Business
Dollar Scarcity Eases as Elumelu Briefs Tinubu on FX Stability
Dollar Scarcity Eases as Elumelu Briefs Tinubu on FX Stability
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
The Chairman of United Bank for Africa (UBA), Tony Elumelu, has declared that the era of acute dollar scarcity in Nigeria is effectively over, following a high-level meeting with President Bola Ahmed Tinubu in Abuja. According to Elumelu, reforms introduced by the federal government and the monetary authorities have “sorted” the foreign exchange market, restoring liquidity and improving investor confidence.
The meeting took place at the Presidential Villa in Abuja, where Elumelu briefed the President on developments within the banking and financial services sector. Speaking to State House correspondents afterward, the UBA chairman said commercial banks are no longer experiencing the severe foreign currency shortages that plagued the system throughout 2023 and early 2024. He attributed the improvement to ongoing policy adjustments and enhanced coordination between fiscal and monetary authorities.
The development marks a potentially significant turning point in Nigeria’s macroeconomic management. The country has faced persistent foreign exchange instability since mid-2023, when the government liberalised the naira and dismantled the long-standing multiple exchange rate regime. The policy shift, overseen by the Central Bank of Nigeria (CBN), initially triggered sharp currency depreciation, widened arbitrage opportunities and strained dollar supply channels.
Dollar scarcity had profound consequences. Manufacturers struggled to import raw materials, airlines complained of trapped revenues, foreign investors exited local markets, and inflation accelerated as the naira weakened. The crisis was compounded by a backlog of unmet foreign exchange obligations, which the CBN later confirmed ran into several billions of dollars.
Elumelu’s remarks suggest that recent measures (such as clearing portions of the FX backlog, tightening banking supervision and increasing transparency in currency trading platforms) are beginning to stabilise the market. Analysts note that the CBN has also introduced reforms aimed at curbing speculative activities and boosting diaspora remittances through formal channels.
“The true test of reform is liquidity and confidence,” said Professor Pat Utomi, political economist and founder of the Centre for Values in Leadership, in prior commentary on Nigeria’s economic reforms. “If market participants believe the rules are clear and consistently applied, capital will respond.” Elumelu’s optimism appears to align with that perspective, indicating that domestic banks are now able to meet legitimate foreign currency demands more efficiently.
However, economists urge caution. Dr. Bismarck Rewane, Managing Director of Financial Derivatives Company, has consistently argued that exchange rate stability requires sustained inflows, not episodic interventions. “Stability is not achieved by pronouncement,” he noted in a recent economic briefing. “It comes from productivity, exports, and credible monetary discipline.”
Indeed, while official channels may show improved liquidity, structural vulnerabilities remain. Nigeria’s foreign reserves fluctuate in response to oil price volatility, and crude oil production levels (long below OPEC quotas due to theft and infrastructure challenges) continue to influence dollar inflows. Without significant diversification of export earnings, experts warn that gains could prove fragile.
The government’s broader reform agenda also plays a central role. President Tinubu’s administration has implemented sweeping economic changes since assuming office in May 2023, including the removal of petrol subsidies and the unification of exchange rates. These policies were designed to eliminate distortions and restore fiscal sustainability, but they have also contributed to short-term inflationary pressures and social hardship.
In its 2024 Article IV consultation, the International Monetary Fund emphasized that exchange rate reforms must be accompanied by strong social protection measures and credible fiscal consolidation. “A unified and market-determined exchange rate is critical to restoring confidence,” the IMF stated, while urging authorities to protect vulnerable populations from adjustment shocks.
Elumelu’s intervention carries weight beyond symbolic reassurance. As one of Africa’s most prominent bankers and a major investor across the continent, his assessment reflects sentiment within Nigeria’s financial elite. If commercial banks indeed have improved access to foreign currency and are meeting corporate demand without severe delays, it suggests operational normalisation within the banking system.
Yet market participants will look beyond official optimism to empirical indicators: narrowing spreads between official and parallel exchange rates, declining FX forward premiums, improved foreign portfolio inflows, and rising non-oil export receipts. These metrics will ultimately determine whether the crisis has truly abated.
For now, the meeting in Abuja signals a narrative shift from emergency management to cautious stabilization. Whether this transition becomes durable depends on policy consistency, institutional credibility and Nigeria’s capacity to expand its foreign exchange earning base.
As economic historian Niall Ferguson has observed, “Confidence is the cheapest and most powerful stimulus.” The Tinubu administration appears to be banking on precisely that: restoring belief in Nigeria’s economic direction. Elumelu’s declaration that the dollar scarcity is over may be a milestone, but the sustainability of that claim will be judged not by words, but by the resilience of the market in the months ahead.
Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas
Blue Lagos has officially commenced its community sensitisation and engagement campaign across riverine and coastal communities in Lagos State.
The initiative is designed to amplify the voices of underserved communities, raise awareness on civic responsibilities, and highlight the unique challenges faced by residents living along the waterways.
Through on-ground interactions and digital advocacy, Blue Lagos aims to foster inclusive participation and ensure that no community is left behind.
