The Central Bank of Nigeria has signalled a gradual economic reset, attributing improvements in inflation, foreign reserves, and investor confidence to its monetary and financial sector reforms.

Speaking at the CBN Special Day during the 37th Enugu International Trade Fair on Friday, the Acting Director of Corporate Communications and Investor Relations, Sidi Hakama, said the bank’s policies were yielding tangible results.

“Headline inflation has declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026,” she said, highlighting the apex bank’s efforts in stabilising prices.

Hakama added that the reforms have also spurred capital inflows and strengthened external reserves, with reserves rising from less than $10 billion to $50.45 billion.

Capital and investment inflows, she noted, increased nearly 200 per cent between 2023 and 2025.

“These gains are driven by reforms under CBN Governor Mr Olayemi Cardoso, including a more transparent foreign exchange regime.

“The new FX manual removes restrictive capital controls and simplifies trade and investment procedures, increasing liquidity in the market,” she explained.

She further disclosed that the bank is transitioning to an inflation-targeting framework designed to sustain price stability.

“This represents a significant shift toward a forward-looking, rules-based monetary policy system anchored in long-term price stability. It will help shape market expectations and cushion the economy from shocks,” Hakama said.

On the banking sector, Hakama reported progress in the ongoing recapitalisation exercise ahead of the March 31, 2026 deadline.

“As of March 17, 32 banks have met new capital requirements, with about 28 per cent of recapitalisation investments coming from foreign sources. This reflects renewed confidence in Nigeria’s financial system,” she noted.

The reforms have also earned international recognition, with the CBN receiving the Central Bank of the Year 2026 Award.

The President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, commended the CBN for restoring confidence in the financial system but cautioned that high interest rates could undermine the gains.

“Although the Monetary Policy Rate was recently reduced from 27.0 per cent to 26.5 per cent, borrowing costs remain high. Interest rates need to reach single digits to improve access to credit and boost productivity and GDP,” Onyemelukwe said.

The CBN’s reforms, according to Hakama, demonstrate a clear commitment to stabilising the economy, enhancing investor confidence, and ensuring sustainable growth for Nigeria.

Nigeria’s chemical and pharmaceutical manufacturers face the highest risk from the ongoing US–Israel–Iran conflict, the Manufacturers Association of Nigeria has warned, citing their heavy exposure to global oil price shocks and export dependence on the United States market.

In a position paper made available to Saturday PUNCH on Friday on the implications of the crisis, MAN said the Chemical and Pharmaceuticals Sector remained the most vulnerable, noting that in 2023, chemical products accounted for $136.45m out of Nigeria’s $154.11m manufactured exports to the US.

The association said, “This group is at the highest risk. In 2023, out of the $154,107,280 total Nigerian-manufactured exports to the US, chemical products alone accounted for a staggering $136,446,180 (approximately 88 per cent).”

It added that petrochemical derivatives, which dominate the sector, are highly sensitive to fluctuations in crude oil prices, warning that disruptions in global petroleum markets would have immediate cost implications.

“Petrochemical derivatives are highly sensitive to crude oil price shocks. Any disruption in global petroleum markets will immediately inflate the cost of APIs (Active Pharmaceutical Ingredients) and chemical base materials, squeezing margins and threatening the export dominance of operators within the Sectoral Group,” MAN stated.

The manufacturers’ body explained that the escalating tensions in the Middle East had already triggered volatility in global energy markets, with crude oil prices rising sharply and shipping routes facing disruptions.

MAN said, “For the Nigerian manufacturer, global geopolitics is no longer a television spectacle; it is a direct tax on the cost of production.” It warned that rising crude oil prices, increased freight costs, and higher insurance premiums on global shipping would significantly inflate input costs for local manufacturers, particularly those dependent on imported raw materials.

It noted that the United States remains a critical trading partner, with Nigeria exporting $5.91bn worth of goods to the country in 2024, representing 9.3 per cent of total exports, adding that any disruption to this trade flow would directly affect manufacturing output.

