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Naira Closes 1,309 Against Dollar

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Naira Closes 1,309 Against Dollar

Naira Closes 1,309 Against Dollar

 

In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange market by $2.5bn, making the naira strengthen to N1,309 against the United States dollar.

 

Official figures obtained from the FMDQ Securities Exchange revealed that the naira closed at N1309/$1 on Thursday compared to the N1300/$1 recorded a day earlier. However, it still falls within the eight week low for the Naira as it continues to gain strength against the US dollar.

 

 

Trading activities were closed on Friday due to the public holiday.

Naira Closes 1,309 Against Dollar

 

Similarly, forex transactions between willing sellers and buyers at the Nigerian Autonomous Foreign Exchange Market increased by 106 per cent to $857m at the close of trading activity on Thursday, marking the highest level since the Central Bank implemented its new forex policies.

This latest development is also the largest turnover since 2021, with the closest figure being $760 million on June 2nd, 2022.

The average daily forex turnover recorded in March has been around $220 million, while this year we have seen $177 million in daily average forex turnover.

Penultimate week, the CBN made a total sales of $1bn.

The summary of the FX trading revealed that the intraday high closed at N1392 on Thursday from N1,460 per dollar on Wednesday, The intraday low appreciated to N1,250 on Thursday as against N1,200 closed on Wednesday.

Liquidity in the forex market has been attributed to an array of policies currently implemented by the CBN.

Key reforms include the unification of exchange rate windows, liberalization of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2 billion on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.

Forex turnover is a critical metric in the financial world as it represents the total value of all foreign exchange transactions completed within a specific timeframe, providing insights into the liquidity and vibrancy of the forex market.

High turnover rates indicate a highly active market with numerous participants engaging in buying and selling currencies, which can signal investor confidence and economic stability.

On the official end of the market, the apex bank started by addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The apex bank also announced the complete clearance of the valid foreign exchange backlog. They stated that they concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

At the parallel market, the naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market.

At the black market, the US dollar sold between N1,280 to N1,305 depending on who is buying and selling, following the recent foreign exchange policy measures of the Central Bank of Nigeria.

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Adron Homes Celebrate Easter, Offers Up to 30% Discount and Flexible Payment Plan

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Adron Homes Celebrate Easter, Offers Up to 30% Discount and Flexible Payment Plan

Adron Homes and Properties, Nigeria’s foremost real estate company, joins Christians nationwide and beyond in celebrating Jesus Christ’s resurrection this Easter season.

Easter, a time of reflection, sacrifice, and joyful renewal, reminds us of the triumph of life over death, hope over despair, and love over fear. It is a season that inspires faith, unity, and the promise of new beginnings for individuals, families, and communities alike.

In a statement released by the company, Adron Homes expressed heartfelt appreciation to its Christian clients and stakeholders for their continued trust and loyalty.

“Easter is a season that embodies the spirit of renewal and grace. At Adron Homes, we are inspired by the hope it brings and the values it represents. We remain committed to building not just houses, but vibrant communities where families can thrive, grow, and create lasting memories,” the company stated.

As part of the celebration, Adron Homes announced that its Easter Delight Promo is still ongoing. The promo offers up to 30% discount on all properties nationwide, along with a flexible payment plan of up to 24 months, making homeownership more accessible and convenient than ever.

Even more exciting, subscribers during the Easter promo stand a chance to win fantastic gifts, including bags of rice, whole chickens, rechargeable fans, gas burners, smart TVs, and many more household essentials — adding extra joy to the season of giving.

With estates strategically located in Lekki-Epe, Badagry, Shimawa, Ibadan, Abeokuta, Ede (Osun), Osunjele, Ilisan, Jos, Sagamu, Ado-Ekiti, Atan-Ota, Ikorodu, Papalanto, Ijebu-Ode, Abuja, Nasarawa, Niger, and more, Adron Homes continue to bridge the housing gap by offering luxurious yet affordable properties in fast-growing areas across the country.

Through its unwavering commitment to excellence, Adron Homes ensures every Nigerian has access to premium real estate and the opportunity to achieve their dream of homeownership.

As Christians mark this sacred occasion with loved ones, Adron Homes wishes every Nigerian peace, joy, and the grace of new beginnings.

