Business
De-dollarisation: As Naira Trades Flat, Analyst Urges Ban On Dollar Transactions In Nigeria
De-dollarisation: As Naira Trades Flat, Analyst Urges Ban On Dollar Transactions In Nigeria
In other to de-dollarise the nation’s economy amid flutuation in the value of the naira against the United States dollar, an investment analyst, Adejumo Isaac, has called for ban on all foreign currency transaction in cash in the country.
In a statement, on Thursday, Isaac, advised the Central Bank of Nigeria (CBN) to declare cashless policy on forex, saying that would enable majority of forex cash domiciled in people’s homes to automatically enter the banking system.
It could be recalled that the naira traded flat against the dollar, on Thursday, at N832.32/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.
According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the daily FX turnover is at $115.41million and that reflected increased FX inflow in the economy on Thursday, 30th November, 2023.
According to Data, the local currency, on Monday, hit an intra-day trading high of N1,137 and a low of N700.
However, speaking on how to shore up the value of the naira, Isaac, added that it should be a criminal offence with 6 months imprisonment for anybody to hold physical forex cash for any transaction in Nigeria.
He said, “All transactions involving use of forex should be done electronically via transfer or cheque payment that must pass through the bank account of payer and receiver.
“Give one month notice to anybody in Nigeria holding physical forex cash to deposit the same with commercial banks, thereafter, it becomes a criminal offence attracting jail terms of at least 6 months with no option of fine for anybody to hold physical forex cash for any transaction in Nigeria.
“In all fairness, dollars, pounds, Euro etc are not used to BUY petty food items or any retail items in the market that warrant exchange of physical forex cash.
“Generally, transactions that involve use of forex such as paying School fees, medical fees, importing raw materials for production, amongst others do not involve exchange of physical cash but they naturally pass through banks which is done electronically, therefore, there are no strong arguments to hold forex cash.
“By this policy, majority of forex cash domiciled in people’s home will automatically enter the banking system and this will make forex liquidity robust for the good of the economy as availability will make stability of exchange rate possible thus reduce to the barest minimum volatility and unsubstantiated cum speculative demand as well as mop up of the available forex in the country by few privileged individuals for personal gains that inflicted more pains to the citizens.
“For the long-term solution is to increase our exports, firstly from increasing crude oil production volume to at least 2mbpd to boost dollar inflow into the economy (this volume was achieved and relatively stable for a number of years between 2012-2015), secondly to promote backward integration in terms of local sourcing of raw materials for production in order to reduce imports.
Ensuring petroleum products are refined in the country to save the volume of forex spent on importation of refined petroleum products which can thereafter be available for other uses.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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