It stated, “We anticipate immediate spikes in global freight forwarding costs, prolonged lead times for imported raw materials, and an imported inflation surge.”

Beyond the chemical and pharmaceutical segment, MAN said other sectors, including basic metals, iron and steel, as well as food, beverage and tobacco, would also face significant pressure from rising energy costs and imported inflation.

It stressed that the broader manufacturing sector was already vulnerable despite recent macroeconomic improvements, warning that the crisis could reverse gains such as easing inflation and improved capacity utilisation.

The association noted that “this sudden geopolitical shock could reverse the hard-won macroeconomic gains.” Drawing lessons from the US–Iraq War, the association warned that similar conflicts in the past had triggered severe downturns in Nigeria’s manufacturing performance.

It stated, “Total manufacturing exports plummeted from $901.35m in 2002 to a dismal $496.87m in 2003, while manufacturing GDP growth collapsed from 17.74 per cent to -10.8 per cent.”

The association called on the Federal Government to take urgent steps to shield manufacturers, including fast-tracking energy transition initiatives, guaranteeing foreign exchange for critical imports, and prioritising domestic supply of refined petroleum products.

MAN said, “We cannot control the geopolitics of the Gulf, but we can and must control our domestic policy responses.”

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Thursday disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.

Speaking in Abuja at the Monetary Policy Forum, Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0tn economy.”

The forum, the first edition for 2026, reflects the apex bank’s commitment to “engage its critical stakeholders in open communication, inclusive consultation, and collaborative monetary policymaking,” Cardoso added.

He noted that the forum theme was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.

Cardoso explained that the reforms were driven by weak macroeconomic conditions inherited in 2023, when inflation rose to 29.9 per cent in January 2024 due to food prices, exchange rate pressures, and supply constraints.

He added that monetary financing had weakened policy credibility, with Ways and Means advances rising to N26.95tn by May 2023, while the foreign exchange market faced over $7bn backlog, a parallel market premium above 60 per cent, and net reserves dropping to $3.99bn at the end of 2023. “These challenges undermined policy transmission, investor confidence, and the credibility of the apex bank,” he said.

The CBN responded with reforms aimed at restoring discipline and credibility. Ways and Means financing declined sharply to N3.51tn in December 2024 and further to N2.84tn by January 2026. “This action restored compliance with the law, strengthened central bank independence, signalled to markets about the Bank’s commitment to orthodoxy and transparency, and sent a clear message that the era of fiscal dominance had come to an end,” Cardoso said.

He added that the apex bank implemented a tight monetary policy stance in 2024, raising rates by 875 basis points from 18.75 per cent to 27.50 per cent to curb inflation, which later allowed for easing, with the policy rate reduced to 27.0 per cent in September 2025 and further to 26.5 per cent in February 2026.

“Our staff counterfactual simulations revealed that, without these firm and coordinated actions, inflation would have been significantly higher, and inflation expectations would have become significantly de-anchored,” he said.

On the foreign exchange market, Cardoso said the CBN cleared over $7bn in backlog, introduced a willing-buyer, willing-seller system, improved reporting, and strengthened market surveillance. These measures restored transparency and credibility, while diaspora remittances rose from about $200m to $600m monthly, targeting $1bn per month by 2026.

He noted that the reforms narrowed the parallel market premium to below 2 per cent and improved overall market functioning. External reserves strengthened, rising from $38.34bn in February 2025 to $50.12bn in February 2026, while net reserves surged from $3.99bn in 2023 to $34.80bn by the end of 2025. Nigeria’s balance of payments recorded a $4.59bn surplus in the third quarter of 2025, compared to a deficit earlier in the year.

Cardoso said the reforms attracted global recognition, with Fitch and Moody’s upgrading Nigeria’s ratings in 2025, and the country exiting the FATF grey list. The IMF also commended the CBN’s reforms for restoring transparency and discipline in monetary policy.

