Lagos, Nigeria – September 22, 2026
DDNewsOnline
The naira remained relatively stable against the dollar on Tuesday, with the gap between the official and parallel markets remaining moderate as investors monitored key economic developments.
The naira traded at ₦1,329.80 per dollar at the Nigerian Foreign Exchange Market, while the parallel market rate stood around ₦1,389 per dollar.
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The Federal Government’s move to address outstanding power-sector debts without an immediate electricity tariff increase has also added to the week’s economic developments. The government is using a debt-reduction programme to settle verified obligations across the power sector, aimed at easing financial pressure within the electricity market.
Nigeria’s return to FTSE Russell’s Frontier Market status also took effect from the opening of trading on Monday, September 21. FTSE Russell upgraded Nigeria from “Unclassified” to Frontier Market status following reviews of the country’s foreign-exchange liquidity, capital repatriation, market infrastructure and broader economic environment. Thirty Nigerian companies are included in the FTSE Frontier Index Series.
Nigeria’s external reserves stood at $54.61 billion as of September 14, up $12.76 billion, or 30.5 per cent, from $41.84 billion a year earlier. The reserves also increased by about $708 million between September 1 and September 14.
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On the equities market, the NGX extended its recent rally on Monday, with the All-Share Index rising 0.14 per cent to a record 250,156.80 points, while market capitalisation increased by ₦228.25 billion to ₦162.39 trillion. The market also recorded positive breadth, with 38 stocks gaining against 25 decliners.
Attention is now focused on the Central Bank of Nigeria’s Monetary Policy Committee, which is concluding its two-day meeting today, September 22. The Monetary Policy Rate stood at 26.5 per cent going into the meeting after the MPC retained the rate at its July meeting. The decision from the September meeting is expected after the committee concludes its deliberations.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com