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JUST IN: CBN hits Niger Republic junta with sanctions

Published

3 years ago

August 9, 2023

501 Views

President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to implement a set of new financial sanctions against the Niger Republic’s junta as well as their associates.

Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, said this during a briefing at the Presidential Villa in Abuja.

He said: “Following the expiration of the deadline of the ultimatum and standing on the pre-existing consensus position of financial sanctions meted out on the military junta in Niger Republic by the bloc of ECOWAS Heads of State, President Bola Ahmed Tinubu has ordered an additional slew of financial sanctions, through the CBN, on entities and individuals related to or involved with the military junta in Niger Republic.”

The President’s spokesman maintained that they are being instituted under the authority of the ECOWAS.

Nigeria has already cut off electricity transmission to its northern neighbours to pressurise the military to reinstate ousted President Mohamed Bazoum.

Ngelale added: “Concerning the ultimatum given to the military Junta in the Niger Republic, it is not a Nigerian mandate.

“The Office of President Tinubu, who is the chairman of ECOWAS, seeks to emphasise this point due to certain domestic and international media coverage tending toward personalisation of the ECOWAS sub-regional position to his person and to our nation individually.

“It is because of this that Mr. President has deemed it necessary to state unequivocally that the mandate and ultimatum were issued by ECOWAS.

“President Tinubu wishes to emphasise that the response of ECOWAS to the military coup in Niger has been and will remain devoid of ethnic and religious sentiments and considerations.

“The regional bloc is made up of all sub-regional ethnic groups, religious groups, and all other forms of human diversity.

“The response of ECOWAS, therefore, represents all of these groups, and not any of these groups individually.”

Ngelale stressed that tomorrow’s extraordinary summit of ECOWAS will come up with far-reaching decisions on the developments in the Niger Republic.

Junta rejects visit by ECOWAS, UN, AU, U.S. delegations

The Niger coup leaders vowed to resist external pressure to reinstate ousted President Mohamed Bazoum after ECOWAS imposed sanctions and Western allies suspended aid.

The junta informed ECOWAS that it cannot host a delegation from the West African regional bloc.

“The current context of anger and revolt among the population following the sanctions imposed by ECOWAS makes it impossible to welcome this delegation in the required serenity and security,” Niger’s Foreign Affairs Ministry wrote in a letter addressed to the ECOWAS representation in Niamey.

On Monday, acting U.S. Deputy Secretary of State Victoria Nuland met with the coup leaders and said they refused to allow her to meet with ousted President Bazoum, whom she described as under “virtual house arrest.”

She described the mutinous officers as unreceptive to her appeals to start negotiations and restore constitutional rule.

Police at alert to avert internal security crisis, says IGP

The Acting Inspector-General of Police (IGP) Olukayode Egbetokun yesterday directed Assistants Inspector General (AIGs) of Police and Commissioners of Police (CPs) in charge of the border to be alert to avert internal security crisis following the Niger coup saga.

Egbetokun disclosed this during a meeting with top police officers in Abuja.

He said the deployment of police officers would be done if need be alongside other security operatives.

The police boss said: “I have directed that CP of commands and AIGs, who are in charge of those border states with neighbouring countries, are to work in collaboration with our sister agencies, especially Customs to ensure that there are no internal security issues with respect to what is happening with our neighbours.”

ACF asks FG to lift economic sanctions against Niger

The mouthpiece of Northern Nigeria, the Arewa Consultative Forum (ACF), called on President Tinubu and ECOWAS to lift sanctions against the Niger Republic and adopt more dialogue with the military junta to prevent a further breakdown of talks.

ACF, in a statement by its National Publicity Secretary, Prof. Tukur Muhammad-Baba, said though the group condemns the coup and demands that the personal safety of President Bazoum and members of his government be guaranteed by the coup leaders, it feels dialogue, not military action is the way out.

This, he said, is to avoid a catastrophic occurrence of events between the two nations and the West African sub-region.

Coup plotters name economist as new prime minister

Nearly two weeks after the military took over power in the country, the coup plotters have named former economy minister Ali Mahaman Lamine Zeine as the country’s new prime minister.

A spokesman for the military junta made the announcement on television late on Monday night.

Lamine Zeine was formerly the minister of economy and finance for several years in the cabinet of then-president Mamadou Tandja, who was ousted in 2010, and most recently worked as an economist for the African Development Bank in Chad, according to a Nigerien media report.

Related Topics:CBN Featured Niger Sanctions

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History of Naira Revaluation And Devaluation (1973-2026 (Part 3) Time Line: (2016-2026)

Following the sharp depreciation of 2023 and early 2024, Nigeria continued pursuing foreign-exchange market reforms.

Published

3 hours ago

October 29, 2026

OCHEFA

8 Views

Today, we concluded our piece on the history of the Nigerian Naira currency movement, and how it can gain weight against the world’s top three currencies – The US Dollar, Pound and the Euro.

2016: Another Major Exchange-Rate

In June 2016, the CBN adopted a managed floating exchange-rate regime.

