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.”
ICPC invites Dangote and ex-NMDPRA boss
Pushes ahead despite ex-CEO’s resignation
Raises panel, opens investigation on Monday
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has invited businessman, Aliko Dangote for more information in respect of his petition against the immediate past managing director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Alhaji Farouk Ahmed.
Dangote is expected to appear or send his lawyer, Ogwu Onoja (SAN) tomorrow when ICPC’s investigation of the petition formally commences.
The commission raised a panel of crack investigators on Friday to handle the probe,
The ICPC ,according to sources ,has asked Dangote to submit his evidence to the anti-graft agency.
Dangote had accused Farouk of corruption and misappropriation of funds, including spending millions of dollars on his four children’s education in expensive and exclusive schools in Switzerland.
The businessman accused Farouk of economic sabotage by undermining domestic refining by colluding with international traders and oil importers through the continued issuance of import licences.
Farouk has since resigned his appointment.
But the commission said it is going ahead with the investigation, Farouk’s resignation notwithstanding.
“All is set for the investigation, ” a well- placed source in ICPC told The Nation yesterday.
“ICPC has set up a panel of crack investigators on Dangote’s petition. The Chairman of the commission, Dr. Musa Adamu Aliyu (SAN) asked the trusted team to stay action on a case and focus on Dangote’s petition. This underscores the importance attached to this case,” the source said.
“We have also invited Dangote or his lawyer to come on Monday to adopt the petition. “Either of them is to present relevant documents or evidence to support the petition.
“He who alleges must prove or provide lead on the allegations which our investigators must act on.
“We have acknowledged the receipt of the petition in line with our guidelines or mandate to do so within 48 hours.”
Continuing, the source said :”after formal adoption of the petition, we will isolate issues and ask Ahmed to respond to the allegations.
“We have been inundated with enquiries but I can assure you that ICPC will be fair to all the parties.”
Responding to a question, the source added: “The resignation of Ahmed does not affect this probe which is in the public interest.”
“Section 19 of the Corrupt Practices and Other Related Offences Act (ICPC Act 2000) makes it an offence for any public officer to use his/her position to confer an unfair or corrupt advantage on himself, his relatives, associates, or other public officers.Anyone found guilty of any such offence is liable to five years imprisonment without the option of a fine.
“The enabling law also stipulates harsh punishment for individuals deemed to have wasted ICPC’s time and resources by making malicious or frivolous petitions against others.”
In the petition submitted on Tuesday through his lawyer, Ogwu Onoja SAN), Dangote demanded the arrest, investigation and prosecution of Farouk for allegedly living above his means as a public servant.
corruption threatens development
NITDA, ICPC launch joint task force to tackle corruption in government IT projects
He accused Farouk of “spending without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The document named the children and their schools and provided specific amounts paid for verification.
“Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over $7million of public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” Dangote alleged.
“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corrupt practices, for which ICPC is statutorily empowered under section 19 of the ICPC Act to investigate and prosecute,” Dangote added.
The cold war between Dangote and petroleum regulators had earlier sparked a N100billion suit.
The Dangote Petroleum Refinery and Petrochemicals FZE filed a N100 billion lawsuit at the Federal High Court in Abuja challenging import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and others, including the Nigerian National Petroleum Company Limited (NNPCL).
The refinery accused the regulator of granting licences to import refined petroleum products despite domestic production capacity.
It alleged that the action of the regulator has violated some sections of the Petroleum Industry Act.
The suit, FHC/ABJ/CS/1324/2024, was discontinued in July 2025 by Dangote’s lawyers.
ICPC petition guidelines say: “Any person anywhere in the world may make a complaint against any other person (corporate or non- corporate) in Nigeria, where reasonable grounds exist for suspecting that such a person has conspired to commit or attempted to commit or has committed an offence under the Corrupt Practices and Other Related Offences Act 2000.
Complaint/petition is made through oral/written report submitted through post, physically to any ICPC office in Nigeria.
A complaint made orally or by an illiterate shall be reduced into writing and read over to the complainant by an officer of the Commission.
The report shall set out details of the complaint , date, time and place where the offence was allegedly committed.
The complainant shall provide the names and addresses, phone number, email and other relevant information that may assist the Commission in locating the person or persons against whom the complaint is made.
The complainant shall state his/her full address, email or phone number or any other information that will assist the commission in contacting him/her, whenever necessary.
Reports can also be made online through any of the commission’s reporting platforms.
The commission shall acknowledge receipt of any petition within 48 hours.
Spokesperson of ICPC , John Okor Odey confirmed that the commission “received a formal petition on Tuesday, 16th December, 2025 from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”
news
JUST IN : N2.2bn Fraud, Court Upholds Ngige’s EFCC Bail, Insists on Senior Civil Servant as Surety
The Federal Capital Territory High Court sitting in Gwarinpa, Abuja, on Thursday, granted a former Minister of Labour and Employment, Chris Ngige, to continue to enjoy the administrative bail earlier granted him by the Economic and Financial Crimes Commission.
