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By Ejire Folakunmi The Nigerian Naira experienced a 0.22% depreciation against the US Dollar on Monday, closing at ₦1,383.58 at the Nigerian Foreign Exchange Market (NFEM). This decline coincided with a contraction in liquidity, as data from the Central Bank of Nigeria (CBN) indicated a reduction in intraday turnover among authorized dealers. Total interbank exchange ...
The Federal Government has declared that the true engine of the $3.5 trillion AfCFTA market will be small businesses. The Federal government made this known on Monday when it launched a strategic report titled Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA, marking a significant step toward integrating Nigerian businesses into the $3.5 ...
The African Export-Import Bank (Afreximbank) has successfully concluded a landmark $2-billion three-year dual-tranche syndicated term loan facility, marking the largest syndicated borrowing in the institution's history. The facility, which was finalized on March 9, 2026, comprises two segments: a $1.73 billion USD tranche and a €228 million EUR tranche. Initially launched with a target of ...
The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity, and resilience following its impressive compliance ahead of the March 31 recapitalisation deadline. With over 96% compliance already recorded, the association applauded the disciplined execution of the exercise by financial institutions and extended special praise to ...
The Nigerian Naira experienced a 0.22% depreciation against the US Dollar on Monday, closing at ₦1,383.58 at the Nigerian Foreign Exchange Market (NFEM). This decline coincided with a contraction in liquidity, as data from the Central Bank of Nigeria (CBN) indicated a reduction in intraday turnover among authorized dealers. Total interbank exchange volume fell to ...
The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, and the Chairman of the Governing Board of the Federal Mortgage Bank of Nigeria (FMBN), Nasiru Yusuf Gawuna, have resigned from their respective positions to pursue governorship bids in the 2027 general elections. The resignations follow a directive from President Bola Ahmed Tinubu, issued through the ...
By Imisioluwa Afunmiso You may not have noticed it yet. Life is getting more expensive, and people are adjusting in ways they don’t always talk about. What used to feel like normal spending now requires more thought and planning. Little by little, priorities are changing and certain things are being pushed aside. If you look ...
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Central Bank of Nigeria (CBN) for the orderly and non-disruptive execution of the bank recapitalization programme as the exercise nears its conclusion. Recall that as of March 27, 2026, 32 banks have successfully met the new minimum capital requirements per the announcement made ...
The Central Bank of Nigeria (CBN) has aggressively mopped up ₦4.11 trillion from the banking system within a single week through the sale of Open Market Operations (OMO) bills. This significant liquidity withdrawal is part of the apex bank’s ongoing strategy to curb soaring inflation and stabilize the Naira by reducing the volume of money ...
By Ejire Folakunmi The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on March 27, 2026, received the Executive Director for the IMF Africa Group III (ECOWAS) Constituency, Dr Quattara Wautabouna, during a courtesy visit in Abuja. The meeting focused on strengthening regional economic coordination and deepening collaboration among member states ...
By Matthew Denis A Federal High Court in Lagos has overturned the Central Bank of Nigeria’s (CBN) decision to dissolve the board and management of Union Bank of Nigeria. In a judgment delivered on Wednesday, Justice Chukwujekwu Aneke ruled that the CBN’s actions in January 2024 exceeded its legal authority. The court nullified the dissolution ...
By Muyideen Aliyu, Ilorin Kwara State Governor AbdulRahman AbdulRazaq has commenced the distribution of ₦350 million ($250,000) in interest-free loans to 1,000 residents. The initiative aims to empower small business clusters, strengthen grassroots economies, and promote sustainable development across Kwara communities. The project is funded by the World Bank under the Community Revolving Fund (CRF) ...
By Matthew Denis The Nigeria Customs Service (NCS) has engaged with a delegation from the African Continental Free Trade Area (AfCFTA) Secretariat on advancing the implementation of the Simplified Trade Regime (STR). The meeting, held at the NCS Headquarters in Abuja, focused on supporting small-scale cross-border trade. Representing the Comptroller-General of Customs, Deputy Comptroller-General (DCG) ...
The Nigerian stock market closed on a bullish note during mid-week trading, extending the previous session’s gains as the NGX All-Share Index (ASI) rose by 0.11%. Investors engaged in strategic cherry-picking, driving up the share prices of several equities including PREMPAINTS (+9.93%), ETRANZACT (+5.02%), CWG (+4.58%), PZ (+3.42%), GTCO (+3.20%), NB (+2.79%), and MTNN (+2.41%). ...
The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have signed a Memorandum of Understanding (MoU) to embark on massive enlightenment against Ponzi schemes. Signing the MoU in Abuja Wednesday, the Director-General of SEC, Dr Emomotimi Agama, warned that fraudulent operations are not legitimate investments. Agama, represented by the Commission’s Executive Commissioner ...
Zenith Bank Plc has announced the appointment of Mr. Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026. The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management. