Business
Senate screens CBN gov Cardoso, deputies today
The Senate will today (Tuesday) screen the acting Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, for confirmation into a substantive capacity alongside four nominees for the positions of CBN Deputy Governors, to steer affairs of the apex bank in the next five years.
The Red Chamber, which is returning from its two-month annual vacation, has also scheduled the screening of two additional ministerial nominees by President Bola Tinubu for Tuesday, October 3, 2023.
The Media Office of the Senate Leader, Senator Opeyemi Bamidele, disclosed this in a statement on Monday evening.
While the National Assembly was on break, the President appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.
Tinubu also approved the nomination of Cardoso as the new Governor of the Central Bank of Nigeria pending his confirmation by the Senate.
Last week, Cardoso resumed as the CBN governor in an acting capacity pending his screening and expected confirmation by the Senate.
The statement by the Senate Leader office said, “Dr. Cardoso will be screened alongside four deputy governors: namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”
Meanwhile, the Senate also pledged not to disappoint Nigerians as regards the appropriation of the 2024 budget.
Speaking on the agenda of the Red Chamber ahead of its resumption, the Senate spokesperson, Yemi Adaramodu, emphasised that the revitalisation of the economy was top of its priorities.
Adaramodu said, “Soon after the resumption, the appropriation process will commence.
“The 10th Senate will not disappoint Nigerians; we’d ensure that we do what is expected of us because we are in a peculiar time when all hands must be on deck and Nigerians are eagerly waiting to see us do the needful to save Nigeria from the economic troubles we are currently experiencing and that permanent solutions are proffered.
“We’d ensure that appropriations are targeted at deliverables that can enhance a good life and good living of Nigerians and we are going to ensure that those that are approved are delivered to the latter and that quality services are given to Nigerians so that we can realise the goals of the Nigerian project so that we can ensure that life is more abundant to everyone to Nigerians.”
Adaramodu said the Senate expected the President to send the budget soon.
Business
Africa’s Top Five Strongest Currencies
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.
5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD
The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.
4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.
3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD
The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.
2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD
Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.
- 1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
- Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges
PARALLEL MARKET RATES
₦1382 DOLLAR (USD)
₦1815POUND (GBP)
₦1515EURO (EUR)
₦970DOLLAR (CAD)
₦65RAND (ZAR)
₦350DIRHAM (AED)
₦190YUAN (CNY)
₦100G.CEDI (GHS)
₦2300CFA F.(XOF)
₦2200CFA F.(XAF)
₦850AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.26
POUND (GBP)₦1803.58
EURO (EUR)₦1503.23
SWISS FRANC (CHF)₦1634.20
JAPANESE YEN (JPN)₦8.56
CFA FRANC (XOF)₦2.28
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09
CHINESE YUAN (CNY)₦202.35
SAUDI RIYAL (SAR)₦358.71
SOUTH AFRICAN RAND (ZAR)₦80.67
Business
African Energy Bank Headquarters Operation in Nigeria
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.
African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).
The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.
The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.
The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.
Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.
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