The Nigerian naira recorded gains against the United States dollar on Wednesday, appreciating in both the official and parallel foreign exchange markets.

At the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,369 per dollar, improving from N1,376/$ recorded on Tuesday, according to data released by the Central Bank of Nigeria (CBN).

The development represents a N7 appreciation in the official exchange rate.

In the parallel market, the local currency also appreciated, trading at N1,385 per dollar, compared to N1,390/$ on Tuesday.

Despite the gains in both markets, the exchange rate gap between the official and parallel markets widened slightly to N16 per dollar, up from N14 recorded the previous day.

Meanwhile, trading activity at the official foreign exchange market declined significantly, with interbank turnover dropping by 66.5 per cent to N90.3 million, down from N269.9 million recorded on Tuesday.

The post Naira Strengthens to N1,369/$ at Official Market, N1,385/$ on Parallel Market appeared first on Housing TV Africa.

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has projected that the retail price of cooking gas could fall to between N900 and N1,100 per kilogram by the end of 2026 if the federal government implements reforms aimed at boosting supply and reducing costs across the value chain.

President of NALPGAM, Mr. Edu Inyang, made the projection during an interview with the News Agency of Nigeria (NAN) in Lagos, noting that although Nigeria has recorded significant growth in local Liquefied Petroleum Gas (LPG) production, persistent supply chain challenges continue to keep prices elevated.

According to him, cooking gas, which sold for between N900 and N1,000 per kilogram in April, currently costs between N2,000 and N2,500 per kilogram in many parts of Lagos.

Inyang disclosed that Dangote Refinery and Nigeria LNG (NLNG) supplied about 87 per cent of Nigeria’s domestic LPG market in 2025. However, he explained that Dangote Refinery later clarified that much of its LPG output was earmarked for the production of higher-value products rather than the domestic cooking gas market, resulting in supply disruptions.

He noted that despite increased local production, several producers are still operating below installed capacity, leaving rising consumer demand unmet.

According to him, inadequate storage facilities, high transportation costs, foreign exchange challenges and multiple handling charges within the supply chain remain major contributors to high retail prices.

He further observed that LPG storage infrastructure is concentrated mainly in Lagos, the Edo/Delta axis and Port Harcourt, resulting in higher distribution costs, especially for northern states.

“Local production growth is encouraging, but consumers will not fully benefit unless bottlenecks in logistics, depot capacity, trucking and market access are addressed,” Inyang said.

The NALPGAM president also identified speculative trading, excessive intermediary margins and temporary product hoarding as factors contributing to periodic price distortions and artificial scarcity.

To improve affordability, he called for stronger market surveillance, greater transparency in product allocation and pricing, and stricter enforcement of fair competition across the LPG value chain.

Among the reforms proposed by the association are prioritising domestic LPG supply over exports, improving access to foreign exchange, reducing regulatory bottlenecks, expanding clean cooking support programmes, investing in storage infrastructure and introducing tax incentives for investors.

“With adequate domestic supply, improved infrastructure, exchange-rate stability and supportive government policies, the industry can achieve a more affordable and stable pricing environment,” Inyang stated.

He, however, cautioned that the projected price range should be viewed as a target rather than a guarantee, as global energy prices and exchange rate fluctuations would continue to influence the market.

Meanwhile, the federal government has assured Nigerians that LPG supply remains stable despite recent increases in cooking gas prices.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, attributed the price surge to foreign exchange volatility, rising logistics costs, infrastructure limitations and movements in international LPG prices.

He reiterated the government’s directive that all LPG produced in Nigeria should first be prioritised for domestic consumption before exports, describing the policy as critical to improving local availability and reducing import dependence.

Ekpo also directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to strengthen collaboration with industry stakeholders to improve supply coordination and prevent market disruptions.

