The naira retreated further against the U.S. dollar on Wednesday as reduced FX liquidity triggered fresh pressure in both the regulated and informal currency markets.
The domestic currency depreciated due to tightening dollar supply, with analysts noting that demand for the greenback continues to outpace available inflows. The decline persisted despite expectations that diaspora remittances ahead of the festive season may cushion FX availability in the coming weeks.
At the official window, the spot exchange rate weakened by 0.16% to close at N1,447.65 per dollar. In the parallel market, the naira slipped by 18 basis points, settling at N1,460 per dollar.
Market sentiment remained subdued as currency traders reported renewed pressure across both FX segments. The intraday high touched N1,450 per dollar, while the naira briefly strengthened to N1,443.5000 amid indications of the Central Bank’s presence in the market.
Latest figures from the CBN dashboard showed that Nigeria’s external reserves saw fresh accretion, bringing the balance to $44.914 billion as of Tuesday. Analysts believe ongoing reserve growth could push total reserves above the $45 billion mark in December.
CBN Governor Yemi Cardoso recently revealed that Nigeria’s foreign reserves had climbed to $46.70 billion in November, although the figure is yet to be reconciled with official data releases.
On the global stage, the U.S. dollar traded with a firmer bias after a period of heavy selling, consolidating in a tight range ahead of key monetary policy updates.
Meanwhile, gold prices resumed their upward trajectory following a strong rebound, reaching as high as $4,240 per ounce during early U.S. trading hours. Market experts attribute the rally to rising expectations of imminent monetary easing by the U.S. Federal Reserve.
Current projections show an 88% probability of an interest rate cut by December, with the broader market pricing in roughly 90 basis points of easing through 2026.
The Nigerian Exchange (NGX) extended its positive performance on Wednesday, as the benchmark All-Share Index advanced by 0.27% to close at 145,323.87 points. Market capitalisation climbed to ₦92.38 trillion, reflecting an N252 billion increase in investor wealth. Analysts noted that market sentiment remained broadly upbeat, supported by a market breadth of 1.9x after 30 listed equities appreciated against 16 decliners.
According to market dealers, renewed interest in heavily discounted stocks across major sectors helped sustain the bullish trend. Top gainers during the session included GUINNESS, NCR, NGXGROUP, MULTIVERSE, and SKYAVN, while the biggest laggards were VERITASKAP, LASACO, PRESTIGE, ROYALEX, and ETI.
Stockbrokers also highlighted notable upward movements in BUACEMENT, UBA, WEMABANK, STERLINGNG, and others. The All-Share Index added 395.51 basis points, settling at 145,323.87 points at the close of trade.
Trading activity showed mixed directions. Share volume surged by 271.27% to 2.25 billion units, while the total number of deals rose by 45.45% to 21,513 transactions. However, the total value of trades dropped significantly by 47.17% to ₦20.97 billion.
ACCESSCORP dominated the activity chart, accounting for 13.60% of total volume, followed by ZENITHBANK (13.17%), GTCO (8.70%), STERLINGNG (6.27%), and FIDELITYBK (5.25%).
In terms of value, ZENITHBANK led the chart with 20.54% of the day’s total market turnover.
GUINNESS topped the gainer’s list, advancing by +10.00%, closely trailed by NCR (+9.98%), NGXGROUP (+9.96%), MULTIVERSE (+9.95%), SKYAVN (+9.74%), OMATEK (+5.69%), along with 24 others.
On the downside, fifteen stocks recorded price declines. VERITASKAP led the losers with a drop of -4.47%, followed by LASACO (-3.77%), PRESTIGE (-3.03%), ROYALEX (-2.56%), ETI (-1.88%), and CORNERST (-1.75%).
Consequently, market breadth closed on a strong positive note with 30 gainers and 15 losers.
Sector performance showed a mixed outing: the Banking Index appreciated by 0.65%, Industrial Goods advanced 0.47%, Consumer Goods climbed 0.38%, and the Insurance Index gained 0.27%. Meanwhile, Oil & Gas fell by 0.47%, and the Commodities Index dipped 0.24%.
Nigeria’s money market recorded mixed movements across key short-term interest rates on Tuesday, even as overall liquidity levels in the financial system rose sharply due to substantial inflows.
Short-term benchmark interest rates have remained below 23% following the adjustment to the asymmetric corridor around the Monetary Policy Rate introduced in November. Despite elevated liquidity, rate movements continued to show divergence across several tenors.
Market liquidity opened with a surplus of ₦3 trillion—an increase of ₦847.7 billion from the previous day—driven largely by a ₦772.9 billion OMO maturity and a ₦10.2 billion bond coupon inflow, according to figures from AIICO Capital Limited.
