Business
Naira Sees First Appreciation Against Dollar Since Last Week
The Nigerian naira saw a rise in value against the US dollar across both official and parallel foreign exchange markets, marking its first appreciation since the previous week.
According to FMDQ data, the naira strengthened slightly to N1,554.65 against the dollar on Thursday, up from N1,561.98 on Wednesday, indicating a gain of N7.33 compared to the previous day.
Similarly, in the parallel market, the naira improved to N1,550 on Thursday from N1,560 the day before.
This positive trend coincided with a foreign currency transaction turnover of $348.82 million on Thursday.
Despite recent depreciation over the past week, the naira’s recent gains suggest a potential stabilization in its exchange rate dynamics.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
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