Business
Naira Recovery Against Dollar To Begin February 2021 – CBN
The Central Bank of Nigeria (CBN) says the naira will begin recovery against the dollar and other global currencies from February 2021.
This was contained in the latest CBN Business Expectation Survey released by its Statistics Department.
The survey respondent firms, however, envisage higher interest rates from January, March till June 2021.
According to the report, although the naira has for several months depreciated against the dollar, the local currency appreciation against the greenback will start from February 2021 till July same year.
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The December 2020 Business Expectations Survey was conducted online from December 7 to 11, 2020, with a sample size of 1,050 businesses nationwide.
A response rate of 91.3 per cent was achieved and the sample covered agriculture/services, manufacturing, wholesale/retail trade, and construction sectors. The respondents were made up of small, medium, and large corporations covering both import-oriented and export-oriented businesses.
On the state of the naira, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the local currency has lost over 26.72 per cent of its value so far in 2020.
He attributed naira’s continued decline to a heightened forex supply shortage, demand pressure, and rationing.
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Rewane noted that for the naira rates to converge would require the adoption of a fully floating exchange rate system determined by the forces of demand and supply.
Also, the International Monetary Fund (IMF) had called for unified exchange rate for the naira to promote growth and attractive foreign capital.
The CBN had last month devalued the naira by N6 to a dollar. The naira devaluation brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank.
In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorised dealers, Bureaux De Change and Service Providers were advised to add N6 across all rates.
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The naira was a month ago exchanging at N500/$ at the parallel market before it appreciated to N465/$ at the weekend. The local currency has, however, remained stable at N379/$ on the CBN’s official rate, a check at the apex bank’s website showed.
(NATION)
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.”
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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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