Business

Cardoso Says Multiple FX Windows Cost Nigeria 3% of GDP, Higher Than Fuel Subsidy

Before the CBN introduced FX reforms in 2023 to unify exchange rates, Nigeria had different channels through which dollars could be bought and sold. Different rates applied to different users and transactions.

Published

25 seconds ago

September 23, 2026

OCHEFA

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Central Bank of Nigeria Governor Olayemi Cardoso has estimated that Nigeria lost about three per cent of its gross domestic product to multiple foreign exchange windows.

Mr Cardoso spoke in Abuja on Tuesday while answering questions after the 307th meeting of the Monetary Policy Committee.

He put the losses from the fuel subsidy regime at about 2.2 per cent of GDP, meaning the two distortions together cost the country roughly 5.2 per cent of GDP.

The committee cut the benchmark Monetary Policy Rate to 23 per cent from 26.5 per cent, a decision the governor described as an important operational realignment aimed at strengthening monetary policy transmission.

Mr Cardoso compared the cost of the old exchange rate system to the fuel subsidy, which he said was already a staggering amount of money.

The losses that we were making as a result of these multiple exchange rate windows was more. It was 3 per cent of GDP. So between those, you had 5.2 per cent of GDP lost,” he said.

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Naira To Dollar, Pound , Euro Rate Wednesday September 23

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Naira To Dollar, Pound , Euro Rate Wednesday September 23

Published

30 minutes ago

September 23, 2026

OCHEFA

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Black Market Rates

₦1382 DOLLAR (USD)

₦1860 POUND (GBP)

₦1555 EURO (EUR)

₦1000 DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦370 UAE DIRHAM (AED)

190 YUAN (CNY)

₦100 G.CEDI (GHS)

₦2250 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSSIE (AUD)

CBN Exchange Rate

DOLLAR (USD) ₦1327.78

POUND (GBP) ₦1774.31

EURO (EUR) ₦1521.37

SWISS FRANC (CHF) ₦1619.04

JAPANESE YEN (JPN) ₦8.44

CFA FRANC (XOF) ₦2.33

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1814.83

CHINESE YUAN (CNY) ₦198.16

SAUDI RIYAL (SAR) ₦353.57

SOUTH AFRICAN RAND (ZAR) ₦81.82

Business

FG Engages Stakeholders On Nigeria’s Rice Value Chain

Discussions covered domestic rice production, cultivated area and yields, farmer economics, paddy and milled-rice prices, processing and milling activity, public and private stocks, trade flows, financing and investment.

Published

51 minutes ago

September 23, 2026

OCHEFA

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The Federal Government on Tuesday convened Federal and State institutions and key industry stakeholders for a technical consultation on Nigerias rice value chain.

This is in furtherance of President Bola Ahmed Tinubu‘s commitment to strengthening food security, domestic production, farmer livelihoods, private-sector investment and consumer affordability.

The consultation was coordinated by the Presidential Food Systems Coordinating Unit (PFSCU), pursuant to direction from its Steering Committee at its 7th Meeting, chaired by the Vice President.

The Honourable Minister of Finance was represented at the meeting by the Director, Technical Services, Bashir Abdukadir, who chaired the technical session, with Marion Moon assisting. Participants included the Federal Ministries responsible for Finance, Agriculture and Food Security, and Industry, Trade and Investment; major rice-producing States; relevant Federal institutions; farmers; processors; millers; and industry associations.

The engagement provided an opportunity for Government and industry to take a comprehensive view of the rice value chain and strengthen coordination around Nigerias food balance -domestic production, strategic reserves, imports and exports – while taking account of market conditions, investment and consumer needs.

Stakeholders highlighted the high cost of production as a major constraint to competitiveness, with rice production costs reported at about ₦2.2 – ₦2.3 million per hectare and fertiliser accounting for approximately 35 percent of production costs.

The meeting also identified high energy and irrigation costs, limited access to appropriately priced long-term financing, post-harvest losses and inadequate distributed storage as key pressures across the value chain.

Stakeholders called for greater investment in irrigation, including solar-powered water systems, to support year-round production; stronger financing and refinancing options for viable mills and processors; improved storage and aggregation infrastructure; and measures to reduce production and logistics costs.

Stakeholders highlighted the high cost of production as a major constraint to competitiveness, with rice production costs reported at about ₦2.2 – ₦2.3 million per hectare and fertiliser accounting for approximately 35 percent of production costs.

Participants also stressed the importance of predictable trade and import decisions that reflect domestic production cycles, noting that persistent price differentials can create incentives for smuggling.

The engagement further underscored the need for an integrated food-market data framework covering production, stocks, imports, consumption and prices, as well as stronger food-safety, traceability, certification and testing systems.

These measures are aimed at enabling timely policy decisions, protecting farmer and processor investment, improving consumer affordability and strengthening the competitiveness of Nigerias rice value chain.

Speaking on behalf of the rice industry, Mohammed Auwalu, Vice President, Rice Farmers Association of Nigeria (RIFAN), said: ” We welcome Governments continued engagement with stakeholders across the rice value chain. Bringing farmers, processors, States and Government together around the full food balance is important for strengthening coordination across the sector and supporting continued production and investment.

The consultation will inform a consolidated technical report on the current dynamics and status of the rice value chain, including the food balance, market conditions, production economics, financing and investment environment, and priority actions for strengthening the sector.

The exercise also forms part of a broader approach to periodically review key staple food value chains, recognizing that production, markets and consumer conditions evolve over time.

These reviews will support timely coordination across the food-balance levers and help the Government sustain food availability and affordability, protect farmer livelihoods, strengthen investor confidence and build a more resilient and competitive food economy

Business

CBN reduces interest rate to 23% on market stability

“We are in a position of stability. The tightening we have done in the past has worked. FX pressure has receded. Capital market growth is because of the FX market stability. Investor confidence has come back. We have nothing to fear. This is a reset and a recalibration. No better time to do it than now when things are stable.”

Published

13 hours ago

September 22, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) has cut the Monetary Policy Rate (MPT) from 26.5 percent to 23 percent, saying that with the current stability in the market, there was no better time to adjust the rate than now.

Olayemi Cardoso, CBN’s governor, made the revelation while addressing the media on Tuesday, after the committee’s 307th meeting in Abuja.

His words, “We are in a position of stability. The tightening we have done in the past has worked. FX pressure has receded. Capital market growth is because of the FX market stability. Investor confidence has come back. We have nothing to fear. This is a reset and a recalibration. No better time to do it than now when things are stable.”

Mr. Cardoso said that the past tightening actions had achieved increased resilience demonstrated by the Nigerian economy, reflected by the moderating inflation, robust external reserve buffers, improved external sector fundamentals, and strengthening investor confidence.

According to the CBN boss, “Members observed that the moderation in inflation indicated the effectiveness of previous policy tightening measures, sustained exchange rate stability, and improved inflation expectations.”

Mr. Cardoso put the nation’s Gross External Reserves at 55.25 billion as of September 18, 2026, the highest in the last 18 years, and sufficient to finance approximately 11.3 months of import of goods and services.