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Breaking : CBN bows to pressure lifts ban on cement, 42 items and raises dollar supply
The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market.
The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure from international organisations and experts.
The CBN has finally succumbed to pressure and lifted the ban on the importers of 43 items restricted from accessing foreign exchange on its official platform.
It disclosed this in a statement titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by the bank’s Director, Corporate Communications, Isa AbdulMumin, on Thursday.
“Importers of all the 43 items previously restricted by the 2015 circular referenced TED/FEM/FPC/GEN/01/010, and its addendums are now allowed to purchase foreign exchange in the Nigerian foreign exchange market,” the statement said.
The apex bank said it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer – willing seller principle.
It added, “The CBN reiterates that the prevailing foreign exchange rates should be referenced from platforms such as the CBN website, FMDQ and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian foreign exchange market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.”
The statement said the CBN was committed to accelerating efforts to clear the FX backlog with existing participants and would continue dialogue with stakeholders to address the issue.
It stated, “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”
Meanwhile, some Bureau de Change operators who spoke to The PUNCH on Thursday said the dollar traded between 1,025/$ and 1,050/$ in Lagos and Abuja.
A BDC operator in Lagos, Abguadi, said, “The dollar was bought at N1,025/$ and sold at N1,035/$ on Thursday.”
According to another BDC operator, Abdul, “We bought dollar for N1,015/$ and sold it at N1,035/$. The price has been rising.”
A BDC operator, Yusuf, said, “Some BDCs don’t even have access to the forex. Today, we bought the dollar and sold at 1,035/$ and 1,050/$.”
Another BDC operator in Abuja, Ibrahim Yahu, said as of the close of business on Thursday, they were buying at N1.030/$ and selling at 1,045/$.
A forex dealer identified simply as Suraju said, ‘’I buy at N1,030/$ and sell N1,035/$; It is just a difference of N5.’’
However, on the Investor & Exporter forex window, the naira appreciated slightly after closing at 759.20/$ from 766.41/$ on Wednesday.
But the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, also says the new leadership team will review the CBN foreign exchange market policies, corporate governance practices, and monetary policies to reposition the apex bank to achieve its core mandates.
Already, he said the new team members, who resumed fully at the bank a few weeks ago following their confirmation by the National Assembly, were carrying out a comprehensive assessment of the challenges facing the central bank.
According to him, the ongoing assessment of the bank will lead to tweaking or jettisoning of some policies as part of a wide-ranging programme to reform the bank as a catalyst for economic growth and development.
This was contained in a document obtained by our correspondent on Thursday.
The document was titled, ‘Preliminary assessment of challenges facing the Central Bank of Nigeria.’
In the document, Cardoso outlined the challenges facing the CBN, introduced high-level proposals to address reformation challenges while examining the role of a refocused central bank in supporting the economic agenda of President Bola Tinubu.
In the paper, the new CBN governor raised several questions, ranging from how corporate governance failures in the CBN could be addressed, how public and financial systems’ stakeholder confidence could be restored in the autonomy and integrity of the CBN, as well as the need to refocus the central back to its core functions.
He also harped on what should be put in place to revert to evidence-based monetary policies, including the discontinuation of unorthodox monetary policies and foreign currency management, unorthodox use of Ways and Means spending, and developing control limits in the use of Ways and Means in financing public sector deficit.
On the backlog of FX demand, Cardoso emphasised the need for creative financing options for clearing the short to medium-term backlog.
The new central governor also plans to limit the CBN’s fiscal side interventions while proposing responses to addressing inflation and price stability issues.
Cardoso said, “These problem statements need in-depth review by the new Central Bank leadership team to determine what mechanisms are currently working, what can be tweaked or dispensed with and what new tools need to be introduced.”
On how the CBN can be refocused to support economic growth, he said, “The economic policy proposals of the administration identify a set of fiscal reforms and growth targets that will achieve $1.0tn GDP within eight years. In reviewing selected BRICS and MINT countries with large populations and similar developmental characteristics as Nigeria, it is interesting to identify macroeconomic indices that point to Nigeria’s economic trajectory, given the faithful implementation of the proposed economic reforms. In economies bigger than $1.0tn, these indicators include moderate inflation, sizable foreign reserves, and the capacity to rebound from a cyclical economic downturn quickly.”
He added, “Much has been made of past CBN forays into development financing, such that the lines between monetary policy and fiscal intervention have blurred. In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
He listed the advisory roles as the CBN acting as a catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy, facilitating new regulatory frameworks to unlock dormant capital in land and property holdings, accelerating access to consumer credit and expand financial inclusion to the masses; de-risking instrumentation to increase private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies; and exercising the CBN’s convening power to bring critical multilateral and international stakeholder participation in government and private sector initiatives.
