Economy
Naira Depreciates at Investors Window as Buhari Presents 2020 Budget
By Adedapo Adesanya
The Naira depreciated at the Investors and Exporters segment of the foreign exchange (forex) market on Tuesday, October 8, 2019 as President Muhammadu Buhari officially presented the 2020 National Budget to a joint session of the National Assembly.
Business Post reports that the local currency dropped 8 Kobo or 0.02 percent against the US Dollar at the market segment during the session to trade at N362.45 against the American currency from N362.37 per Dollar which it traded on Monday.
It was keenly noticed that the depreciation occurred as pressure mounted on the domestic currency at the day. This was reflected in the significant 129 percent increase in the value of transactions recorded at the investors window yesterday.
Data obtained from the FMDQ by Business Post showed that the market turnover on Tuesday was $465.36 million as against the $203.23 million worth of transactions recorded on Monday. This represents an increase of $262.14 million.
A look at the Naira’s performance at another segment of the forex market on Tuesday, the parallel market, showed that the domestic currency closed flat against major listed currencies – the US Dollar, the British Pound Sterling, and the Euro. The local currency was exchanged at their previous prices against these foreign currencies.
A breakdown showed that the Naira was traded against the Dollar at N360/$1 at the black market, it was exchanged at N450/£1 at the same market window as the Pound faces decline following Boris Johnson’s Brexit deal which was dealt a huge blow. When paired with the Euro, the domestic currency remained unchanged at N390/€1.
Also, at the Interbank segment, where the Naira trades at the official price of the Central Bank of Nigeria (CBN), the local currency saw neither growth nor decline as it remained flat on Tuesday at N307.00/$1.
Economy
Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety
By Adedapo Adesanya
The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.
According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.
The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.
Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.
This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.
He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.
The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.
This was contained in a statement shared via the Customs official X handle.
Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.
He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.
On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.
“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.
He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.
Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.
The police commissioner also sought continued support from Customs officers in advancing shared security objectives.
Economy
Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister
By Modupe Gbadeyanka
Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.
This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.
It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.
According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.
Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.
Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.
Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”
Economy
Dangote Eyes Crude Oil Production to Ease Shortfalls
By Adedapo Adesanya
The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.
According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.
In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.
“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.
“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.
Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.
“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.
While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.
The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.
However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.
The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.
Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.
With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.
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