Deposit Money Banks have also reduced placements at the Central Bank’s Standing Deposit Facility (SDF), following a rate adjustment from 24.50% down to 22.50%. Total placements at the window slipped by 0.2% to ₦1.99 trillion. Analysts noted that banks may continue adjusting positions intermittently as they assess opportunities to increase treasury-related investments.
Data from Cowry Asset Limited showed that the Nigerian Interbank Offered Rates rose across all tenors. The overnight rate increased by 2 basis points to 22.80%, signalling tightening liquidity across the system. The 1-month, 3-month, and 6-month rates also climbed by 31, 45, and 33 basis points, respectively.
Funding costs in the money market displayed varying patterns, with the Overnight rate easing slightly by 6 basis points to 22.79%, while the Open Repo Rate remained unchanged at 22.50%.
Treasury-bill activity was subdued as the average yield on Nigerian Treasury Bills edged up 1 basis point to 16.83%, reflecting cautious positioning among investors and limited appetite for short-term debt instruments.
Nigeria’s financial sector may soon witness a major shift in its consumer-protection framework as the Central Bank of Nigeria (CBN) has released a new draft policy that could compel banks and regulated financial institutions to compensate victims of Authorised Push Payment (APP) fraud within 48 hours once their investigations are completed.
APP fraud occurs when criminals manipulate, deceive, or psychologically pressure victims into sending money to them directly. Unlike classic cyber intrusions, the victim’s banking credentials remain uncompromised—the transfer is authorised by the customer but under misleading circumstances. This loophole has historically prevented customers from receiving refunds under conventional fraud-protection systems.
The CBN’s newly issued exposure draft, dated November 26, 2025, introduces strict timelines and liability structures designed to provide faster redress, especially as social-engineering and deception-based scams continue rising across Nigeria’s digital-payment ecosystem.
Under the proposed framework, financial institutions must conclude all investigations into reported APP fraud within 14 working days. Once eligibility is confirmed, the bank must process a refund to the affected customer within 48 hours. The apex bank cautioned that institutions that fail to identify suspicious activity, delay escalation, or allow fraudulent proceeds to move through their systems will be held financially responsible.
The draft highlights that APP fraud is fundamentally different from traditional account breaches because victims are persuaded—sometimes emotionally, sometimes through impersonation or false investment offers—into authorising the transfers themselves. These schemes have grown increasingly sophisticated amid the expansion of instant-payment channels nationwide.
According to the CBN, the initiative aims to deepen trust in Nigeria’s digital-transactions landscape, where instant transfers dominate everyday financial activity. Stakeholders have a three-week window to submit feedback before the final policy is issued.
To strengthen institutional accountability, the guidelines require board-level oversight over fraud-risk controls. Banks must develop improved monitoring systems, enhance escalation protocols, and carry out comprehensive post-incident analysis for every confirmed case.
The proposed rules further mandate banks to deploy Early Warning Systems capable of detecting behavioural anomalies, unusual transaction flows, repeat fraud claims, market-intelligence signals, and accounts previously associated with suspicious patterns. Dedicated fraud-analytics units are expected to regularly update frameworks and document red-flag triggers.
In multi-bank fraud cases, the institution that initiated the transfer is obligated to begin inquiries immediately and notify all involved banks within 30 minutes of receiving a complaint. Where delays exceed the 14-day period, the case will be taken over by the CBN’s Consumer Protection and Financial Inclusion Department, which will issue a binding decision.
Eligibility requirements are clearly defined. Customers must have authorised transfers due to misrepresentation, deception, or lack of reasonable suspicion of fraud. They must also report incidents within 72 hours; however, exceptions apply in cases involving illness, force majeure, security threats, or unavailable reporting channels. Banks are required to provide round-the-clock reporting platforms, including email, mobile apps, USSD channels, hotlines, and physical branches.
To deepen public understanding of fraud risks, the CBN is mandating quarterly awareness campaigns delivered in multiple local languages across different media platforms. The guidelines also outline a cost-sharing model: where neither bank is at fault yet the customer qualifies for reimbursement, the refund burden will be split evenly. All institutions must comply with the Nigeria Data Protection Act 2023 in their handling of sensitive information.
Nigeria’s foreign-exchange market experienced a wider spread on Tuesday as the naira moved in opposite directions across official and informal trading segments, causing market participants to readjust expectations amid fluctuating liquidity conditions.
Data from the day’s session showed that the gap between the official Nigerian Foreign Exchange Market (NFEM) rate and parallel-market rate increased to 1.70%, up from the previous 1.14%. The divergence reflects ongoing volatility even as speculative pressure continues to decline.
In the official window, the naira recorded an appreciation of ₦3.04, closing at ₦1,445.39 per dollar as supply flows remained steady. Market observers attributed the improvement to robust liquidity and strengthened demand-management measures enforced by the Central Bank of Nigeria.
