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Businessman Femi Otedola forecast a significant strengthening of the Nigerian naira, predicting it would trade below 1,000 to one U.S. dollar before year's end. In government affairs, a witness in a legal case testified that former central bank governor Godwin Emefiele complied with a directive from former President Muhammadu Buhari regarding domestic currency note production. Separately, the Socio-Economic Rights and Accountability Project filed a lawsuit against the Nigerian National Petroleum Company Limited over allegations of missing oil revenues. President Bola Tinubu directed the Federal Roads Maintenance Agency to focus on preventive road maintenance, while an economic survey indicated a slight contraction in private sector activity for April.
Other developments included the launch of a new weekly lottery, AfriMillions, with a top prize of 1 billion naira. The governor of Kano state also donated 50 million naira to Ahmadu Bello University to fund a new innovation hub.
Lagos state is undertaking significant infrastructure work, with partial closures on sections of the Lagos–Abeokuta Expressway for four weeks and on the Lagos–Ibadan Expressway for six weeks for federal bridge repairs. Concurrently, the Lagos state government approved a 13% fare increase for its BRT bus system and published the new fare list. Governor Sanwo-Olu is seeking financial support from the World Bank as Lagos prepares to host a major Commonwealth investment summit in June.
3 topics | 42 sources
The Nigerian naira has been gaining value against the US dollar, reaching a two-year high of 1,347 naira to the dollar. Daily exchange rate reports show a trend of appreciation throughout February 2026. Business leaders Aliko Dangote and Femi Otedola have predicted the naira could strengthen further, potentially trading below 1,000 naira to the dollar before the end of the year. Meanwhile, the state oil company NNPC and the regulator NUPRC have expressed concerns about a financial squeeze following an order from President Tinubu.
Several separate developments involving Nigerian government bodies and officials are in the news. A witness in a legal case testified that former central bank governor Godwin Emefiele complied with a directive from former President Muhammadu Buhari regarding the local production of currency notes. Separately, the Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over allegations of missing oil revenues. In other government news, President Bola Tinubu has directed the Federal Roads Maintenance Agency (FERMA) to focus on preventive road maintenance, and an economic survey showed Nigeria's private sector activity contracted slightly in April.
A new weekly lottery called AfriMillions has launched in Nigeria, with a top prize of 1 billion naira. Separately, the governor of Kano state donated 50 million naira to Ahmadu Bello University to help fund a new innovation hub project.
1 topics | 31 sources
Feb 27
Lagos announces infrastructure repairs and fare increases while seeking investmentLagos is carrying out several major road repair projects. The state is partially closing sections of the Lagos–Abeokuta Expressway for four weeks and the federal government is closing part of the Lagos–Ibadan Expressway for six weeks for bridge work. At the same time, Lagos approved a 13% fare increase for its BRT bus system and released the new fare list. The state's governor, Sanwo-Olu, is seeking financial support from the World Bank as Lagos prepares to host a large Commonwealth investment summit in June.