Business
Naira dips third consecutive day to N1,473.29/$
The naira dipped for the third consecutive day as it closed trading on Wednesday at N1,473.29/$.
From the start of the week, the Nigerian currency had struggled against the American dollar at the official Nigerian Foreign Exchange Market, data from the Central Bank of Nigeria indicated.
It started the week at 1,457.51/$, weakened to 1,463.23/$ on Tuesday, and dipped by N10.06, or 0.69 per cent, on Wednesday.
At the parallel market, the currency closed trading at 1,500.00/$ on Tuesday, according to CardinalStone. However, on Wednesday, it appreciated to close trading at 1,488/$.
Experts at Cowry Assets Management Limited blamed diminished appetite for the depreciation of the naira.
The depreciation comes on the heels of the naira hitting a 10-month high in the past week as it closed trading at 1,455.17/$, the strongest it had been since December 2024.
The current trading pattern of the naira is a different shift from the projections of analysts who had anticipated that the currency would be stable on the back of interventions by the Central Bank of Nigeria and foreign inflows.
The PUNCH reported that analysts had forecast a positive outlook for the naira; however, Cowry Assets Management Limited, in its weekly report, warned that “rising import demand or weaker dollar inflows could slow further gains. Oil prices may remain under pressure due to higher supply, but any rebound in global demand could offer some support to Nigeria’s external earnings conditions, underpinning optimism for FX market stability; volatility in global oil markets may keep investor sentiment cautious.”
The external reserves have continued their steady climb. As of Monday, it stood at $42.63bn, up from $42.59bn on Friday.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the G24 media briefing on the sidelines of the ongoing IMF/World Bank Annual Meetings in Washington, said that the naira is now “more competitive” after reforms and currency stabilisation efforts.
He said, “We were able to create resilience and buffers against potential shocks. In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable,” he said.
Cardoso added that the currency’s strength lies in domestic production. “Nigeria is completely restructuring its economy, and a competitive currency is helping drive that transformation,” he added.
Business
Sachet Alcohol Ban Suspended, Orders NAFDAC to Stop Enforcement Activities
The Federal Government has ordered the National Agency for Food and Drug Administration and Control, NAFDAC, to immediately halt all enforcement actions regarding the ban on sachet alcohol and 200ml PET bottle products.
The offices of the Secretary to the Government of the Federation, OSGF, and National Security Adviser, ONSA, in a joint intervention, cited grave concerns over economic stability and potential security threats as reasons for the directive.
The statement warned that continued enforcement, in the absence of a fully implemented National Alcohol Policy, could “destabilize communities, worsen unemployment, and trigger avoidable security challenges”.
According to the statement signed by Terrence Kuanum, Special Adviser on Public Affairs to the SGF, the government clarified that while the National Alcohol Policy has been signed by the Federal Ministry of Health under the direction of President Bola Tinubu, NAFDAC must refrain from sealing factories or warehouses until the policy is fully operationalized.
The statement emphasized that the current “de facto banning” of the products without a harmonized framework is creating significant disruptions.
“The continued sealing of warehouses and de facto banning of sachet alcohol products is already creating economic disruptions and poses a growing security threat, particularly given the impact on employment, supply chains, and informal distribution networks across the country,” the statement warned.
The statement further revealed that the decision was influenced by a correspondence from the House of Representatives Committee on Food and Drugs Administration and Control, dated November 13, 2025.
The letter, signed by Deputy Chairman Uchenna Harris Okonkwo, highlighted existing National Assembly resolutions that cautioned against the proposed ban.
Reaffirming a previous suspension issued in December 2025, the statement stated the need to review legislative, public health and economic factors before a final decision is reached.
“Accordingly, all actions, decisions, or enforcement measures relating to the ongoing ban on sachet alcohol are to be suspended pending the final consultations and implementation of the National Alcohol Policy and the issuance of a final directive,” the statement emphasized.
Breaking News
Naira Appreciate Against US Dollar in Continuum
The naira continued appreciation against the United States dollar at the official foreign exchange on Tuesday.
Central Bank of Nigeria data showed that the Naira further firmed up to N 1,351.02 against the dollar on Tuesday, up from N 1,354.26 traded the previous day.
This means that on a day-to-day basis the Naira gained N3.24 against the dollar.
Similarly, at the black market, the Naira appreciated by N5 to N1450 per dollar, up from N1455.
The development comes as the apex in a notice signed by its director of the trade and exchange department, directing banks to sell a maximum of $150,000 per week to licensed Bureau De Change operators.
DAILY POST reports that the country’s external reserves remained high at $47.03 billion as of 6th February 2026.
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