Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand - Newstrends
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Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

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Naira Appreciates at Official Market as Dollar Trades at N1,357.61 Today, August 17

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

The Nigerian Naira opened trading on Tuesday, April 28, 2026, with cautious stability against the US Dollar, as the official exchange rate and parallel market rate continued to reflect a wide gap amid persistent foreign exchange pressure.

In the Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,360 per $1, showing slight intraday movement between ₦1,359 and ₦1,360 during early trading hours. The relatively stable opening suggests controlled liquidity conditions in the official market.

Transactions tracked on the FMDQ Securities Exchange indicated that trading remained within a narrow range as banks and institutional investors adjusted positions based on demand and supply. The market continues to operate under the “willing buyer, willing seller” framework, which guides price discovery in the official FX window.

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The Central Bank of Nigeria (CBN) is maintaining oversight of the foreign exchange market, with ongoing efforts aimed at improving dollar liquidity and reducing pressure from unmet demand. Analysts note that recent interventions targeting FX backlog clearance and supply support to key sectors have helped limit extreme volatility.

However, the black market (parallel market) continues to show significantly higher rates due to strong retail demand for dollars. In major cities including Lagos, Kano, and Port Harcourt, the dollar is trading between ₦1,480 and ₦1,495 per $1, depending on transaction size and location.

The widening gap between the official exchange rate and the parallel market rate remains a major concern for economic analysts, as it reflects ongoing shortages of foreign exchange in formal channels.

Market observers say several factors are influencing today’s exchange rate movement, including Nigeria’s oil revenue inflows, which remain the country’s primary source of foreign exchange earnings. Additional pressure is coming from demand for imports, manufacturing inputs, foreign education payments, and medical travel abroad.

The clearance of outstanding FX obligations to airlines and multinational companies is also shaping liquidity conditions in the market. Meanwhile, global market sentiment and investor appetite for emerging market currencies continue to play a role in short-term naira movements.

Despite continued pressure, analysts say the naira has shown relative stability in the official window, suggesting that current policy measures are helping to prevent sharper depreciation.

Market expectations for the rest of the trading week indicate that the naira may remain within a similar range unless there is a major shift in FX inflows or new intervention from the Central Bank of Nigeria. Attention remains on closing rates later in the day to determine the overall direction of the currency.

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

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Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

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Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

Abuja is set for a major dose of electrified motoring as Jetour Nigeria takes its technologically advanced T2 Plug-in Hybrid Electric Vehicle (PHEV) to the nation’s capital for an experiential showcase aimed at deepening the brand’s growing footprint in Nigeria.

The Jetour T2 PHEV will headline the Jetour Experience Abuja, scheduled for September 22 to 24, 2026, following the strong reception recorded at the brand’s Lagos edition earlier this year, where customer participation, test drives and sales enquiries reportedly surged.

The move to Abuja, according to Jetour Nigeria, was largely driven by growing demand from motorists in the Federal Capital Territory who have been seeking an opportunity to experience the brand’s latest vehicles, particularly the T2 PHEV.

The Abuja activation will feature test drives, product demonstrations and interactions with Jetour’s technical and sales teams, giving prospective buyers first-hand access to the SUV and its plug-in hybrid technology.

Jetour Nigeria, the sole authorised distributor of the brand in the country, is also leveraging an expanding nationwide dealer network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, TAB Autos Limited, R.T. Briscoe Motors and Mandilas Autos to strengthen sales and after-sales support across key markets.

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The company said the decision to stage the Abuja experience was also driven by requests from patrons and prospective customers in the capital who want an opportunity to experience Jetour’s latest products, including the technologically advanced T2 PHEV.

The Jetour T2 PHEV combines rugged SUV capability with hybrid efficiency, advanced technology and comprehensive safety features, positioning it as an attractive option for Nigerian motorists seeking performance, comfort and improved fuel economy.

Since its entry into the Nigerian market, Jetour has recorded growing acceptance, with its SUV range gaining popularity among families, professionals and adventure enthusiasts.

The brand’s expanding customer base has been supported by competitive pricing, after-sales service and vehicles engineered to cope with diverse road and driving conditions across Nigeria.

