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Review forex ban on 40 items to save naira, economists Advices CBN
CBN Governor, Godwin Emefiele
The Centre for the Promotion of Private Enterprise, an economic think tank, has advised the Central Bank of Nigeria to review its ban on some of the over 40 items which the regulator has stopped importers from accessing foreign exchange to bring into the country.
Economists at the centre also said there was a need for the CBN to review its foreign exchange policy in 2022 with a view to improving dollar liquidity in order to rescue the ailing naira and help industries to grow.
The group disclosed this in its economic and business environment review for 2021 and agenda for 2022, a copy of which was obtained by our correspondent on Sunday.
According to the CPPE, there is a need for the CBN to engage stakeholders as its current forex policy regime is negatively affecting investors, manufacturers and other stakeholders.
The CPPE said, “In the bid to reduce the pressure on foreign reserves, the CBN had excluded over 40 items from access to foreign exchange in the official window.
“Some of the products on this list are intermediate products for some manufacturing firms which have negatively impacted some manufacturers. It would be advisable for the CBN to have a robust engagement with the stakeholders to review this list in the New Year.”
According to the organisation, the CBN should adopt a flexible exchange rate policy regime, and allow the pricing mechanisms to reflect the demand and supply fundamentals in the foreign exchange market.
It said, “Our proposition is that we should adopt a flexible exchange rate policy regime. We would like to clarify that this is not a devaluation proposition.
“Rather, it is a pricing mechanism that reflects the demand and supply fundamentals in the foreign exchange market. It is a model that is sustainable, predictable and transparent. It is a policy regime that would reduce uncertainty and inspire the confidence of investors.
“It is a policy framework that would minimise discretion and arbitrage in the foreign exchange allocation mechanism. A flexible exchange rate regime is a policy choice adopted to cope with changing demand and supply conditions in the forex market.”
According to the centre, adopting a market rate would deepen the autonomous foreign exchange market by liberalising inflows from export proceeds, diaspora remittances, multinational companies, donor agencies, diplomatic missions, and others.
It added that a flexible exchange rate would enhance liquidity in the forex market, increase investors’ confidence, and ensure a more transparent model for forex allocation.
Also, the CPPE said the Cash Reserves Requirements imposed on Nigerian banks by the CBN is one of the highest globally, adding that it is a major impediment to financial intermediation by banks.
According to the experts, some of the banks have a CRR of 50 per cent and more against the official CRR of 27.5 per cent.
It said, “Yet, financial intermediation is supposed to be the major function and essence of the banking system. The high CRR has made it difficult for the banks to play their primary role of financial intermediation. Their profitability is also adversely impacted because of limited room for credit creation activities.
“Indeed, the ways and means finances of the apex bank pose greater liquidity risk to the economy than bank deposits. We therefore seek a reduction in CRR so that the banks can be better placed to play their primary role of financial intermediation in the economy.”
The CPPE also said challenges of infrastructure, rising insecurity, climate change, low productivity in agriculture, monetisation of fiscal deficit, and depreciation of the naira were fuelling inflation in the nation.
It said headline inflation was 16.47 per cent in January, and rose to a peak of 18.17 per cent in March, before falling to 15.40 per cent in November.
The organisation said, “Headline inflation has been on the increase on a month-on-month basis from January to date, albeit at a reducing rate.
“Meanwhile, food inflation has been consistently higher than headline inflation and core inflation for most part of the year. Inflationary pressure remains a major cause for worry both for businesses and the households as it remains elevated.”
According to the organisation, the implications of these include, increasing poverty, increasing risk of malnutrition, increasing social tension, and criminality.
It added that businesses had had to deal with weak purchasing power, low sales and low profit margin, low-capacity utilisation, high production and operating cost, and high risk of increased business mortality.
The CPPE said in order to tackle inflation, the nation needed to boost productivity to drive output growth, reduce the depreciation of the naira exchange rate, and improve the flow of foreign exchange.
The CPPE added that the nation needs to, “Minimise the monetisation of fiscal deficit. CBN financing of deficit should be strictly limited to statutory threshold spelt out in the CBN Act.
“Government should seek creative ways of addressing insecurity in order to pave the way for farmers to return to their farms. Address cost of logistics. Address the ease of cargo clearing at the port. Address climate change concerns. Review our trade policy to bring down the cost of some intermediate products for manufacturers.”
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing 73790#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
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GTCO Proudly Headlines the NPA Lagos International Polo Tournament as Main Sponsor— Championing Great Experiences and Heritage
Guaranty Trust Holding Company Plc (GTCO Plc) (NGX: GTCO; LSE: GTCO), one of Africa’s leading financial services groups, is proud to announce its continued support as the main sponsor of the NPA Lagos International Polo Tournament, one of Africa’s oldest and most prestigious sporting events. The 2026 edition will be held at the Lagos Polo Club, Ikoyi, from Tuesday, January 27 to Sunday, February 15, bringing together top local and international polo teams and spectators from across the continent and beyond.
The 2026 NPA Lagos International Polo Tournament will feature top‑tier teams competing for major prizes, including the Majekodunmi Cup, Independence Cup, Open Cup, Silver Cup and Low Cup, among others. Guests can expect a fusion of thrilling equestrian action, polo-inspired lifestyle showcase, and curated hospitality experiences. The event will also be livestreamed, allowing audiences online to share in the excitement and spectacle.
Commenting on GTCO’s role as main sponsor of the Lagos International Polo Tournament, Segun Agbaje, Group Chief Executive Officer, said: “This tournament, one of the oldest in Africa, celebrates not only the noble sport of polo but the values we hold dear as a brand: teamwork, discipline, fair play, and a commitment to excellence. Beyond the field, it showcases Nigeria and Africa to a global audience, reinforcing the continent’s place on the world stage. Our longstanding sponsorship of the NPA Lagos International Polo Tournament reflects our conviction that sport can amplify opportunity, foster connections, and deliver world-class experiences for all.”
The NPA Lagos International Polo Tournament has long been celebrated not only for its thrilling competition and equestrian excellence but also for its rich heritage and cultural resonance within Africa’s sporting tradition. GTCO’s sponsorship embodies the Group’s commitment to creating platforms that unite communities and drive social impact across diverse audiences.
Tier one lender, Fidelity Bank Plc, has announced the completion of the tenure of Mr. Mustafa Chike-Obi as Chairman of its Board of Directors effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026.
The board transitions are in alignment with the Bank’s policy and have been communicated to the Central Bank of Nigeria, the Nigerian Exchange Group, and other stakeholders.
Under Mr. Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 percent and 137.73 percent respectively, expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements. His tenure also saw the Bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition. The bank equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and the Bank’s sustained upward performance trajectory.
Reflecting on his tenure, Mr. Mustafa Chike-Obi said, “It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders.”
Mrs. Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the Board in December 2020 and has chaired key committees. With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions. Mrs. Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management
“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs. Onwughalu.
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 recognized 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.
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