In 2024, forex purchases were heavily concentrated in the first half of the year, coinciding with a period of heightened exchange rate volatility and sustained pressure on the naira. From July 2024, forex purchases by the State House intensified, with multiple same-day transactions on July 17 alone. These included N149.05m, N358.53m, N243.32m, N739.07m, and N73.07m, all tagged as forex purchases. Total forex purchases for the year stood at N5.04bn, a steep decline from the previous year. The State House and Office of the Chief of Staff accounted for smaller but still significant amounts, often linked directly to specific trips by the President, Vice President or First Lady.

Source: Punch February 02, 2026 04:23 UTC