The Nigerian naira remained largely stable against the United States dollar in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, July 16, 2026, even as the dollar continued to trade at a higher rate in the parallel market.

Market figures showed that the official NFEM exchange rate stood at about ₦1,384 to one US dollar, recording only slight changes from recent trading sessions. The Central Bank of Nigeria (CBN) maintains the NFEM rate as the country’s official volume-weighted average exchange rate.

Meanwhile, activity in the parallel market indicated that the US dollar was purchased for around ₦1,408 and sold for approximately ₦1,420, according to information obtained from currency traders.

The difference between the official and parallel market exchange rates remained relatively small compared with previous years, suggesting improved liquidity in the foreign exchange market and the continued impact of ongoing monetary policy reforms.

Current Exchange Rates (Thursday, July 16, 2026):

• Official NFEM Rate: Approximately ₦1,384/$1
• Parallel Market Buying Rate: Approximately ₦1,408/$1
• Parallel Market Selling Rate: Approximately ₦1,420/$1

Foreign exchange rates may differ slightly across commercial banks, bureaux de change, and various locations depending on market demand, transaction volume, and dealer pricing. While the Central Bank of Nigeria recognises the NFEM as the country’s official foreign exchange market, rates in the parallel market continue to be determined by prevailing supply and demand.

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The World Bank has retained Nigeria’s classification as a lower-middle income economy for the 2027 fiscal year, maintaining the country’s income status despite ongoing economic reforms and efforts to drive growth.

According to the World Bank’s latest income classification, Nigeria remains among economies with a Gross National Income (GNI) per capita ranging between $1,176 and $4,635, placing it within the lower-middle income category.

The global financial institution updates its income classifications annually using GNI per capita estimates calculated through the Atlas method, which helps minimise the effects of exchange rate fluctuations and inflation, providing a more stable basis for comparing national income levels across countries.

Nigeria’s continued classification reflects its current average income level and serves as an important benchmark for international development financing, economic analysis, and global comparisons.

The World Bank noted that the income classification is not a direct measure of a country’s overall economic performance or level of development. Rather, it provides an indication of average national income and is used to group economies for analytical and operational purposes.

The retention of Nigeria’s status comes amid ongoing reforms by the Federal Government aimed at stabilising the economy, boosting productivity, attracting investment, and improving long-term growth prospects.

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The Federal Government has launched a nationwide rollout of one million improved climate-smart hybrid cocoa seedlings in a major push to revitalise Nigeria’s cocoa industry, increase farmers’ incomes, expand export earnings, and create employment opportunities for thousands of young Nigerians.

The initiative, flagged off on Wednesday at the Cocoa Research Institute of Nigeria (CRIN) in Ibadan, Oyo State, forms part of the National Cocoa Development Plan under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Speaking at the ceremony, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, described the programme as a strategic national intervention designed to restore Nigeria’s position as one of the world’s leading cocoa-producing nations.

According to the minister, the exercise represents far more than the distribution of planting materials, noting that it marks the beginning of a comprehensive transformation of the country’s cocoa value chain.

He said the government is determined to rebuild the sector by improving farmers’ livelihoods, increasing export revenues, strengthening value addition, and making Nigeria more competitive in the global cocoa market.

Kyari acknowledged that despite Nigeria’s favourable climate, experienced farmers, established research institutions, and expanding private sector, cocoa production has been hampered by ageing plantations, low productivity, climate change, inadequate investment, poor access to improved seedlings, and limited value addition.

To reverse the trend, he said the Federal Government is implementing reforms across research, financing, extension services, sustainability, market access, processing, and productivity.

At the centre of the programme is the distribution of one million improved hybrid cocoa seedlings developed by CRIN. The seedlings are high-yielding, mature earlier than conventional varieties, and possess enhanced resistance to diseases and climate-related challenges.

The minister explained that the seedlings would be used to rehabilitate ageing cocoa plantations while supporting the establishment of new commercial farms across cocoa-producing states.

