news
Economy Reform : All exchange rate segmentation is “abolished with immediate effect,” Says CBN Director
…Market-driven currency regime excites financial experts
The Central Bank of Nigeria (CBN) yesterday unified all exchange rates within the economy into the Investors and Exporters (I&E) window.
In a circular to authorised dealers signed by CBN Director, Financial Markets, Angela Sere-Ejembi, the regulator said all exchange rate segmentation is “abolished with immediate effect”.
The CBN said all segments of the foreign exchange market are now collapsed into the I&E window.
It added that applications for medicals, school fees, Business Travel Allowance/Personal Travel Allowance and SMEs would continue to be processed through the I&E window.
Experts spoken to by our correspondence welcomed the development, saying it will remove corruption, increase Forex inflow and boost economic development.
The apex bank action is in line with the directive by President Bola Ahmed Tinubu in his inauguration day speech, which was yet to be carried out by suspended CBN Governor Godwin Emefiele before he was edged out of office last week.
Emefiele is currently under probe for his conduct during his nine years in office.
Under Emefiele, the CBN resisted the pressure from World Bank and the International Monetary Fund (IMF) that the naira should be floated to determine its real value and eliminate the corruption embedded in the multiple exchange rates regime.
In the circular, the CBN also said that the operational changes to the foreign exchange market include the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
“Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007.
“All eligible transactions are permitted to access foreign exchange at this window,” it stated.
According to the circular, all operational rates for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Re-introduction of Order Book to ensure transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from 9 am to 4 pm, Nigeria time,” the circular said.
Also, there is a cessation of the RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023.
Market-driven naira value excites financial experts
The Finance and economic experts, who welcomed the floating of the Naira are the President, the Association of Capital Market Academics, Prof. Uche Uwaleke; Chief Executive Officer, Centre for the Promotion of Private Enterprise [CPPE], Mr Muda Yusuf; Fiscal Policy Partner and Africa Tax Leader, PwC, Taiwo Oyedele; Chief Economist, PwC Nigeria, Andrew Neven; Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe; and President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe.
Others are Senior Credit Research Analyst, REDD Intelligence, Mark Bohlund; former Executive Director, Keystone Bank, Richard Obire; Director General, Manufacturers Association of Nigeria (MAN), Mr Segun Ajayi-Kadiri; Financial analysts, Renaissance Capital, Charles Robertson; and Managing Director, SD & D Capital Management Limited, Mr Gbolade Idakolo.
Uwaleke, who said that the unification of exchange rates would lead to “ a more transparent forex market,” however, advised the CBN to implement the policy ”in a way that it would not cause massive distortions in the general price level.”
He said: “The unification of exchange rates should not be a one-step process but should be implemented over a period of time however short it may be. Empirical evidence suggests that reforms are more successful when they are sequenced and implemented in phases. This is against the backdrop of the oil subsidy removal which, taken together, can result in galloping inflation and rising poverty levels. So, while fiscal and monetary policy reforms are welcome, absolute care should be taken to strike the right balance and minimise their unintended consequences.”
Yusuf said the policy would facilitate the mopping up of naira liquidity in the economy in the short to medium term.
That, according to him, will impact positively on inflation outlook and deepen the autonomous foreign exchange market through the liberalisation of inflows from export proceeds, diaspora remittances, multinational oil companies, diplomatic missions, etc.
He added that “the erstwhile foreign exchange policy regime was for all practical purposes, a fixed exchange rate regime that created distortions and negative outcomes.”
Yusuf said the distortions included “widening the gap between the official, other multiple windows and parallel market exchange rates, collapse of liquidity in the foreign exchange market and high demand for forex .”
He added: “It is important to reiterate that this is not a devaluation policy, it is a normalisation of the foreign exchange policy regime and an adjustment of rate to reflect the fundamentals of demand and supply. It would be dynamic, and the naira will appreciate or depreciate depending on the fundamentals.”
The expert advised the CBN to ”position itself for periodic intervention in the forex market, as and when necessary.”
Oyedele said the decision was a positive move that should bring more benefits than pains to the economy.
He outlined that with the market-driven rate, the aggregate demand for forex across markets should reduce as round-tripping incentive is removed, noting that avenues for corruption such as people who fake foreign travels just to get forex at discounted rates would be.
“Also, Nigeria’s sovereign credit rating should improve if this is complemented with the right fiscal and monetary policies thereby attracting more forex inflows and lowering the cost of borrowing,” Oyedele said.