However, in the parallel market, the currency weakened by ₦5 to settle at ₦1,470 per dollar. The contrasting performance between both markets widened the FX spread and signalled persistent structural challenges affecting price convergence.
Central Bank data indicated slight gains in the NFEM rate, which climbed by ₦3.04 to close at ₦1,445.3929, reversing earlier mild losses. Analysts noted that this movement reflects temporary relief in FX pressures.
Meanwhile, Nigeria’s external reserves increased to $44.67 billion, representing a 9.3% growth since the start of the year. The reserves have continued to provide critical support for currency defence initiatives and FX market stability.
Analysts expect the naira to continue trading in line with prevailing demand-supply dynamics, noting that healthy reserves could cushion short-term volatility.
Global commodities also trended softer. International oil benchmarks recorded a decline as markets re-evaluated geopolitical risks and monitored oversupply concerns. Brent crude dipped by 76 cents or 1.20% to close at $62.41 per barrel, while U.S. West Texas Intermediate (WTI) lost 71 cents or 1.20% to settle at $58.61.
Gold prices also retreated as investors engaged in profit-taking after recent multi-week gains. Spot gold dropped 0.85% to $4,196.96 per ounce, while U.S. gold futures declined 1.07% to $4,229.00 per ounce. Analysts believe gold may remain pressured in the short term due to firmer U.S. yields and expectations ahead of the Federal Reserve’s upcoming policy announcement.
The Economic and Financial Crimes Commission (EFCC) on Tuesday told the Special Offences Court in Ikeja that the second defendant in the ongoing $4.5 billion fraud trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, Henry Omoile, did not make his statements under duress.
Emefiele faces a 19-count charge involving allegations of receiving gratification and corrupt demands, while Omoile is facing a three-count charge for the unlawful acceptance of gifts as an agent. Both defendants have pleaded not guilty.
During the resumed proceedings, EFCC witness Alvan Gurumnaan testified in a trial-within-trial, asserting that EFCC operatives are trained professionals who do not extract statements through threats, violence, or intimidation.
“The second defendant did not make any statement under duress,” Gurumnaan told the court. “Our officers do not force statements through violence.”
Gurumnaan also admitted that there was no video recording of Omoile’s statement, adding that it is the responsibility of the defendant to prove any claim of duress.
The trial-within-trial was ordered following objections by Omoile’s defence counsel, Adeyinka Kotoye (SAN), during the last sitting on October 9, 2025. At that session, prosecuting counsel Rotimi Oyedepo (SAN) had sought to tender Omoile’s extra-judicial statements as evidence, but Kotoye argued that the statements were not voluntary.
Justice Oshodi subsequently directed the court to conduct a trial-within-trial to determine the voluntariness of the statements before they could be admitted as evidence.
With the 2025 Africa Cup of Nations drawing closer, Morocco is finalizing a series of stadiums that many observers believe will elevate the tournament’s standards to new heights.
Scheduled to run from 21 December 2025 to 18 January 2026, the continental showpiece is already building anticipation as national team rosters emerge. Attention has now turned to Morocco’s host venues, with stadiums spread across five major cities — each blending modern architecture with the country’s rich cultural identity. CAF has confirmed the venues and full match schedule, offering fans a detailed look at what awaits.
Rabat: The Heart of AFCON 2025
Rabat is set to host a substantial portion of the competition, led by the recently revamped Complexe Sportif Prince Moulay Abdellah. The 69,500-seat stadium reopened on September 5, 2025, following a significant renovation. Located just minutes from the city center, it has a strong pedigree, having hosted AFCON 1988 and the FIFA Club World Cup.
It will stage the opening match between Morocco and Comoros on December 21 and is also slated to host multiple knockout fixtures, including the semi-final and the final on January 18.
Also in Rabat is the newly built Tade Annexe Olympique, a 21,000-capacity arena completed in an impressive nine months. Featuring a natural-grass playing surface, world-class lighting systems and dedicated cryotherapy recovery rooms, it stands among the country’s most advanced sporting complexes. Teams such as Tunisia, Uganda, Benin and Botswana will contest group-level matches at this venue.
Another standout facility is the Complexe Sportif Prince Héritier Moulay El Hassan, built on the historic FUS Rabat grounds. Showcasing Berber-inspired architectural elements, the stadium will host Group E matches — including Algeria’s games — and a Round of 16 encounter.
Rabat’s stadium lineup is completed by Stade El Barid, located in the Agdal district. Known for its excellent sightlines and compact 18,000-seat design, it will welcome DR Congo, Benin, Uganda, Tanzania and Botswana for group-stage fixtures, in addition to hosting a Round of 16 match.
