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JUST IN: CBN Says IFC Partnership to Channel $1bn into Economy

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, on Monday, said that the collaboration between the apex Bank and the International Finance Corporation (IFC) will channel over $1 billion in financing into the Nigerian economy.

CBN in a statement on its X platform,  said that it has signed an agreement with the IFC to boost local currency financing for Nigerian businesses, marking a key outcome alongside the IMF & World Bank Annual Meetings.

“This partnership will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises, as well as the creative and youth economy.”

CBN Governor, Cardoso described the partnership as part of the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs.

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Naira Exchange Rates Friday, August 14

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN Exchange Rates

US DOLLAR (USD) ₦1,357. 65

GREAT BRITISH POUND (GBP) ₦1,834.04

EURO (EUR) ₦1,567.00

SWISS FRANC (CHF) ₦1,671. 98

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦201. 34

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02

SAUDI RIYAL (SAR) ₦361.62

SOUTH AFRICAN RAND (ZAR) ₦84.23

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Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

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All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.

The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.

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Nigeria’s oil production dropped by 4% in July – NUPRC

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”

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The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.

According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.

The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”

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