Business
Foreign reserves hit $42.8bn as naira appreciates to N1,455/$
Foreign reserves hit $42.8bn as naira appreciates to N1,455/$
The Naira continued its upward trajectory this week, closing stronger at N1,455.5 per US dollar on Friday, according to figures published on the Central Bank of Nigeria (CBN) website. This marks a modest gain from Thursday’s N1,461/$1, reinforcing a trend of relative stability in the foreign exchange market.
Throughout the week, the local currency showed resilience, appreciating gradually from N1,464.5/$1 on Monday and Tuesday to N1,462/$1 on Wednesday. In the parallel market, rates hovered between N1,487/$1 and N1,492/$1, indicating a narrowing gap between official and street rates.
Compared to last week’s closing rate of N1,471/$1, the Naira appreciated by N15.5, or roughly one per cent, week-on-week. This follows a similar pattern from the previous week, when the currency firmed up from N1,474/$1 to N1,471/$1.
Market analysts attribute the sustained gains to increased dollar inflows, strategic liquidity interventions by the CBN, and growing investor confidence in the government’s monetary reforms.
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In a related development, Nigeria’s foreign exchange reserves climbed to $42.8 billion—up from $42.79 billion earlier in the week—marking the highest level since September 12, 2019, when reserves stood at approximately $42.84 billion. Analysts say the uptick signals improved foreign inflows and prudent reserve management, providing a stronger buffer against external shocks.
CBN Governor, Yemi Cardoso, speaking at the IMF/World Bank Annual Meetings in Washington, said the Naira is now “more competitive” following months of economic reforms and stabilization efforts. He noted that Nigeria’s proactive measures have helped build resilience against global economic headwinds.
“We were able to create resilience and buffers against potential shocks,” Cardoso said. “In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable.”
He added that investor confidence is strengthening, buoyed by reforms that have stabilized the Naira, slowed inflation, and improved transparency in monetary operations. The narrowing gap between official and Bureau de Change rates—now below two per cent—is seen as a sign of reduced speculation and growing market confidence.
With reserves edging higher and the Naira posting consistent gains, market watchers remain cautiously optimistic. Sustained fiscal discipline, transparent FX management, and ongoing structural reforms are expected to further bolster the local currency in the weeks ahead.
Foreign reserves hit $42.8bn as naira appreciates to N1,455/$
Business
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
The Nigerian Communications Commission (NCC) has directed major mobile network operators (MNOs), including MTN, Airtel, Glo, and 9mobile, to compensate subscribers affected by poor network quality in areas where performance falls below regulatory standards. The move is part of a broader shift toward a consumer-focused approach aimed at protecting users and strengthening accountability in Nigeria’s telecommunications sector.
In a statement on Sunday, Nnenna Ukoha, Head of Public Affairs at the NCC, emphasized that subscribers should not bear the full burden of service disruptions caused by operators’ failure to meet prescribed benchmarks. She explained that compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and the duration of service outages in affected areas.
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“Erring operators will compensate affected users directly for breaches of quality of service key performance indicators within specified time frames,” Ukoha said. She added that while regulatory fines have traditionally served as a deterrent against poor service delivery, the commission is now adopting a more consumer-centric approach that ensures users directly benefit from enforcement actions.
Under the directive, tower companies and network providers are also required to reinvest fines and penalties into infrastructure upgrades, aimed at addressing coverage gaps and improving overall network quality. Subscribers are encouraged to report service interruptions to their operators and the NCC to ensure timely compensation.
Industry observers have welcomed the move, describing it as a significant step toward empowering telecom users, improving quality of service (QoS), and holding operators accountable for network performance failures. The NCC will monitor compliance closely and take further action against any operators that fail to meet the compensation and service standards.
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
Auto
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World, one of Nigeria’s foremost automotive publications, will celebrate its 30th anniversary on June 4, 2026, with a high-profile event at the MUSON Centre.