The trial judge, Justice Maryam Hassan, made the order while delivering a ruling in the bail application filed and argued on behalf of the former minister by his lead counsel, Patrick Ikwueto (SAN).
Justice Hassan in the ruling directed Ngige to produce a surety who must be a director in the employment of the Federal Government and own a landed property.
Justice Hassan ruled that the surety is to deposit the title documents of the landed property, as well as his travel documents, with the court pending the time Ngige completes the retrieval of his own international passport.
The EFCC had previously granted Ngige bail on self-recognition and directed him to submit his travel documents to the commission, in addition to providing one surety.
news
Breaking : Tinubu Removes NMDPRA Chiefs Farouk, Komolafe Over Sabotage, Corruption Allegations; Names Replacement
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has resigned.
Similarly, his counterpart at the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stepped down.
Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.
The President’s request was contained in separate letters to the Senate on Wednesday.
This was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Both officials were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act.
According to the statement, Tinubu “has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.”
The statement noted that Eyesan, an economist and oil industry veteran, spent nearly 33 years at the Nigerian National Petroleum Company Limited and its subsidiaries.
She retired in 2024 as Executive Vice President, Upstream, and previously served as Group General Manager, Corporate Planning and Strategy.
Mohammed, a chemical engineer and former Managing Director of the Kaduna Refining and Petrochemical Company and the Nigerian Gas Company, has also served on several energy sector boards.
He recently emerged as an independent non-executive director at Seplat Energy.
“The two nominees are seasoned professionals in the oil and gas industry,” the statement noted.
Ahmed’s resignation comes amid a high-profile conflict with Africa’s richest man, Aliko Dangote, which drew national attention in December 2025.
The dispute arose from Dangote’s allegations that Ahmed and his family were living beyond their legitimate means, citing millions of dollars allegedly spent on overseas schooling for his four children.
Dangote petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate and prosecute Ahmed for abuse of office and corrupt enrichment, sparking a nationwide debate over regulatory oversight in Nigeria’s petroleum sector.
The NMDPRA chief dismissed Dangote’s claims as “wild and spurious,” insisting that he would rather defend himself before a formal investigative body than engage in public arguments.
The conflict, which traces its roots to 2024 when Ahmed criticised domestic refinery output—including Dangote’s refinery—prompted intervention by the House of Representatives, which summoned both parties to avoid destabilising the sector.
President Bola Ahmed Tinubu on Wednesday evening met with the embattled Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, at the State House, Abuja.
The meeting came amid allegations of financial impropriety made by industrialist and President of the Dangote Group, Alhaji Aliko Dangote, against the NMDPRA boss.
Dangote and Ahmed have been at odds for a while now over downstream petroleum regulation and the future of domestic refining in Nigeria.
At a press conference on Sunday at the Dangote Petroleum Refinery, Dangote accused the NMDPRA, under Mr Ahmed’s leadership, of economic sabotage, alleging that regulatory actions were undermining local refining capacity.
He claimed that the continued issuance of import licences for petroleum products was frustrating domestic refiners and deepening Nigeria’s reliance on fuel imports.
The billionaire industrialist further alleged that the regulator was colluding with international traders and petroleum importers to the detriment of local operators, accusations to which the NMDPRA has yet to publicly respond.
Mr Dangote also made personal allegations against the NMDPRA chief, claiming that Mr Ahmed was living beyond his legitimate means.
He alleged that four of Mr Ahmed’s children attend secondary schools in Switzerland at costs running into several millions of dollars, arguing that such expenditure raised concerns about conflicts of interest and the integrity of regulatory oversight in the downstream petroleum sector.
On Monday, Mr Dangote escalated the claims, accusing Mr Ahmed of corruption and misappropriation of public funds.
He alleged that about $5 million was spent on the secondary education and upkeep of the children over six years, with an additional $2 million on tertiary education, including an alleged $210,000 for a 2025 Harvard MBA programme for one of them.
The controversy deepened on Tuesday when Mr Dangote, through his lawyer, Ogwu Onoja, a Senior Advocate of Nigeria (SAN), petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC), calling for Mr Ahmed’s arrest, investigation, and prosecution.
In the petition addressed to ICPC Chairman Musa Aliyu, Mr Dangote alleged that the NMDPRA chief “spent without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The petition reportedly included the names of the children, the schools attended, and detailed figures for verification.
Mr Ahmed arrived at the Presidential Villa at about 5:30 p.m. and left the President’s office after less than 30 minutes.
He declined to speak with journalists as he exited the State House and offered no comment on the allegations or the outcome of his meeting with President Tinubu.
-
news5 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle5 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle4 years agoObateru: Celebrating a Quintessential PR Man at 60
-
health5 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
health6 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19
-
entertainment11 months agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
news7 months agoBREAKING: Tinubu swears in new NNPCL Board