Business
Naira gains against dollar, sells below 1,280/$ at official, parallel markets
Naira gains against dollar, sells below 1,280/$ at official, parallel markets
The naira began the new month on a positive note, rising to N1,278.58 against the US dollar from N1,309.39 per dollar last Thursday. This is an increase of N30.81 at the end of trading activity.
According to FMDQ Securities statistics, the Nigerian Autonomous Foreign Exchange Market’s indicative exchange rate has fallen below the N1,300 ceiling for the first time since January 26 of this year.
On March 13, 2024, the naira fell as low as N1,615 per dollar.
Since March, when the central bank implemented a series of FX regulations, the naira has risen by more than 21% against the dollar.
Liquidity in the forex market has been attributed to an array of policies currently implemented by the CBN.
Key reforms include the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.
Forex turnover is a critical metric in the financial world as it represents the total value of all foreign exchange transactions completed within a specific timeframe, providing insights into the liquidity and vibrancy of the forex market.
High turnover rates indicate a highly active market with numerous participants engaging in buying and selling currencies, which can signal investor confidence and economic stability.
In the last two weeks, the Central Bank of Nigeria and other banking institutions improved dollar supply to the foreign exchange market by $2.5bn.
Similarly, forex transactions between willing sellers and buyers at the Nigerian Autonomous Foreign Exchange Market reduced by 106 per cent to $111.18m on Tuesday from $857m at the close of trading activity last week Thursday.
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The summary of the FX trading revealed that the intraday high closed at N1,312 from 1392 per dollar on last Thursday. Also, the intraday low remained at N1,250 it traded last Thursday.
The foreign exchange resumed on Tuesday after the Easter holiday with the Naira appreciating at the parallel market to N1,220. Bureau De Change operators bought at N1,220 per dollar and sold either through cash or transfer to customers at N1,265/$ with a profit margin of N30.
This represents 1.99 per cent appreciation over N1,280 closed last week.
The Naira strengthened in both the official and parallel market segments following the Central Bank of Nigeria’s move to clear all verified FX backlogs (final tranche of $1.5bn).
The Naira which appreciated by 21.8 percent month-on-month in March 2024 is expected to maintain the trend in April, following the policy measures of the Central Bank.
Currency traders, who spoke to The PUNCH attributed the naira appreciation to waned demand for the greenback note and the decision of the apex bank to sell foreign exchange to operators.
A BDC operator at Wuse Zone 4, Ibrahim Yahu, stated, “The demand for dollars has really gone down and the naira is appreciating because of the new rate determined by the CBN for traders.
The CBN initially started selling to us at N1,251 but they gave another rate last week Thursday at N1,190 and that is the reason for new fresh drop of the dollar. The CBN selling directly to us has really helped trading activities.”
Another trader, Malam Yunusa, stated that the naira was poised to maintain its gain against the dollar adding that operators also want the naira to grow.
The President of the Association of Bureaux de Change Operators of Nigeria, Aminu Gwadabe, recently noted that apart from the tightening of monetary policy resulting in interest rate hikes, increased investment in government instruments, and the clearance of $7 billion forex backlog forward commitments, the reactivation of the BDCs has notably enhanced dollar liquidity in the retail segment of the forex market.
Analyst at Afrinvest also predicted that the naira would trade within similar band in the month of April as the CBN continues its activities to mop up liquidity and attract more capital.
Naira gains against dollar, sells below 1,280/$ at official, parallel markets
Auto
Chanrai Storms Nigeria’s Gas Market, Unveils High-Capacity CNG, LNG Solutions to Power Energy Shift
Chanrai Storms Nigeria’s Gas Market, Unveils High-Capacity CNG, LNG Solutions to Power Energy Shift
By Rasheed Bisiriyu
Nigeria’s drive towards cleaner and more affordable transport fuel gathered fresh momentum on Friday as Chanrai Nigeria Limited formally entered the country’s gas distribution space, unveiling high-capacity CNG and LNG compression technologies in Lagos.
The company, a member of the globally diversified Kewalram Chanrai Group, announced a strategic partnership with India’s Tulip Compression to roll out advanced compressor packages and integrated “single window” CNG solutions aimed at accelerating the Federal Government’s Presidential CNG Initiative.
Chief Operating Officer of Chanrai Nigeria Limited, Anil Sahgal, described the Tulip CNG Compressor Packages as a “game-changer” for Nigeria’s evolving energy landscape.
“With our commitment to safety, efficiency and OEM-grade partnership, we’re empowering the nation to achieve its CNG ambitions while driving economic growth and environmental sustainability,” Sahgal said.
The move marks Chanrai’s expansion beyond its traditional business interests — which span automobiles, agro-products, healthcare and fast-moving consumer goods — into the fast-growing gas infrastructure segment, as fleet operators and industrial users increasingly seek alternatives to petrol and diesel.
Under the partnership, Chanrai Nigeria and Tulip Compression will deliver Compression Station on Single Window (CssW) solutions — integrating compressors, dispensers, storage and stainless-steel tubing under one brand — to simplify deployment and reduce installation timelines.
The compressor packages come in a wide capacity range, from 250 to 4,500 standard cubic metres per hour, making them suitable for small refuelling stations as well as large gas hubs.