Data from the National Bureau of Statistics (NBS) shows that the average price of refilling a 5kg cylinder rose by 13.73 per cent from N7,655.73 in March to N8,706.93 in April, while the average cost of refilling a 12.5kg cylinder increased by 13.89 per cent from N19,652.83 to N22,382.20 during the same period.

Industry stakeholders maintain that with sustained reforms, improved infrastructure and increased domestic production, Nigeria’s LPG market could witness greater stability and more affordable prices for consumers in the coming years.

The post Cooking Gas Prices May Drop to N900/kg by End of 2026, Marketers Say appeared first on Housing TV Africa.

A massive economic milestone achieved

The Central Bank recently announced incredibly positive economic news. Nigeria FX reserves officially hit an astounding $50.2 billion. This remarkable figure represents the absolute highest reserve level recorded in exactly 17 years.

Currently, this massive surge signals strong recovery for the national economy. You can track ongoing financial data directly on the Central Bank of Nigeria website.

What drives the Nigeria FX reserves surge?

Several key factors drove this massive financial recovery recently. Analysts point to aggressive government reforms and increased foreign direct investment. Furthermore, improved oil revenues heavily boosted the national treasury over the past year.

Key drivers pushing this massive growth include:

• Oil exports: Higher production levels completely stabilized national income streams.

• Forex reforms: The Central Bank implemented highly transparent currency trading mechanisms.

• Remittances: Increased diaspora funds significantly strengthened the domestic economy.

Consequently, these strategic policies successfully attracted cautious international investors back.

How this impacts the local economy

Building massive Nigeria FX reserves provides a crucial economic buffer. A strong financial reserve actively helps stabilize the volatile Naira exchange rate. Therefore, local businesses can import vital raw materials much cheaper now.

Additionally, this massive financial milestone signals renewed global confidence in the economy. Investors generally prefer countries holding massive emergency funds.

What happens next for the market?

Financial experts genuinely expect this positive momentum to continue steadily. However, sustaining these reserves requires strict fiscal discipline from the government. The administration must protect these vital funds against sudden global market shocks.

Ultimately, maintaining a stable national economy deeply benefits everyday citizens across the country.

The post Nigeria FX Reserves Hit $50.2bn: A Massive 17-Year High appeared first on Housing TV Africa.

The naira appreciated against the United States dollar on Tuesday, strengthening in both the parallel market and the official Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).

In the parallel market, the naira rose to N1,455 per dollar from N1,465 recorded on Monday, reflecting a N10 gain within 24 hours.

Similarly, the local currency strengthened in the NFEM, where it appreciated to N1,367 per dollar. CBN data showed that the indicative exchange rate improved from N1,384.5 per dollar on Monday to N1,367 per dollar, representing a N17.5 appreciation.

Despite the gains recorded across both markets, the margin between the parallel market rate and the official exchange rate widened. The gap increased to N88 per dollar on Tuesday from N80.5 per dollar the previous day, highlighting continued disparities in foreign exchange pricing.

Market analysts attribute the naira’s recent appreciation to sustained foreign exchange reforms, improved liquidity at the official window, and ongoing interventions by monetary authorities aimed at stabilising the currency.

However, they caution that volatility may persist in the short term due to pressure from import demand, speculative activities, and broader macroeconomic challenges.

The Central Bank of Nigeria has maintained that its ongoing reforms in the foreign exchange market are designed to promote transparency, enhance price discovery, and restore confidence among investors and market participants.

The post Naira Rises to N1,455/$ in Parallel Market appeared first on Housing TV Africa.

The naira closed the week slightly weaker at the official foreign exchange market, settling at N1,421.9 per dollar, despite a softer U.S. dollar in global markets.

Data from the Central Bank of Nigeria (CBN) shows that domestic dollar supply constraints continued to outweigh supportive external conditions, keeping pressure on the local currency throughout the trading week.

Although the naira avoided sharp volatility, it failed to sustain early-week gains, reflecting persistent distortions in Nigeria’s foreign exchange market.