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Harmony Gardens, FG Launch Renewed Hope Estate for Nigerians Abroad

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Harmony Gardens, FG Launch Renewed Hope Estate for Nigerians Abroad

Top Lagos-based real estate powerhouse, Harmony Gardens & Estate Development Ltd, is once again making waves, this time through a landmark partnership with the Federal Government of Nigeria to deliver 1,000 modern duplexes at Lekki Aviation Town, directly opposite the proposed Lekki International Airport.

The project, part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, is targeted at middle-income Nigerians in the diaspora seeking to invest in sustainable, high-quality housing back home. It is being financed by the Federal Mortgage Bank of Nigeria (FMBN) and reflects the government’s commitment to easing access to homeownership.

President Tinubu is set to perform the official groundbreaking on May 29, 2025, signaling not just political will but also strategic action toward diaspora inclusion and infrastructure expansion.

Speaking on the initiative, Harmony Gardens Chairman, Mogaji Wole Arisekola, confirmed a whopping ₦106 billion investment into the FGN Harmony Partnership. The company’s innovative Executive Managing Director, Hon. (Dr.) Abdullahi Saheed Mosadoluwa, widely known as The Lagos Landlord is rolling out a game-changing Ibile Traditional Mortgage Scheme. The plan offers Nigerians at home and abroad the ability to rent-to-own homes on a single-digit annual interest rate for up to 20 years.

The Renewed Hope Estate will boast modern infrastructure, green areas, high-grade finishes, security systems, and effective drainage, setting a new standard for residential developments in Lagos. It will also provide over 5,000 direct and indirect jobs, boosting the construction and logistics sectors significantly.

Harmony Gardens has continued to solidify its reputation as a premium developer, currently overseeing seven prestigious estates, including GranVille Estate, The Parliament, Majestic Bay, Harmony Casa, and the flagship Lekki Aviation Town, collectively known as the Seven Citadel of Joy.

As the federal government collaborates with developers and international consultants to ensure timely delivery and top-tier quality, Harmony Gardens is once again demonstrating why it remains a pillar of excellence in Nigeria’s real estate industry.

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Forging a Continental Future: Nigeria and South Africa Unite to Unlock Africa’s Mineral Wealth

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Forging a Continental Future: Nigeria and South Africa Unite to Unlock Africa’s Mineral Wealth By George O. Sylvester, Reporting from South Africa

Forging a Continental Future: Nigeria and South Africa Unite to Unlock Africa’s Mineral Wealth

By George O. Sylvester, Reporting from South Africa

 

CAPE TOWN, April 17, 2025 – In a landmark move aimed at reshaping Africa’s economic future, Nigeria and South Africa signed a historic Memorandum of Understanding (MoU) to collaborate in the solid minerals sector. The agreement, reached during the 11th session of the Nigeria-South Africa Bi-National Commission (BNC), represents a strategic alliance focused on harnessing Africa’s vast mineral wealth for mutual benefit and sustainable development.

Forging a Continental Future: Nigeria and South Africa Unite to Unlock Africa’s Mineral Wealth

By George O. Sylvester, Reporting from South Africa

The deal marks a bold shift towards intra-African cooperation, at a time when global competition for mineral resources—especially critical minerals for green technologies—is intensifying. With the African Continental Free Trade Area (AfCFTA) now operational, this bilateral partnership lays the groundwork for a new continental approach to resource governance and economic diversification.

A Tale of Two Giants
Nigeria, long regarded as a mono-economy reliant on oil (which accounts for over 85% of its export revenue), has begun to prioritize the mining sector as a vehicle for economic diversification. According to the Nigerian Extractive Industries Transparency Initiative (NEITI), the country’s solid minerals sector contributed a mere 0.63% to GDP as of 2022, despite holding an estimated $700 billion in untapped mineral reserves including gold, lithium, columbite, iron ore, and uranium.

In contrast, South Africa’s mining sector, which contributed approximately 7.5% to GDP in 2023 (StatsSA), is globally renowned for its depth, technological sophistication, and regulatory framework. With over 100 years of mining history, it boasts world-class infrastructure and expertise in areas such as deep-level mining, beneficiation, and environmental management.

The union of Nigeria’s raw potential and South Africa’s technical prowess could become a game-changer—not just for both economies but for Africa’s collective push toward industrialization and self-reliance.

Key Components of the MoU
1. Joint Geological Mapping
Using satellite imaging, geospatial technologies, and AI-powered mineral detection tools, both countries will collaborate on large-scale geological surveys. This effort is critical in Nigeria, where over 80% of the land remains geologically underexplored, according to the Nigerian Geological Survey Agency (NGSA).