The milestone gathering is expected to draw policymakers, industry leaders, diplomats and innovators to commemorate three decades of impactful journalism, advocacy and contribution to the growth of Nigeria’s automotive sector.
Founded on June 12, 1996, as a syndicated radio magazine programme, Motoring World pioneered automotive broadcasting in Nigeria before expanding into print in 1998. It has since evolved into a multi-platform brand at the forefront of promoting industry development, modernization and policy reform.
Over the years, the publication has gone beyond news reporting to play an active role in shaping regulatory frameworks, encouraging local content development and promoting industry standards.
Publisher and Chief Executive Officer, Femi Owoeye, said the organisation was driven by a clear vision from inception.
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“Motoring World started with a simple vision: to give voice and structure to Nigeria’s automotive industry. Over the years, we have gone beyond reporting to actively advocate policies that support industry growth, local production and a more structured ecosystem,” he said.
Activities lined up for the anniversary include the unveiling of a special 30th anniversary edition of Motoring World magazine, chronicling the evolution, milestones and future of the industry. Distinguished stakeholders with three decades of contributions to the sector will also be honoured.
A keynote lecture titled, “Reporting the Road Ahead: Automotive Journalism as a Catalyst for Nigeria’s Auto Industry Development,” will underscore the critical role of the media in shaping the nation’s automotive landscape.
Dignitaries expected at the event include the Minister of Industry, Trade and Investment, Jumoke Oduwole; the Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin; state governors, transport commissioners and members of the diplomatic corps.
Owoeye noted that the anniversary represents more than a celebration.
“This is a tribute to resilience, strong partnerships and the collective drive that has sustained the industry. As we honour key players and reflect on our journey, we are also setting the tone for the next phase of mobility in Nigeria,” he added.
The event promises a blend of reflection, recognition and renewed commitment to advancing Nigeria’s automotive industry.
Motoring World marks 30 years, set to rally industry leaders in Lagos
Auto
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai Nigeria has unveiled the all-new Hyundai Palisade in Lagos, headlining a media showcase that also featured the Hyundai Accent, Hyundai Creta, Hyundai Tucson and Hyundai Santa Fe, as the automaker intensifies its push across key segments of the Nigerian market.
The event, held at the company’s Victoria Island showroom, offered journalists a first-hand view of Hyundai’s expanding portfolio, ranging from entry-level sedans to premium three-row SUVs.
Taking centre stage was the debut of the Palisade, Hyundai’s flagship SUV, positioned to strengthen the brand’s foothold in the premium segment.
With its bold exterior styling, spacious three-row layout, upscale interior and advanced safety and convenience features, the model is targeted at families and executive buyers seeking comfort, space and strong road presence.
Across the line-up, Hyundai showcased a broad spectrum of offerings. The Santa Fe reinforces its appeal as a refined, family-oriented SUV with generous cabin space and premium detailing, while the Tucson stands out for its blend of modern design, practicality and everyday versatility.
In the compact SUV category, the Creta was highlighted for its mix of style, efficiency and urban functionality, while the Accent sedan retains its positioning as a practical and cost-effective option for young professionals, fleet operators and first-time buyers.
Speaking at the event, Brand Head, Hyundai Nigeria, Gaurav Vashisht, said the launch underscores the company’s commitment to deepening its footprint in Nigeria with globally competitive products adapted to local needs.
“This introduction of the all-new Palisade strengthens our premium SUV offering while complementing a well-rounded line-up that delivers on design, safety, innovation and everyday usability,” he said.
The showcase also provided an avenue for media interaction with Hyundai executives and product specialists, alongside detailed vehicle walkarounds covering design, technology and safety features.
Hyundai Nigeria reaffirmed its focus on delivering globally benchmarked vehicles with strong local relevance, even as competition intensifies in Nigeria’s evolving passenger vehicle market.
The event also marked the launch of Hyundai’s Easter campaign, offering customers value-added benefits such as complimentary delivery, accessories, registration and service packages.
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