He added that farmers would also benefit from extension services to encourage the adoption of improved agronomic practices capable of increasing yields and ensuring long-term sustainability.

Kyari further disclosed that the government is expanding local cocoa processing capacity to reduce dependence on raw bean exports while promoting higher-value processed products capable of generating greater foreign exchange earnings.

He also revealed that Nigeria is strengthening traceability systems and farm mapping to comply with the European Union Deforestation Regulation (EUDR), a move expected to improve access to premium international markets.

According to him, the National Cocoa Management Committee and the National Task Force on EUDR are working with stakeholders to ensure compliance with global standards and enhance Nigeria’s competitiveness.

The minister called on state governments, financial institutions, research organisations, development partners, processors, exporters, private investors, and farmer associations to deepen investments across the cocoa value chain.

He urged cocoa farmers receiving the improved seedlings to embrace modern farming practices, work closely with agricultural extension officers, and adopt innovations that would improve productivity and sustainability.

Kyari also commended CRIN, state governments, development partners, private sector organisations, and farmer groups for supporting the initiative, expressing confidence that the programme would usher in a new era for Nigeria’s cocoa industry.

In his welcome address, the Permanent Secretary of the Federal Ministry of Agriculture and Food Security, Dr. Marcus Olaniyi Ogunbiyi, described cocoa as one of Nigeria’s most strategic agricultural commodities and a major source of livelihood for farming households across producing states.

He noted that the successful production of one million improved cocoa seedlings under the Federal Government’s Public-Private Partnership framework demonstrates the benefits of collaboration among government agencies, research institutions, private investors, development partners, and farming communities.

According to Ogunbiyi, the initiative is expected to increase productivity, improve farmers’ incomes, generate employment, boost foreign exchange earnings, enhance Nigeria’s competitiveness, and contribute to sustainable economic growth.

Representing the Olubadan of Ibadan, Oba Rasheed Ladoja, the Ajiroba of Ibadan, Professor Soji Adejumo, pledged the continued support of Ibadan communities for the Federal Government’s agricultural policies aimed at improving farmers’ welfare and achieving food security.

Speaking on behalf of beneficiaries, cocoa farmer Alaba Adegoke assured the government that farmers would make effective use of the improved seedlings to increase production and improve their livelihoods.

The ceremony concluded with the symbolic distribution of improved climate-smart cocoa seedlings to farmers from the country’s 14 cocoa-producing states, signalling the official commencement of the nationwide programme.

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The Société Nationale des Pétroles du Congo, the national oil company of the Republic of the Congo, and Dangote Petroleum Refinery & Petrochemicals have begun discussions on a strategic partnership aimed at strengthening the Republic of the Congo’s supply of refined petroleum products while deepening regional energy cooperation and industrial integration across Africa.

The discussions took place during a visit by an SNPC delegation to the Dangote Petroleum Refinery in Lagos, where the Managing Director of SNPC, Maixent Raoul Ominga, described the refinery as a strategic industrial asset for the African continent.

Ominga said the Republic of the Congo, which already possesses refining capacity, is interested in forging a long-term partnership with the Dangote Group to enhance the supply of refined petroleum products and create mutual value for both organisations.

He noted that discussions centred on potential collaboration in refining, petroleum products supply, energy security, industrial development and knowledge sharing.

The SNPC chief praised the Dangote Group for demonstrating Africa’s capacity to finance, construct and operate world-class industrial infrastructure, describing the refinery as a landmark achievement in the continent’s industrial transformation.

He also commended the Group’s investments in the Republic of the Congo, particularly in the cement sector, noting that they have strengthened local industrial capacity, expanded production and improved access to construction materials.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, reaffirmed the company’s commitment to Africa’s industrialisation through value addition, strategic regional partnerships and sustained investments across the continent.

