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FX turnover nears $1bn daily as deeper liquidity strengthens naira outlook

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Nigeria’s official foreign exchange market recorded a sharp improvement in liquidity during the first half of 2026, with daily turnover frequently exceeding $500 million, several trading sessions approaching or surpassing $1 billion, and a record $1.82 billion traded in a single day.

The surge in activity has deepened the market, improved price discovery and strengthened the naira’s ability to absorb demand pressures, reinforcing confidence that the Central Bank of Nigeria’s (CBN) foreign exchange reforms are beginning to deliver lasting results.

An analysis of Central Bank of Nigeria (CBN) data shows the naira appreciated from ₦1,431/$ at the beginning of the year to ₦1,376/$ on June 30, representing a gain of ₦55, or 3.8 per cent, over the six-month period.

While the appreciation drew attention, analysts say the more significant development was the sustained rise in official market turnover, which points to stronger liquidity, broader market participation and improving investor confidence.

Available data from the Nigerian Foreign Exchange Market (NFEM) show that more than $31 billion worth of foreign exchange was traded between March and June, marking a substantial increase in market depth.

Unlike previous years, when liquidity depended heavily on periodic CBN interventions, turnover remained consistently strong throughout the second quarter, with daily transactions commonly ranging between $500 million and $1 billion.

The busiest trading sessions during the period included:

 

Date                 Daily turnover

May 12             $1.82 billion (highest under the NFEM framework)

March 10          $1.14 billion

March 13          $1.13 billion

June 30            $1.07 billion

June 15             $985.6 million

March 23          $984.1 million

April 8               $966.4 million

June 25           $923.6 million

June 29             $910.8 million

Market analysts said the consistency of the high turnover is more important than individual spikes because it reflects broader participation by buyers and sellers, leading to better price discovery and a more efficient market.

Although complete turnover figures for January and February were unavailable, trading activity accelerated sharply from March. March recorded three sessions with turnover above $980 million, while April maintained strong liquidity, peaking at $966.4 million on April 8.

May emerged as the strongest month of the first half after recording the $1.82 billion milestone on May 12, while June sustained the momentum with four trading sessions above $900 million, suggesting that stronger liquidity has become increasingly structural rather than event-driven.

The interbank foreign exchange market also expanded during the period, with daily turnover generally ranging between $70 million and $250 million. One of the strongest sessions occurred on April 29, when interbank transactions approached $250 million, while several June sessions exceeded $170 million.

Trading activity also became more diversified. Several sessions recorded more than 350 individual deals, while April 8 saw 515 transactions, indicating broader market participation and reducing the influence of large individual trades on exchange-rate movements.

After strengthening to around ₦1,340/$ in February, the naira weakened briefly in March before trading within a relatively narrow range of ₦1,356/$ to ₦1,389/$ for much of the second quarter.

Analysts attributed the reduced volatility to improved market liquidity.

According to Muftau Yusuf, the increase in turnover reflects stronger foreign exchange supply rather than greater dependence on CBN intervention.

“The improvement in FX liquidity reflects a broader supply base rather than heavy reliance on CBN interventions. Higher yields on Nigerian fixed-income securities have continued to attract foreign portfolio investors, while stronger inflows from oil and gas exporters, non-oil exporters, international oil companies repatriating export proceeds, diaspora remittances and increased intermediation by commercial banks have all contributed to improving liquidity.”

He said sustaining those inflows would be essential to maintaining exchange-rate stability in the second half of the year.

Despite the improved liquidity, foreign direct investment remained subdued. According to data from the National Bureau of Statistics, FDI fell to $135.08 million in the first quarter of 2026 from $357.80 million in the preceding quarter.

Yusuf said the first-half performance suggests the CBN’s reforms are gradually making the foreign exchange market more efficient and increasingly driven by market forces.

Forex analyst Maruf Babafemi cautioned that higher turnover alone would not guarantee continued appreciation of the naira, noting that crude oil production, capital inflows and the level of external reserves would remain key determinants of the currency’s direction.

Similarly, economist Femi Ojelabi described the increase in turnover as one of the clearest indicators that confidence is returning to Nigeria’s official foreign exchange market.

“Deeper liquidity enhances price discovery, reduces opportunities for speculation and makes the market more resilient.”

Nigeria’s external reserves recently climbed above $51 billion—their highest level since 2009—after rising by more than $1 billion during the first half of June, supported by stronger foreign exchange inflows.