Casablanca: A Historic Football Fortress
Casablanca contributes the celebrated Stade Mohammed V, a stadium originally opened in 1955 and regarded as one of Africa’s most atmospheric footballing cathedrals. With its 67,000-seat capacity, the venue will host key group matches featuring Mali, Zambia, Burkina Faso and Sudan, as well as the third-place game scheduled for January 17.
Agadir, Fes, Marrakech and Tanger Gear Up for Packed AFCON Nights
On Morocco’s Atlantic coastline, the Grand Stade d’Agadir will host several high-profile encounters, including Egypt’s matches against Zimbabwe, South Africa and Angola. The stadium is also set to stage a quarter-final fixture on January 10.
Fes will play a central role in Nigeria’s Group C campaign, with the Complexe Sportif de Fès hosting all three group matches for the Super Eagles. Nigeria will begin their journey against Tanzania on December 23 before taking on Tunisia and Uganda at the same venue.
Further south, the Grand Stade de Marrakech — a 45,240-seater equipped with advanced media and medical facilities — will host matches involving South Africa, Côte d’Ivoire, Mozambique and Angola, plus a Round of 16 duel.
To the north, the Grand Stade de Tanger, named after famed explorer Ibn Battuta, stands as one of Morocco’s most imposing arenas. With a seating capacity of 68,000, it will host all Group D games — including Senegal’s tournament openers — and a knockout-stage matchup.
Manchester City forward Erling Haaland carved his name even deeper into English football history on Tuesday, becoming the quickest player ever to register 100 Premier League goals — a milestone he reached with astonishing speed and trademark ruthlessness.
The Norwegian international hit the landmark figure during City’s clash with Fulham at Craven Cottage, bringing a brief period without goals to an abrupt end in emphatic fashion.
Haaland opened the scoring midway through the first half, putting City ahead with a clinical finish. The strike elevated him to the century mark in just 111 league matches, smashing Alan Shearer’s long-standing record. Shearer, who famously represented Newcastle United and Blackburn Rovers, required 124 appearances to hit the same milestone.
Since arriving at Manchester City from Borussia Dortmund in 2022, Haaland has relentlessly collected individual records, each one enhancing his reputation as one of the most explosive forwards of his generation. Although he had gone three games without a goal — against Newcastle, Bayer Leverkusen and Leeds — his latest finish was a clear reminder of his destructive instincts inside the penalty area.
The breakthrough began with Jeremy Doku, who drove into the box before cutting the ball back with precision. Haaland took a momentary glance before unleashing a powerful strike from close range, firing from around 12 yards and leaving Fulham goalkeeper Bernd Leno helpless as the ball rocketed past him.
The goal marked his 15th Premier League strike of the season and his 20th across all competitions.
Among his 100 Premier League goals, Haaland has netted 71 with his formidable left foot, while 17 have come from headers — reinforcing his reputation as a multidimensional finisher.
While Shearer’s iconic all-time Premier League record of 260 goals remains a steep mountain to climb, Haaland’s extraordinary scoring frequency suggests that even the division’s most enduring landmarks may face serious threat in the years ahead.
Governor Ademola Adeleke of Osun State has formally resigned from the Peoples Democratic Party (PDP), citing a “current crisis” within the party’s national leadership.
The governor, who was elected on the PDP platform, confirmed his resignation in a letter dated November 4, 2025, addressed to the party chairman in Ward 2, Sagba Abogunde, Ede North Local Government Area. “I hereby resign my membership of the PDP with immediate effect,” Adeleke wrote.
In the letter, Adeleke expressed gratitude for the opportunities the party afforded him, first as Senator for Osun West and subsequently as Governor of Osun State. His spokesperson, Mallam Olawale Rasheed, later signed a public statement confirming the resignation.
Political analysts describe Adeleke’s exit as one of the most significant resignations in the PDP since internal tensions escalated at the national level. The development is expected to reshape the political landscape in Osun State and could trigger fresh alignments ahead of the 2026 electoral cycle.
The resignation also highlights wider questions regarding the PDP’s cohesion, as several senior members have voiced dissatisfaction with the party’s direction.
Speaking to NigeriaUpdates, political commentator Dr. Kemi Ajayi called the move “a warning signal the party can no longer ignore.” She added, “When serving governors begin to leave, it indicates deeper structural decay within the party.”
Reactions among Osun residents were mixed but largely unsurprised. “The crisis in the PDP has been obvious for months,” said Mukaila Adebisi, a resident of Osogbo. “People expected something like this to happen sooner or later.”
Meanwhile, a senior PDP official, speaking on condition of anonymity, expressed confidence that the party “will survive the turbulence,” noting ongoing engagements to resolve internal disputes.
What’s Next for Governor Adeleke?
Adeleke has yet to announce his next political move. Analysts suggest several possible paths, including functioning as a neutral governor, operating with an alternative political coalition, or defecting to another major party.
