Economy
CBN Killing Naira Value With Inhibitive Policies—ABCON
By Dipo Olowookere
The Association of Bureaux de Change Operators of Nigeria (ABCON) has taken a swipe at the Central Bank of Nigeria (CBN) over the depreciating value of the local currency.
The President of ABCON, Mr Aminu Gwadabe, in an interview with The Punch, said some of the regulatory policies of the apex bank are affecting the Naira value in the foreign exchange (FX) market.
He said, for example, the running of more than one forex regime in Nigeria was decreasing the inflow of foreign currencies as the gap between the official exchange rate at N416/$1 and the black market at N600/$1 was too wide.
Mr Gwadabe also said the amount needed to obtain a licence to operate as an International Money Transfer Operator (IMTO) is not the same for local and foreign operators.
“There are a lot of inhibitive regulatory policies. In Nigeria now, for you to say you have a licence to operate as International Money Transfer Operator, the capitalisation is N2 billion for a local company.
“A foreign company comes in and gets a licence at $1 million. How much is $1 million compared to N2 billion or N600 million?
“This is for a foreign company that wants a licence of IMTO, but for a citizen, you have to cough out N2 billion? So, it is not encouraging small players,” he said.
Speaking further, he said, “The foreign exchange market is like any other market determined by market forces, demand and supply. Investors’ inflows; both the direct and the portfolio investors are not coming. Why? This is because of the existence of official and flexible exchange rates.
“No investor will want to come and say I want to give my money because I am patriotic. When Nigerians are not selling their money at the official rate, do you expect a foreigner to sell his/her money at the official rate? The same thing is applicable to diaspora remittances.
“Recently, the World Bank did repeat that Nigeria has the largest chunk of diaspora remittances out of $49 billion that came last year. Bloomberg statistics says ours is about N34 billion. So, where are all these monies?
“When you ask, they will say the money is coming in cars, clothes, and all that. That is not true. The money the NGOs are bringing into the local economy is far less than the money they are taking abroad. We want to help our people anywhere we are. Go abroad, Nigerians still send money to Nigeria but because of the multiplicity of exchange rates, you cannot see that money officially.”
As for the solutions to these issues, the ABCON leader advised the central bank to lift the ban on the sale of forex to bureaux de change (DBC) operators, saying the “overwhelming regulation and the overwhelming criminalisation are not the best.”
According to him, the group has automated its operations to reduce “unwanted behaviour because everything is transparent and accurate.”
“As an association, we have embraced technology. We have transformed our operations. We have four different platforms to automate our system, and we are calling for the urgency for allocation of diaspora remittances,” he added.
Mr Gwadabe said his members want to be “involved in the foreign remittances channel because the market is huge. Because of the monopoly, it has been an exclusive preserve of banks. They should break that monopoly. We are not even saying stop the banks, but out of the 100 per cent they are doing, even if we have 25 per cent for a start, the automation that we have in place has taken care of the security and structure needed.
“Our process has been automated and we are easily accessible to the public. In other climes, banks don’t really do some transactions. If you want to send $200 to your family, they will show you the BDC to go to. But now, banks run after a $200 customer.
“The association of the BDCs is no longer where people think we are mallams. We are a group of professionals. We can collaborate, we can give advice, and most of us are even coming from the banking industry. We are lawyers, we are engineers. The BDCs should be allowed to access dollars or diaspora remittances through the autonomous forex windows that enable operators to receive IMTO proceeds, among others.
“This is the time to break the current industry monopoly that puts the remittances market in the hands of few players depriving others of tapping into the plan,” adding that, “There is an urgent need to enhance dollar liquidity in the market and ensure the stability of prices in the economy.”
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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