In conclusion, Cardoso said, “It must be emphasised that CBN does not have a magic wand that can be waved at the current economic challenges. The problems facing the bank are large and complex. However, with focused leadership and sustained reforms, it is expected that over time, the country will see gains open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots an opportunity for a more prosperous future”.
Manufacturers back FG
Speaking exclusively with The PUNCH, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, commended the decision made by the CBN to lift the ban on imports of the blacklisted items.
According to him, about 200 association members have been adversely affected by the ban that Emefiele imposed.
He said, “We commend the CBN Governor for taking a very pragmatic and far-sighted decision on this matter. You will recall that when the last CBN governor imposed this list of items that are not valid for forex, the association indicated that it was not consulted, and that it was ill-advised. It was ill-advised in that the CBN did not correctly assess the relevance of those items.
“Some of those items represent raw materials that are not locally available, and when that was done, it put more than 200 of our members in jeopardy. It put their survival in jeopardy. Many of them suffered unprecedented low returns in their activities. We indicated that the affected operators needed to be consulted.”
Ajayi-Kadir, who warned that the apex bank had no business meddling in issues bordering on fiscal policy, demanded more reviews to be done to remove more bottlenecks that were imposed on manufacturers by the previous CBN leadership.”
Reacting, the President of the All Farmers Association of Nigeria, Kabir Ibrahim, said removing the forex ban on the items might not influence the seamless importation of food as countries were battling to achieve food sufficiency.
In a telephone interview, the president noted that the festive period would prove effective if the new policy is appropriate or not.
He said, “It is premature to say what will happen as this liberalisation does not mean seamless importation of goods and services as the entire global food system is going through challenges.
“There is no magic wand to stave off the current food inflation rate in Nigeria and it is pretty unwise to purchase grains. For instance, it will be at cross-purposes with any food pricing protocol.
“We should tarry awhile before making definite forecasts as to what will happen between now and Christmas.”
Speaking with The PUNCH, the Chief Executive Officer of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, said it was a welcome decision of the CBN to discontinue the forex exclusion policy on the 43 items. It is a move in the right direction. It is part of the policy normalisation process.
Yusuf said, “The exclusion of the 43 items was one of the drivers of distortions in the forex market. The exclusion of the items also contributed to the persistent divergence in rates between the official window and the parallel market.
“The exclusion also conflicted with extant trade policy as the items were not under import prohibition in the first place. It was an example of lack of policy coordination under the previous administration.”
Yusuf further stated that the new directive would improve transparency and disclosures in foreign exchange transactions.
Meanwhile, he noted that the CBN should avoid market suppression tendencies, especially outside the I&E window.
He stressed that all policy impediments to forex inflows should be removed.
He stated, “The fiscal authorities should continually monitor the economic landscape to shape the character of fiscal policy measures to regulate imports in line with comparative advantage principles.”
Meanwhile, he added, “We need to worry about the risk of an import surge and also need to upscale the use of fiscal policy measures to boost domestic production and productivity.”
The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, said generally, it was a booster aimed at boosting confidence and eliminating uncertainties in the market.
He said, “It entails reforms, compliance with official market rates and liquidity interventions. We at ABCON will continue to partner with the apex bank in achieving its set goals.
“The unbanning of the 43 items will deepen the market and stimulate bilateral trade and inward-looking industrialisation strategies.”
He added, “My call to the CBN is to ensure speedy implementations of the policies. To enhance the buffers, the CBN should pursue a paradigm shift from demand to supply measures to boost the needed liquidity in the market.”
Gwadabe said the CBN should emphasise intervention in the retail end sector where the spikes were most pervasive through the effective pass-through of the BDCs to close the gaps between the official and unofficial exchange rates.
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ZENITH BANK REINFORCES COMMITMENT TO AFRICA’S CREATIVE ECONOMY THROUGH CONTINUED SPONSORSHIP OF ART X LAGOS 2026
Building on its support for ART X Lagos’ landmark tenth anniversary, the Bank continues its partnership with the fair, championing African artistic excellence, cultural heritage and emerging creative talent.
Zenith Bank Plc has reaffirmed its commitment to advancing Nigeria’s creative and cultural landscape through its continued sponsorship of ART X Lagos 2026, taking place from November 5-8, 2026, at Federal Palace, Lagos.
