Business
CBN Data Shows Naira Strengthening Across Forex Markets
CBN Data Shows Naira Strengthening Across Forex Markets
The Nigerian currency, the naira, appreciated further against the United States dollar on Wednesday, closing at N1,388/$ in the parallel market, an improvement from N1,395/$ recorded on Tuesday.
The latest gain reflects growing confidence in the foreign exchange market amid improved dollar liquidity and increased participation by investors and exporters.
The naira also recorded appreciation in the official Nigerian Foreign Exchange Market (NFEM), where it strengthened to N1,368.95/$ from N1,373/$ a day earlier.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate declined by N4.05, signalling renewed stability for the local currency across both official and parallel market segments.
As a result, the exchange rate gap between the official and black market windows narrowed to N19.05/$, compared to N20/$ recorded on Tuesday.
A major highlight of the trading session was the sharp increase in market activity. Turnover in the interbank foreign exchange market surged by 75.3 percent, rising to $130.6 million from $74.5 million recorded the previous day.
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Financial analysts said the increase in turnover indicates stronger dollar inflows into the economy, particularly from exporters, oil firms and foreign portfolio investors seeking to take advantage of Nigeria’s high-yield investment environment.
The recent rally marks another positive development for the naira after months of volatility that saw the currency weaken beyond N1,500/$ earlier this year.
Market analysts attributed the renewed stability to a combination of factors, including tighter monetary policies by the CBN, improved investor confidence and increased supply of foreign exchange into the official market.
Reuters recently reported that Nigeria’s currency may continue to strengthen if foreign exchange inflows remain stable and market demand remains moderate.
Currency traders also believe the narrowing gap between the official and parallel market rates could discourage speculation and improve transparency in the forex market.
In recent weeks, the CBN has maintained aggressive monetary tightening measures aimed at stabilising the naira and controlling inflationary pressure within the economy.
Despite the current appreciation, economic experts warned that risks such as inflation, global crude oil price volatility and pressure on Nigeria’s external reserves could still affect the long-term outlook of the local currency.
The naira had traded between N1,380/$ and N1,395/$ in the parallel market over the past week before strengthening further to N1,388/$.
CBN Data Shows Naira Strengthening Across Forex Markets
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Auto
ASPMDA Targets Bigger Role in Nigeria’s Automotive Future, vows tougher sanctions against fake parts
ASPMDA Targets Bigger Role in Nigeria’s Automotive Future, vows tougher sanctions against fake parts dealers
The President of the Auto Spare Parts and Machinery Dealers Association, ASPMDA, Ngozi Emechebe, has called for a stronger partnership with the Federal Government to reposition Nigeria’s automotive industry, deepen local production and tackle the menace of counterfeit spare parts.
Speaking with journalists on the sidelines of the West Africa Automotive Show in Lagos, Emechebe said ASPMDA was transforming from a conventional trading cluster into a modern automotive business hub capable of supporting Nigeria’s industrialisation drive.
He said the association was ready to work closely with government agencies and key stakeholders to advance its “Keep Nigeria Moving” vision and strengthen the country’s automotive value chain.
According to him, ASPMDA has evolved significantly from its early days of informal trading into a structured organisation operating from a world-class facility designed to support large-scale automotive commerce and industry collaboration.
“All the time I have been coming to this fair, I have been dreaming of how to launch ASPMDA into the centre of this country,” he said.
“ASPMDA is a highly organised trading association. We have moved from street trading and now we have beautiful, world-class premises.”
Emechebe disclosed that discussions were already ongoing with the National Automotive Design and Development Council, NADDC, on possible areas of collaboration aimed at accelerating automotive development in Nigeria.
He explained that the proposed partnership would focus on creating policies, institutional support and business-friendly initiatives that would improve the operations of spare parts dealers and other local automotive businesses.
“We need government support and partnership. We have a part to play in Nigeria’s automotive development agenda,” he said.
The ASPMDA president also commended the Federal Government’s vehicle financing initiatives targeted at Nigerian youths, describing them as a positive step towards expanding mobility and encouraging participation in the automotive ecosystem.
On the persistent challenge of fake and substandard spare parts, Emechebe said the association had intensified efforts to sanitise the market through stricter enforcement measures and closer collaboration with regulatory authorities.
He revealed that ASPMDA had already allocated office spaces within its complex to agencies responsible for monitoring product standards and combating counterfeit goods.
“We want to make it a cultural matter so that when you violate it, you know where you are headed,” he said.
“If you bring in your product, defend it to the end consumer and stand by it. Adulteration is not allowed.”
Although he declined to disclose the exact penalties for offenders, Emechebe warned that severe sanctions awaited anyone found dealing in counterfeit products within the market.
He also advocated increased local manufacturing of automotive components, insisting that Nigerian-made parts could outperform imported alternatives if produced according to standards tailored to local operating conditions.
“Local production is even better than foreign production,” he said.
“Whatever you want from a person, you must give it a standard Nigerians will see and buy — standards that fit Nigeria.”
Emechebe further disclosed that some ASPMDA members were already involved in the production of automotive components, adding that broader manufacturing partnerships could be explored as the industry expands.
However, he cautioned against poorly managed joint ventures, warning that many business partnerships collapse due to weak management structures and lack of accountability.
The West Africa Automotive Show attracted regulators, manufacturers, dealers and other stakeholders from across the region to discuss emerging opportunities, policy direction and challenges confronting the automotive industry in West Africa.
