policy opacity and severe investor apathy.
“Our immediate task as a Central Bank was to arrest the slide and restore discipline. And that meant bold reforms, not technical tweaks, starting with exchange rate unification, phasing out unsustainable interventions, and returning to a transparent market framework”, Cardoso added.
He added that monetary tightening, though painful in the short term, had yielded results in the form of increased investor confidence, improved reserves, and a more coherent policy environment.
READ ALSO:CBN Donates Motorized Fire Caddy To Federal Fire Service In Bauchi
“But while we defend stability with one hand, we are using the other hand to build inclusivity. We are improving access to finance, modernising payment infrastructure, streamlining regulation, and setting the stage for banks to better support businesses. That’s the spirit behind the recapitalisation programme”, he stated.
Speaking further, Cardoso commended domestic investors for their resilience through years of volatility, policy uncertainty, and inflation shocks.
He urged investors to see the forum not just as a “talk show” but a space to co-create solutions based on lived experiences.
“You all stayed the course. You continued to bet on Nigeria. That kind of patriotism is not just admirable, it is the foundation on which any credible recovery must be built.
“The challenges, innovations, and practical suggestions are critical to shaping a financial system that works for, with, and on your behalf, not against you”, he said.
In a strong effort to reframe the role of tax regulators, the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the agency now sees itself not as an enforcer but as a facilitator of growth.
READ ALSO:CBN Gov, Legal Adviser Face N220m Contempt Suit
“When you talk about the Nigerian Revenue Service, it’s deliberate. We are not law enforcement agents. We are service providers. You are our bosses,” Adedeji declared.
He said the new tax reforms under President Bola Tinubu had consolidated over 60 uncoordinated taxes into a single-window framework, making it easier for businesses to comply.
“We are here to remove your burdens. This is not about taking powers from any agency. It is about simplifying processes so businesses can scale, export, and grow”, he said.
On his part, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Jani Ibrahim, said that while foreign investments are welcome, domestic investors remain the unsung heroes of Nigeria’s economic journey.
“Foreign investment is important, but let us never underestimate the power, resilience, and ingenuity of local investors, MSMEs, and industrialists who have stayed committed to the Nigerian project.
“As we pursue the $1tn economy by 2030, domestic investment must be at the heart of our national strategy. And I assure you, we will surpass that target”, he stated.
READ ALSO:CBN Lists Conditions For Sale Of FX To BDC Operators
Oye also announced that NACCIMA would be hosting a Made-in-Nigeria exhibition later in the year to showcase local capacity and attract scale-up opportunities.
Also speaking at the event, the Permanent Secretary, Ministry of Industry, Trade and Investment, Abba Rimi, described Nigerian investors as more than just capital providers.
“Domestic investors are community builders, job creators, and drivers of local value chains,” Rimi said.
He pledged government support for local businesses and said policy co-creation would remain a core strategy going forward.
He added, “This summit is not just a dialogue platform. It is a place to showcase investment-ready opportunities, resolve challenges, and build solutions that reflect the realities of Nigerian entrepreneurs. We are listening. We are learning. And we are ready to act.”
PUNCH Online reports that the summit was directed by Tinubu and organised by the Trade Minister, Jumoke Oduwole, to co-curate strategies, policies and reforms and come back to him with clear targets and specific requests of what is needed to help us all to actualise the eight-point Renewed Hope Agenda, the Nigeria First Policy and achieve the $1tn economy by 2030.
Business
First Bank: Controversy Trails Multi-billion Naira Shares Deal
Published
5 days agoon
July 18, 2025By
Editor
There seems to be uncertainty around the share sales and purchase deal between Oba Otudeko, Hassan Odukale on one hand and Femi Otedola on the other in First HoldCo, the parent company of First Bank.
The deal delivered an unprecedented quantum of the financial group’s shares to Otedola, the current Group Chairman of First Holdco, from the shareholdings of Odukale and Otudeko, the two immediate past chairmen of the group.
Also the deal ramped up Otedola’s holdings in the Group to an unprecedented level of 40%, the largest in the history of the bank and also largest single shareholdings amongst the tier-1 banks in Nigeria.
READ ALSO:Court Nullifies Shell, AFC, Others’ ICC Arbitration Against Aiteo
However, when Vanguard contacted the Nigerian Exchange Limited, the Spokesperson, Clifford Akpolo, said: ”I am not aware of these transactions as the NGX Reg has not notified the NGX.”
The NGX trading rules required that a sale or purchase of shares up to 5% must be notified to the NGX Reg. The deal covered about 25% of the bank’s total shareholding.
Similarly, First Bank’ s spokesperson, Mr. Ismail Omamegbe, did not respond to a text message sent to him, nor responded to calls in respect of the deal.
But sources in the bank indicated that the deal was executed off-trading floor and in connection with the long-drawn battle between the current board of the bank group and the two former board chairs who opted to surrender their shares for the bank to drop legal proceedings against them.
READ ALSO:FirstBank Changes Names Of UK, Africa Subsidiaries
The deal, executed through 17 negotiated trades at ?31 per share, involved the transfer of 10.43 billion units of FBN Holdings shares and is estimated to be worth over ?324 billion.
The acquisition, confirmed by trading data and capital market sources, marks a turning point in the ownership structure of one of Nigeria’s oldest and most prominent financial institutions.
The buyer in all 17 deals was First Securities Ltd, while the sellers included CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd (acting as both buyer and seller in select trades).
(VANGUARD)
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