In a 10-point impact analysis, Oyedele explained that while the decision expectedly would have some negative implications, the overall impact would be positive for the economy, government revenue and the capital market.
Neven expressed support for the policy as it would remove uncertainties and ensure transparency in the forex market.
“We had stated in a report to the CBN that as long as we don’t have a unified exchange rate, and there is a lack of transparency, nobody will invest in Nigeria. We will continue to have insufficient investment and growth and consequently remain poor. What we said years ago came to pass.
”During the (Muhammadu) Buhari Administration, the average growth rate was 1.5 per cent and the population growth was 2.7 per cent. So, it is a necessary condition to get enough investment into the country when we have a unified exchange rate.
“A situation where you have multiple exchange rates, where you don’t know how to have access to foreign exchange or at what price, simply is unworkable. Any system where you have to go to the CBN in order to access foreign exchange or get approval simply isn’t going to work. That is what has been proved over the last decade.
“I think the reaction to President Tinubu’s inauguration statement was very positive, and this latest statement is very positive. We view these as a necessary step toward economic recovery in Nigeria. We’re very much in favour of the unification of the exchange rate,” Neven said.
Ajayi-Kadiri said it was a “positive development and an indication of a far-sighted strategic choice”.
He said the policy, among other range of fiscal measures to promote domestic manufacturing, was borne out of a deep reflection on the current inclement manufacturing environment and the need to stop the drift into inglorious de-industrialization of the Nigerian economy.
The MAN chief, however, said in addition to pursuing the unification of the exchange rate, the CBN should be prevailed upon to take effective action to give priority to the allocations of forex to the productive sector, particularly to manufacturers to import raw materials, spares, and machinery that are not locally available.
Also, Amolegbe said the market-driven rate was another painful reform that needed to be done noting that the multiple exchange rate regime was not doing the economy any good.
“Not only did the former multiple exchange rate system discourage the inflow of much-needed foreign investments, but it also encouraged massive corruption. Harmonizing the rates should lead to better price discovery and hopefully lead to more transparent commerce. That is why the markets responded to it positively,” Amolegbe, a former president of the Chartered Institute of Stockbrokers (CIS) said.
Gwadabe said the removal of the rate cap would allow a true market clearance rate which has been the agitation of several stakeholders in the economy.
He said the move will harness and increase various sources of supply of dollars into the economy like foreign portfolio investment, foreign direct investment, diaspora remittances, and export proceeds, among others.
“The new directive, in my opinion, is to checkmate various illegal economic behaviours like rent-seeking, currency substitution, forex holding positions and frivolous demand in the market,” Gwadabe said.
Obire said eradicating multiple exchange rates would bring about increased dollar supply, and exchange rate stability.
Also, Bohlund said the unification would help the federal government to better balance its books as it is still highly dependent on dollar-linked oil revenue while spending is in naira.
While Robertson said that “Nigeria has become investable again, adding that attracting foreign money is wise when local savings are in short supply.”
Idakolo said the floating of the naira would lead to a free market system that allows market forces to determine the rate.
“This would allow availability to determine the rate and eliminate hoarding,” Idakolo said.
He added that the development “would also encourage foreign direct investment into the economy as restrictions limiting free flow has been lifted. In the long run, as the economy becomes stronger, the naira would begin to appreciate against the Dollar and the economic activities would now determine the strength of our currency going forward.”
news
Update : NRC Releases Preliminary Report on Warri-Itakpe Train Crash, Says Wheel Defect May Have Triggered Derailment
……NRC Suspects Wheel Defect, Rules Out Track Vandalism
The Nigerian Railway Corporation (NRC) has released its preliminary report on the June 8, 2026 derailment involving the Warri–Itakpe Train Service (WITS), revealing that a possible sudden bogie or wheel defect may have triggered the accident.
The incident occurred at about 4:17pm near the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor, Delta State.
According to the NRC, the train had departed Itakpe at 12 noon with 482 people on board, comprising 442 passengers and 40 operational personnel, when the derailment occurred.
Five coaches, one locomotive and a power car were affected, with three coaches and the power car overturning.
The Corporation said emergency response operations were immediately activated with support from the Delta State Government, the Nigeria Police Force, Federal Road Safety Corps (FRSC), National Emergency Management Agency (NEMA), local authorities and medical teams.
All passengers were evacuated within two hours of the incident.
However, the accident resulted in four confirmed deaths — three adults and one child — while 64 people sustained various injuries.