“We are for Africa, not just Nigeria. Tell us what you need, and we will see how we can work together,” Dangote said.

He stated that the refinery has established a new benchmark for fuel quality in Africa by producing petroleum products that meet the highest international standards, while improving access to cleaner fuels and reducing the continent’s dependence on imported refined petroleum products.

Speaking during the engagement, Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, unveiled the company’s long-term expansion strategy, which aims to increase its total refining capacity to 2.1 million barrels per day.

According to him, the expansion plan includes 1.4 million barrels per day refining capacity in Nigeria and a proposed 700,000-barrel-per-day refining complex in Kenya to serve the East African market.

Edwin also disclosed plans by the Group to invest an additional 46 billion US dollars between 2026 and 2028 across its refining, cement and fertiliser businesses to accelerate industrialisation across Africa.

The meeting underscored the shared commitment of SNPC and Dangote Industries to strengthening African energy cooperation, deepening regional value chains, promoting self-sufficiency in refined petroleum products and advancing energy security and intra-African trade.

Also present at the meeting were Fatima Aliko Dangote, Adviser to the President of the Republic of the Congo, Peggy Ndongo, and advisers to the SNPC Managing Director, Aymar Ebiou and Norbert Mabiala.

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The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country with effect from July 1, 2026, citing their failure to meet regulatory requirements for continued operations.

The apex bank said the action was approved by its Governor, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.

According to the CBN, the affected institutions failed to satisfy the conditions required to retain their operating licences. The regulator explained that the decision was based on one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without prior approval, prolonged inactivity, cessation of financial intermediation, failure to commence operations within 12 months of licensing, and failure to maintain the statutory minimum capital requirement.

The apex bank said the revocation forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and prudential regulations.

Among the affected institutions are Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Gold Microfinance Bank, Now Now Digital Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance Bank, Verdant Microfinance Bank, Supreme Microfinance Bank, Apple Microfinance Bank, Winview Microfinance Bank, Crystabel Microfinance Bank, Frontline Microfinance Bank, Avantus Microfinance Bank and 31 other microfinance banks spread across several states of the federation.

The affected banks are located in Lagos State, Kano State, Abia State, Rivers State, Kwara State, Niger State, Bayelsa State, Kebbi State, Ogun State, Plateau State, Delta State, Oyo State, Cross River State, Anambra State, Kaduna State, Benue State, Ondo State, Osun State and the Federal Capital Territory.

The CBN reaffirmed its commitment to promoting a safe, sound and resilient financial system, stressing that it will continue to take appropriate supervisory and regulatory actions to preserve public confidence in Nigeria’s banking sector and ensure strict compliance with regulatory standards.

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The Dangote Refinery has reduced its gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre, bringing the price down from N1,175 to N1,125 per litre nationwide.

The latest adjustment was confirmed on Thursday by the spokesperson of the Dangote Group, Anthony Chiejina, who stated that the refinery had implemented the reduction as part of ongoing price reviews in response to market developments.

According to him, the refinery’s petrol gantry price has now been lowered by N50 per litre, further easing wholesale fuel costs across the country.

In addition to the reduction in gantry prices, the refinery also reviewed its coastal supply price downward. The coastal petrol supply price fell from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The development comes amid a significant decline in global crude oil prices, which have dropped to between $69 and $73 per barrel, returning to levels recorded before the escalation of tensions in the Middle East.

The latest cut follows an earlier reduction announced by the refinery on June 16, when the gantry price of petrol was lowered by N75 per litre. That adjustment subsequently triggered reductions in retail pump prices across various parts of the country.

With the new reduction, the refinery has cut its petrol price by a cumulative N125 per litre within two weeks as international oil prices continue to soften.

Despite the downward adjustments, retail petrol prices in Abuja and surrounding areas currently range between N1,241 and N1,305 per litre, depending on the marketer and location.

