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Naira may gain further, hits 385/dollar

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The naira is likely to strengthen further on the black market as the Central Bank of Nigeria steps its interventions in the foreign exchange market.

According to currency analysts and economic experts, the naira will record further gain in the coming days as the CBN aims to narrow the gap between the official and parallel market rates.

The naira strengthened to 385 to the dollar on the black market on Thursday, from 395  on Wednesday, and from 457 last Thursday.

On the official interbank market, the naira closed at 308 to the dollar, against 306 last Thursday.

“We see the exchange rate converging at some point between 380-400 naira to the dollar in the near term because of the determination of the central bank to increase dollar supply,” the President, Association of Bureau De Change operators, Aminu Gwadabe, said.

A currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said the dollar might sell at 375/380 next week if the central bank continued its intervention programme in the forex market.

“It depends on what the CBN is targeting; but the good thing is that when the dollar sells for between 375 and 380, the incentive to do round-tripping will not be there anymore and this is good for the market, the economy and the country,” he added.

The CBN was planning to sell $100m in currency forwards on Thursday to be delivered within the next 60 days.

The local currency has been appreciating in recent weeks on the back of the continued and consistent interventions in the forex market by the CBN.’

Meanwhile, the Kenyan shilling is expected to remain stable over the next week, mainly owing to importers’ demand for dollars outweighing inflows from farm exports.

Market participants said there was no consensus on what policymakers are likely to do when they meet to set interest rates on March 27, according to a Reuters report.

The Tanzanian shilling is seen trading in a tight range against the dollar, helped by a slowdown in demand for the US currency.

“The shilling will likely remain range-bound next week due to subdued business activity. Demand and supply of dollars are largely matching each other at the moment,” a trader at a commercial bank told Reuters.

The Ugandan shilling is seen weakening moderately in the days ahead, weighed down by a typical surge in appetite for hard currency from manufacturers towards month-end.

Ghana’s cedi would be expected to remain bullish next week, bolstered by strong forex liquidity inflows amid weakening dollar demand, analysts said.

After touching record lows of 4.742 to the dollar this month, the cedi has rallied steadily to reach 4.40 by mid-morning on Thursday, compared to 4.56 a week ago. It is down about four per cent since January, Reuters data shows.

“We expect a sustained bullish cedi in the face of comparatively weaker demand for the greenback amidst sufficient forex supply,” analyst at Accra-based Dortis Research, Joseph Biggles Amponsah, said.

“However, to extend this gain into the next quarter, the supply of dollars to the market needs to be sustained.”

The kwacha is expected to hold firm against the dollar next week because of hard currency conversions by companies preparing to pay salaries and other month-end obligations.

 

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Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech

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Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.

 

The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.

 

In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.

 

For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.

 

why is access to housing still so structurally difficult for millions of Africans in a digital age?

 

Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*

 

*A Platform Not a Property Company*

 

coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.

 

From Insight to Recognition

 

In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.

 

Solving for Access, Alignment, and Trust

 

Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.

 

In his words;

“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”

 

I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.

— Dennis Ekamah

 

Join our waitlist by visiting www.cohouse.ng

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

 

The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.

Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.

The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.

However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.

In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.

A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.

The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.

Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.

Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.

The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.

Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.

The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.

While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.

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Union Bank Honoured by ASBON at Nigeria National SME Business Awards

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Union Bank Honoured by ASBON at Nigeria National SME Business Awards

 

 

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

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