With turnover approaching a $1 billion daily average, improving market participation and rising reserves, analysts say Nigeria’s official foreign exchange market is becoming deeper, more transparent and increasingly resilient, providing a stronger foundation for exchange-rate stability in the months ahead.

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Forbes human resources council admits Nigerian HR strategist Michael Ugbewanko

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Nigerian management consultant, organizational strategist and leadership expert, Michael Odafe Ugbewanko, has been admitted into the Forbes Human Resources Council, an invitation-only professional body that brings together senior human resources executives, chief people officers, founders and business leaders shaping the future of work globally.

Ugbewanko, who is the Lead Consultant at Dmidaf Global Consult, joins an international network of C-suite executives, vice presidents, directors, founders and business owners recognised for their professional accomplishments and leadership in the human resources profession.

In a welcome message, Forbes Councils Member Success Specialist, Jessica McClendon, said members of the council enjoy access to an exclusive platform designed to expand their professional influence and industry impact.

“Welcome to Forbes Human Resources Council. We’re delighted to have you as part of our vibrant and empowering community. Here, you’ll have the opportunity to share your expertise with the Forbes.com audience, connect with industry-leading peers and access carefully curated benefits that support your personal and professional growth,” the message stated.

The appointment represents another milestone for Ugbewanko, whose work has centred on helping organisations build sustainable, high-performing institutions through strategic leadership, operational excellence and effective human capital management.

Over the past decade, he has advised hundreds of chief executives across more than 1,000 organisations, helping businesses strengthen what he identifies as the three foundations of long-term success—process, structure and people.

Speaking on his admission, Ugbewanko described the recognition as an opportunity to contribute African perspectives to global conversations on leadership, organisational transformation and the future of work.

“The future of business belongs to organisations that intentionally build strong systems and empower people to perform at their highest potential. I am honoured to join a global community of leaders committed to advancing excellence in human resources and organisational leadership while representing the innovation and resilience of African businesses on the global stage,” he said.

Widely regarded as one of Africa’s leading voices on organisational effectiveness, Ugbewanko was named one of the 10 Most Influential HR Leaders in Africa by Entrepreneur Magazine in 2025. He is also the author of HR Is Dead, a book that advocates a more strategic role for human resources in driving business growth and institutional sustainability.

Beyond his consulting practice, he convenes the Operational Excellence Conclave, a leadership forum held ten times each year for chief executives, founders, senior executives and political leaders seeking practical strategies for building resilient organisations. He also leads The Presidential Table, an executive advisory platform limited to 15 chief executives annually and focused on transformational organisational growth.

Academically, Ugbewanko holds a Master’s degree in Human Resource Management from the University of South Wales, United Kingdom, and a Bachelor’s degree in Philosophy from the University of Ibadan. He is a Chartered Management Consultant (FIMC, CMC), a Fellow of Corporate Governance (FCGP), and an Associate Member of the Chartered Institute of Personnel and Development (CIPD), United Kingdom.

His admission into the Forbes Human Resources Council reflects the growing global recognition of African business leaders contributing to discussions on leadership, governance, people strategy and organisational excellence, while strengthening the continent’s voice in shaping the future of work.

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NDLEA seizes 1.63m tramadol pills, uncovers cross-border drug trafficking syndicate

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The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol (250mg) concealed in specially fabricated compartments of two articulated trucks along the Lagos-Ibadan Expressway, exposing what it described as a transnational drug trafficking syndicate operating across the Togo-Benin-Nigeria corridor.

The agency’s Director of Media and Advocacy, Femi Babafemi, disclosed the development in a statement on Sunday, noting that the latest seizures bring the total quantity of tramadol recovered from the same syndicate to more than 2.18 million pills in three separate operations conducted within one month.

According to the statement, the first trailer was tracked and intercepted on July 2 while heading to Kano.

NDLEA operatives recovered 853,000 pills of tramadol (250mg) hidden in a fabricated compartment beneath the truck’s cargo floor and arrested the 22-year-old driver, Jabir Kabiru.

Two days later, on July 4, intelligence-led operations led to the interception of another trailer, also travelling to Kano on the same highway.

The agency recovered an additional 777,000 pills of tramadol (250mg) concealed in a similar hidden compartment and arrested the driver, Muhammed Nuhu, also aged 22.

