The Naira appreciated to N1,590 per dollar in the parallel market on Monday, strengthening from N1,600 per dollar recorded over the weekend.

However, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to N1,549 per dollar, according to data from the Central Bank of Nigeria (CBN). The indicative exchange rate rose slightly from N1,548 per dollar last Friday, marking a N1 depreciation.

As a result, the gap between the parallel market and the NFEM rate narrowed to N41 per dollar, down from N52 per dollar last weekend.

The exchange rate movement reflects ongoing fluctuations in Nigeria’s forex market as authorities continue efforts to stabilize the currency.

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to the Nigerian Foreign Exchange (FX) Code, stating that its operations align with the principles of the code.

In a statement signed by Governor Olayemi Cardoso, Deputy Governor of Economic Policy Mohammad Abdullahi, and Director of the Financial Markets Department Dr. Omolara Duke, the apex bank emphasized that its decision follows a review of the FX Global Code and recognition that the code represents a set of principles widely acknowledged as good practice in the foreign exchange market.

The statement confirmed that the CBN acts as a regulator to market participants as defined by the code and is committed to overseeing FX market activities in a manner consistent with its principles.

“To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore aligns its roles with the principles of the Code,” the statement added.

The Federal Government has launched a national electronic assets register to provide real-time access to information on government-owned assets, aiming to enhance transparency and attract more investments into the country.

The digital registry was introduced by the Accountant General of the Federation, Dr. Oluwatoyin Madein, during an event that also featured the unveiling of a compendium of FAAC allocations to federal, state, and local governments from 2020 to 2023.

Madein described the initiative as a major milestone in improving public resource management, emphasizing that it is essential for financial sustainability and integrity. She stated that the project aligns with the government’s commitment to transparency and accountability in handling public funds and assets.

She noted that giving citizens access to information about public asset management would increase government accountability. “Whether it is infrastructure, equipment, or other public property, every asset must be accounted for,” she said.

The real-time access provided by the digital register is expected to support policy formulation, budgeting, and planning. Madein explained that by having a clear understanding of the government’s assets and their conditions, policymakers can make more informed decisions on resource allocation, investment management, and potential privatisation or public-private partnerships (PPPs) for underutilized assets.

She added that the initiative also aligns with international best practices, supporting Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). These standards will help strengthen the credibility and integrity of the country’s financial statements.

On the compendium of FAAC allocations, Madein stated that it provides a detailed breakdown of revenue distribution to the three tiers of government and serves as a valuable resource for policymakers, researchers, and the general public.

Minister of State for Finance, Doris Uzoka-Aniete, who officially unveiled the compendium, praised the Accountant General’s efforts in promoting transparency and accountability. She described the electronic asset register as an important tool that will help determine the real value of Nigeria’s assets and create opportunities for local and foreign investment.