Building on its support for the fair’s landmark tenth-anniversary edition in 2025, the Bank returns as a Silver Sponsor for the 11th edition, reinforcing its commitment to platforms that celebrate African artistic excellence, preserve cultural heritage and create opportunities for emerging creative talent.
Founded by Tokini Peterside-Schwebig in 2016, ART X Lagos is a leading international cultural platform dedicated to showcasing contemporary art from Africa and its diaspora. Through its multidisciplinary programming, the fair has become an important platform for connecting artists, galleries, collectors and cultural institutions while promoting African creativity on the global stage. Since its inception, ART X Lagos has brought together artists and galleries from over 70 countries, welcoming participants from 170 nations worldwide.
The 11th edition of ART X Lagos will hold under the theme: A New Chapter, A New Decade, reflecting on the artists, architects, educators and thinkers who shaped modernism in Nigeria. The theme explores how cultural inheritance can inspire new forms of artistic expression and possibilities for the future.
Through its sponsorship, Zenith Bank supports the continued growth of ART X Lagos as an international platform for artistic exchange, cultural preservation and creative enterprise, strengthening connections across Africa’s creative ecosystem and fostering opportunities for growth and collaboration.
As part of its broader sponsorship of ART X Lagos 2026, Zenith Bank will support two key programmes: ART X ICON and The Masterclass. While ART X ICON celebrates the achievements and enduring contributions of Nigeria’s artistic pioneers, The Masterclass creates opportunities for emerging creatives to learn, engage and develop their practice.
In this 11th edition, the focus of ART X ICON is turned to pioneering Nigerian potter Ladi Dosei Kwali (1925–1984) with Ladi Kwali: Beyond the Vessel, conceived and developed by curator Dr Jareh Das.
Widely recognised as the face on Nigeria’s 20-naira note, Ladi Kwali is celebrated for her extraordinary contribution to Nigerian ceramics and her role in bringing traditional Nigerian pottery to international prominence. Drawing on generations of indigenous pottery knowledge, she developed a distinctive artistic practice that earned her international recognition.
Bringing together ceramics and archival materials from the National Museum in Lagos, alongside works from private lenders, Ladi Kwali: Beyond the Vessel offers a deeper exploration of the artist’s life, practice and enduring influence.
The exhibition will also feature works by women potters who worked alongside and after Kwali, including Kande Ushafa and Asibi Ido, as well as traditional pottery by Gbari, Nupe and Bida potters. Together, these works illuminate the artistic traditions Kwali inherited, the innovations she introduced, and the knowledge carried forward by subsequent generations.
Complementing ART X ICON, The Masterclass will place emerging artists in dialogue with Ladi Kwali’s legacy, creating an opportunity to explore the relationship between traditional artistic knowledge and contemporary creative practice.
The programme will select 10 emerging artists from across disciplines including painting, sculpture, photography, film, textiles, digital practice, performance and ceramics, providing opportunities for intimate conversations and meaningful engagement with established creative practitioners.
Speaking on the partnership, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, Zenith Bank Plc, commented:
“At Zenith Bank, we recognise that the growth of the creative economy requires both the preservation of our cultural heritage and sustained investment in the talents shaping its future. Our continued partnership with ART X Lagos reflects our belief in the importance of supporting platforms that celebrate African artistic excellence, strengthen cultural institutions and create opportunities for emerging creatives. We remain committed to supporting initiatives that unlock the economic and cultural value of Nigeria’s creative industry and enable African creativity to gain even greater recognition on the global stage.”
Tokini Peterside-Schwebig, Founder and Director of ART X Lagos, said:
“As ART X Lagos enters its second decade, we are immensely grateful for the continued partnership of sponsors such as Zenith Bank, whose support reflects a shared commitment to advancing Nigeria’s creative and cultural landscape. Partnerships like this are instrumental in sustaining our vision, deepening our impact and creating lasting opportunities for African creativity to thrive on a global scale.”
Beyond ART X ICON and The Masterclass, ART X Lagos 2026 will feature 15 exhibitors across its Main and Spotlight sections, alongside a diverse programme of Special Projects, including Ndidi Dike’s Residues of Past Encounters: 2024–2026, The ART X Library and Speakers’ Corner.
The fair’s wider multidisciplinary programme will also feature ART X Cinema, ART X Live!, ART X Talks, Art Across Borders and the Schools’ Programme, celebrating the breadth and diversity of contemporary creativity from Africa and its diaspora.
ART X Lagos 2026 takes place from 5–8 November 2026 at Federal Palace, Victoria Island, Lagos.
Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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