The NRC said 28 injured passengers were treated and discharged at the Railway Hospital, Owa-Oyibu, while another 36 were transferred to hospitals in Owa-Oyibu, Owa-Alero and Agbor.
Most of those admitted were discharged within 72 hours, while three people, including an NRC employee who required surgery, remained under specialist medical care. Two of the affected persons subsequently underwent surgical procedures.
The Corporation also clarified that its initial report of five fatalities was later revised to four following verification with the Delta State medical team responsible for the deceased.
Possible wheel defect identified
The NRC said its internal investigation involved site inspections, evidence gathering, examination of operational records and communication data, technical assessments of the locomotive and rolling stock, as well as interviews with train crew, operations and maintenance personnel, witnesses and emergency responders.
The investigation also examined the track infrastructure, turnout arrangements, communication systems and the effectiveness of the emergency response and evacuation operations.
Based on the preliminary findings, the NRC said investigators identified the possible sudden development of a bogie/wheel defect while the train was in motion as a potential primary factor in the derailment.
According to the Corporation, such a defect could have resulted in abnormal wheel-rail interaction, excessive impact loading and loss of running stability.
The investigators also identified the possible manner in which the train’s brakes were applied as a factor that may have contributed to the severity of the accident.
However, the NRC stressed that both issues remain working hypotheses and that the definitive cause of the derailment would only be established after further technical analysis.
No evidence of track vandalism
The Corporation said its inquiry team found that the railway points at the accident location were intact and that there was no evidence of track vandalism.
This finding distinguishes the June 8 incident from two previous accidents involving the same Warri–Itakpe service on November 1 and November 8, 2025, which the NRC said were attributed to track vandalism.
The independent Nigerian Safety Investigation Bureau (NSIB) has also commenced its statutory investigation into the accident.
The NRC said it was cooperating fully with the NSIB and would be guided by the findings and recommendations contained in its final report.
NRC announces safety measures
Following the preliminary findings, the Corporation recommended comprehensive safety inspections and audits of rolling stock, railway tracks and infrastructure before equipment is returned to service.
It also called for stronger maintenance and condition-monitoring programmes, timely replacement of defective components and improved availability of critical spare parts.
The NRC further recommended a review of operational safety procedures, improved emergency preparedness and rescue capabilities, enhanced staff training and competency assessments, as well as sustainable funding for railway modernisation.
The Corporation also proposed improvements to its insurance and compensation framework to ensure adequate protection for passengers and staff in cases involving medical treatment, disability and fatalities.
WITS service yet to resume
The NRC said the affected track has been fully recovered and restored, while the locomotives involved have also been recovered and are currently undergoing reconditioning.
However, the Corporation said the Warri–Itakpe service would not resume until a detailed safety audit of the track and equipment has been completed.
The NRC expressed condolences to the families of those who lost their lives in the incident and apologised for the delay in releasing the preliminary report, explaining that additional time was required to properly verify the casualties and notify the affected families.
The Corporation said it remained committed to implementing recommendations arising from both its internal accident inquiry and the independent NSIB investigation, with the aim of strengthening railway safety and restoring public confidence in train transportation.
I’m
Veteran Yoruba actor Taiwo Hassan, popularly known as Ogogo, has died at 66.
His daughter, Kira Taiwo, confirmed his passing during an Instagram Live session on Sunday.
The news comes days after Kira and her sister, Lima Taiwo, made public appeals on Monday, August 17, 2026, for medical advice for their father, who was battling stage-four cancer.
Kira said doctors had stopped chemotherapy because of his condition, and the family was seeking alternative treatments, including specialised procedures and traditional remedies.
She clarified that the family was not asking for financial donations, but for information on possible treatment options.
news
Nigeria’s ‘Fake’ Agency Exposed: Meet Director, 20 State Coordinators, China, US Representatives
The alleged fake National Brands Development and Made in Nigeria Special Project Office had a structure spanning several states and two foreign countries, with an acclaimed national coordinator, zonal directors, state coordinators and representatives in China and the United States,
A check by our correspondent on Saturday found that the office’s website listed Hon. Nwabueze George as its “Executive Director, National Coordinator,” alongside a director of national administration, three zonal directors, 20 state coordinators and representatives for the United States and China.
Recall that the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Musa Aliyu, disclosed on Friday that President Bola Tinubu had ordered the immediate arrest of George Nwabueze, identified by the commission as “the promoter” of the alleged fake office.