For Osun residents, the immediate concern is whether the resignation will impact governance, budget allocations, and ongoing state projects.
The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday formalised a major financing initiative, signing a Memorandum of Understanding (MoU) to launch the $100 million Nigerian Content Intervention Fund (NCIF) Equity Scheme.
The agreement was signed by NCDMB Executive Secretary Felix Ogbe, and BoI Managing Director Dr. Olasupo Olusi, marking a new phase in Nigeria’s push to enhance indigenous participation in the energy and industrial sectors.
Ogbe described the deal as a significant milestone for local content financing, noting that the scheme will provide equity investment to high-growth Nigerian energy service firms while diversifying the Board’s revenue streams.
He added that the Board had concluded the framework for issuing the Nigerian Content Equipment Certificate, which will validate companies’ compliance with the mandatory 1% remittance policy. The certificate will become a requirement for major permits and approvals beginning January 1, 2026.
BoI MD Dr Olusi commended the partnership, highlighting that the equity and quasi-equity structure of the fund is designed to strengthen the capacity of Nigerian businesses to scale, compete, and innovate within the oil and gas value chain.
He said the fund aligns with BoI’s investment strategy built on rigorous due diligence, disciplined oversight, and structured post-investment monitoring—ensuring that capital deployment yields sustainable returns while supporting national economic goals such as job creation, technology transfer, and manufacturing expansion.
Olusi affirmed that both institutions remain committed to empowering indigenous enterprises that can compete globally and drive long-term economic prosperity.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1465.00 per $1 on Wednesday, December 3rd , 2025. The naira traded as high as 1443.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1473 and buy at ₦1465 on Tuesday 2nd December, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1473
Buying Rate
₦1465
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1450
Lowest Rate
₦1443
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Former presidential candidate and publisher Omoyele Sowore was on Tuesday arraigned before a Federal High Court in Abuja by the Department of State Services (DSS) over alleged cybercrime offences arising from social media posts in which he described President Bola Tinubu as “a criminal.”
Sowore faces five counts of criminal defamation under the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024. Meta (Facebook) Inc. and X Corporation (formerly Twitter) were joined as co-defendants in the case.
The DSS alleged that Sowore, through posts on his verified social media accounts, published false and defamatory statements against President Tinubu on X and Facebook. Earlier attempts to arraign him had been adjourned twice, and in November, DSS counsel, Akinolu Kehinde (SAN), requested a bench warrant due to Sowore’s absence, but Justice Mohammed Umar declined.
At Tuesday’s proceedings, Sowore’s lawyer, Marshal Abubakar, challenged the competence of the charges, citing a preliminary objection already filed with the court. Lawyers for Meta and X did not oppose the arraignment. Abubakar contended that his client could not properly enter a plea, while Kehinde argued that the defence’s application was premature and accused it of deliberately delaying proceedings.
The prosecution, citing Section 396(3) of the Administration of Criminal Justice Act (ACJA) 2015, urged the court to take Sowore’s plea first. Justice Umar agreed, allowing the arraignment to proceed, during which Sowore pleaded not guilty to all five counts.
Following the plea, Abubakar filed a bail application, requesting that Sowore be admitted on self-recognition or liberal bail terms. He described his client as a law-abiding citizen and noted his recent election as chairman of the African Action Congress (AAC). He also stated that Sowore’s passport had been deposited with the court.
The DSS opposed the bail application, citing a 40-paragraph counter-affidavit, arguing that Sowore had previously breached a court order and could potentially commit a similar offence if released. Lawyers for Meta and X did not object to the bail application.
Justice Umar subsequently granted Sowore bail on self-recognition, with strict conditions prohibiting him from making statements capable of threatening national unity or peace. He warned that any violation could lead to the revocation of bail.
The case has been adjourned to January 19, 2026, for the commencement of trial.
The Central Bank of Nigeria (CBN) will on Wednesday open subscription for N700 billion worth of Treasury Bills, positioning the auction as one of the major liquidity events for fixed-income investors this month.
The apex bank will roll out N100 billion in 91-day bills, targeted at short-term investors seeking low-risk instruments. At the mid-segment of the curve, the CBN will auction N150 billion worth of 182-day bills, attracting interest from pension fund managers, banks, and asset managers.
The longest-tenor instrument—364-day bills—valued at N450 billion, is also scheduled for offer as the CBN continues its deliberate efforts to manage liquidity and support price stability.
Market watchers expect spot rates to slightly decline at the upcoming auction, largely due to Nigeria’s ongoing disinflation trend. In the previous sale, the apex bank retained all spot rates despite clearer signs of easing inflation.
At the prior auction, 91-day bills were allotted at 15.30%, the 182-day tenor cleared at 15.50%, while 364-day bills settled at 16.04%.
