Nigeria Attracts $20.98bn Foreign Investments as CBN Reforms Strengthen FX Market, Reserves - Newstrends
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Nigeria Attracts $20.98bn Foreign Investments as CBN Reforms Strengthen FX Market, Reserves

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CBN Governor, Olayemi Cardoso
CBN Governor, Olayemi Cardoso

Nigeria Attracts $20.98bn Foreign Investments as CBN Reforms Strengthen FX Market, Reserves

Nigeria has recorded a major rebound in foreign investor confidence, with foreign capital inflows rising to $20.98 billion in the first ten months of 2025 — the highest level in several years. This was disclosed by the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the 2025 CIBN Annual Bankers’ Dinner in Lagos.

Cardoso said the surge represents a 70% increase over total inflows for 2024 and a 428% jump compared to 2023, reflecting renewed trust in the country’s economic direction and ongoing monetary reforms.

FX Reforms Deliver Stability

Highlighting the “visible transformation” in the foreign exchange market, Cardoso noted that the CBN has maintained the unification of FX windows and fully cleared the multi-billion-dollar FX backlog that previously weakened market confidence.

He explained that the introduction of the Nigerian Foreign Exchange Code and the deployment of the Electronic Foreign Exchange Management System (EFEMS) have improved transparency, enhanced surveillance, ensured mandatory order submissions, and strengthened price discovery.

According to him, these reforms have restored discipline to the FX market, reducing the premium between the official and parallel markets to below 2%, a massive improvement from over 60% a year earlier. He added that the CBN will soon release a revised FX Manual to further widen participation and entrench regulatory consistency.

External Sector Gains Momentum

Cardoso announced strong improvements in Nigeria’s external buffers, with foreign reserves rising to $46.7 billion by mid-November — the highest in nearly seven years — offering more than 10 months of import cover.

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He stressed that the growth in reserves is happening organically, driven by improved market efficiency, stronger non-oil exports, and rising capital inflows, rather than external borrowing.

Nigeria’s current account balance also strengthened significantly, climbing 85% to $5.28 billion in Q2 2025 from $2.85 billion in Q1, supported by increased non-oil export earnings and higher diaspora remittances, which rose by about 12%.

No Return to Ways and Means Borrowing

In a firm policy stance, the CBN Governor reiterated that the Bank will not revert to Ways and Means financing, the controversial practice of funding fiscal deficits.

“Our stance is unequivocal: there will be no return to the practice of financing fiscal deficits by the Central Bank,” Cardoso stated.

He acknowledged fiscal authorities for supporting reforms through the rollout of the Revenue Optimisation (RevOp) framework, the creation of the National Revenue Agency, and improvements to the Treasury Single Account (TSA).

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CBN’s 2026 Priorities

Cardoso unveiled the Bank’s strategic priorities for 2026, which include:

  • Strengthening the banking system through rigorous supervision and better governance.
  • Delivering durable price stability with an enhanced inflation-targeting framework.
  • Expanding financial inclusion and modernising payments, particularly contactless payments.
  • Encouraging responsible fintech innovation with stricter licensing and clear guardrails.
  • Building stronger institutional capacity and improving operational efficiency.
  • Enhancing collaboration with domestic and global regulators to reinforce Nigeria’s reputation as a trusted central bank.

Stronger Protection Against Shocks

He said Nigeria’s flexible FX regime, growing non-oil exports, and expanding services trade now provide better protection against external shocks such as oil-price volatility and shifts in global credit sentiment.

“With oil now contributing a smaller share of GDP and fiscal revenue, a sharp decline in oil prices would be cushioned by the new FX framework,” he said.

Commitment to Economic Stability

Cardoso reaffirmed that price stability remains the CBN’s top priority, adding that the Bank will continue to provide forward guidance, safeguard market integrity, and leverage technology — including AI-driven analytics — to enhance decision-making.

“By remaining disciplined, forward-looking and true to our mandate, we will ensure Nigeria’s economy remains stable, inclusive and primed for sustainable growth,” he concluded.