He highlighted additional banking sector reforms, including new capital requirements, a risk-based capital framework, stricter insider lending rules, and limits on credit to non-performing obligors. Supervisory capacity has been strengthened through digital tools, such as the Early Warning System, and enhanced cross-border oversight.

Cardoso also highlighted reforms in the payments system, including migration to ISO 20022, improved fraud management, and collaboration through the Nigeria Electronic Fraud Forum. Consumer protection and financial inclusion initiatives were expanded through new systems, including the Consumer Complaints Management System and the Women’s Financial Inclusion Dashboard.

The Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (petrol) to N1,200 per litre, while pegging its coastal price at N1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.

According to the spokesperson of the Dangote Group, Anthony Chiejina, the price adjustment represents a downward review in the refinery’s pricing template and comes amid heightened uncertainty in the global oil market driven by geopolitical tensions in the Middle East.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.

With the new N1,200 per litre rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing. Similarly, the coastal price of N1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.

The PUNCH recalls that the Dangote refinery increased petrol prices several times since the US-Iran war started on February 28. From N840 per litre before the war, pump prices rose to an average of N1,300 as of Thursday. The latest reduction from N1,275 to N1,200 is expected to reduce pump prices marginally below N1,300.

Meanwhile, The PUNCH also reported that the ambitious deal between the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited is facing challenges, as the refinery experienced a crude oil supply shortfall of approximately 79.53 million barrels between October 2025 and mid-March 2026, according to findings by The PUNCH.

The report stated that data obtained from a senior management source within the refinery indicated that the facility, which requires approximately 19.77 million barrels of crude monthly to operate at full capacity, received significantly lower volumes during the review period.

The official argued that, under the Petroleum Industry Act, the export of crude before meeting local demand is clearly prohibited, stressing that the $20bn Lekki-based plant has been grappling with inadequate crude volumes, while the country, through NNPC, continued to export some of its oil.

A breakdown of the figures shows that the refinery is supposed to get about 19.77 million barrels of crude monthly but received 4.55 million barrels in October, 6.45 million barrels in November, 4.30 million barrels in December, 5.65 million barrels in January, and 4.66 million barrels in February. For March, only 3.6 million barrels were delivered between the 1st and 15th.

The Nigerian Communications Commission has unveiled plans to introduce a Telecoms Identity Risk Management System platform to tackle SIM-related fraud, strengthen digital security, and boost confidence in Nigeria’s digital economy.

The Executive Vice Chairman of the commission, Aminu Maida, disclosed this in Abuja on Thursday at a stakeholders’ consultative forum on the proposed platform and planned regulatory changes.

Maida, who was represented by the Executive Commissioner, Stakeholder Management, Rimini Makama, said the Mobile Station International Subscriber Directory Number, commonly known as SIM or mobile phone number, had become central to financial transactions, digital identity, and access to services, but warned that its widespread use had also created vulnerabilities.

He noted that fraudulent activities linked to recycled, swapped, churned, and barred SIMs had emerged as a major channel for identity theft and financial crimes, weakening trust in digital platforms.

He said, “The Mobile Station International Subscriber Directory Number, commonly known as the SIM or mobile phone number, has evolved into a critical identifier underpinning financial transactions, digital authentication, and access to essential services across all sectors of our economy.

“This evolution, however, has created new and challenging vulnerabilities. The fraudulent use of churned, recycled, swapped, and barred MSISDNs has become a significant vector for financial fraud and identity theft, eroding public trust in our digital platforms and undermining the identity of systems we have worked hard to build.

“It is in direct response to these challenges that the Commission has initiated the Telecoms Identity Risk Management System Platform.”

According to him, the platform will allow service providers to verify mobile numbers flagged for suspicious or fraudulent activities before granting access, a move expected to reduce exposure to fraud and improve accountability.

He added that the system would enhance coordination among regulators, financial institutions, and security agencies to build a more resilient digital ecosystem.