In the secondary market, long-term yields expanded, particularly on the 05-NOV (+47 bps) and 19-NOV (+33 bps) maturities. Conversely, mid-tenor instruments recorded yield contraction following increased demand, with the 05-MAR falling by -27 bps and the 07-MAY shedding -20 bps. These movements pushed the average yield slightly higher by 1 basis point to 16.83%.
The Nigerian naira appreciated against the US dollar on Tuesday as improved liquidity conditions and a significant rise in FX supply eased pressure across both the official and parallel markets.
The currency strengthened by 0.21% at the Nigerian Foreign Exchange Market (NFEM), settling at ₦1,445.39/$, while the parallel market saw an even sharper gain of 1.12%, with the naira closing at ₦1,458/$.
Analysts attributed the improved performance to the $186.6 billion FX injection made by the Central Bank of Nigeria (CBN) the previous week, a move aimed at stabilising exchange rate volatility and restoring market confidence.
Market data from the CBN revealed that the naira appreciated to an intraday high of ₦1,450.50, compared to ₦1,452 from the last session, signalling eased pressure in the official market. The intraday low also firmed to ₦1,443, from ₦1,445 recorded a day earlier.
Investment firms reported that FX turnover increased significantly as foreign portfolio investors ramped up supply, anticipating further monetary interventions to support rate stability. Market outlook suggests the naira may hover around ₦1,500/$ in the near term, backed by expectations of sustained CBN intervention.
In a further boost to currency stability prospects, Nigeria’s gross external reserves rose to $44.668 billion as of November, according to the latest CBN records. CBN Governor Yemi Cardoso recently disclosed that reserves had surpassed $46.7 billion, representing nearly 11 months of import cover based on the country’s latest trade data.
The Nigerian equities market recorded another impressive upswing on Tuesday as renewed investor interest and fresh share listings pushed total market value higher by approximately N1.29 trillion on the Nigerian Exchange (NGX).
The surge was largely driven by the admission of 181.6 million ordinary shares of Industrial and Medical Gases Plc (IMG) alongside 5.38 billion ordinary shares of Ecobank Transnational Incorporated (ETI), further strengthening overall market liquidity.
Following Nigeria’s GDP expansion of nearly 4% in the third quarter of 2025, investor confidence strengthened considerably, ending the seller-driven environment seen last week. Bargain hunters returned to the floor, targeting stocks previously considered oversold.
The NGX All-Share Index advanced by 1.21%, adding 1,718.03 points to close at 144,928.36, while overall market capitalisation appreciated by 1.41% to finish at ₦92.37 trillion. The narrow gap between the index gain and market value increase was attributed to the fresh listing of 181,621,214 IMG ordinary shares priced at ₦32 each.
Market analysts noted that the latest rebound was supported by renewed interest in moderated stocks and selective buying across various sectors.
Despite the bullish close, trading activity revealed mixed patterns. Share volume slumped by 58.65% to 606.25 million units, while total deals dropped by 48.92% to 14,791. Contrarily, the value of traded equities climbed sharply by 112.64% to ₦39.69 billion, reflecting increased participation from high-value investors.
ACCESSCORP dominated market volume, accounting for 51.80% of total units traded, trailed by ZENITHBANK (6.73%), FIDELITYBK (6.37%), FCMB (3.53%), and GTCO (3.47%). The banking giant also led in transaction value, contributing 37.36% of total market turnover.
On the gainers’ chart, DANGCEM topped with a +9.99% advance, followed by NCR (+9.98%), INTEBREW (+9.66%), LIVESTOCK (+8.33%), DAARCOMM (+8.14%), GUINNESS (+7.78%), and several others posting significant gains.
However, twenty stocks ended the session in the red, with IKEJAHOTEL sinking by -9.92%, followed by LEGENDINT (-9.91%), LIVINGTRUST (-9.78%), WAPIC (-6.72%), FTNCOCOA (-5.10%), and MAYBAKER (-4.99%).
Market breadth remained positive with 26 gainers against 20 losers. Sectoral indicators also reflected widespread optimism as Industrial stocks advanced by 4.30%, Consumer Goods rose 1.08%, Banking gained 0.19%, Insurance slightly improved by 0.16%, and Oil & Gas added 0.02%. The Commodity sector closed unchanged.
The Chartered Institute of Project Managers of Nigeria (CIPMN) has raised alarm over the increasing financial waste associated with poorly executed projects that require corrective work after commissioning.
Delivering the keynote address at the CIPMN 2025 Annual Conference and 6th Induction Ceremony on Tuesday, themed “Regulating Project Management in Nigeria: Policy Dialogue”, the Registrar-General of the institute, Henry Mbadiwe, described the trend as a significant drain on public resources and a threat to national development planning.