Investigations, according to the NDLEA, revealed that the trucks intercepted on June 21, July 2 and July 4, together with their illicit consignments, were all linked to the same international drug trafficking network.

In a separate operation, NDLEA operatives intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport (MMIA), Lagos.

The consignments, concealed inside cartons marked “Odugwu,” arrived from Canada on British Airways and Ethiopian Airlines flights on June 24 and July 3, respectively.

The agency arrested two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, in connection with the shipments before apprehending Edeh Onyeamachi Stanislaus, who attempted to collect the consignments from a logistics company.

Further investigations led to the arrest of the alleged owner of the drugs, Chioma Nneka Mokeme, a 44-year-old businesswoman, on July 7 in Surulere, Lagos, with support from the Nigeria Police Force’s Area C Command.

The agency also arrested Hajara Abdullahi, a 38-year-old Chadian national, and her Nigerian associate, Abdulkareem Jidda, 44, in Apapa, Lagos.

Their arrest followed the interception of 50,000 pills of tramadol (225mg) in Kogi State on July 12, with investigations linking the consignment to the two suspects.

NDLEA also recorded several other seizures during the period.

In Rivers State, operatives arrested 80-year-old Chika Ugwoji in Ahoada on July 14 after recovering 800 grams of skunk from him.

In Edo State, a couple, Christian Chukwuka, 32, and Nwanneka Christian, 33, were arrested during a raid on a drug warehouse along Sapele Road, Benin City.

The operation led to the seizure of 219.5 kilograms of cannabis sativa and 192.67 kilograms of compressed Canadian Loud.

The NDLEA said the operations underscore its sustained crackdown on organised drug trafficking networks and cross-border narcotics syndicates operating within and outside Nigeria.

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Tinubu’s 27-year dream gets name as fed govt renames coastal highway

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The Federal Government has renamed the Lagos-Calabar Coastal Highway as the President Bola Ahmed Tinubu Coastal Highway, following the completion of Section One of the flagship infrastructure project.

Minister of Works David Umahi announced the decision during a media briefing on Thursday at the ministry’s headquarters in Abuja, describing it as a recognition of President Bola Tinubu’s long-held vision for the 750-kilometre coastal corridor.

According to Umahi, the decision was reached in consultation with the ministry’s leadership, including the Permanent Secretary, Minister of State, directors and other senior officials.

“That coastal highway is named the President Bola Ahmed Tinubu Coastal Highway. By the powers conferred on me as Minister of Works, in consultation with my Permanent Secretary, the Minister of State, directors and staff of the ministry, we decided to name it after him because of his dream for it,” Umahi said.

He noted that Tinubu first conceived the idea nearly three decades ago while serving as Governor of Lagos State.

“It is one thing to dream and another thing to have the grace to actualise that dream. This is one man who dreams and has the grace and divine mandate to actualise that dream,” he added.

Umahi disclosed that the first section of the highway, stretching 47.47 kilometres from Victoria Island to Lekki, is a six-lane carriageway with a 25-metre-wide median reserved for a future railway line.

The minister also announced that President Tinubu had approved a 400-kilometre extension of the Fourth Legacy Highway, increasing its total length from about 700 kilometres to 1,100 kilometres.

The expanded route will run from Akwanga in Nasarawa State through Jos, Bauchi, Gombe and Biu to Maiduguri, with an additional extension into Taraba State.

He further disclosed that the President had approved the dualisation of another 400 kilometres of the East-West Road, the reconstruction of sections of the Lagos-Ibadan Expressway using reinforced concrete pavement technology, the completion of the abandoned Ibi Bridge in Taraba State and the construction of the 5.76-kilometre Lao Bridge.

According to Umahi, the projects are designed to improve transport connectivity, boost economic activities and modernise Nigeria’s road infrastructure.

He described the approvals as part of the Tinubu administration’s broader commitment to delivering strategic infrastructure that supports national economic growth and regional integration.

The Lagos-Calabar Coastal Highway is one of the Federal Government’s flagship road projects, intended to improve connectivity along Nigeria’s southern coastline while promoting trade, tourism and investment.

In April 2024, Umahi disclosed that the project would be completed over eight years, with delivery in phases throughout President Tinubu’s tenure.

The first phase, covering approximately 47.7 kilometres from Ahmadu Bello Way to the Lekki Deep Sea Port in Lagos State, is expected to be completed within 36 months.

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