At the official window, the naira closed at N1,421.9/$ on Friday, compared to N1,421.5/$ on Thursday and N1,423/$ on Wednesday. Earlier in the week, the currency traded at N1,420/$ on Tuesday and N1,420.5/$ on Monday, after opening at N1,425/$.

Compared with the previous week’s closing rate of N1,417.95/$, the naira ended the week marginally weaker.

In the parallel market, the naira depreciated slightly to N1,491/$ on Friday, from N1,490/$ the previous day. Weekly trading ranged between N1,483 and N1,491 per dollar, widening the gap between the official and street markets to about N70/$.

A Lagos-based currency trading expert, Dayo Omole, attributed the divergence to ongoing supply challenges.

“Nigeria has restrictions on foreign currency access and a limited dollar supply, so the naira may not strengthen significantly in the parallel market,” Omole said.

He noted that movements in the global dollar do not always translate into gains for the naira, as domestic supply-demand dynamics often dominate price action.

“When the dollar weakens globally but Nigeria continues to struggle with FX supply, the gap between official and parallel market rates can widen further,” he added.

Nigeria’s foreign exchange market has remained under strain following years of FX controls, multiple exchange rate regimes, and weak dollar inflows.

Despite recent reforms by the CBN aimed at improving transparency and market efficiency, structural challenges continue to affect liquidity and price discovery.

FX supply has remained constrained due to weaker oil export receipts, subdued foreign portfolio investment, and inconsistent diaspora remittances. The persistent gap between official and parallel market rates reflects unmet demand and lingering confidence issues among market participants.

Meanwhile, Nigeria’s external reserves stood at $45.9 billion last week, according to the CBN, providing some buffer for currency management.

The International Monetary Fund (IMF) recently upgraded Nigeria’s 2026 economic growth forecast to 4.4 per cent, citing optimism around ongoing economic reforms.

However, analysts note that geopolitical risks and policy uncertainty in the United States continue to add volatility to global FX markets, indirectly affecting frontier currencies such as the naira.

The post Naira Ends Week at N1,421.9/$ Despite Global Dollar Weakness appeared first on Housing TV Africa.

Emirates Airline has announced plans to resume flight operations to Nigeria, two years after suspending its services due to foreign exchange challenges and difficulties in repatriating funds.

The airline confirmed the development in a statement on Wednesday, noting that the resumption marks a significant step in rebuilding ties between the United Arab Emirates (UAE) and Nigeria.

Emirates halted flights to Nigeria in October 2022 after it was unable to repatriate over $85 million in ticket sales, following Nigeria’s foreign exchange crisis at the time.

The suspension affected both business and leisure travel between the two nations, prompting diplomatic discussions.

According to the airline, operations will resume with regular passenger flights between Dubai and Lagos, with schedules and ticket sales expected to be announced soon.

“The return to Nigeria reflects our commitment to strengthening air connectivity and enhancing bilateral relations with one of Africa’s most important markets,” the airline said.

The Federal Government had earlier confirmed that negotiations were underway with UAE authorities to restore flight operations between both countries. Aviation industry observers have welcomed the move, describing it as a positive development for trade, tourism, and international relations.

With the return of Emirates, analysts expect improved travel options for Nigerian passengers and renewed investor confidence in the aviation sector.

The post Emirates to Resume Flights to Nigeria After Two-Year Suspension appeared first on Housing TV Africa.

The naira remained stable on Wednesday, November 5, 2025, with the U.S. dollar trading between ₦1,430 and ₦1,445 at the official Nigerian Foreign Exchange Market (NFEM).

At the parallel (black) market, traders bought the dollar at around ₦1,435 and sold between ₦1,450 and ₦1,459, showing only a slight difference from official rates.

Market analysts attributed the stability to improved liquidity, steady inflows from foreign investors and exporters, and sustained intervention by the Central Bank of Nigeria (CBN).

They also linked the calm market to recent monetary policy adjustments, including the September interest rate cut, which helped ease inflationary pressure and boost investor confidence.