Citing a World Bank report, Mbadiwe revealed that an estimated $4 billion is lost globally every year on corrective works for projects that were supposedly completed, commissioned, and paid for. He called the figure “ridiculous and unacceptable,” attributing the waste to weak regulatory oversight and the use of unlicensed personnel in project execution.
“The project management profession in Nigeria is still evolving and has not yet received the recognition it deserves,” Mbadiwe said. “You cannot manage or lead a project in Nigeria without being licensed by this institute. Reports indicate that abandoned projects in the country are valued at N17 trillion, while globally, $4 billion is wasted annually on correcting errors in commissioned projects.”
The PUNCH reports that project failures necessitating post-commissioning reconstruction are not new in Nigeria. Numerous projects have required emergency fixes or complete redesigns shortly after completion due to structural defects, substandard materials, or non-compliance with specifications, leading to inflated costs and operational disruptions.
A notable example is the recent announcement by the Federal Airports Authority of Nigeria (FAAN) to commence reconstruction works at Murtala Muhammed International Airport (MMIA), Lagos, a few years after its earlier rehabilitation. On August 1, the Federal Executive Council approved over N900 billion for aviation projects, including the rehabilitation of MMIA’s Terminal One. The Minister of Aviation and Aerospace Development, Festus Keyamo, defended the project, citing the urgent need to replace aging infrastructure, expand capacity, and meet global standards.
Mbadiwe emphasised that such corrective expenditures reflect the urgent need for uniform project management standards in Nigeria. He warned that under the new law, managing any project—public or private—without a valid CIPMN licence is now a criminal offence.
“Some organisations attempt to bypass the law by claiming they have no designated project manager. This is incorrect,” Mbadiwe said. “The law is clear: you cannot lead, manage, or work on any project without appropriate experience and licensing from CIPMN. Our enforcement team will soon begin site visits to ensure compliance, and this includes foreign-trained professionals who must also be licensed locally.”
Speaking at the event, the Permanent Secretary of the Federal Ministry of Special Duties and Inter-Governmental Affairs, Onwusoro Maduka, described standardised project management as a “national governance necessity.” He highlighted that poor coordination across the three tiers of government has led to delays, cost overruns, duplication, political interference, and project abandonment.
Maduka called for the adoption of a National Project Management Framework enforceable at all government levels. His recommendations include mandatory licensing and induction for all project officers, annual recertification, state and local government training rollouts, standardised monitoring templates with digital reporting tools, and annual compliance audits with sanctions for non-adherence.
He concluded that uniform regulation would reduce financial leakages, eliminate arbitrary cost variations, improve transparency, and foster intergovernmental collaboration, thereby strengthening Nigeria’s development outcomes and alignment with the National Development Plan 2021–2025 and the Sustainable Development Goals.
A sharp division has emerged among top aviation professionals following a proposal to merge Arik Air and Aero Contractors, the two indigenous airlines currently under the receivership of the Asset Management Corporation of Nigeria (AMCON). The merger proposal forms part of a revised national aviation framework being considered by the Federal Government.
The debate was triggered by former Commandant of the Murtala Muhammed International Airport (MMIA), Lagos, Group Capt. John Ojikutu (rtd), who urged the Minister of Aviation and Aerospace Development, Festus Keyamo, to abandon the pursuit of a national carrier and instead adopt a dual-flag-carrier model for Nigeria.
Ojikutu recommended that Arik Air and Aero Contractors be consolidated into a single regional and continental airline, while Air Peace should serve as Nigeria’s intercontinental flag carrier. According to him, such a merger would produce a stronger, more viable operator capable of competing effectively across Africa—provided a comprehensive economic audit of both airlines is conducted.
He proposed that ownership of the merged airline should be structured through public listing, with credible local and foreign investors allotted 25% equity, the Nigerian public 30%, and government participation capped at 10%. The remaining 35% would go to the original airline owners.
Ojikutu also advised limiting foreign airlines to landing in either Lagos or Abuja, after which they would interline with Nigerian carriers to distribute transit passengers across local destinations.
However, the proposal has drawn criticism from industry stakeholders. Capt. Mohammed Badamasi, a former pilot with the defunct Nigeria Airways, dismissed the merger idea as “unrealistic and commercially unsound.” He argued that airlines should instead develop strong, attractive business models capable of drawing investment on their own merit. Badamasi also questioned the capacity of Arik and Aero to compete internationally, noting the significant operational challenges already faced by Nigerian carriers such as Air Peace on global routes.
Meanwhile, concerns are rising over new tax policies expected to take effect under the Nigeria Tax Act (2025). The reforms will remove long-standing exemptions on import duties and Value Added Tax (VAT) for commercial aircraft, engines, spare parts, and airline tickets.