To support the rollout, the commission has proposed amendments to its Quality of Service Business Rules and the Registration of Communications Subscribers framework.

The proposed changes require telecom operators to notify subscribers at least 14 days before recycling their lines and to upload details of churned numbers to the platform within seven days.

The amendments also introduce stricter provisions for blocking fraudulently registered or misused SIMs, aimed at improving transparency and protecting consumers.

Maida said the initiative reflects the commission’s commitment to collaboration and a whole-of-government approach to addressing digital risks, urging stakeholders to actively contribute to shaping the framework.

Also speaking, the Director of Cybersecurity and Internet Governance at the commission, Olatokunbo Oyeleye, said trust remains critical to the digital economy.

The Central Bank of Nigeria has approved the full repatriation of export proceeds by International Oil Companies, allowing them to access 100 per cent of their foreign exchange earnings through authorised dealer banks.

The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on its website on Wednesday.

In the circular signed by the Director, Trade and Exchange Department, Dr Musa Nakorji, the bank said the move forms part of ongoing reforms to improve liquidity and stability in the foreign exchange market.

The CBN stated that the decision marks a shift from its earlier policy introduced in 2024, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil firms, while the balance was held for 90 days before repatriation.

It said, “As part of the reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market, the Bank issued two circulars in 2024, allowing Authorised Dealer Banks to cash pool 50 per cent of repatriated export proceeds on behalf of International Oil Companies with the remaining 50 per cent retained for 90 days before repatriation.”

However, the apex bank noted that the latest adjustment is intended to further liberalise the market in line with prevailing conditions. “However, to further liberalise and deepen the market in line with current market realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” the circular read.

It added that, “The IOCs may repatriate 100 per cent of their export proceeds through the ADBs, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.”

The CBN also made it clear that the new directive overrides all previous guidelines on cash pooling arrangements for oil companies. “Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling,” it stated.

The bank directed all authorised dealer banks to comply with the new framework immediately. “All Authorised Dealer Banks are to note and be guided accordingly, as this directive takes immediate effect,” the circular added.

In 2024, the CBN introduced measures affecting international oil companies operating in Nigeria, limiting their ability to immediately remit 100 per cent of forex proceeds to their parent companies abroad.

Instead, IOCs were required to repatriate 50 per cent of their proceeds immediately, with the remaining 50 per cent to be repatriated 90 days after the inflow.

Also, the CBN implemented new rules governing cash pooling by IOCs. These rules required prior approval from the CBN for repatriation under the cash pooling framework, alongside detailed statements of expenditure incurred before pooling.

The apex bank further clarified these measures, allowing IOCs to pool 50 per cent of their export proceeds while using the remaining funds to settle financial obligations within Nigeria over 90 days.

IOCs were also permitted to sell the 50 per cent balance of their repatriated proceeds to authorised foreign exchange dealers. However, the new circular is expected to ease constraints faced by oil firms in accessing their foreign exchange earnings.

The Nigerian equities market reversed its recent upward trajectory on Wednesday as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 37 basis points to close at 200,925.75 points, resulting in a loss of N476.73bn in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies, with analysts noting that buying interest was simply insufficient to sustain the market’s upward momentum.

Selling pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc, and Lafarge Africa Plc, alongside other laggards that collectively weighed on the overall performance.

As a result, total market capitalisation by 0.37 per cent to N128.98tn, underscoring the bearish undertone of the trading session despite a mixed picture across different sectors.

The Insurance Index led the gainers by rising 0.76 per cent on the back of price appreciation in Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc, and AIICO Insurance Plc, while the Consumer Goods Index gained 0.38 per cent supported by interest in PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

On the flip side, the Banking Index fell 0.98 per cent due to profit-taking in Zenith Bank Plc and United Bank for Africa Plc, while the Industrial Goods Index slipped marginally by 0.11 per cent and the Oil and Gas Index closed flat.