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CBN’s ‘action’ yields result as Naira appreciates to N1,382 per dollar

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Official, Black Market Dollar Rates Narrow as Naira Holds Ground

CBN’s ‘action’ yields result as Naira appreciates to N1,382 per dollar

The local currency continued on a recovery note on Thursday with naira appreciating significantly against the dollar on the strength of recent interventions by the Central Bank of Nigeria (CBN).

From N1,536.83 in the previous day, the naira appreciated to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the first time in a long while that the local currency would record such a massive gain.

This was coming 24 hours after the Central Bank of Nigeria (CBN) announced it had cleared $7bn valid foreign exchange claims while increasing the country’s forex reserves.

CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, announced this in a statement on Wednesday.

The statement partly reads, “The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.

Apart from the massive gain recorded at the official market, the local currency also stabilised yesterday at the parallel market exchanging at N1,500 to a dollar, according to checks in Lagos, Abuja and Kano.

In Lagos, the dollar was traded at N1,500 to N1,520 yesterday with the operators confirming relative stability in the market.

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A BDC operator, Haruna Agege, said the local currency is expected to appreciate against the dollars in days to come.

“So if you have dollars at home, it is advisable to bring it out,” he said.

In Abuja, a cross section of Bureau de Change operators in Wuse stated that the dollar has been falling against the Naira since the beginning of the week.

Gidado Muktar, a BDC operator said, “We have been seeing a lot of changes since Monday when the week started. I can tell you that when we started the week, the dollar was N1,700 to a dollar. By Tuesday it dropped to N1,600 and as we speak today Thursday it is fluctuating between N1,480 to N1,500/$,” he said.

Mukhtar added that he is happy that the Naira is appreciating which vindicates his colleagues that were accused of speculation.

In Kano, Alhaji Yusuf Kura, a BDC operator said operators buy dollar at the rate of N1490 and sell to prospective customers at the rate N1500 . Previously it traded at N1,520, he said.

Controversy over foreign airlines’ funds

Despite CBN claiming it has cleared all verified backlogs, there is controversy over the foreign airlines’ trapped funds as the foreign airlines claimed their funds are still trapped with commercial banks.

It would be recalled that in January when the CBN announced it had cleared all foreign airlines’ trapped funds, the carriers said the bulk of the trapped funds from ticket sales on the billing settlement platform (BSP) of the International Air Transport Association (IATA) is yet to be cleared.

A foreign airline representative who spoke on the condition of anonymity said, “Payments are being made as I write. Only IATA can confirm the value. This is because these monies are tickets sold via BSP. IATA manages the BSP. The bulk of the funds held are in the BSP. BSP sales make up about 70% of airline sales.”

President of the Association of Foreign Airline Representatives in Nigeria (AFARN), Dr. Kingsley Nwokoma said foreign airlines’ trapped funds remain uncleared.

FG not owing foreign airlines – Travel agents

President of the National Association of Nigerian Travel Agencies (NANTA), Mrs. Susan Akporiaye in a chat with Daily Trust said as it currently stands the Federal Government is not owing foreign airlines and asked the operators to sort out their issues with their commercial banks.

“The Federal Government is not owing the airlines. If the airlines still have some issues, it is the money with the commercial banks, not with the government and the CBN has also helped them as well by releasing the circular that the banks should sell to the airlines and we had report that the airlines have been getting their money although there is no update on whether the entire $700m has been cleared or not.

CBN’s ‘action’ yields result as Naira appreciates to N1,382 per dollar

(DAILY TRUST)

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).

Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.

The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.

Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.

According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.

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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.

Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.

He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.

Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.

Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.

According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.

“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.

He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.

Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.

He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.

Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.

In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.

He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.

Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.

He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.

The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.

 

Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

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FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

The Federal Road Safety Corps (FRSC) has declared that road safety will remain at the heart of Nigeria’s transition to Electric Vehicles (EVs) and Compressed Natural Gas (CNG)-powered transportation, pledging to strengthen regulations, enforcement and stakeholder collaboration to ensure the shift to cleaner mobility does not compromise public safety.

The Corps Marshal of ghe FRSC, Shehu Mohammed, made the declaration while delivering a keynote address at the 3rd Nigeria Auto Industry Summit organised by the Nigeria Auto Journalists Association (NAJA) in Lagos.

The summit, themed “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together government officials, regulators, manufacturers, energy companies and other industry stakeholders to chart the future of sustainable transportation in Nigeria.

Mohammed said the growing adoption of EVs and CNG-powered vehicles presents significant opportunities for cleaner transportation, lower operating costs and improved energy security, but warned that these benefits can only be fully realised through robust safety regulations, effective enforcement and continuous collaboration among stakeholders.

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He noted that as alternative-fuel vehicles become more prevalent on Nigerian roads, regulatory institutions must evolve to address emerging technologies through specialised training, updated operational guidelines and stronger enforcement frameworks.

According to him, the FRSC has already begun positioning itself for the transition by strengthening safety regulations, engaging key stakeholders and developing operational frameworks specifically designed for EVs and CNG-powered vehicles.

The Corps Marshal stressed that Nigeria’s clean mobility agenda should not only focus on reducing carbon emissions but also on improving road safety, raising vehicle standards and building public confidence in emerging transport technologies.

He added that achieving a safe and sustainable transition would require the active participation of road users, transport operators, vehicle manufacturers, conversion centres, regulators and other critical stakeholders.

Mohammed reaffirmed the FRSC‘s commitment to working closely with government agencies, industry players and development partners to ensure that Nigeria’s journey towards cleaner transportation delivers lasting safety, environmental and economic benefits for the country.

 

FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

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Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

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L-R: Representative of the Controller-General of Federal Fire Service, Badmus Abdulsamad; representative of the Director-General of the Standards Organisation of Nigeria, Engr. Olalekan Omoniyi; Director, Public Relations, National Automotive Design and Development Council (NADDC), Mrs. Suzan Taiwo; Corps Marshal of the Federal Road Safety Corps (FRSC), Mr. Shehu Mohammed; National Chairman of the Nigeria Auto Journalists Association (NAJA), Mr. Theodore Opara; Head of Regulatory Compliance, Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG), Engr. Zayannu Yabo; Deputy Managing Director, CFAO Mobility, Mr. Kunle Jaiyesimi; Chairman, Auto Sectoral Group of the Lagos Chamber of Commerce and Industry, Dr. Femi Eguaikhide and MD, TSS, Mr. Frank Nneji; at the 3rd Nigeria Auto Industry Summit held at Radisson Hotel, Ikeja, Lagos...on Thursday July 30, 2026.

Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

 

The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.

Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.

Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.

He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.

According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.

“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.

Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.

He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.

Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.

To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.

While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.

He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.

Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.

He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.

Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.

“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.

He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.

Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.

According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.

He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.

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