According to currency dealers, dollar supply has improved compared to previous weeks, while demand has become more predictable.

“There’s more balance now. People are not hoarding dollars as much as before,” one trader said.

Economists noted that the CBN’s efforts to clear foreign exchange backlogs have strengthened transparency and restored confidence in the market.

However, they warned that external factors — such as declining oil revenues, global inflation, and potential capital outflows — could still pose risks to the naira in the months ahead.

They urged the federal government to sustain fiscal discipline, promote non-oil exports, and boost local production to reduce pressure on the currency and support long-term stability.

The post Naira Steadies at ₦1,445 per Dollar Amid Improved FX Inflows appeared first on Housing TV Africa.

Global investors have expressed confidence in Nigeria’s ongoing economic reforms and policy direction during the 2025 World Bank and IMF Annual Meetings in Washington D.C.

Leading the Nigerian delegation, Central Bank Governor Olayemi Cardoso assured participants at the Nigeria Investors Forum that the Federal Government remains committed to advancing reforms, stabilising the economy, and unlocking sustainable investment opportunities.

Cardoso highlighted Nigeria’s improving economic fundamentals, citing $43.4 billion in external reserves, the country’s highest level in five years, and a stronger trade balance driven by policy consistency. “Nigeria’s economic outlook is positive. We are implementing reforms to ensure macroeconomic stability and sustainable, inclusive growth,” he said.

CBN Deputy Governor Mohammed Abdullahi reported a 56.4% rise in monthly foreign exchange turnover to $8.6 billion in 2025, noting that improved FX inflows reflect growing investor confidence in Nigeria’s financial markets.

Also speaking, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, said the administration is targeting 7% economic growth by 2027–2028 through diversification, infrastructure expansion, and private-sector partnerships. She added that oil now accounts for just 4% of GDP, down from 8% in 2021, as non-oil sectors continue to grow.

Minister of State for Finance, Dr Doris Uzoka-Anite, reaffirmed the government’s resolve to maintain a stable and transparent investment environment.

At the G24 meetings held on the sidelines, Cardoso announced that Nigeria’s trade surplus had reached 6% of GDP, attributing the gain to ongoing reforms and sound macroeconomic policies that are beginning to yield tangible results.

The strong turnout and positive engagement from investors at the meetings underscore renewed global confidence in Nigeria’s reform agenda and its path toward sustained economic recovery and growth.

The post Global Investors Back Nigeria’s Reform Agenda at World Bank/IMF Meeting appeared first on Housing TV Africa.

Nigeria’s foreign exchange turnover has grown by 56.4%, reaching $8.6 billion in 2025, up from $5.5 billion in 2024, according to Mohammed Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN).

He said the increase reflects ongoing monetary and fiscal reforms aimed at boosting liquidity, transparency, and investor confidence. “Average net FX flows between January 2023 and July have doubled,” Abdullahi noted at the Nigeria Investors Forum during the IMF/World Bank Meetings.

CBN reforms, including an order-based quotation system and remittance policy changes, have raised foreign reserves to $43.4 billion, covering 11 months of imports. The bank also released $13 billion to domestic and international banks to support liquidity.

CBN Governor Olayemi Cardoso said the reforms are rebuilding investor trust and positioning Nigeria as a leading investment destination. “The rise in reserves shows renewed confidence and stronger fundamentals,” he said.

Presidential Adviser Sanyade Okoli projected 7% GDP growth by 2027–2028, citing diversification and strong sectoral performance. “Oil now accounts for just 4% of GDP, down from 8% in 2021,” she said, adding that PPPs in roads, power, and digital infrastructure are driving expansion.

Cardoso also revealed that Nigeria’s trade surplus now stands at 6% of GDP, reflecting improved resilience and policy stability.

The post Nigeria’s FX Market Turnover Rises 56% Amid Reforms — CBN appeared first on Housing TV Africa.