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The Nigerian financial markets witnessed a significant boost in banking system liquidity on Wednesday, with available funds jumping by 40.38% to settle at ₦6.35 trillion. This substantial increase from the previous day's ₦4.52 trillion exerted downward pressure on the interbank market, forcing the Overnight Rate to dip by 4bps to 22.11%. Despite this volatility in ...
Bayelsa State has been ranked among four states in Nigeria with the least level of indebtedness.This news according to a statement from the State Government is a confirmation of the prudent management of resources and accountability by the current Government of Assured Prosperity under Governor Douye Diri.Accordingly, Bayelsa has shown strong fiscal management, with 2025 ...
Osun State has secured a 100% fiscal transparency rating in the Q3 2025 report released by BudgIT, placing the state among the top tier for financial accountability in Nigeria. The ranking was highlighted in a statement by the Imole Campaign Council (TICC) on Tuesday, which described the achievement as an independent validation of Governor Ademola ...
By Damilare Adeleye Nigeria’s exchange rate dynamics reflected a mix of mild stability and persistent pressure on Tuesday, as the naira closed at N1,380.71 per dollar at the Nigerian Foreign Exchange Market (NFEM). According to official figures for April 28, 2026, the currency traded within a band of N1,367.50 to N1,385.00 during the session, before ...
By Damilare Adeleye Ecobank Group has posted $195 million in profit before tax for the first quarter of 2026, up 21% compared to the preceding year. The pan-African bank disclosed this in its unaudited Q1 2026 results obtained on Monday on the Nigerian Exchange Limited. According to the results, attributable profit to shareholders of ETI ...
By Damilare Adeleye The Joint Revenue Board (JRB) has called for the accelerated harmonization of taxes across Nigeria, warning that fragmented systems are undermining efficiency and constraining revenue mobilization across all tiers of government. This call was detailed in a communiqué issued at the conclusion of the Board’s 159th meeting, held from April 20 to ...
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy. The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the ...
OPay, a leading financial technology company in Nigeria, took center stage as the Headline Sponsor of the inaugural BusinessDay Fintech Summit held on Wednesday, April 22, 2026, at the Oriental Hotel, Lagos. The summit, themed “The Next Financial Frontier: Intelligence, Infrastructure & Inclusion in Africa’s Digital Money Economy,” brought together key players across the financial ...
The Chairman of the Ecobank Alumni Association, Mr Olugbenga Adimula, on Friday said the group had introduced a welfare scheme to support members and strengthen professional networking. Adimula said this in Lagos during the association’s 2026 reunion, noting that the initiative included a welfare fund and a group life assurance package for members. He explained ...
Nigerian Breweries PLC has delivered a significant net profit rebound, successfully moving away from previous loss positions to a positive Profit After Tax in the first quarter of 2026. Operating profit grew by triple digits during the quarter, supported by healthy high-single-digit margins that reflect a more resilient business model. The earnings were largely influenced ...
The Federation Account Allocation Committee (FAAC) distributed a total of ₦2.036 trillion in revenue for March 2026 to the three tiers of government, despite a notable decline in import duty collections and oil-related royalties. The distribution, finalized during the April 2026 FAAC meeting in Abuja, occurred amidst a fluctuating revenue landscape. While the total gross ...
The Federal High Court in Abuja has ruled in favour of the Federal Competition and Consumer Protection Commission (FCCPC) affirming the Commission's powers to investigate financial institutions. The suit filed by United Bank for Africa (UBA) Plc sought to determine whether the FCCPC could validly exercise jurisdiction over a commercial bank licensed by the Central ...
Access Holdings PLC has issued an official disclaimer following the unauthorized circulation of projected financial results on various social media platforms. In a statement filed with the Nigerian Exchange Limited (NGX) on Tuesday, the Company Secretary, Sunday Ekwochi, categorically distanced the corporation from the leaked figures, describing them as speculative and unauthorized. The company clarified ...
The Central Bank of Nigeria (CBN) has announced plans to auction local Treasury bills worth ₦750 billion on Wednesday. The auction, which features three standard tenors, comes at a time when investor interest in long-term government securities remains high. According to the offer details, the apex bank will raise ₦100 billion through 91-day bills and ...
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) that both organisations said would safeguard consumers against fraud while opening opportunities for them to leverage the potentials of the telecommunications and financial sectors. The MoU was signed as NCC and CBN inaugurated a Joint Committee ...
By Taiye Olayemi The Nigerian Exchange Ltd. recorded a strong weekly performance, with investors gaining N8.661 trillion amid heightened trading activity. The Newsmen reports market capitalisation rose by 6.60 per cent to N139.827 trillion from N131.166 trillion. The NGX All-Share Index climbed by 6.57 per cent to 217,167.57 from 203,770.43 recorded in the previous week. ...
By Damilare Adeleye The Central Bank of Nigeria has introduced the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, aimed at strengthening monetary policy transmission and enhancing market transparency. In a release issued Friday by Hakama Sidi Ali, Acting Director, Corporate Communications, the apex bank said the initiative was ...
By Fredrick Ameh The Islamic Financial Services Board (IFSB), Ghiath Shabsigh, has expressed readiness to support the Central Bank of Nigeria (CBN) through technical assistance, capacity building, and policy guidance. The Bank made this known on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C. Speaking, the CBN Governor, Olayemi Cardoso who held ...
By Damilare Adeleye The naira extended its winning streak to eight consecutive sessions on the Nigerian Foreign Exchange Market on Thursday, with the official NFEM rate strengthening to N1,342.3037/$. The closing rate for April 16, 2026, settled stronger at N1,341.0100/$, the best close in 14 days and N0.98 firmer than Wednesday’s N1,341.9900/$. At the official ...
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider has announced an equity investment in Dhamana Guarantee Company Limited (Dhamana). As a credit enhancement facility, Dhamana was established to unlock long-term, local-currency financing for infrastructure projects throughout East Africa. This investment is part of AFC's approved commitment of up to US$20 million in capital, ...
By Damilare Adeleye The International Monetary Fund (IMF) has warned countries against providing fuel subsidies despite the global rise in energy prices. Rodrigo Valdes, the IMF’s fiscal affairs chief, issued this guidance on Wednesday during the IMF and World Bank Spring Meetings in Washington, D.C. He urged nations to move away from subsidies and instead ...
By Fredrick Ameh Nigeria's headline inflation has risen to 15.38% per the latest data released by the National Bureau of Statistics (NBS). Up from 15.06% in February, the uptick signals a persistent rise in the cost of living that continues to strain household purchasing power and business operations nationwide. This is as inflationary pressures intensified significantly on the Consumer ...