Tinubu also ordered the immediate suspension of three permanent secretaries — M.S. Danjuma, Nadungu Gagare and Richard P. Pheelangwah — following the discovery of the office, which the ICPC said it had been allocated space within the premises of the Office of the Secretary to the Government of the Federation without presidential authorisation.
The ICPC said the promoter was also found to have operated under several variations of his name, including George Nathan Nwabueze, George Nwabueze, George Buchi Nwabueze, Prince George Buchi Nwabueze and George Nwabueze.
Nwabueze and Zonal directors
The website listed Nwabueze as the “Executive Director, National Coordinator.”
It also listed Dr Bassey B. Unaowo as “Special Assistant to the Permanent Secretary on Political and Economic Affairs, OSGF”; Dr Hajara Njidda Amoni as Director, National Administration; Mr Oladunjoye Musiliua as Zonal Director, South-West; Hafsat Sahabi Dange as Zonal Director, North; and Mrs Ugochi Akudo Nwosu as Zonal Director, South-East.
Made in Nigeria Zonal Directors
Made in Nigeria Zonal Directors. Credit: website
The website also claimed that the project operated under the OSGF. Its framework page described the project as being overseen by the Permanent Secretary, Political and Economic Affairs, in the OSGF.
However, this claimed government connection is significant in light of the ICPC’s finding that the office was operating without presidential authorisation.
20 state coordinators
The website listed the following as state coordinators:
Katsina: Dr Babangida Kabir Ruma
Kaduna: Hon. Abdulhaleem Ishaq Ringim
Delta: Hon. Dr Godwin Adolor
Kebbi: Hussaini Abdullahi, Esq., FSI
Osun: Hon. Olugbemi Adetola Adelowokan
Anambra: Hon. Chiamaka Nnake
Nasarawa: Hon. Osolafia Muhammed, PhD
Plateau: Mrs Salome Audu Bidda
Benue: Hon. Orduen Andrew Ikon
Ondo: Amb. Orioye G. Benedict
Ogun: Hon. Engr. Kehinde Akintonide, FNSE
Sokoto: Hon. Ibrahim Umar Aliyu
Abia: Hon. Mrs Nwosu Chinyere R.
Zamfara: Hon. Ibrahim Bello Marafa
Niger: Haj. Zainab Mohammed
Kano: Hon. Abubakar Ahmad Bichi (Khalifa)
Taraba: Hon. Justin Aondoaseer Tyopuusu
Oyo: Alhaji Bello Kolawole Ghaffar, FCA
Bauchi: Hon. Farouq Siyi
Kogi: Hon. Olorukooba Bidemi
Made in Nigeria state coordinators. Credit: website
Newsthumb check also found indications that some of those listed had previously held public positions or had links to established political, governmental or community structures in their respective states.
Another fake agency! FG suspends three perm secs, orders arrest
Made in Nigeria state coordinators. Credit: website
Made in Nigeria state coordinators. Credit: website
In Taraba, Tyopuusu has been identified in recent reports as a Special Assistant to Governor Agbu Kefas on Digital Economy, while serving as the state coordinator of the Made in Nigeria Special Project.
Made in Nigeria state coordinators. Credit: website
Their inclusion on the website does not, by itself, establish that they were aware that the organisation had allegedly lacked government authorisation.
Efforts made so far to reach the management of the acclaimed agency is abortive as of the time of filing the report as all three phone numbers on its website are switched off. Message sent to the acclaimed national cordinator by our correspondent has not been replied.
Reps in US, China
The website also listed Hon. Emmanuel Enemali Achema as “Country Rep./Coordinator, U.S.A.” and Hon. Ameh Enedugbojo Glory as “Country Rep./Coordinator, China.”
Made in Nigeria country reps. Credit: website
The claimed international structure was presented alongside the state and zonal network as part of the organisation’s purported nationwide and international operations.
The office’s website described its activities as including trade exhibitions, economic forums, promotion of Nigerian products and support for small and medium-sized enterprises, claim ICPC disputed.
The development is the latest in an investigation into purported fictitious government bodies.
The ICPC had previously identified the Presidential Foreign Intervention Promotion Council and two other alleged fictitious bodies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.
-
news6 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle5 years agoObateru: Celebrating a Quintessential PR Man at 60
-
news1 year agoBREAKING: Tinubu swears in new NNPCL Board
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
entertainment2 years agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
health6 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19