The Chairman of the Airline Operators of Nigeria (AON) and CEO of Air Peace, Allen Onyema, warned that the new tax regime could cripple local airlines if implemented in January 2026 as planned. Speaking in Abuja at an event marking 100 years of aviation in Nigeria, Onyema disclosed that operators and the Aviation Minister would soon meet with members of the National Assembly to discuss the implications of the tax reforms.
“If it is allowed to stand, all of us will crumble,” Onyema said. However, he expressed confidence that President Bola Tinubu would intervene, urging the president and the minister to continue to listen to the concerns of industry operators.
Minister of Aviation and Aerospace Development Festus Keyamo has apologised for the shortcomings recorded at the maiden edition of the Nigeria International Airshow, saying the event will become stronger with each edition.
Speaking at the airshow held at the Nnamdi Azikiwe International Airport in Abuja, the minister said the gathering marked an important first step for the country. He noted that the inaugural outing was not expected to be perfect, but was an attempt to begin building a global aviation showcase.
Keyamo said the airshow was created as a platform for innovation, investment, and collaboration, adding that Nigeria intends to secure a spot among leading international events in cities such as Paris, Dubai, Farnborough, and Singapore. He asked for patience as the ministry works to strengthen future editions.
He explained that the government will continue refining the airshow until it becomes a recognised global brand and a reflection of Nigeria’s ambition in the aviation sector. He described the occasion as the beginning of a long journey toward positioning the country as a competitive player in global aerospace development.
Keyamo also highlighted recent progress in aircraft financing. He said Nigeria’s improved compliance with the Cape Town Convention and its Aircraft Protocol has raised the country’s Cape Town Compliance Index score. He added that the Nigerian Civil Aviation Authority has now fully implemented the Irrevocable Deregistration and Export Request Authorisation, which allows faster and more transparent deregistration and repossession of aircraft during defaults.
The minister said these reforms have boosted investor confidence, reduced perceived risks, and widened access to aircraft leasing and financing for Nigerian operators.
The Ministry of Aviation and Aerospace Development has praised key players in Nigeria’s aviation sector for their roles in improving safety, operations, and passenger confidence over the years.
Permanent Secretary Ibrahim Kana gave the commendation in Abuja during an event marking a century of aviation in the country. He said the ministry remains committed to building a stronger, more efficient aviation system that creates opportunities and enhances Nigeria’s global standing.
Kana expressed appreciation to industry pioneers, current operators, international partners, and the Nigerian public, noting that their collective effort has shaped the sector’s growth.
He also acknowledged President Bola Tinubu’s support for aviation reforms and credited him for appointing Festus Keyamo as minister. According to Kana, the minister has brought commitment and vision to the sector.
Reflecting on the improvements over the decades, he recalled the days when flying in Nigeria was marked by uncertainty and fear, with passengers often anxious throughout a flight. He said current advancements have raised safety standards to the point where travellers now fly with ease and confidence.
Kana urged stakeholders to view the industry’s 100-year milestone not only as a moment of reflection but as a platform for future progress. He said sustained collaboration among government institutions, industry experts, and global partners will be crucial to achieving safer and more reliable air travel across Nigeria.
President Bola Ahmed Tinubu says Nigeria’s aviation industry is on course to generate 2.58bn dollars by 2029 as new investments and rising passenger traffic continue to strengthen the sector.
Speaking at the opening of the Nigeria International Airshow in Abuja, the President, represented by the Secretary to the Government of the Federation, Senator George Akume, said the industry processed 15.8 million passengers in 2023. He added that projections by the Nigeria Civil Aviation Authority show that passenger numbers will rise to 25.7 million by 2029 with revenue expected to reach 2.58bn dollars in the same period.
Tinubu said the federal government is upgrading aviation infrastructure across the country and noted that the 712bn naira modernisation of the Lagos airport is part of efforts to reposition Nigeria as a regional hub.
According to him, Nigeria now ranks first in Africa for compliance with international aviation standards after improving its Cape Town Convention score from 49.5 per cent to 75.5 per cent. He said the development has opened access to lower cost aircraft financing for Nigerian operators.
The President listed additional milestones which include new maintenance partnerships with Boeing and Cranfield University aimed at reducing the 200m dollars spent on foreign aircraft repairs each year and the return of Emirates Airlines and Uganda Airlines to Nigerian routes after new bilateral air services agreements.
He said aviation has become a major contributor to economic growth with its impact now accounting for 2.5 per cent of national GDP supported by 20 airports, 23 domestic airlines and thousands of aviation professionals.
Tinubu added that Nigeria is working to establish itself as the aviation hub for West and Central Africa and will continue to pursue investments in training centres and public private partnerships to support that goal.
In his remarks, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended industry stakeholders for their contributions to the growth of the sector and said the Nigeria International Airshow will promote collaboration, innovation and global visibility.
The two day event has attracted aviation players from several countries for exhibitions, seminars and technical sessions.