Jetour’s growing reputation has also been reinforced by a number of local and international recognitions spanning product quality, design, innovation and customer satisfaction.

Its vehicles have also earned strong global safety ratings, with the T2 achieving a 5-Star NCAP safety rating, placing it among vehicles meeting high benchmarks for occupant safety.

The Abuja event is expected to feature test drives, product demonstrations and direct interactions with Jetour’s technical and sales teams, giving visitors an opportunity to experience the brand’s products and understand the technology behind the T2 PHEV.

Beyond showcasing its expanding SUV lineup, Jetour said the Abuja activation reflects its commitment to bringing the brand’s ownership and customer experience closer to motorists across Nigeria.

With the Federal Capital Territory as its next destination, Jetour is looking to build on the momentum generated in Lagos while deepening its footprint in one of Nigeria’s most important automotive markets.

 

Jetour T2 PHEV Storms Abuja as Jetour Steps Up Nigeria Expansion

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Honda shakes up Nigeria operations, dissolves HAWA, retains HMN 

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Honda shakes up Nigeria operations, dissolves HAWA, retains HMN 

Japanese automobile giant, Honda, has overhauled its operations in Nigeria, dissolving its automobile arm, Honda Automobile Western Africa Limited, and folding its business into Honda Manufacturing Nigeria Limited.

The restructuring, which took effect on September 1, 2026, followed the sanctioning of the merger by the Federal High Court, with HMN emerging as the surviving entity.

Under the new arrangement, HAWA, which had been responsible for Honda’s automobile business operations in the country, has ceased to exist as a separate corporate entity, while HMN has taken over its assets, liabilities, contracts, rights, obligations and ongoing business operations.

Honda, however, moved quickly to allay concerns over the development, assuring customers, dealers and business partners that the restructuring would not disrupt its automobile operations or affect the level of service and support they receive.

In a notification to its business partners dated August 31, 2026, Honda said the restructuring had resulted in the consolidation of both companies into “one unified entity”, with HMN assuming all assets, liabilities, rights, obligations, contracts, undertakings and business operations previously held or conducted by HAWA.

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The development means that existing relationships, arrangements and commitments involving HAWA will henceforth be managed and administered by HMN.

The company, however, stressed that the restructuring would not disrupt its automobile business operations in Nigeria.

“Automobile business operations previously conducted by HAWA will continue under HMN without interruption,” Honda assured its partners, adding that it remained committed to maintaining the same level of service, support and cooperation that customers and business partners had come to expect.

The restructuring is also expected to streamline Honda’s corporate structure in Nigeria by bringing its manufacturing and automobile business operations under a single surviving entity.

Honda said it was currently updating relevant corporate records and information as part of the integration process. These include corporate details, registered address, authorised signatories, management information and other related documentation.

It added that any changes requiring the attention of its business partners would be communicated in due course.

The company further requested the continued support and cooperation of its partners during the transition, while providing a copy of the Federal High Court order sanctioning the merger as an appendix to its notification.

 

Honda shakes up Nigeria operations, dissolves HAWA, retains HMN

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Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers

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Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers

Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers

A minor fire caused by an electrical fault broke out at the Idu Train Station in Abuja on Wednesday night, but the incident did not disrupt operations on the Abuja–Kaduna train route, the Nigerian Railway Corporation (NRC) has said.

The fire, which occurred in the station’s low-voltage electrical room, was detected at about 8:30 p.m. and was quickly brought under control by maintenance personnel.

A preliminary inspection showed that some electrical supply cables connected to the station’s control panels were damaged in the incident.

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However, the NRC said the station’s solar power system was not affected, while power had been temporarily restored to the lifts and escalators.

According to the Corporation’s Chief Public Relations Officer, Callistus Unyimadu, all the lifts and escalators are currently operational except Lift 1.

The NRC stressed that the incident had no impact on Abuja–Kaduna train services, assuring passengers that scheduled operations would continue as normal.

The Corporation said its technical team was conducting a detailed assessment to establish the cause of the electrical fault and permanently restore the affected installations.

It added that appropriate safety measures had been put in place while the assessment and remedial work continued.

 

Fire Scare at Abuja Train Station as Electrical Fault Sparks Blaze, NRC Assures Passengers

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