Nigeria Attracts $20.98bn Foreign Investments as CBN Reforms Strengthen FX Market, Reserves

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Jetour T2 Earns Top Global Safety Rating, Intensifies SUV Battle in Nigeria

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Jetour T2 Earns Top Global Safety Rating, Intensifies SUV Battle in Nigeria

 

Jetour has thrown down the gauntlet in Nigeria’s increasingly competitive SUV market after its rugged T2 model secured the coveted NCAP 5-Star safety rating — a global benchmark regarded as the highest standard in crash protection and accident avoidance technology.

The achievement is expected to boost the brand’s appeal among Nigerian motorists seeking tough, family-oriented SUVs that combine advanced safety, luxury and off-road capability for the country’s challenging road conditions.

Jetour Nigeria discloses this in a statement, stressing that it is backing the T2 with a growing nationwide dealership and after-sales support network, including trained technicians, genuine spare parts, structured maintenance plans and warranty coverage aimed at boosting long-term ownership confidence.

Positioned as a bold “super SUV,” the Jetour T2 was designed specifically with Nigerian driving conditions in mind, according to the automaker.

In a country where motorists often encounter congested urban roads, long-distance highways and rough rural terrain within the same trip, the T2 is engineered to adapt seamlessly to changing environments.

Safety is seen as one of the vehicle’s strongest selling points. The SUV comes equipped with a comprehensive airbag system, SRS airbags, parking sensors, rear camera and surround-view monitor.

It also features advanced driver-assistance technologies such as Anti-lock Braking System, Emergency Braking Assist and Auto-Brake Assist, which help detect potential collisions and automatically apply braking when necessary.

Beyond safety, the T2 projects a muscular and commanding presence aimed at drivers looking for both ruggedness and refinement.

Jetour says the SUV was built to offer confidence for daily commuting while remaining capable enough for off-road adventures.

Inside, the cabin combines premium comfort with practical space. Measuring 4,785mm in length, 2,006mm in width and 1,880mm in height, the SUV offers generous legroom and headroom for occupants, making it suitable for long-distance travel and family use.

Under the hood, the T2 is powered by a 2.0-litre turbocharged engine delivering 187kW (254hp) and 390Nm of torque.

Paired with a 7-speed dual-clutch transmission, the setup provides strong acceleration, smooth overtaking capability and enough power to tackle steep inclines and demanding terrains.

A major highlight of the SUV is its advanced multi-terrain capability. The T2 features a BorgWarner sixth-generation four-wheel-drive system and XWD automatic intelligent drivetrain.

Multiple drive modes — including Sport, Eco, Normal, Mud, Rock and X Smart — allow the vehicle to adjust to varying road conditions ranging from muddy rural tracks to sandy and rocky surfaces.

Technology and convenience also feature prominently in the package. A 15.6-inch LCD touchscreen serves as the hub for infotainment, vehicle diagnostics and off-road information.

Apple CarPlay, Android Auto, Bluetooth connectivity, intelligent voice commands, cruise control and crawl control are integrated to enhance the driving experience.

Additional features such as remote start, push-button ignition, lane departure warning and blind-spot detection further improve convenience and safety for drivers.

With the T2, Jetour is seeking to position itself as a brand that understands the realities of Nigerian roads and the increasing appetite among motorists for SUVs that combine adventure, luxury and safety without compromise.

Jetour Nigeria specifically lists its accredited dealers spread across the country as Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R. T. Briscoe Motors and Mandilas Autos.

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Google Unveils Gemini Omni AI Video Creation Tool to Rival OpenAI, Meta

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Google Unveils Gemini Omni AI Video Creation Tool

Google Unveils Gemini Omni AI Video Creation Tool to Rival OpenAI, Meta

Google has unveiled Gemini Omni, a new artificial intelligence-powered video creation tool designed to generate and edit videos using text, images and voice prompts as the company expands its Gemini AI ecosystem.

Announcing the tool on its official blog, Google said Gemini Omni was developed to support what it described as “native multimodal video generation,” allowing users to create videos directly from simple instructions while combining text, visuals and audio inputs.

“Gemini Omni is our next step toward more capable multimodal generation,” Google stated, explaining that the model was built to better understand and create content across different media formats.

According to the company, the AI system can generate short-form videos from written prompts, animate still images into moving visuals and use voice commands to shape storytelling, scenes and editing styles.