A 1,400 SCMH gas engine-driven booster compressor is designed to refuel heavy-duty CNG trucks in about 20 minutes by drawing gas from tube trailers.
The systems are available in both electric motor-driven and gas engine-driven configurations, eliminating the need for large gas generators while ensuring energy efficiency and lower life-cycle costs.
According to the company, the equipment features dual-chamber leak-proof safety systems, advanced sealing technology to eliminate gas loss and global certifications including ATEX, CE, BIS and SGS standards.
The unveiling underscores the growing private sector response to government reforms encouraging gas adoption as a cost-effective and environmentally friendly alternative fuel.
With the compressor packages now available for immediate orders, Chanrai Nigeria said it would provide 24/7 after-sales support, operations and maintenance services, as well as remote asset monitoring solutions.
The development signals intensifying investment in CNG infrastructure as Nigeria seeks to deepen local gas utilisation, reduce fuel import dependence and cushion consumers from volatile petrol prices.
Entertainment
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
A team of leading Nigerian artistes and entertainment executives has paid a courtesy visit to the Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, ahead of the 2026 Valentine Love Train experience.
The delegation included celebrated musician Sunny Neji, Managing Director of Ojez Entertainment Limited, Joseph Odobeatu, and veteran vocalist Yinka Davies.
The high-profile visit formed part of final preparations for the Valentine-themed train ride scheduled for Saturday, February 14, 2026, at the Mobolaji Johnson Train Station.
Dr. Opeifa received the artistes and commended the creative industry for choosing the national rail system as the venue for the annual Valentine event. He noted that the partnership reflects growing public confidence in the corporation’s safety standards, operational improvements, and renewed focus on customer experience.
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“The 2026 edition aims to deliver an unforgettable experience while deepening public engagement with the rail service,” Opeifa said, reaffirming the NRC’s commitment to providing secure and efficient transport for passengers during special events.
Organisers disclosed that this year’s edition will feature an expanded entertainment lineup, including performances and appearances by Charles Inojie, Yinka Davies, Sunny Neji, and Segun Arinze. Guests are expected to enjoy live music, comedy, a couple’s game show, fashion showcases, and special performances throughout the Lagos–Ibadan–Lagos train ride, culminating in a Valentine banquet ball.
The Valentine Love Train has in recent years become a fixture on the NRC’s festive calendar, attracting couples, families, and leisure seekers with its blend of travel, romance, and entertainment. The initiative also aligns with ongoing efforts by the corporation to promote rail transportation as a viable and enjoyable alternative for intercity travel.
With final logistics being fine-tuned, organisers say the 2026 edition promises to combine safety, comfort, and premium entertainment for participants.
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
Auto
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
The 20th edition of the Lagos International Motor Fair and the 13th Africa Autoparts Expo is set to spotlight investment, technology transfer and industry collaboration as organisers intensify efforts to position Nigeria as a major automotive hub in West Africa.
The three-day event, which will also incorporate the Africa Motorcycle and Tricycle Expo, is scheduled to hold from March 17 to 19, 2026, at the Federal Palace Hotel in Lagos.
Organisers said the upcoming edition would focus strongly on accelerating the development of the country’s automotive sector by creating platforms that connect global manufacturers with local industry players.
“Nigeria has all it takes to become a global automotive industry giant,” the organisers stated, noting that the fair remains a strategic contribution toward driving growth despite prevailing industry challenges.
Chairman of the Organising Committee, Ifeanyichukwu Agwu, said the exhibitions had over the years evolved into a key platform for attracting investment into automobile spare parts and accessories manufacturing while strengthening aftermarket activities across the region.
“We have consistently used these events to attract investment into auto components manufacturing and to showcase the enormous capacity and potential of this critical sector of the economy,” he said.
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Agwu, who also serves as Managing Director of BKG Exhibitions Limited, disclosed that the 2026 edition would place emphasis on business-to-business engagement between original equipment manufacturers (OEMs) and auto parts dealers from Nigeria and neighbouring countries.
According to him, the goal is to foster partnerships capable of leading to the establishment of component manufacturing plants locally.
He added that the exhibition is expected to support government policies aimed at building a sustainable automotive industry by stimulating the emergence of companies involved in component production.
Calling for policy adjustments, Agwu urged the Federal Government to prioritise spare parts and components manufacturing over vehicle assembly, arguing that deeper technology transfer and innovation occur within the components segment.
“Spare parts manufacturing is where real technology transfer occurs. It involves precision engineering, planning and innovation—far beyond the coupling processes involved in assembly,” he said, while also advocating a review of the existing automotive policy to better support local production.
Despite the challenges associated with hosting large-scale industry events, Agwu reaffirmed the organisers’ commitment to sustaining the platform, warning that neglecting the automotive sector could have far-reaching consequences for the economy and employment.
The organisers said more than 100 original components manufacturers from countries including China, India, South Korea, South Africa, Singapore and Turkey, alongside major automobile distribution and manufacturing companies operating in Nigeria, are expected to participate.
In addition to product exhibitions, the event will feature seminars and technical workshops focusing on policy, investment opportunities, technology transfer and industry best practices, with each day structured to deliver value to exhibitors, investors, policymakers and other stakeholders.

Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
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