💱 Currency & Exchange Rates
- The Naira remained relatively stable against the US Dollar in early trading.
- At the official Nigerian Foreign Exchange Market (NFEM), the Naira opened at ₦1,344.74/$, fluctuated slightly to ₦1,345.58/$, and settled near ₦1,345.40/$ by mid-day.
- This stability follows a closing rate of ₦1,346/$ on February 19, showing cautious but steady performance as the Central Bank of Nigeria (CBN) continues efforts to harmonize rates across different market segments.
📊 Government & Policy Developments
- The Senate Committee on Appropriations grilled Nigeria’s economic team over the 2026 budget revenue plan and tax reforms.
- Lawmakers are pushing for stronger revenue-generating institutions to ensure sustainable funding for national development.
📰 Broader Economic Headlines
- The National Orientation Agency (NOA) issued warnings against hoarding staple foods, signaling concerns about food inflation and supply chain pressures.
- Infrastructure spending continues, with the Ekiti State government approving ₦2.51 billion for roads and agricultural projects, reflecting ongoing investment in local development.
✅ Key Takeaway:
Nigeria’s economy is in a phase of cautious stability. The Naira is holding steady despite volatility, while the government is under pressure to strengthen revenue systems and manage inflation risks, particularly around food supplies.
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