Naira Holds Steady Against Dollar Across Official, Parallel Markets

The Nigerian currency traded within a relatively stable range against the United States dollar on Tuesday, May 5, 2026, across both the official and parallel foreign exchange markets, reflecting cautious optimism among traders and ongoing interventions by monetary authorities.

Data from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate hovered around ₦1,374 per dollar, with intraday trading bands ranging between approximately ₦1,362 and ₦1,378. The relatively narrow spread suggests reduced volatility compared to previous weeks when the naira experienced sharper fluctuations.

In the parallel market, commonly referred to as the black market, Bureau De Change (BDC) operators in Lagos and Abuja quoted the dollar at about ₦1,385 for buying and ₦1,400 for selling, depending on transaction size and location. This places the gap between the official and parallel market rates at under ₦30, indicating a moderate premium and some convergence between both segments of the market.

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Market analysts attribute the relative stability to sustained efforts by the CBN to improve dollar liquidity in the official window, including periodic interventions and policy adjustments aimed at boosting confidence in the formal forex market. Increased transparency in FX transactions and reforms targeted at clearing backlogs of unmet dollar demand have also contributed to improved sentiment.

However, demand pressure remains a key factor influencing the market. Importers, manufacturers, students paying foreign tuition, and international travelers continue to seek foreign exchange, often turning to the parallel market due to accessibility constraints within the banking system.

Traders noted that while supply conditions have improved slightly, liquidity is still not sufficient to fully meet demand, which keeps pressure on the naira and sustains activity in the informal market.

Looking ahead, analysts say the direction of the naira in the coming days will depend on several macroeconomic indicators. These include global crude oil prices—Nigeria’s primary source of foreign exchange earnings—foreign reserve levels, and the consistency of monetary policy measures by the CBN.

There is also close attention on capital inflows, particularly from foreign portfolio investors, whose participation in Nigeria’s financial markets could strengthen dollar supply and support exchange rate stability.

Despite the current calm, experts warn that the naira remains vulnerable to external shocks and domestic demand pressures, meaning sustained policy discipline and improved forex inflows will be critical to maintaining stability in the weeks ahead.

Naira Holds Steady Against Dollar Across Official, Parallel Markets

Femi Otedola Denies Funding Dangote Refinery

Nigerian billionaire businessman Femi Otedola has dismissed widespread claims that he financed the Dangote Petroleum Refinery, describing the reports as false, misleading, and a deliberate attempt to create division within Nigeria’s business community.

In a statement shared on X, Otedola clarified that he did not invest any funds in the refinery project, countering viral social media narratives suggesting otherwise.

“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira,” he said.

He explained that the real position—often ignored in circulating claims—is that he has shown interest in participating in the refinery’s planned public offer (IPO), where he hopes to secure an allocation as an investor.

Otedola also clarified that the President of the Dangote Group, Aliko Dangote, did not seek financial support from him or other prominent Nigerian businessmen, including Tony Elumelu and Mike Adenuga.

“I can categorically state that at no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and myself. The Dangote Group is a well-structured organisation capable of raising capital through formal channels,” he added.

The billionaire described the claims as “calculated mischief”, warning that such narratives are designed to sow discord within Nigeria’s private sector leadership.

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“This is a deliberate attempt to create rifts among respected business leaders who have built companies, created jobs, and contributed to the Nigerian economy for decades,” he said.

Otedola further warned those spreading false information to desist, stressing the importance of responsible social media use and accurate reporting.

“To those behind this, desist immediately. Social media should not be used for manufactured drama. Nigeria deserves truth, not fabricated stories,” he stated.

The clarification comes amid similar denials by the Dangote Group over claims that the multi-billion-dollar Dangote Refinery was financed through personal borrowing from business associates.

In an earlier statement, the company described reports alleging a rift between Dangote and Elumelu as “false, malicious, and baseless,” insisting that no such statements were made by either party.

The group also rejected claims that the refinery project was funded through informal loans, emphasising that its financing structure follows standard corporate funding models, including institutional investments and structured financing arrangements.

“As a matter of principle, Aliko Dangote does not finance projects through personal borrowing from friends. Anyone making such claims should provide verifiable evidence,” the company stated.

The Dangote Group reiterated that Dangote and Elumelu maintain a cordial relationship, warning against the spread of misinformation that could undermine confidence in Nigeria’s business environment.

Valued at over $19 billion, the Dangote Refinery remains one of Africa’s largest industrial projects and is expected to play a key role in boosting Nigeria’s refining capacity, reducing fuel imports, and strengthening non-oil exports.

Industry analysts say the development highlights the growing impact of social media on business narratives and the need for fact-based reporting, especially on high-profile investments.

Femi Otedola Denies Funding Dangote Refinery

146 Nigerian Women to Access $50m WTO–ITC Digital Trade Fund – NEPC

The Nigerian Export Promotion Council (NEPC) has announced that 146 Nigerian women entrepreneurs will benefit from grants ranging between $5,000 and $30,000 under the $50 million Women Exporters in the Digital Economy (WEIDE) Fund, an initiative of the World Trade Organization (WTO) and the International Trade Centre (ITC).

Speaking at the Women in Export Conference in Abuja, NEPC Executive Director, Nonye Ayeni, disclosed that Nigeria was selected as one of only four countries globally to implement the first phase of the programme following a rigorous international selection process.

Ayeni explained that the fund, unveiled in 2024 in Abu Dhabi, is designed to empower women-led businesses through digital trade funding, export training, and global market access. According to her, the programme attracted massive interest in Nigeria, with over 67,000 applications received nationwide.

“From this pool, 146 women entrepreneurs were selected based on strict global criteria. These beneficiaries are already part of this conference and will receive not just funding, but also structured support to scale their businesses internationally,” she said.

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She noted that the initiative goes beyond financial grants, offering capacity building, mentorship, personalised coaching, and technical assistance to position beneficiaries for success in the global digital economy. The participants will also gain exposure to international buyers, export platforms, and digital marketplaces.

The selected businesses are divided into two categories: the Discovery Track for early-stage entrepreneurs, and the Booster Track for more established businesses seeking expansion. While early-stage participants will receive foundational support and smaller grants, advanced businesses will access larger funding and deeper technical assistance.

Ayeni emphasised that women’s participation in non-oil exports is critical to Nigeria’s economic diversification agenda. She stressed that initiatives like the WEIDE Fund are essential to bridging gender gaps in trade and unlocking the full potential of women entrepreneurs.

“Nigeria cannot achieve sustainable non-oil export growth without women. This programme is not just about grants; it is a pathway to integrating Nigerian women into global digital trade systems,” she stated.

She added that the conference served as a practical platform for business growth, featuring technical sessions on export readiness, standards compliance, access to finance, and market entry strategies. Institutions and export support agencies were also present to provide direct guidance to participants.

The WEIDE Fund is part of NEPC’s broader efforts to strengthen Nigeria’s export ecosystem, improve competitiveness, and support women-led businesses in accessing international opportunities through digital channels.

146 Nigerian Women to Access $50m WTO–ITC Digital Trade Fund – NEPC