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The Centre for the Promotion of Private Enterprise (CPPE) has opined that an outright ban on textile importation will eliminate millions of jobs. In a statement on Sunday, Dr Muda Yusuf, the CEO of CPPE said the proposed ban is unlikely to achieve its intended objectives and could have significant adverse consequences for the Nigerian economy. He ...
An analysis of market data from the first half of 2026 has revealed a mixed performance for Nigeria's euro bonds. According to official data from a recent report by the Debt Management Office (DMO) on "Nigeria's Daily Eurobonds Closing Prices and Yields from January 02 to June 24, 2026", the market experienced a clear divergence ...
The naira weakened to a two-month low against the dollar in the official foreign exchange (FX) market on Wednesday, despite rising market liquidity and growing external reserves, as increased demand for the greenback weighed on the local currency. Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated by N9.44, with ...
...As profit-taking erases N3.64tn in investor wealth The Nigerian equities market closed sharply lower on Wednesday, June 24, 2026, reversing the gains recorded over the previous two trading sessions as widespread profit-taking across major stocks outweighed pockets of buying interest. The benchmark NGX All-Share Index (ASI) plunged by 2.35% to close at 235,074.54 points, compared ...
By Precious Mark President Bola Ahmed Tinubu has described Nigeria’s youth as the country’s greatest asset, stating that they are tech-savvy, ready to learn, and well-positioned to integrate into the global digital economy. The President made these remarks on Tuesday in Abuja while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, ...
The International Monetary Fund (IMF) has highlighted the rapid growth of stablecoin usage in Nigeria as a new channel for cross-border payments. The IMF said digital assets linked to the US dollar were easing payment challenges but creating fresh regulatory concerns. This is contained in a report issued on Tuesday . In its latest analysis, ...
By Precious Mark Elon Musk’s SpaceX made history on Friday with its long-awaited debut on the Nasdaq Stock Market, completing what has been described as the largest Initial Public Offering (IPO) ever recorded and propelling the billionaire entrepreneur to the status of the world’s first trillionaire. SpaceX began trading under the ticker symbol SPCX after ...
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that extreme monetary orthodoxy and an over-reliance on short-term portfolio flows could choke productive investments and worsen the nation's poverty crisis. In a response to the International Monetary Fund’s (IMF) Article IV Consultation Report on Nigeria, the think-thank welcomed the IMF's positive assessment of the ...
By Precious Mark The Central Bank of Nigeria (CBN) has released two major draft regulatory frameworks aimed at tightening oversight of the country’s financial system, improving transparency, and reducing systemic risks across closely linked financial institutions. The proposed guidelines, issued through the Financial Policy and Regulation Department of the CBN in Abuja on June 10, ...
...calls for urgent reforms in power distribution, single-digit financing By Precious Mark Nigeria’s manufacturing sector has remained largely stagnant, consistently contributing between 9% and 10% to the nation's Gross Dependent Product (GDP) over the past 26 years despite multiple rounds of policy reforms and industrialization initiatives. This assessment was contained in a comprehensive economic report released ...
The Nigerian equities market reversed its recent upward momentum to close Thursday’s trading session on a bearish note, driven by late profit-taking and cautious investor sentiment across major sectors. Despite the marginal pullback, the broader market indicators continue to demonstrate long-term resilience. According to data from the Nigerian Exchange Limited (NGX), the benchmark All-Share Index ...
The Federal Government of Nigeria has raised a total of ₦4.68 billion from retail investors through its June 2026 FGN Savings Bond issuance. This was contained in the official allotment results published by the Debt Management Office (DMO). Detailed analytical breakdowns from the DMO indicate that the subscription numbers reflect an optimal mix of returning ...
Access Holdings Plc has announced the appointment of Mr. Abiodun Adigun as the new Managing Director and Chief Executive Officer of its digital lending subsidiary, Oxygen X Finance Company Limited. The appointment was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) following the receipt of all necessary approvals from financial industry ...
Former Minister of Petroleum Resources and Foreign Affairs, Mr Henry Odein Ajumogobia, has urged the federal government to strengthen the Niger Delta Development Commission (NDDC)as the arrowhead of development agencies in the Niger Delta region. Ajumogobia, who made the call as the keynote speaker at the NDDC Law and Development Summit in Port Harcourt, stressed ...
The Central Bank of Nigeria (CBN) has increased treasury bill rates after keeping the monetary policy rate at 26.5% last month as inflation accelerated toward 16%. At the first primary market auction in June, the apex bank, through the Debt Management Office (DMO), offered N700 billion worth of treasury bills for subscription across standard tenors. ...
...as AMAC leads in transaction volumes Moniepoint founder and CEO Tosin Eniolorunda has emphasized that the strategic integration of data-driven insights and character assessment is the core driver behind the rapid expansion of the fintech's small and medium enterprise (SME) lending division. Speaking in an interview with The Builders podcast by Nidacity, the head of ...
In a major move to crack down on non-performing loans (NPLs) and enhance accountability within Nigeria’s financial system, the Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, has led a strategic delegation on a courtesy visit to the Chief Executive Officer of the Nigerian Financial Intelligence Unit ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, marked Africa Day with a group-wide celebration across its offices in 20 African markets, bringing employees together in a shared observance of cultural and continental pride. For UBA, which has spent over seven decades building operations from Lagos to Nairobi, Accra to Abidjan, Dakar to Douala, and ...
The Nigerian naira opened the month of May slightly stronger as foreign reserves continue to climb, driven by fresh inflows from hydrocarbon sales and portfolio building by offshore investors. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency closed at N1,373.25/US1 in May, up from its April close of N1,374.94/US1. In ...
The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its Point-of-Sale (PoS) geo-fencing policy to August 1, 2026. This extension comes as the apex bank increased the permitted geo-fence radius from 10 meters to 70 meters as part of efforts to ease industry compliance. The directive was contained in a circular dated ...
Nigeria’s major flour milling and food manufacturing company, Honeywell Flour Mills Plc has posted a profit after tax (PAT) of N16.49 billion for the year ended March 31, 2026, with profit after tax rising by 13 per cent to N16.49 billion. According to the company’s audited annual report filed on the NGX on Saturday, its revenue stood ...
The equities market sustained its positive momentum in May, with investors gaining N4.514 trillion as renewed buying interest in financial services and consumer goods stocks lifted overall market performance.Market capitalisation rose by 2.89 per cent to close at N160.508 trillion in May, compared with N155.994 trillion recorded at the beginning of the month. Similarly, the ...