Meanwhile, many Nigerians have continued to call for further reductions in pump prices, arguing that fuel should return to levels of between N800 and N900 per litre, which prevailed before the spike in global energy prices linked to geopolitical tensions earlier in the year.

Industry observers say the impact of the latest reduction on retail prices will depend on market forces, distribution costs, and the speed at which marketers adjust their pricing structures in response to the lower refinery rates.

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Nigeria has signed a €200 million financing agreement with the European Investment Bank (EIB) to support small businesses, promote green energy initiatives, and accelerate digital innovation through the Development Bank of Nigeria (DBN).

The five-year financing facility is designed to expand access to credit for small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) driving green growth and digital transformation across the country.

The development was disclosed by the Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, in a post on X.

According to him, the agreement aims to strengthen financial support for businesses operating in strategic sectors while encouraging innovation and sustainable economic development.

He noted that the facility also includes targeted support for women-owned enterprises, with at least 30 per cent of the funding reserved for female entrepreneurs.

“The five-year facility is aimed at expanding access to finance for SMEs and MSMEs driving green growth and digital transformation, while also supporting women-led businesses, with at least 30 per cent of the funding reserved for female entrepreneurs,” he stated.

The financing package is expected to deepen financial inclusion, improve access to long-term capital, and strengthen businesses contributing to Nigeria’s transition toward a more sustainable and technology-driven economy.

Under the arrangement, the Development Bank of Nigeria will oversee implementation of the facility and ensure that eligible businesses across key sectors benefit from the funding over the duration of the programme.

The agreement highlights continued collaboration between Nigeria and international development partners in supporting private sector growth, job creation, economic diversification, and sustainable development.

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By Kolawole Omotola Olaide

Billionaire businessman and Chairman of Femi Otedola has further strengthened his influence in First HoldCo after purchasing an additional 680.8 million shares valued at approximately N29.6 billion.

The latest acquisition, executed through a private placement exercise, has increased Otedola’s stake in the financial services group to 20.42 percent, consolidating his position as the company’s largest shareholder.

Sources familiar with the transaction disclosed that the shares were acquired at N44 per unit, significantly below the company’s market closing price of N61 per share on Thursday. The private placement reportedly raised about N45 billion, with Otedola and another institutional investor accounting for nearly 90 percent of the total subscription.

With the fresh investment, Otedola’s total holdings in First HoldCo have risen to roughly 9.29 billion shares, underscoring his growing commitment to the company’s long-term growth strategy.

The successful capital raise has also boosted First HoldCo’s share capital to N525.6 billion, enabling the institution to exceed the minimum N500 billion capital requirement set by the Central Bank of Nigeria for banks operating internationally.

The development comes as First HoldCo intensifies efforts to strengthen its financial position and support the recapitalisation of its flagship banking subsidiary, First Bank of Nigeria.

Industry observers note that the capital injection forms part of the group’s broader strategy to reinforce its balance sheet and meet evolving regulatory standards within Nigeria’s banking sector.

Otedola has consistently expanded his investment in the company over the past year. In May, he acquired 549.53 million shares worth over N43 billion through Calvados Global Services Limited, further increasing his influence within the institution.

The latest transaction aligns with First HoldCo’s ambition to build a N1 trillion capital base. During its 14th Annual General Meeting, shareholders approved plans to raise up to N253.09 billion through a combination of public offerings, private placements, rights issues, bonus issues, scrip dividends and other equity instruments across local and international markets.

Financial analysts believe the continued capital mobilisation will position First HoldCo to compete more effectively within Nigeria’s evolving banking landscape while supporting future expansion plans.

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot operators, and fuel importers to reduce petrol prices following a decline in global crude oil prices.

The association said the drop in international oil prices presents an opportunity for stakeholders in Nigeria’s downstream petroleum sector to lower ex-depot and pump prices, easing the financial burden on consumers and businesses grappling with economic challenges.

In a statement issued by PETROAN’s National Public Relations Officer, Joseph Obele, the association’s National President, Billy Gillis-Harry, noted that recent developments in the global oil market should be reflected in domestic fuel pricing.

