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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.
Zenith Bank Plc has released its unaudited financial results for the nine months ended 30 September 2025, with a remarkable 16% year-on-year growth in gross earnings from N2.9 trillion recorded in Q3 2024 to N3.4 trillion in Q3 2025. The Group’s performance continues to demonstrate resilience, strong momentum, disciplined execution and an ability to deliver long-term shareholder value in spite of challenging macroeconomic environment.According to the financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was driven by a sustained growth in interest income which grew by 41% year-on-year to N2.7 trillion. The growth in interest income was supported by a high-yield rate environment and an expansion in the Bank’s investment portfolio. Despite the increase in interest expense by 22% to N814 billion on the back of a tightening monetary cycle and a growth in the Bank’s funding base, the Bank was able to achieve a healthy Net Interest Margin (NIM) of 12% as against 10% in September 2024. Non-interest income declined by 38% to N535 billion, underpinned by a 60% decline in trading gains.Profitability remained strong, with profit before tax at N917 billion as against N1.00 trillion reported in September 2024. Profit after tax also declined by 8% to N764 billion and Earnings Per Share (EPS) came in at N18.60 as against N26.34 in September 2024, as the Bank took bold measures to improve the quality of its loan portfolio.The Bank’s total assets grew by 4% from N30 trillion in December 2024 to N31 trillion as at September 2025. This was largely supported by customer deposits, which rose by 8% to N23.7 trillion within the same period. Gross loans declined by 9% to N10 trillion as at September 2025, while Non-Performing Loan (NPL) ratio improved to 3% due to the write-off of non-performing loans.Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 23.3% and 3.3% respectively. Cost of funds increased to 4.5%, underscored by the broader elevated interest rate environment. The Group’s cost of risk stood at 10% while cost-to-income ratio rose to 45%.Coverage ratio and liquidity ratio remain solid and well within regulatory limits at 211.1% and 53% respectively. This highlights the Bank’s strong capital position and liquidity profile as well as its ability to fund strategic growth opportunities. It also reflects its unwavering commitment to a prudent risk management, compliance and corporate governance culture. Commenting on the results, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “the Bank’s robust performance is an attestation to the resilience of the Zenith brand, result-driven strategy, and the adaptability of our people in an evolving operating environment. We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth”.Looking to Q4 2025, Dame Dr. Umeoji reinforced her optimistic outlook: “This result confirms the resilience of both our business model and our people. We’re on a solid growth path that we expect to maintain through the remainder of the year. Our focus on innovation, digital transformation, and developing solutions that address our clients’ changing needs positions us to capitalise on emerging .
opportunities whilst maintaining our disciplined approach to growth.” She assured shareholders that the robust performance, combined with improved asset quality and the Bank’s strong capital base, positions Zenith Bank to deliver exceptional returns with expectations of sustained value creation. “We’re well placed to sustain this momentum whilst maintaining responsible leadership in the Nigerian banking industry and delivering exceptional value to all our stakeholders.”The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence led to Zenith being also being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.Zenith Bank has also bagged several non-financial awards including, Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.
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Guaranty Trust Holding Company Plc (“GTCO” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements as of September 30, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE)
The Group posted profit before tax of ₦900.8billion on the back of strong performance on the core earnings lines of interest income and fee income which grew y-o-y by 25.6% and 16.8% respectively. The strong core-earning performance continued to narrow the y-o-y dip in PBT to 26%, thereby cushioning the impact of the ₦523.2bn fair value gains recognised in Q3-2024, which did not recur in Q3-2025.
The Group recorded growths across all its Asset lines and continues to maintain a well-structured, healthy liquid and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals.
Group’s total assets and shareholders’ funds closed at ₦16.7trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 36.5%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% and 4.4% % at Bank and Group level in Q3-2025 (Bank 3.5%, Group 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 16.5% from ₦2.79trillion as of December 2024 to ₦3.24trillion in September 2025. Similarly, deposit liabilities grew by 16.0% from ₦10.40trillion to ₦12.06trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our third quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem. We are seeing steady, sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency. The improvements we have made to our digital and payments infrastructure are enhancing customer experience, deepening engagement, and driving greater integration across our ecosystem.”
He further stated: “Looking ahead, our focus remains on advancing our competitive edge through innovation, operational excellence, and a commitment to superior customer outcomes. With a clear growth trajectory and strong organizational alignment, we are well-positioned to sustain performance momentum and deliver another year of industry-leading results.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 39.5%, Pre-Tax Return on Assets (ROAA) of 7.6%, Capital Adequacy Ratio (CAR) of 36.5% and Cost to Income ratio of 28.8%.
Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
Access Holdings Plc (“the Group” or “the Company”) today announced its half-year audited financial results for the period ended June 30, 2025.The Group’s financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress to the execution of our five-year strategic plan. Gross earnings increased by 13.8% year-on-year to 2.5 trillion in H1 2025 from 2.2₦ ₦ trillion in H1 2024, driven by strong growth in interest income which increased by 38.9% year-on-year to 2.0 trillion from 1.5 billion in H1 2024. Net interest income also increased by 91.8% year-on-year to 984.6 billion in H1 2025 from 513.4 billion in H1 2024. Complementing this performance was a growth in net fees and commission income, which increased by 16.1% year-on-year to 237.7billion in H1 2025 from 204.7 billion in H1 2024. Profit before tax (PBT) and profit after tax (PAT) closed at 320.6 billion and 215.9 billion respectively underscoring the strength and resilience of our business model in the markets we operate in. Key balance sheet indicators remain strong with total assets, customer deposits, loans and advances, and shareholders’ equity closing at 42.4 trillion, 22.9 trillion, 13.2 trillion 3.8 trillion respectively. The Banking group demonstrated resilient performance in H1 2025. Interest income grew by 38.7% year-on-year to 2.0 trillion in H1 2025 from 1.5 trillion in H1 2024. Net interest income increased by 85%, from 536.7 billion in H1 2024 to 992.7 billion in H1 2025. Fee and commission income increased by 27% to 294.9 in H1 2025 from 232.5 billion in H1 2024 driven by increased transaction volumes. Profit before tax (PBT) and profit after tax (PAT) closed at 303.0 billion and 199.3 billion respectively. Banking group subsidiaries contributed 65% to the Banking group’s profit before tax (PBT) in H1 2025. This result highlights our journey towards sustainable performance and execution across our key African and international markets. The Group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9% to 21.0 billion and profit before tax up 65.1% to 13.1 billion. The business delivered a₦ ₦
www.accessbankplc.com solid ROAE of 48.1%, a cost-to-income ratio of 35.1%, and a PBT margin of 62.5%, underscoring strong operational efficiency and profitability. Hydrogen Payments recorded a 40.5% growth in top-line revenue compared to H1 2024. Profit before tax (PBT) grew by 273% year-on-year. The total transaction value processed increased by 211%, reaching 41.1 trillion in H1 2025, up from 13.8 trillion in H1 2024. Access Insurance Brokers has sustained strong momentum, recording a 125% year-on-year increase in gross written premium, 146% growth in revenue, and a 161% improvement in profit before tax (PBT). Oxygen X, the Group’s digital lending arm, has sustained strong momentum since launch in Q3 2024, delivering 5.4 billion in revenue and 2.2 billion in profit before tax in H1 2025. Access Holdings’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the Group to drive continued growth and profitability. The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders. Its long-term objective is to build a stronger, more agile Group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings. The Group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future.
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