2. Data Exchange and Transparency
A core pillar of the agreement is real-time data exchange between the NGSA and South Africa’s Council for Geoscience. This will enhance transparency, reduce investor risk, and improve planning. By adopting South Africa’s data management frameworks, Nigeria aims to move toward international best practices in resource classification and public disclosure.

3. Capacity Building and Technology Transfer
To reduce Nigeria’s dependence on foreign consultants, South Africa will assist in training geologists, metallurgists, and mining engineers through academic exchanges, short courses, and certification programs. Nigerian professionals will also be trained in advanced techniques such as Elemental Fingerprint Technology, which determines mineral origin—crucial for combatting illegal mining and smuggling.

4. Exploration of Agro and Energy Minerals
The MoU includes joint ventures in exploring agro-minerals like phosphate and potash (needed for local fertilizer production) and energy minerals like lithium and cobalt—essential components of electric vehicle batteries and clean energy storage systems. Nigeria’s nascent lithium reserves in Nasarawa and Ekiti states could prove critical as the world pivots toward decarbonization.

Economic Potential
According to PwC’s Nigeria Mining Sector Report, the solid minerals industry could contribute up to $27 billion annually to Nigeria’s GDP by 2030, if adequately developed. This partnership is expected to catalyze investment and attract global mining companies previously hesitant about Nigeria’s regulatory unpredictability.

Already, projections suggest the MoU could generate over $500 million in direct foreign investment during the first phase. Furthermore, the Nigerian Ministry of Solid Minerals forecasts the creation of 3 million jobs across the mining value chain—ranging from exploration and extraction to logistics and beneficiation.

For South Africa, this is a strategic economic expansion. With its traditional mining output slowing due to resource depletion and labor unrest, South Africa is seeking new avenues for growth. By investing in West Africa, it not only expands its mining footprint but deepens its diplomatic influence and commercial engagement with Africa’s largest economy.

Institutional Support and Structural Reforms
Nigeria’s reforms have not gone unnoticed. The introduction of the Electronic Mining Cadastral System (EMC+) has streamlined licensing and reduced corruption, enabling a transparent “first come, first served” process. In 2024 alone, over 1,500 mineral titles were processed electronically—a significant improvement from previous years marred by bureaucracy.

Moreover, the Nigeria Minerals Decision Support System (NMDSS) has made investor-relevant data—such as infrastructure availability, environmental regulations, and geoscience—accessible through a centralized portal. These tools are modeled after global standards, including Australia’s Geoscience Portal and South Africa’s SAMREC Code.

Diplomatic and Regional Impact
This partnership is more than a commercial endeavor; it is a diplomatic signal. Both countries, which combined account for over 30% of Africa’s GDP and nearly 300 million people, are demonstrating leadership in Pan-Africanism. The agreement comes at a time when Africa must assert control over its mineral wealth, especially with rising concerns over neocolonial extraction by foreign powers.

As Dr. Ngozi Okonjo-Iweala, Director-General of the WTO, noted in 2024:
“Africa cannot be the source of raw materials for global value chains without being part of those chains.”

The Nigeria-South Africa MoU embodies this vision. By focusing on value addition, local content development, and environmental sustainability, the partnership seeks to reverse the continent’s historical pattern of extractive exploitation.

A New African Vision
Underpinning this alliance is a deeper aspiration: a unified African response to global economic challenges. With AfCFTA aiming to boost intra-African trade by over 50% by 2030 (UNECA estimates), resource-rich countries must lead the charge. If this mining collaboration succeeds, it could set a precedent for other sectors—agriculture, energy, technology—where African synergies remain largely untapped.

It is also a message to African youth, millions of whom face unemployment despite living in the most resource-endowed continent on Earth. The partnership can create meaningful employment while fostering innovation, entrepreneurship, and skills development.

Conclusion
The Nigeria-South Africa mining partnership is not just a bilateral deal—it is a continental statement. It reflects a long-overdue shift in how African nations view their resources, their allies, and their future. By choosing cooperation over competition and value creation over mere extraction, both countries are redefining what African leadership means in the 21st century.

This agreement could well be remembered as a turning point—when two of Africa’s most influential nations chose not only to collaborate but to lead.

As the late Kofi Annan once said:
“Resources are not curses. Mismanagement is.”

This partnership offers Africa a rare opportunity to get it right.

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