Business News
Economists Hail CBN Decision on Free Float of Naira
Economists have continued to give kudos to the Central Bank of Nigeria (CBN) for allowing the Naira to float freely on the Investors and Exporters (I&E) window.
Banks are now allowed to trade foreign exchange on the I & E window at any rate, subject to N1 spread between buy and sell.
On Wednesday exchanged N664.
04 to the dollar, a drop which showed a 40. 78 per cent when compared with N471.67 it exchanged to the dollar on Tuesday.Chairman of the Foundation for Economic Research and Training (FERT), Prof. Akpan Ekpo, said the CBN decision to allow the Naira to float freely is good for the economy.
“It is a good attempt to narrow the gap between the official rate and that on the street. This will reduce the distortion.
“However, it will not eliminate the street rate, otherwise known as the black market rate. The forex matter has to do with supply and access.
“We should be ready for further rise in the inflation rate,” he said.
Ekpo advised that the economy be diversified for more productive and manufactured non-oil goods be allowed for exports, thereby ensuring inflow of foreign exchange.
A development economist, Prof. Ken Ife, also spoke in the same vein, describing the decision as a fantastic way going forward.
“The action that has been taken, its about the I&E window asking banks to now buy and sell on the I&E window, So, they have opened up the I&E window but not the black market.
“You cannot force the black markets to come and join the official window. So, what happens is that it is only the demand and supply that will push the black market closer to the official window.
“What will happen is when the supply increases in the official window, the rates will fall and the black market will fall along. As the rates begin to fall, the black market will follow through,” he said.
Ife said that the free float was not a magic wand that would cause the activities of the black market to disappear.
He said that it would rather cause the demand in the black market to continue to reduce as the prices and gaps close down.
“However, the main thing is that if you don’t have extreme supply of dollar going into the system, there will be a problem.
“This is because what will happen is that there is going to be a sharp rise in the price of dollar.
“Then, as the supply comes in, the price will start to come down because the sharp rise is caused by the uncertainty and speculation.
“For example, if we reduce the importation of refined products, then it means that NNPC will no longer be spending more dollar. This means that more of that dollar can get into the market, and then also if we cut back on certain things.
“These are the things that can bring in and suddenly force the rates to crash. It will also save the central bank from burning the reserves to subsidise the market,” he added. (NAN)
Business News
NELFUND Loan Improves Graduate’s GPA to 3.50
A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.
Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.
She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.
The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.
According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.
“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.
“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.
Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.
She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.
The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.
She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.
Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.
She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)
Business News
FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery
The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.
Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).
The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.
The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.
“The players within the industry, all of us, operate in silos.
“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.
According to him, the various institutions must work together towards a common goal rather than operate independently.
“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.
The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.
He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.
Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.
He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.
“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.
He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.
The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.
He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.
The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.
Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.
He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.
“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.
He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.
“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.
He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.
Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.
He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.
Business News
OPay Provides Update on Planned NYSE IPO, Reaffirms Normal Business Operations
From Tony Nwachukwu, Lagos
Fintech company OPay has announced the postponement of its planned public offering on the New York Stock Exchange (NYSE), following careful consideration of an ongoing inquiry by a regulatory authority.
The company said the decision to postpone the offering was taken in the best interests of the business and its customers.
In a statement shared with DAILY ASSET, OPay explained that the ongoing inquiry does not affect the services it provides to customers or how it operates in Nigeria and its other business markets.
The company also reassured customers, merchants, agents and other business partners that its operations would continue as usual, with all services remaining fully available.
“Customers can continue sending and receiving money, making payments and saving without interruption,” the statement noted.
OPay expressed appreciation to its customers, merchants, agents, business partners, employees and other stakeholders for their continued trust and support.
The company also reiterated its commitment to making financial services more inclusive through technology