Google said the model was designed to understand context across multiple formats simultaneously, enabling more coherent, detailed and cinematic video outputs.

The company added that the platform includes AI-assisted editing tools capable of handling scene transitions, audio syncing, visual enhancements and automated video sequencing.

Industry observers say the launch represents another major step in the global race among technology firms developing advanced generative AI tools for video production.

Google explained that Gemini Omni is targeted at creators, developers, businesses and digital professionals seeking faster and more efficient video generation solutions.

The company said potential use cases include advertising, social media content, film pre-visualisation, education, gaming, customer engagement and software development.

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The launch also forms part of Google’s broader strategy to expand the Gemini ecosystem beyond AI chat and search into content creation, productivity and enterprise software tools.

Technology analysts say the unveiling places Google in more direct competition with OpenAI, Meta, Adobe and other firms investing heavily in text-to-video AI systems.

OpenAI recently expanded access to its Sora video-generation technology, while Meta and Adobe have also accelerated development of AI-powered creative tools for businesses and content creators.

Google disclosed that Gemini Omni would initially be rolled out to selected developers, enterprise users and testing partners before broader public access becomes available.

The company also emphasised that safety measures, watermarking systems and responsible AI safeguards had been integrated into the platform to reduce misuse, misinformation and deepfake-related risks.

Experts have increasingly raised concerns about the ethical implications of AI-generated media, including manipulated political content, copyright disputes and the spread of misinformation online.

Despite those concerns, investment in generative AI technologies continues to surge globally as companies compete to dominate the rapidly expanding AI content creation market.

Google executives said Gemini Omni reflects the company’s long-term vision of building AI systems capable of seamlessly generating and understanding text, images, audio and video within a single platform.

Google Unveils Gemini Omni AI Video Creation Tool to Rival OpenAI, Meta

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Naira Appreciates To N1,372/$ At Official FX Market

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Naira Appreciates To N1,372/$ At Official FX Market

Naira Appreciates To N1,372/$ At Official FX Market

The Nigerian naira recorded a slight appreciation against the United States dollar at the official foreign exchange market on Thursday, trading at N1,372.3079/$ at the Central Bank of Nigeria (CBN) official FX window.

Data published on the official trading platform of the Central Bank of Nigeria (CBN) showed that the naira traded at a Nigerian Foreign Exchange Market (NFEM) rate of N1,372.3079 per dollar and later closed at N1,372.7500/$.

The latest figure represents a marginal gain for the local currency compared to Wednesday’s trading rate of N1,373.3431/$, indicating that the naira appreciated by about N1 at the official market.

The development comes amid ongoing efforts by the CBN to stabilise the foreign exchange market through monetary tightening, improved dollar liquidity and sustained interventions targeted at reducing market volatility.

Financial analysts attributed the slight appreciation to improved forex supply within the official market, increased market confidence and recent reforms introduced by the apex bank to unify exchange rates and discourage speculative trading.

At the parallel market, commonly known as the black market, the naira also recorded minor movement against the dollar.

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According to data published by Aboki FX, the naira exchanged at N1,392/$ for buying and N1,397/$ for selling on Thursday, May 21, 2026.

Compared to the previous trading session on May 20, the black market buying rate improved by N2, while the selling rate remained unchanged.

Currency traders noted that although the gap between the official and parallel market rates still exists, the spread has narrowed slightly compared to previous months due to improving liquidity in the official market.

Economic experts said the CBN’s sustained interventions, including stricter oversight of Bureau De Change operators and policies aimed at attracting foreign portfolio inflows, are beginning to impact exchange rate stability.

The naira had faced intense pressure over the past year due to rising demand for foreign exchange, inflation, declining oil production and capital outflows.

However, analysts believe recent improvements in crude oil earnings, diaspora remittances and foreign investor confidence could help support the local currency if sustained.

Market observers also warned that inflationary pressure, import dependence and global economic uncertainties remain major risks capable of affecting long-term exchange rate stability.

Meanwhile, businesses, importers and investors continue to monitor movements in the FX market closely as the Federal Government and the CBN intensify efforts to strengthen the economy and improve confidence in the naira.

Naira Appreciates To N1,372/$ At Official FX Market

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