The policy followed increased pressure on foreign exchange, declining receipts from crude oil sales and falling reserve inflows.

The new arrangement allowed market forces a greater role in determining the naira’s value, while the CBN retained the ability to intervene.

The reform was intended to improve foreign-exchange market efficiency and liquidity.However, exchange-rate restrictions and differences between official and parallel-market rates continued in subsequent years.

2020–2022: Further Depreciation

Between 2020 and 2022, the naira continued to weaken.

The CBN’s historical data show the official exchange rate moving from approximately ₦358.81 per dollar in 2020 to ₦454.06 in 2022.

The parallel-market rate was weaker.

Factors influencing the currency included:

1.Foreign-exchange supply constraints.

2. Demand for imported goods and services.

3. Dependence on crude oil exports.

4. Pressure on external reserves.

Differences between official and parallel-market exchange rates.

Although the authorities maintained various exchange-rate management measures, the disparity between official and parallel-market prices remained a major policy challenge.

2023: Exchange-Rate Unification and Sharp Depreciation

In June 2023, the CBN introduced major changes intended to unify Nigeria’s multiple exchange rates and move towards a more market-determined system.

The reform sought to reduce exchange-rate distortions, improve transparency and attract foreign investment.

However, the naira depreciated sharply as the market adjusted to the new arrangements.

The CBN’s historical data put the average official exchange rate at approximately ₦634.16 per dollar in 2023, compared with ₦454.06 in 2022.

The parallel-market rate also weakened substantially.

Why did the naira weaken?

Several factors contributed to the pressure:

Adjustment from previously managed exchange rates.

Limited foreign-exchange supply relative to demand.

Foreign-exchange backlogs.

Demand for imports and overseas payments.

Investor concerns and uncertainty.

Inflation and broader macroeconomic pressures.

The depreciation increased the naira cost of imported fuel, machinery, medicines, raw materials and other goods.

It also raised production costs for businesses dependent on imported inputs.

The distinction is that exchange-rate unification is a policy reform, while depreciation is a movement in the currency’s market value.

They occurred together, but they are not the same thing.

2024–2026: Can the Naira Be Revalued?

Following the sharp depreciation of 2023 and early 2024, Nigeria continued pursuing foreign-exchange market reforms.

A sustained recovery in the naira would depend on several factors, including:

• Higher and more predictable foreign-exchange earnings.

• Increased crude oil production and export receipts.

• Stronger non-oil exports.

• Greater foreign investment and export-oriented production.

•Improved confidence in economic policy.

• Lower inflation and more stable domestic prices.

•Adequate foreign-exchange liquidity.

A currency can appreciate temporarily because of increased foreign-exchange supply, policy changes or reduced demand.

Sustained appreciation generally requires improvements in the underlying balance between foreign-exchange supply and demand

END

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Exchange Rates Thursday October 29 2026

Published

4 hours ago

October 29, 2026

OCHEFA

4 Views

Black Market Rates

₦1388DOLLAR (USD)

₦1815POUND (GBP)

₦1520EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190YUAN (CNY)

₦100G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA (XAF)

₦850 AUSTRALIAN DOLLAR

Official CBN Exchange Rates

DOLLAR (USD) ₦1347.53

POUND (GBP) ₦1790.86

EURO (EUR) ₦1500.34

SWISS FRANC (CHF) ₦1622.74

JAPANESE YEN (JPN) ₦8.53

CFA FRANC (XOF) ₦2.32

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1849.17

CHINESE YUAN (CNY) ₦202.13

SAUDI RIYAL (SAR)₦359.09

SOUTH AFRICAN RAND (ZAR)₦80.86

Business

MTN Pushes Back Fast Data Depletion Complaints To Subscribers

MTN Nigeria’s General Manager of Network Performance and Quality Assurance, Mr Mike Ndukwe, said video streaming, social media activity and automatic downloads were among the main causes of fast data depletion.

Published

18 hours ago

October 28, 2026

OCHEFA

40 Views

MTN Nigeria has blamed poor phone settings and unmanaged data consumption for the rapid depletion of subscribers’ data bundles.

The company spoke at its Data on Trial experience in Abuja on Monday, where executives urged users to check how their devices and apps use data.

He advised subscribers to disable automatic media downloads, restrict background data usage and set apps to download large files only when connected to Wi-Fi.

Ndukwe argued that data depletion generally comes from users’ online activities or phone settings, not unexplained deductions.

He urged subscribers to understand how their devices and applications consume data.

MTN Nigeria CEO Mr Karl Toriola linked data pricing to the operational costs telecom operators face.

He said operators spend heavily on electricity, transportation and other infrastructure needed to keep telecom sites running.

Toriola said MTN spent about N4.05 trillion on power in the preceding year.

He pushed back against the view that data is always more expensive in Nigeria. “Even within the context of data being perceived as more expensive in Nigeria, the UK is the example I was giving,” Toriola said. “Please, understand that in this country, as well as some other African countries, we are providing power and transportation to all our sites. The cost of electricity, for instance, is higher here than in the UK.”