The Central Bank of Nigeria (CBN) slowed naira appreciation at the official window and mopped up about $190 million from the local currency market last week.

The local currency had appreciated speedily at the official window, but the exchange rate retreated for the last three trading sessions that closed on Friday.

Some analysts warned that the naira’s successive rally would force foreign investors to exit the fixed-income market. Selling down their interest in investment securities will lead to a spike in demand for the US dollar.

This could plunge the market into abysmal conditions and increase US dollar outflow from the economy. Despite the absence of FX intervention, the local currency has been relatively stable versus the dollar.

Last week, CBN purchased $189.80 million to absorb excess supply and moderate naira gains, TrustBanc Financial Group Limited said in a report.

The investment firm said the currency strengthened across both segments, appreciating N9.09 week-on-week in the official window to N1,346.32/$, while the parallel market gained N60.00 to N1,340/$.

TrustBanc reported that the FX spread narrowed sharply to 0.47% from 3.29% last week, reflecting improved convergence between both markets.

On the macro front, analysts said firmer oil prices, rising reserves and reform-driven inflows continue to support currency stability despite lingering geopolitical risks.

Nigeria has moved to attract major foreign investment as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received a delegation from GCL Group in Abuja to discuss projects valued at up to $5.7 billion across key sectors of the economy.

The delegation was led by Orji Uzor Kalu, according to a statement released Monday by the Finance Ministry on its X handle.

The ministry said the proposed investments would focus on large-scale power generation, local processing of mineral resources and the establishment of new manufacturing plants.

The statement added that the planned projects are designed to expand job opportunities, increase exports and encourage value addition within Nigeria rather than exporting raw materials

Officials explained that the engagement reflects growing interest from international investors, which they link to ongoing economic reforms introduced under the administration of Bola Ahmed Tinubu. The ministry said these reforms are helping to improve investor confidence and create conditions for long-term economic growth.

According to the statement, the discussions also support Nigeria’s broader goal of moving from dependence on raw commodity exports to a production-driven economy built on domestic processing and manufacturing.

The ministry added that strengthening electricity supply, expanding industrial capacity and improving local production remain central to the government’s economic strategy, noting that investments in these areas are expected to play a major role in boosting productivity and stabilising growth over time.

Moniepoint Inc., Africa’s leading all-in-one financial ecosystem, has released a new case study titled “The Business of Community Nightlife in Nigeria,” providing a rare, data-driven look into the country’s informal night economy.

While high-end “Detty December” venues grab headlines with daily revenues of ₦360million and table prices reaching ₦1.2million, Moniepoint’s research shifts the spotlight to the “community nightlife” where roadside bars, suya spots, and neighborhood joints form the bedrock of social life for millions of Nigerians.

The robust study was drawn from transaction data across more than 27,000 clubs, bars, and lounges sitting on Moniepoint’s payment rails alongside fieldwork with nightlife operators and workers across the country. Combining anonymised transaction data processed by Moniepoint with field interviews and observational research across multiple Nigerian cities, the study provides a rare, ground-level view of how money, labour, and social life intersect after dark.It is the latest in a series of sector-specific studies by the company aimed at bringing data visibility to Nigeria’s informal economy.

According to the report, in a stark contrast from wider informal economy trends, cash plays a diminishing role in nightlife payments. The report shows that bank transfers dominate, followed closely by card payments, with cash actively discouraged due to security concerns. Moniepoint’s data shows that transfers outpace card payments by nearly 2 million transactions during peak nighttime hours across its network.

One of the study’s most operationally significant findings concerns the timing of spending. Nightlife in Nigeria runs long but economically, the night is decided early. Transaction volumes begin climbing sharply from 8pm, peak before midnight, and then decline steadily even as venues remain full. By the time the night is at its longest, purchasing activity has already wound down. However, for bar operators, this has clear practical implications – the most critical hours for staffing, stocking, vendor payment and cash flow management are the earliest hours of the day between midnight and 6am.

The report further underscores the sector’s role in employment, noting that local bars typically expand their workforce by 30-50% on peak nights. Conservative estimates suggest at least 54,000 people are engaged in nightlife labor every night across Nigeria.

“Nigeria’s local bars and night-time operators are not peripheral to the economy, they are a critical part of its architecture. We see a substantial and sustained economic sector that employs hundreds of thousands of Nigerians every night and deserves the same attention we give to agriculture, healthcare, and retail. Our goal is to make sure every one of those businesses has the tools to grow. From giving credit to finance renovations and sound systems to providing same-day settlement that allows vendors to restock and with tools like Moniebook that power inventory management and reconciliation, Moniepoint is ensuring that this vital artery of the nation’s economy remains viable and empowering,” said Tosin Eniolorunda, Co-Founder and Group CEO, Moniepoint Inc.

Other key interesting findings include:

The most common transaction narrations from the data sourced – “food”, “pay”, “sent”, “pos”, “cash” – reflect the full breadth of nightlife spending: street food, club entry, lounge tabs, transport, and afterparties. Digital payments have gained huge traction in Nigeria’s social space.

While alcohol remains a key revenue driver, the data shows that food is the quiet stabiliser of Nigeria’s night economy, particularly in local and informal settings. In several neighbourhood venues, bottled water and meals outsell beer and spirits, especially early in the evening.

Lagos leads in sheer concentration of nightlife establishments, with 4,856 bars, clubs, and lounges on the Moniepoint network. FCT follows with 2,515, then Rivers (2,362), Delta (1,930), and Edo (1,574).

Katsina leads the country in nighttime food truck payment value, with vendors pulling in over ₦130 million in the last 12 months. Kwara State leads in transaction count. Nigeria’s nightlife economy is distributed, not overly elitist.

On the lending side, the report notes that a significant share of loan requests from bar and lounge operators is directed toward renovations, furniture, lighting, and sound systems showing that investments intended to attract and retain customers in a competitive sector where ambience plays a decisive role.

Moniepoint continues to fuel this sector through innovative features like “POS Transfers” and by assigning a dedicated bank account to each terminal, the system provides an instant “audio-visual” confirmation, a signature “ping”, that allows service to continue without the friction of waiting for SMS alerts or verifying screenshots. Furthermore, in addressing the unique safety needs of consumers, Moniepoint cards are designed without visible card numbers, expiry dates, or CVVs, ensuring that a customer’s financial information remains secure.

As Nigeria’s largest distributor of financial services, Moniepoint’s ongoing commitment to financial inclusion and economic development has positioned it as a catalyst for growth across Nigeria and beyond. The company processes billions in transactions monthly and continues to expand its reach, supporting millions of businesses with payments, banking, credit, and business management solutions.