According to the statement, Brent crude prices have declined to between $77 and $78 per barrel after the ceasefire agreement between the United States and Iran and expectations of improved oil export flows through the Strait of Hormuz.

The association said market analysts project Brent crude prices to trade between $75 and $82 per barrel in the coming days, while West Texas Intermediate (WTI) crude is expected to remain within the range of $72 to $79 per barrel.

PETROAN expressed concern that imported petroleum products are in some cases landing in Nigeria at lower costs than products supplied by local refiners, stressing the need for a more competitive market environment.

Gillis-Harry argued that consumers should benefit from lower international oil prices through reduced fuel costs, adding that competition among suppliers remains essential to ensuring affordable and reliable petroleum products.

The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting import licences to qualified marketers to sustain healthy competition within the sector.

According to PETROAN, increased competition would discourage monopolistic practices, improve efficiency, and help stabilize product supply across the country.

The association also appealed to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms reportedly interested in managing the Port Harcourt and Warri refineries.

PETROAN said the successful rehabilitation and operation of the refineries under capable private-sector management could significantly boost domestic refining capacity, improve supply stability, and contribute to lower fuel prices.

The association maintained that if crude oil prices continue to moderate alongside stable exchange rates and manageable refining costs, Nigerians should begin to experience relief through reduced petrol prices and lower transportation and business expenses.

PETROAN added that ensuring a competitive downstream market remains one of the most effective ways to protect consumers and support economic growth across the country.

This version is rewritten as a fresh news report with a new structure and wording while retaining the core facts of the original story.

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The Federal Government has distributed about N13 billion in interest-free loans to 7,450 academic and non-academic staff members across public tertiary institutions in Nigeria as part of efforts to improve the welfare of education workers.

The intervention, executed through the Tertiary Institutions Staff Support Fund (TISSF), covered beneficiaries in 153 public universities, polytechnics and colleges of education nationwide during the 2025/2026 programme cycle.

According to information released by the Federal Ministry of Education, the initiative forms part of President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at strengthening staff welfare, boosting productivity and supporting the financial wellbeing of workers in the education sector.

The TISSF scheme, established by the Ministry of Education and managed by the Bank of Industry, offers eligible tertiary institution employees access to loans of up to N10 million without interest, enabling them to meet personal and professional financial obligations.

Government officials said the programme is helping to reduce financial challenges faced by workers while creating a more supportive environment for teaching, research and innovation across higher institutions.

Minister of Education, Dr. Tunji Alausa, described the fund as a strategic component of ongoing reforms within the education sector. He stressed that improving staff welfare remains essential to achieving sustainable growth and excellence in tertiary education.

According to the minister, investments in infrastructure, technology, research and institutional development must be complemented by programmes that directly enhance the quality of life of education workers.

Alausa noted that the success recorded in the current phase demonstrates the strong demand for the scheme among tertiary institution employees and reflects its positive impact on beneficiaries nationwide.

Data released by the ministry revealed that more than 42,000 applications have been processed through the programme’s digital platform since loan disbursement began in October 2025.

The breakdown showed that universities received 52 percent of the disbursements, while colleges of education accounted for 25 percent and polytechnics received 23 percent.

The ministry also disclosed that women represented 19 percent of beneficiaries, adding that future phases of the programme will focus on increasing awareness and encouraging greater participation among female staff and underserved regions.

Officials further stated that plans are underway to simplify the application process and improve engagement with participating institutions to ensure faster and more efficient access to the fund.

Applications for the 2026/2027 TISSF cycle are expected to commence before the end of June 2026, with eligible workers advised to stay in touch with their institutions’ bursary departments and monitor official channels for updates.

The Federal Government expressed confidence that the programme will continue to support education workers while strengthening the nation’s tertiary education system through improved staff welfare and financial stability.

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