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After Payment of $7 billion forex backlog, Naira rallies as foreign reserves gained $1.04b in Q1, Says CBN
The naira regained one-fifth of value in the past five weeks as increased foreign exchange inflows saw Nigeria’s forex reserves rising by $1.04 billion in the first quarter of this year.
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The reserves, which had ended 2023 at $32.912 billion, closed weekend at $33.952 billion, an increase of $1.038 billion. The build-up of the reserves came within the same period the Central Bank of Nigeria (CBN) completed payment of forex backlog of $7 billion.
The naira rose by about 22 per cent in March to close at N1, 303.842 per dollar as against N1, 544.08 per dollar recorded at the end of the previous month. At the parallel market, the naira rose by about 20 per cent to close the month at N1,300 per dollar.
Analysts agreed that the forex reserves accretion and naira gain may continue in the period ahead as inflows remain upbeat.
Analysts at Financial Derivatives Company (FDC), Cordros Capital, Afrinvest Securities and Arthur Steven Asset Management, said they expected the naira to remain stable in the meantime, given the monetary stance of the CBN.
Managing Director, Financial Derivatives Company (FDC), Mr. Bismarck Rewane, said the current monetary stance suggests further stability in naira and increased investors’ confidence in the economy.
He noted that the high interest rate is expected to support investment inflows from portfolio investors, which combined with a quadruple in remittance inflows and rebounding oil and non-oil export earnings, will support external reserves.
“Essentially, the naira’s stability will continue amid higher interest rates,” Rewane said at the weekend.
He added that while it might still take some time for exchange rate gains to translate to reduced commodity prices in the open markets, “the future holds bright promises.”
Cordros Capital acknowledged CBN’s continuous efforts in the forex market, which are expected to keep the naira stable in the meantime.
Afrinvest stated that naira would remain stable and trade within similar band over the next weeks as the apex bank continues to attract more capital ireserve.
Managing Director, Arthur Steven Asset Management Olatunde Amolegbe said continuing increase in forex reserves will support current efforts aimed at fostering liquidity and stability at the forex market.
“The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilise the exchange rate and strengthen it further,” Amolegbe said.
President, Association of Capital Market Academics in Nigeria, Prof. Uche Uwaleke said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.
“If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.
He noted that inflation rate would most likely moderate given the exchange rate pass-through to commodity prices.
With the lingering crises in Middle East and Eastern Europe amid elevated oil demand, most analysts expect crude oil price to remain substantially above Nigeria’s budget benchmark of $77.96 per barrel.
The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd.
IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.
OPEC+ members had extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.
CBN Governor Olayemi Cardoso has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.
According to him, the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.
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ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE
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ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperationbetweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusinessConference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-levelCanadian business delegation representing 31 companies, alongside senior government officials, businessleaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthencommercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadianbusinesses seeking opportunities across the continent.The Canadian delegation comprised companies and institutions operating across financial services, security,mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, educationand clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant andother leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalfof the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timelyplatform for deepening commercial partnerships between Canada and Africa amid shifting global economicrealities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing thatthecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immensepotential into shared prosperity.“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperityour people can feel. For the first time, the answer is yes, because of the machinery we are now building,” hesaid.RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanentSecretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmedthe State Government’s commitment to fostering an enabling environment for investment and internationalpartnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institutionbuilding.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandanincreasingly sophisticated business environment. Together, these strengths create a compelling foundationfor transformative partnership,” he said.Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, notedthattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenbothcountries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanewchapter: one that is more ambitious, more practical, and more human.” -
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlightedNigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built byNigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reachesacross Africa and around the world.”She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank isnot only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and itrepresents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investmentopportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identifypracticalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomicdevelopment.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,while opening new opportunities for technology transfer, private sector collaboration, job creation and long-termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingtoaccess opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role inregional and global trade.
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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments
HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
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