The Central Bank of Nigeria (CBN) has officially readmitted licensed Bureau De Change (BDC) operators into the Nigerian Foreign Exchange Market (NFEM), allowing each operator to purchase up to $150,000 weekly through authorised dealer banks. The decision, announced in a circular dated February 10, 2026, and signed by Dr. Musa Nakorji, the Director of the Trade and Exchange Department, marks a significant policy shift aimed at improving liquidity in the retail end of the foreign exchange market. The move comes at a delicate moment, as the gap between the official and parallel market exchange rates widened to over N90,…
Author: Elvis Eromosele
The Central Bank of Nigeria (CBN) has warned that rising excess liquidity in the financial system and expansionary election-cycle spending could threaten Nigeria’s fragile macroeconomic stability. Yemi Cardoso, CBN Governor issued the caution on Tuesday at the National Economic Council (NEC) conference held at the Presidential Villa, Abuja. Although recent monetary tightening has helped stabilise the exchange rate and moderate inflationary pressures, the apex bank said Nigeria’s recovery remains vulnerable to policy slippages and fiscal expansion ahead of the 2027 elections. According to the CBN, a significant liquidity overhang persists in the financial system, increasing the risk of renewed…
The Nigeria Employers’ Consultative Association (NECA) will convene senior judges, policymakers, labour leaders and international stakeholders in Abuja on February 12, 2026, for the 4th International Labour Adjudication and Arbitration Forum (I-LAAF). The forum, which has grown from a national dialogue into a global platform on labour dispute resolution, will examine how labour justice systems must adapt to rapid changes in the world of work. Mr. Adewale Smatt Oyerinde, NECA’s Director-General, said the initiative, launched in 2023, has evolved into an influential international forum shaping conversations on labour adjudication and arbitration. “Over the years, the forum has contributed meaningfully…
New Horizons Nigeria and the Redeemed College of Technology and Management (RECTEM) have formalised a strategic partnership with the signing of a Memorandum of Understanding (MoU) aimed at equipping Nigerian students with future-ready digital skills. The collaboration reinforces New Horizons’ commitment to advancing digital transformation and preparing students for competitiveness in the Fourth Industrial Revolution (4IR). Under the agreement, New Horizons will provide international ICT certifications and hands-on training in high-demand areas including Artificial Intelligence, Robotics, Cybersecurity, Data Analytics, and other emerging technologies. With the partnership, RECTEM becomes the first private college of technology in Nigeria to adopt a…
The Nigerian Communications Commission (NCC) has begun a comprehensive review of the National Telecommunications Policy 2000, nearly three decades after its approval, citing rapid technological change and evolving market realities that have outpaced the existing framework. The Commission announced the review on Monday with the release of a consultation paper inviting stakeholder input on proposed policy updates. According to the NCC, the overhaul aims to reposition Nigeria’s telecom policy to reflect current realities in digital services, broadband expansion, internet governance, satellite communications and universal access, while sustaining the sector’s role as a key driver of economic growth. The Commission…
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have unveiled plans to carry out regular joint audits of banks, telecom operators and other ecosystem players as part of a new national framework aimed at ending persistent airtime and data purchase failures. The proposal is contained in an exposure draft jointly issued by the two regulators on February 5, 2026, and published on the CBN’s website on Monday. It seeks to address rising consumer complaints over failed airtime and data transactions in which customers’ bank accounts are debited without successful service delivery. Under the draft framework,…
Nigeria’s worsening electricity crisis has been starkly exposed by new data showing that nearly two-thirds of the country’s power plants were idle in January 2026, even as homes and businesses continue to grapple with persistent blackouts. Figures released by the Nigerian Electricity Regulatory Commission (NERC) reveal that grid-connected power plants with a combined installed capacity of 13,625 megawatts (MW) generated an average of just 4,421MW, highlighting severe underutilisation across the sector. While plants that were operational recorded a relatively strong load factor, overall performance was dragged down by a plant availability factor of just 36 per cent, meaning the bulk…
Former Labour Party presidential candidate, Peter Obi, on Monday joined hundreds of protesters who converged on the National Assembly Complex, Abuja, to oppose the Senate’s decision to water down provisions on the electronic transmission of election results in the Electoral Act Amendment Bill. The protest, tagged “Occupy the National Assembly,” was organised by members of the Obidient Movement alongside pro-democracy activists, who accused lawmakers of attempting to weaken electoral safeguards ahead of the 2027 general elections. The demonstration followed the Senate’s passage of the Electoral Act 2022 (Repeal and Re-enactment) Amendment Bill, 2026, which removed the phrase “real-time” from clauses…
The Central Bank of Nigeria (CBN) has announced that its 304th Monetary Policy Committee (MPC) meeting will hold on Monday and Tuesday, February 23 and 24, 2026, at its headquarters in Abuja. The schedule was disclosed in a circular published on the apex bank’s official website on Monday. The meeting comes at a critical time as the CBN continues efforts to curb inflation, stabilise the foreign exchange market, and strengthen macroeconomic stability amid ongoing economic adjustments. The MPC is the CBN’s highest policy-making body, responsible for setting Nigeria’s monetary and credit policies with the aim of achieving price stability…
The National Drug Law Enforcement Agency (NDLEA) has uncovered and dismantled a Colorado synthetic cannabis laboratory in Ibadan, Oyo State, as part of a nationwide crackdown that also led to major drug seizures and arrests across multiple states. The operation was confirmed in a statement issued Sunday in Abuja by Femi Babafemi, NDLEA’s Director of Media and Advocacy. According to the agency, operatives raided the illegal facility in Badeku, Ibadan, on Saturday, February 7, 2026, arresting a suspected drug kingpin and an accomplice. Items seized at the Ibadan lab included: Eight litres of precursor chemicals used for synthetic cannabis…