Naija Naira still dey show say e get strong backbone for market as e stand firm against US Dollar for Tuesday morning, 7 April 2026. For official market wey dem dey call Nigerian Foreign Exchange Market (NFEM), dollar dey sell around 1,379.30 naira. Small small appreciation don show face compared to last week closing rates.
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Market dey move between 1,380.10 and 1,378.70 for early trading hours. This stability come after some small wahala wey happen for late March, but Central Bank of Nigeria (CBN) intervention and interbank turnover adjustments help calm the storm. Financial analysts yarn say the rate wey we see now na because demand and supply don balance well as second quarter don start.
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Even for black market wey dem dey call parallel market, dollar dey trade around 1,379.10. The gap between official and black market don tight well well, show say the exchange rate unification policy dey work. Before now, people dey find way to play market with the big difference, but now that one don reduce.
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Market people dey watch future contracts and CBN policy statements wey go come later this month. Those ones go determine how Naira go move for middle of the year. But for now, our currency still dey hold ground despite all the global economic shaking.
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Meanwhile, one big banking gist wey don dey trend na about Union Bank of Nigeria (UBN) and how CBN don clean am. For January 2024, CBN just sweep comot the former owners and directors of Union Bank, put new people to control the bank. Why? Because dem find say trillions of naira don vanish with plenty financial abuse.
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According to report from The Nation newspaper, investigators find plenty bad things: falsified financial reports, fraudulent handling of foreign loans, unethical financial engineering and even unauthorised withdrawal of customer money. Na real wahala.
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The heart of the matter na Titan Trust Bank, the investment vehicle wey the former owners use merge with Union Bank. Wetin public no know na say Titan Trust carry one big $300 million loan from African Export-Import Bank (Afreximbank) wey dem never hedge. This bad debt dem just dump am for Union Bank account, make the bank carry am.
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Even more shocking, the same $300 million dem fold am inside bigger $490 million wey dem use buy Union Bank shares. So the bank self don use depositors money to finance their own takeover. No currency hedge at all. By third quarter of 2025, revaluation losses don reach ₦396 billion, with interest and fees pass ₦147 billion.
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Former directors enjoy ownership benefits but leave the bank and Nigerian taxpayers to carry the heavy foreign currency burden. Forensic teams still find another thing: offshore loans wey suppose go to customers, dem divert am go do multi-million dollar swap deals with CBN self.
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The Guardian newspaper report say the regulator never know the true purpose of the money, while the offshore lenders receive false reports. The lie don complete. The audit still expose direct attack on Union Bank liquidity. For one bold move, dem just carry $58 million from the bank account go settle maturing obligations for that secret Afreximbank loan.
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Total inappropriate withdrawals pass $100 million, cause full blown foreign currency liquidity crisis. Customer money don turn to private piggy bank for people wey suppose protect am. CBN intervention na the only thing wey save Union Bank from total collapse.
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Under new board and management, Union Bank don start to fight back. Market share dey come back, dem dey meet maturing obligations on time, and the bank dey on track to raise fresh ₦200 billion capital wey dem need to keep their national banking licence.
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For 25 March 2026, Federal High Court for Lagos deliver judgment on CBN actions. CBN release strong statement say dem dey review the Certified True Copy but emphasize say Union Bank status “has not changed.” The lender still dey under CBN oversight.
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As banking sector dey celebrate successful recapitalisation of 33 banks, CBN note say “a limited number of institutions remain subject to ongoing regulatory and judicial processes.” But dem reassure public say every bank, including those under intervention, still dey work fully. Customers fit bank with confidence.
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Union Bank matter never finish. But the forensic report don open eye for one of the most audacious financial scandals for recent Nigerian banking history, and show why decisive regulatory action, no matter how people complain, na the only way to protect depositors and the system itself.
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Legit.ng earlier report say Federal High Court for Lagos rule say CBN act beyond their statutory powers when dem dissolve Union Bank board and management for January 2024. Justice Chukwujekwu Aneke set aside all actions wey CBN-appointed board take and order immediate restoration of former leadership.
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The court direct say the previous board, wey Farouk Mohammed Gumel lead, alongside the management team, make dem bring them back without delay.
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Meanwhile, another good news don come from global index provider, FTSE Russell. Dem announce for Tuesday say Nigeria go be reclassified to frontier market status for September 2026. This one dey inside official notice wey dem release for their March 2026 semi-annual country classification review.
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FTSE Russell yarn say market participants report say foreign exchange backlogs for Nigeria don clear and international institutional investors no dey experience any serious delays to repatriate capital from Nigeria again.
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Based on their assessment, FTSE Russell confirm say Nigeria meet the five FTSE Quality of Markets criteria wey dem need to attain Frontier market status. This one follow feedback wey dem receive from FTSE Equity Country Classification Advisory Committee and FTSE Russell Policy Advisory Board.
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The reclassification na major boost for Nigeria economy and investors confidence. Make we remember say Nigeria dem reclassify from frontier to unclassified market status for September 2023 because of serious and ongoing delays for international institutional investors to repatriate capital from Nigeria and execute foreign exchange transactions.
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For 26 March 2024, CBN Governor Olayemi Cardoso don talk say all forex backlogs don clear. Now the world don see am and dem don reward us with better market classification.
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