By Adedapo Adesanya

The Naira is poised to weaken this week as the US Dollar rallies as investors ignore US-Venezuela tension and instead focused on a slate of US macroeconomic indicators due this week that could be crucial in steering Federal Reserve policy.

The indication of a weaker outcome for the Nigerian currency is seen as the American currency gained against a basket of currencies.

The greenback hit two-week highs against the Yen, Swiss Franc, and Canadian Dollar in the first full trading week of 2026.

The United States at the weekend, raided Venezuela and captured President Nicolas Maduro. US special operations forces seized the Venezuelan President and his wife, Cilia Flores, in a nighttime operation to bring him to the US to face a 2020 narco-terrorism indictment.

As of press time, the Dollar advanced 0.3 per cent to $1.1682 per Euro, after earlier touching its strongest level since December 10 at $1.1672.

It climbed as high as 157.295 on the Yen, 0.7951 on the Swiss Franc, and C$1.37771, all of which were the highest levels since December 22.

The American currency advanced 0.1 per cent to $1.3425 per British Pound, and added 0.3 per cent to $0.6670 versus the Aussie Dollar.

Traders currently expect two US rate cuts this year, according to calculations by LSEG based on futures.

Investors are also awaiting US President Donald Trump’s choice for the next Federal Reserve chair, as Jerome Powell’s term is set to end in May. US President Donald Trump has expressed his displeasure against Mr Powell and will be looking to replace him with a candidate that aligns with his policies.

President Trump has said he will announce his pick this month, and has said Powell’s successor will be “someone who believes in lower interest rates, by a lot.”

Meanwhile, the Naira last Friday closed the first session of 2026 positive against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) as it gained N4.91 or 0.34 per cent to trade at N1,430.85/$1 compared to the previous rate of N1,435.76/$1.

Preliminary outlook shows that the Central Bank of Nigeria (CBN) reforms may help enhance efficiency and transparency in the FX market which will narrow the premium between the NAFEM and unofficial rates, and sustain exchange rate stability. In addition, improved domestic oil refining capacity is expected to reduce foreign exchange demand for fuel imports.

By Aduragbemi Omiyale

To strengthen investor confidence and market integrity, the Securities and Exchange Commission (SEC) has concluded plans to significantly step up enforcement actions in 2026, following the enactment of the Investments and Securities Act (ISA) 2025.

The agency emphasised that it would used the its powers to “firmly and impartially” address market abuse, insider dealing, fraudulent investment schemes, and other forms of misconduct in the capital market.

While outlining the commission’s regulatory priorities, the Director-General of SEC, Mr Emomotimi Agama, noted that the new law has expanded the organisation’s supervisory and enforcement powers, but stressed that enforcement actions will be guided by due process and the rule of law, adding that predictable and consistent regulation remains critical to building trust among investors.

“With the enactment of the Investments and Securities Act 2025, the Commission’s supervisory and enforcement framework has been strengthened. In 2026, the Commission will continue to apply these powers firmly and impartially,” he said.

He explained that the SEC’s enforcement push forms part of broader measures to strengthen market integrity, efficiency, and resilience, adding that confidence in the capital market depends on effective supervision and the consistent application of rules.

Beyond enforcement, the regulator, he stated, plans to advance regulatory efficiency through digitalisation, including streamlined approvals, automated filings, and improved disclosure processes.

“These measures are intended to reduce unnecessary frictions, improve regulatory responsiveness, and enhance transparency across the market,” he emphasized.

Mr Agama also said the SEC would introduce enhanced disclosure standards, including environmental, social, and governance (ESG) reporting, alongside a structured recapitalisation and governance review of market intermediaries to ensure financial resilience and sound risk management.

On investor protection, the Director-General reaffirmed the commission’s commitment to balancing broader market access with strong safeguards, particularly for retail investors and small and medium-sized enterprises (SMEs).

Looking ahead, Mr Agama said the SEC remains focused on supporting Nigeria’s economic transition while maintaining market discipline.

“We will regulate not to stifle, but to catalyse. We will enforce not to punish, but to protect and build trust,” he said, noting that the SEC also plans to roll out a nationwide financial literacy programme in 2026 aimed at improving investor awareness and reducing vulnerability to fraudulent schemes.

By Adedapo Adesanya

The Chairman of the Nigeria Revenue Service (NRS), Mr Zacch Adedeji, has asked security agencies to be on alert over planned nationwide protests against the new tax laws, which have officially commenced.

“I’m using this time to call all the security agencies to be on alert,” he said while speaking in an interview on Arise Television on Sunday.

The NRS chief stressed that the reform was for the interest of the poor, but met strong opposition from certain quarters, warning that those pushing anti-tax agitations are unpatriotic elements determined to derail the country’s fiscal reforms.

“Those people you see promoting all this rumour, all this misinformation are those people that are avoiding taxes, that there is no way out for, based on the digitalisation that we brought on board,” he said.

Business Post reports that the National Association of Nigerian Students (NANS) declared January 14, 2026, as a National Day of Action to protest the planned implementation of the controversial tax reform laws, accusing the federal government of ignoring public concerns and constitutional processes.

Mr Adedeji said tax reform was a clear campaign promise of President Bola Tinubu and a necessary response to what he described as a fragmented tax system that could not sustain the level of development the President envisaged.

“Tax reform is one of the promises made by Mr President from his inaugural speech,” he said. “From the beginning, he made it his point of duty that we need to start early to reform the tax system, which is the real foundation for any sustainable economy in the world.”

He recalled that the President set up a committee headed by Mr Taiwo Oyedele, which, according to him, spent a year consulting stakeholders and preparing recommendations that were then processed by the National Assembly through public hearings and regional engagements before the President assented to the bill in June 2024.

Speaking on the recent issues around the gazetted version of the Nigeria Tax Administration and Other Matters Act differed, Mr Adedeji dismissed the allegations as baseless.

“No, like I said earlier, I don’t want to delve into those rumours,” he said. “For example, all these comparisons that you are mentioning now, honestly, I don’t know where you find them because nobody, except the National Assembly, has the right to the vote book. They are the ones to give us the gazetted law as passed, which… they’ve released… as passed, which is the only thing we have.”

He insisted that the only document relevant to the NRS is the gazetted Act transmitted by the legislature.

“I don’t even need to see the harmonised bill. I don’t need to see any of those things,” he said. “The only thing I need to see is the gazetted bill, which they have given to me. All these processes are internal processes of the National Assembly, which is purely a separation of powers.”

Mr Adedeji notes that the tax authorities had no role in altering any legislation and said the executive had “no place in the law” to tamper with bills passed by parliament.

He also clarified that while the law took effect from June, some rate changes were delayed to give companies time to adjust.