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Naira Set To Break Below N1,500/$ Resistance
The Nigerian currency is less than N30/$ away from breaking the key resistance level of N1500/$ in Nigeria’s official market.
The Naira is trading at N1528/$ on Friday, slightly lower than Thursday’s closing price.
Nigeria’s naira’s fundamentals significantly improved after Nigerian banks resumed foreign currency transactions using naira debit cards.
Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC reinstated the ability for their customers to spend using naira cards internationally.
Customers were notified by GTBank that they could now pay for their favorite items anywhere in the world with their naira card, which now has a $1000 limit for international transactions over three months.
“This limit covers cash withdrawals from ATMs abroad up to $500 and online and point-of-sale transactions up to $1000. We would like to remind everyone that the $1000 cap on all other transactions outside of Nigeria applies to cash withdrawals, online payments, point-of-sale payments, and services related to withdrawals paid for in dollars”, the orange coloured bank stated.
UBA also stated, “As part of our unwavering dedication to enhancing your banking experience, we are delighted to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variant cards, are now fully operational for international transactions.”
The naira’s firmness followed support from the IMF for Nigeria’s disinflation strategy. They describe the CBN’s tight monetary policy as “appropriate and necessary” in losing inflation expectations and securing the macroeconomic framework in the Fund’s latest Article IV Consultation Report for 2025.
“Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched,” the IMF said in the report released Wednesday.
The IMF also acknowledged the CBN’s policy shift to stop monetization of deficit control, which had contributed to inflation in previous years. They also praised efforts to improve governance and transparency in the monetary system.
The Nigerian Apex Bank held the MPR steady at 27.5 per cent and kept the Cash Reserve Ratio at 50 per cent for commercial banks and 16 per cent for merchant banks during the last MPC meeting in May.
Dollar index settled lower in global markets
The greenback eased lower on Friday after gaining in the previous session.
Better-than-expected US jobs data delayed the Federal Reserve’s possible rate-cutting timeline, which caused the US currency to gain strength on Thursday. With high tariffs set into effect on July 9, these gains, however, were short-lived as focus turned to ongoing trade negotiations between the US and many of its trading partners.
More insights
Only three agreements have been announced thus far, and US President Donald Trump escalated tensions by declaring on Thursday that numerous nations will receive letters on Friday outlining the tariff rates they will be subject to.
Jerome Powell, the chairman of the US Federal Reserve (Fed), and Trump have been at odds for several weeks. The European Central Bank (ECB) has lowered its key interest rates multiple times, but the central banker is unwilling to do the same.
His worry? Because inflation is likely to get out of control once more.
However, Jerome Powell suggested that he might cut these rates in the upcoming months at the ECB’s Sintra (Portugal) forum.
“When we saw the size of the tariffs and that almost all inflation forecasts for the United States have increased significantly, we suspended our activities,” the Fed chairman said. Additionally, he promised that his only concern is leaving his successor “a healthy economy.”.
However, it should be noted that a reduction in key rates could also be due to a devaluation of the US dollar. In Europe, EUR/USD increased by 0.1 per cent to 1.1774, with the single currency expected to gain 0.5 per cent per week.
German industrial orders dropped 1.4 per cent from May on a seasonally and calendar-adjusted basis, which was significantly more than anticipated, according to data released earlier Friday.
The European Central Bank lowered interest rates for the eighth time in a year in June, but decision-makers said they would probably take a break at their subsequent meeting.
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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