Naira Gains Ground in Official FX Market, Ends Week on High Note

The Nigerian naira ended the week on a stronger footing at the official foreign exchange (FX) market, closing at ₦1,366.23 per US dollar on Friday, according to the Central Bank of Nigeria (CBN). This marked a ₦5.27 gain over Thursday’s rate of ₦1,371.50, representing a 0.3% weekly improvement.

Throughout the week, the naira recorded steady gains, reflecting improved liquidity in the official FX window and growing confidence among investors and traders. On Monday, the currency opened at ₦1,405.62 per dollar, appreciating slightly to ₦1,401.40 on Tuesday and ₦1,376.19 on Wednesday before closing stronger on Friday. Analysts said this upward trend signals a stabilising official exchange market amid ongoing monetary reforms.

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Market observers attribute the naira’s appreciation to a combination of enhanced FX supply, consistent trading activities, and the CBN’s continued interventions to boost stability in the official market. The gradual recovery is seen as a positive indicator for importers, businesses, and consumers, as it helps moderate inflationary pressures and reduces the cost of foreign-denominated goods.

While the official market shows signs of stability, rates in the parallel market remain influenced by demand pressures. Experts, however, note that narrowing the gap between official and parallel exchange rates will require sustained policy consistency, stronger FX inflows, and continued investor participation.

The recent performance underscores the resilience of the naira and highlights the impact of strategic interventions by the Central Bank aimed at strengthening the currency, improving market depth, and supporting Nigeria’s broader economic recovery objectives.

Naira Gains Ground in Official FX Market, Ends Week on High Note

Lagos gears up for major auto show, over 100 global firms storm fair

Preparations have reached top gear for the 20th Lagos Motor Fair and the 13th Africa AutoParts Expo, with more than 100 international companies and a growing number of Nigerian firms confirming participation in the three-day automotive exhibition.

The event, scheduled for March 17 to 19, 2026, at the Federal Palace Hotel in Victoria Island, Lagos, is expected to draw major players from across the global automotive value chain.

Organisers say the exhibition will feature a broad display of automobiles, spare parts, accessories, lubricants, additives, financial services, insurance products and emerging security technologies designed for the mobility sector.

Speaking at a media briefing in Lagos, Chairman of the Organising Committee and Managing Director of BKG Exhibitions Limited, Ifeanyi Agwu, said the fair has grown into a prominent international marketplace where manufacturers, distributors and service providers explore new partnerships and business opportunities.

According to him, the 2026 edition has attracted strong global interest, with companies from Turkey, China, India, Germany and the United Arab Emirates already registered to exhibit their products and services.

Agwu disclosed that several Nigerian companies have recently joined the list of participants, adding that the exhibition continues to serve as a major meeting point for both established brands and emerging players in the automotive ecosystem.

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He noted that this year’s fair will host businesses across multiple segments of the industry, including passenger vehicles, buses, trucks, spare parts manufacturing, lubricants, accessories, automotive technologies as well as financial and insurance services linked to mobility.

“Virtually all the major brands in automobiles, spare parts, lubricants, financial services and insurance, as well as regulatory and policy-making agencies, are expected at this year’s fair. The response from industry stakeholders has been very encouraging,” Agwu said.

The organisers also expect a strong showing from members of the Motorcycle Manufacturers Association of Nigeria (MOMAN) and the Automotive Local Content Manufacturers Association of Nigeria (ALCMAN), following new strategic collaborations aimed at deepening local industry participation.

Agwu explained that the fair remains an important platform for promoting Nigeria’s automotive industry and attracting investment into the sector.

Despite the economic pressures affecting the industry and the broader economy, he said the organisers remain committed to sustaining the event as a platform for policy dialogue, investment promotion and collaboration among key stakeholders.

“For more than a decade, the Lagos Motor Fair has provided a unique opportunity to assess the capacity and future potential of Nigeria’s automotive sector while bringing together policymakers, investors and industry players to exchange ideas,” he added.

To broaden participation, the organisers said efforts have been intensified to attract institutional buyers, trade professionals, industry associations and individual consumers.

As part of plans to strengthen Nigeria’s position as a regional automotive hub, invitations have also been extended to trade groups and professional associations across West and Central Africa through the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Agwu said the long-term vision is to position Nigeria’s auto parts market as a production, distribution and trading hub for West, Central and East Africa, with the capacity to serve the wider African market.

With support from international partners in Turkey, the United Arab Emirates, China and India, more than 100 original equipment manufacturers and dealers in auto parts and accessories are expected to take part in the exhibition.

The organisers said particular attention is being given to the spare parts segment of the industry due to its potential to stimulate small-scale manufacturing and create significant economic multiplier effects.

“Our focus on the spare parts sector is deliberate. It is aimed at encouraging the growth of local manufacturing and strengthening value chains within the automotive ecosystem,” Agwu explained.

He added that the presence of global manufacturers in Lagos would enable Nigerian and regional dealers to establish direct supply relationships with original producers.

Beyond the business exhibitions and networking sessions, visitors are also expected to enjoy product demonstrations, promotional giveaways, lucky dips and other interactive activities planned by participating companies.

The organisers said the three-day fair has been designed to appeal to both industry professionals and the general public, combining business engagement with entertainment.

“Visitors and exhibitors should expect an exciting and memorable experience. This year’s edition promises to set a new benchmark for automotive exhibitions in sub-Saharan Africa,” the organisers said.

Lagos gears up for major auto show, over 100 global firms storm fair

NNPC Cuts Petrol Price to ₦1,130 in Lagos, ₦1,165 in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja, providing some relief to consumers amid fluctuating global oil prices.

The new pricing, effective Wednesday, marks a ₦100 drop from ₦1,230 in Lagos and a ₦95 reduction from ₦1,260 in Abuja. Observations at NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way in Lagos, as well as Jabi and Wuse in Abuja, confirmed the revised pump rates.

The reduction follows a recent cut in gantry prices by the Dangote Petroleum Refinery, which lowered its ex-depot petrol price by ₦100 to ₦1,075 per litre, responding to a decline in global crude oil prices.

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Global oil prices, which had earlier spiked to about $110 per barrel due to tensions involving the United States, Iran, and Israel, eased following remarks by Donald Trump indicating a potential end to the Middle East conflict. Concerns over a blockade of the Strait of Hormuz had previously threatened global oil supply.

Subsequently, Brent crude, the international benchmark, fell by 8.45 percent to around $92 per barrel, supported further by European Union energy ministers’ discussions on releasing strategic oil reserves to stabilise markets.

Industry analysts note that the NNPC price cut could trigger further adjustments across Nigeria’s downstream petroleum sector, particularly as local refining capacity grows and global oil prices remain volatile.

However, many independent marketers have yet to reflect the price reduction, with some stations still selling petrol above the NNPC retail price. Stakeholders predict more changes in the coming weeks, influenced by depot prices, exchange rate fluctuations, and international crude oil trends.

The latest reduction provides a much-needed relief for motorists and households that have faced persistent fuel price hikes in recent months.

NNPC Cuts Petrol Price to ₦1,130 in Lagos, ₦1,165 in Abuja