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Auto
Auto Imports Drain Nigeria’s Economy as Vehicle Spare Parts Bill Hits N6.54tn
Auto Imports Drain Nigeria’s Economy as Vehicle Spare Parts Bill Hits N6.54tn
Nigeria’s ambition to build a thriving local automotive industry is facing mounting pressure as the country’s spending on imported vehicles and spare parts soared to N6.54 trillion between 2023 and 2025, raising fresh concerns over the survival of indigenous auto manufacturing.
The Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Osanipin, disclosed the figures in Lagos on Tuesday during the opening of the West African Automotive Summit, where industry stakeholders warned that the nation’s dependence on foreign automotive products was deepening despite ongoing efforts to promote local assembly.
According to him, data obtained from the National Bureau of Statistics showed that imports of transport equipment and spare parts rose sharply from N3.15 trillion in 2023 to N6.54 trillion in 2025, representing a 107 per cent increase within two years.
He added that vehicle imports alone gulped more than N4.3 trillion during the period, underscoring the huge outflow of foreign exchange from Africa’s largest economy.
Osanipin said the trend reflects growing consumer preference for imported vehicles amid persistent concerns over maintenance support, spare parts availability, and technical service delivery within the local automotive ecosystem.
He warned that unless Nigeria develops a reliable after-sales structure capable of supporting locally assembled vehicles, the country may continue to struggle with low patronage of domestic brands and rising dependence on imports.
Speaking on the summit theme, “After-Sales as a Growth Engine,” the NADDC boss argued that the future of the automotive sector extends beyond vehicle sales, stressing that maintenance services, warranties, technical support, and customer satisfaction are now central to industry growth globally.
He noted that countries with strong automotive industries built extensive after-sales networks that not only boosted consumer confidence but also stimulated local manufacturing, job creation, and investment.
According to him, weak after-sales systems discourage buyers, reduce repeat purchases, and undermine investor confidence in the sector.
Osanipin also said the transition toward electric and hybrid vehicles makes technical capacity development more urgent, as mechanics and service personnel would require new skills to manage emerging vehicle technologies.
He disclosed that NADDC is currently partnering with industry stakeholders on technical training, skills acquisition programmes, and policy initiatives aimed at improving service standards across the automotive value chain.
The council further urged automobile companies, dealers, and service providers to strengthen customer support systems and expand access to genuine spare parts nationwide in order to improve confidence in locally assembled vehicles.
Industry stakeholders at the summit also called for stronger local content policies, improved maintenance culture, enhanced technical expertise, and greater collaboration across West Africa to drive sustainable automotive growth in the region.

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Business
Nigeria’s Daily Petrol Consumption Surges Despite N1,370 Per Litre Price
Nigeria’s Daily Petrol Consumption Surges Despite N1,370 Per Litre Price
Nigeria’s daily consumption of Premium Motor Spirit (PMS), popularly known as petrol, increased by 10.78 per cent in April 2026 despite higher pump prices across the country, according to new data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The report showed that Nigeria’s petrol consumption rose to 52.4 million litres per day in April, up from 47.3 million litres recorded in March.
The increase came amid another sharp rise in the retail price of petrol following the deregulation of the downstream petroleum sector. Average petrol prices in Nigeria climbed to about N1,370 per litre in April from N1,180 per litre in March, representing a 13.8 per cent increase within one month.
Despite the surge in pump prices, fuel demand remained strong, highlighting the continued dependence of millions of Nigerians on petrol for transportation, electricity generation and business operations amid persistent power supply challenges.
According to the NMDPRA, combined fuel supply from the Dangote Refinery and imported petrol also rose by 10.7 per cent to 44.4 million litres per day in April, compared to 40.1 million litres supplied daily in March.
A breakdown of the figures revealed that supply from the 650,000 barrels-per-day Dangote Refinery increased significantly by 19 per cent to 40.7 million litres per day in April from 34.2 million litres in March.
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At the same time, petrol imports into Nigeria dropped sharply by 37.3 per cent to 3.7 million litres daily from 5.9 million litres recorded in March, reflecting the growing role of local refining in meeting domestic fuel demand.
Industry analysts say the latest figures underscore the increasing dominance of the Dangote Refinery in Nigeria’s downstream oil sector as the country gradually reduces dependence on imported fuel.
The NMDPRA further disclosed that the Dangote Refinery achieved an average capacity utilisation rate of 99.12 per cent in April, while the government-owned refineries in Port Harcourt, Warri and Kaduna remained inactive during the period.
The report also showed a major decline in imported crude oil, which fell by 95.65 per cent to 0.41 million barrels in April from 9.43 million barrels recorded in March.
Meanwhile, crude oil supply from Nigerian upstream operators to local refineries rose by 56 per cent to 17.99 million barrels in April compared to 11.48 million barrels supplied in March.
The development comes as the Federal Government intensifies efforts to boost local refining capacity, reduce pressure on foreign exchange and strengthen energy security.
In a related development, figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria’s crude oil production increased slightly to 1.663 million barrels per day in April 2026 from 1.546 million barrels per day recorded in March, including condensates.
However, the country still failed to consistently meet its crude oil production quota approved by the Organization of the Petroleum Exporting Countries (OPEC).
According to the NUPRC, average daily crude oil production stood at about 1.4 million barrels per day in April, while total production including condensates hovered around 1.6 million barrels per day.
The Federal Government has continued to target crude oil production of two million barrels per day in order to improve revenue generation, boost foreign exchange earnings and support implementation of the 2026 budget.
Energy experts believe that increased output from the Dangote Refinery could help stabilise fuel supply, reduce import dependence and position Nigeria as a major exporter of refined petroleum products in Africa.
Nigeria’s Daily Petrol Consumption Surges Despite N1,370 Per Litre Price
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