1d ago
Nigeria’s parallel FX market loses influence as CBN reforms narrow naira rate gap
The Central Bank of Nigeria (CBN) is pressing ahead with foreign-exchange market reforms—ranging from unifying rate windows to tighter oversight and improved official-market liquidity—helping to sharply narrow the gap between official and parallel naira rates. External reserves have risen above $50 billion, while foreign portfolio inflows have increased, lifting confidence in the currency. The report does not cite specific listed stocks, indices or commodity futures contracts, but points to firmer naira stability and improved macro credibility for the oil-exporting economy as an indirect support for oil prices and emerging-market risk appetite.
1d ago
1d ago
Nigerian shoppers shift to daily buys and smaller packs as food inflation hits 17.52% in June 2026
Nigeria’s food inflation rose to 17.52% in June 2026, even as headline inflation edged down to 15.91%. Consumers say they are coping by buying food daily, switching to small packs and choosing cheaper substitutes, reshaping diets and household spending. With food accounting for more than half of the Consumer Price Index, families say tighter budgets are crowding out spending on healthcare, education and other essentials. High logistics costs, weak infrastructure and security risks on transport routes continue to keep food prices elevated, while analysts warn supply constraints are adding pressure to the naira and locally focused consumer assets.
1d ago