Economy
CBN Considers Diversification of Nigeria’s FX Reserves
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has hinted that the apex bank plans to diversify the nation’s reserves base.
The central banker gave the signal at the opening of the Afreximbank Annual Meetings (AAM) in Abuja, on Wednesday, noting that foreign reserves diversification will help Nigeria reduce reliance on a single currency, usually the US Dollar.
So, this means, Nigeria will possibly hold a wider range of assets in their foreign exchange reserves.
Mr Cardoso didn’t provide details on the diversification but said it would be part of the reforms by the monetary authorities to better position the nation’s FX market in the interest of the economy.
Business Post reports that this move, if done, could see Nigeria increase holding other major currencies like the British Pounds, European Euro, Japanese Yen, and Chinese Yuan, as well as assets like gold and Special Drawing Rights (SDRs).
It could also help ease pressure on the Dollar, strengthening the foreign exchange market.
“As part of our ongoing policy reforms in the foreign exchange market to boost diaspora remittances and support Naira stability, we have introduced two financial products, namely the non-resident Nigerian ordinary account and the non-resident Nigerian investment account designated to serve Nigerians living abroad.
“This initiative is expected to provide a secure and efficient platform for managing funds investing in the Nigerian financial markets. This would harness the economic potential of Nigerians in the diaspora by boosting remittances and fostering investment in critical sectors of the economy.
“It is therefore imperative for initiatives such as this to be embraced to ensure that Africa and its diaspora continue to act in unison.
“And let me say also that for us, this particular initiative is certainly going to be a game changer, and people will now begin to understand a lot better how Nigeria is diversifying its revenue base and its reserve base, so please watch that space.”
The CBN boss said that African nations must take steps to shield the continent from global shocks.
He added that the CBN under his administration has focused on building confidence among stakeholders and partners.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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