Speaking on the campaign, The Director of Mobilisation & Community Engagement for the Blue Lagos Team, Hon. Ashade Abdul-Salam emphasized the importance of engaging directly with residents to better understand their daily realities, from access to basic services and transportation challenges to opportunities for development and improved governance.
The campaign will feature community visits, short sensitisation videos, interactive sessions, and stakeholder engagement, all geared towards empowering residents with the knowledge and tools to actively participate in shaping their future.
Blue Lagos calls on riverine and coastal residents to take advantage of this initiative, share their experiences, and stay informed on civic processes, including voter registration and community development programs.
This campaign marks a significant step towards building stronger connections between communities and decision-makers, while promoting inclusive growth across Lagos State.
For media inquiries, please contact:
Blue Lagos Team via email: [email protected]
One Universe Launches to Redefine How People Find and Pay for Trusted Services
One Universe, a new trusted digital marketplace designed to connect people who need services with skilled professionals, has officially launched and is now available for download on the Apple App Store and Google Play Store.
Built to solve the everyday challenge of finding reliable service providers, One Universe brings trust, convenience, and transparency into one seamless platform. From beauty and lifestyle services to technical, creative, and professional support, users can now discover verified professionals, agree on terms, and complete payments securely – all within the app.
A Safer, Smarter Way to Get Things Done
One Universe was created to eliminate uncertainty in service transactions. The platform enables buyers to find professionals, chat directly, agree on pricing and timelines, and make payments securely. Funds are held safely until the job is completed, ensuring protection for both parties.
Empowering Professionals to Grow
For service providers, One Universe offers a powerful opportunity to showcase skills, receive referrals, build credibility through reviews, and access more customers without the usual barriers. Professionals can focus on delivering quality work while the platform supports visibility, trust, and secure payments.
Introducing the One Universe Recruiter Program
As part of its launch, One Universe is rolling out the Recruiter Program, designed to reward individuals who help grow the community. Recruiters earn incentives by inviting people to join the platform – especially buyers seeking services – thereby helping professionals get more jobs while expanding the ecosystem. The program turns everyday referrals into real value and shared growth for all participants.
Key Features Include:
• Verified professionals across multiple service categories
• Secure in-app payments with buyer and seller protection
• Transparent pricing and direct communication
• Ratings and reviews to build trust
• A growing community driven by referrals and reputation
• Incentives through the Recruiter Program for community growth
*Now Available on iOS and Android*
One Universe is now live and ready for use. Individuals and businesses are encouraged to download the app, explore services, and experience a smarter way to connect and transact.
Download One Universe today:
Apple App Store
https://apps.apple.com/au/app/one-universe/id6753012310
Google Play Store
https://play.google.com/store/apps/details?id=com.oneuniverse.oneuniverse
About One Universe
One Universe is a trusted digital marketplace built to connect people with skilled professionals, making service discovery, engagement, and payment simple, safe, and reliable. The platform is committed to empowering service providers while giving users confidence and peace of mind.
Media Contact:
www.oneuniverse.ng
08083327368
Business
Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers
Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers
As the festive spirit of Eid al-Adha (Sallah) approaches, Adron Homes & Properties, Nigeria’s leading real estate company, has announced a nationwide Sallah Mega Promo designed to reward subscribers with unbeatable discounts, flexible payment plans, and exciting gift items.
The limited-time promotional campaign aims to empower Nigerians to celebrate the season of sacrifice with both joy and long-term investment security by making property ownership more accessible and rewarding. Subscribers can enjoy a 30% discount on all plots across Adron estates nationwide, alongside a flexible payment plan of up to 36 months. In addition, clients can spread their initial deposit over four months, easing financial pressure while securing valuable real estate assets.
According to the company, the Sallah promo reflects its continued commitment to providing affordable housing solutions while rewarding both new and existing clients during key festive periods.
“Sallah is a time of giving, sacrifice, and celebration. At Adron Homes, we believe there is no better time to empower families and investors with the opportunity to own land while also receiving valuable gifts that enhance their celebration,” the company stated.
As part of the promo, subscribers will enjoy a wide range of gift rewards tied to their payment milestones. Platinum plot subscribers stand to receive items such as bags of rice ranging from 10kg to 50kg, food packs with chicken and seasoning, goats and rams for Sallah celebrations, and even a cow or a double-door refrigerator for high-value subscribers. Compact plot subscribers will also benefit from gift items including bags of rice, vegetable oil, cartons of noodles, goats, and other household essentials designed to support festive celebrations.
Over the years, Adron Homes & Properties has remained at the forefront of real estate development in Nigeria, consistently delivering affordable luxury and flexible payment structures tailored to a wide range of investors. The Sallah Mega Promo further reinforces the company’s mission to democratize property ownership while strengthening its relationship with clients through value-driven initiatives.
Prospective subscribers are encouraged to take advantage of this limited-time offer by contacting Adron Homes through its official channels.
📲 WhatsApp: +234 805 101 1951
🌐 Website: Adron Homes Official Website
With the Sallah season fast approaching, this promo presents a unique opportunity for Nigerians to celebrate meaningfully by securing their future through real estate investment while enjoying generous festive rewards.
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