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The Governor of the Bank of England, Mr Andrew Bailey, has warned that Artificial Intelligence (AI) could trigger shocks in financial markets. A report by the BBC quoted Bailey as saying the central bank was watching huge investments in AI very carefully. He said not everyone investing in AI would come out a winner, warning ...
The Nigerian equities market rebounded strongly in September, gaining N5.365 trillion in market capitalisation, following a N587 billion loss recorded in August. The recovery was driven by improved macroeconomic conditions, Nigeria’s reclassification to the FTSE Russell Frontier Market status and renewed investor confidence. Market capitalisation grew by 3.40 per cent, rising from N157.739 trillion at ...
Excess liquidity in the banking system surged by 37 percent to reach ₦8.84 trillion, up from ₦6.45 trillion. This robust funding profile, highlighting a surplus more than double the start-of-year level of ₦3.82 trillion, was driven by OMO repayments and additional money market inflows. To rein in the surplus liquidity, the apex bank floated ₦2.5 ...
The Nigerian Naira recorded a marginal gain against the US dollar, trading at an official rate of ₦1,331.33 per dollar, according to data released by the Central Bank of Nigeria (CBN). The rate reflects a slight appreciation from the previous session's rate of ₦1,329.51, moving within an intraday trading band that saw a high of ...
The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to safeguarding depositors and maintaining financial system stability, disclosing that its enhanced insurance coverage now protects over 98 percent of depositors across insured financial institutions in the country. The Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Oludare Sunday, made this known ...
Manufacturers have warned that multiple taxes, levies, and charges imposed across the three tiers of government are escalating production costs and undermining the competitiveness of Nigerian industries, while urging authorities to urgently harmonize the various levies placed on businesses. The warning was delivered during the 54th Annual General Meeting of the Kano-Jigawa Branch of the ...
On the sidelines of the United Nations General Assembly, the Tony Elumelu Foundation (TEF) has marked 15 years of transformative impact across Africa, releasing a comprehensive 15-Year Impact Report that highlights the profound success of its entrepreneurship program. Founded 15 years ago by Tony Elumelu and his wife, Awele, with the vision of proving that ...
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 33 per cent increase in profit after tax to ₦7.2 trillion in 2025, even as revenue fell 24 per cent amid lower crude oil prices and reduced white product volumes. In a statement signed by Chief Corporate Communications Officer, NNPC Ltd, Andy Odeh in Abuja ...
DP World is expanding its Nigerian trade and logistics footprint, with Tropical General Investments (TGI) Group set to acquire a 43 per cent stake in its Nigerian logistics business, days after the global ports operator signed agreements for a $7 billion-plus deep-sea port and special economic zone in Ogun State. The two developments mark a ...
A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, has commended the Central Bank of Nigeria (CBN) for reducing the benchmark interest rate from 26.5 per cent to 23 per cent. Unegbu, however, urged the apex bank to further cut the rate to make credit cheaper and more accessible ...
Fidelity Bank Plc has recorded an uptick in its market value by 13% increase in its market value as investors continue to target the financial institution’s upside potential. The bank attracted significant investor buying on the Nigerian Exchange last week, accompanied by higher-than-usual trading volumes across sessions. Supported by heavy trading activity, the Tier-2 lender ...
The Nigerian Exchange Ltd. (NGX) All-Share Index and market capitalisation rose by 0.92 per cent in the just-concluded week. The All-Share Index closed the week at 252,113.41, compared with 249,804.56 recorded in the previous week. Similarly, market capitalisation increased to N163.655 trillion from N162.157 trillion recorded in the preceding week. The development translated to a ...
Nigeria’s fish import bill fell by 14.8 percent to ₦167.91 billion in the second quarter of 2026, down from the ₦197.17 billion recorded in the corresponding period of 2025, according to data from the National Bureau of Statistics' (NBS) Foreign Trade in Goods Statistics. According to the NBS, the decrease represents a year-on-year reduction of ...
The International Monetary Fund (IMF) has called for stronger fiscal discipline, greater trade cooperation and sound regulation of digital finance as countries grapple with rising debt and economic uncertainty. The IMF stated this in its 2026 Annual Report titled “Navigating a Precarious World”, released on Wednesday, highlighting mounting pressures from debt, geopolitical tensions and rapid ...
Nigerian Exchange Group (NGX Group) has called for enhanced investment and commercial ties between Nigeria and the U.S. to boost capital flows and drive economic growth. Dr Umaru Kwairanga, Group Chairman, NGX Group, made the call at the U.S.–Nigeria Council Breakfast in New York on Wednesday. Kwairanga said the relationship between both countries presented significant ...
The Federal Government has announced a reduction in the interest rate charged for late tax payments, aiming to tie the cost of delayed taxes more closely to real market rates. The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, issued the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, ...
Vice-President Kashim Shettima on Wednesday lauded Nigerians in the diaspora for their economic contributions, saying their remittances are strengthening Nigeria’s external position. “Your remittances are showing,” Shettima told Nigerians at a diaspora town hall at Nigeria House in New York. He said Nigerians abroad remit about 20 billion dollars annually, describing the inflows as larger ...
FirstTrust Mortgage Bank Plc is reinforcing its commitment to expanding access to structured and flexible financing solutions for Nigerians through a diverse portfolio of real estate and mortgage-related products designed to address a wide range of real estate and mortgage-related needs. The Bank's product offerings cater to homebuyers, existing homeowners, salaried employees, self-employed professionals, public ...
Access to the Dangote Petroleum Refinery public offer has been further expanded, with prospective investors now able to subscribe for shares through participating Moniepoint agents 24 hours a day. The initiative takes the refinery’s Initial Public Offering closer to millions of Nigerians who routinely use agency banking services, particularly individuals who may not ordinarily transact ...
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for a strategic shift in the approach to climate finance, with simpler access to affordable capital for developing countries and financing arrangements that better reflect their development realities. Oyedele made the call while addressing the United Nations Dialogue on Solutions to ...
The Nigerian Exchange Group (NGX Group) has introduced a WhatsApp subscription channel on its NGX Invest platform to expand access to public offers. The group in a statement on Wednesday, said investors could initiate subscriptions by sending “Invest” to the official NGX Invest WhatsApp number, +234 812 731 9521. According to the group, investors will ...
The Centre for the Promotion of Private Enterprise (CPPE) has welcomed the Central Bank of Nigeria’s unexpected decision to slash the Monetary Policy Rate by 350 basis points, dropping it from 26.5% to 23%. The policy shift, announced at the conclusion of the Monetary Policy Committee’s 307th meeting on Tuesday, marks a sharp break from ...
...as CPPE applauds review, calls for strict transmission to commercial lending rates The Central Bank of Nigeria yesterday reviewed its benchmark interest rate, the Monetary Policy Rate (MPR) downward by 350 basis points, bringing it down to 23 per cent from 26.5 per cent. Announcing the decision on Tuesday following the 307th meeting of the ...
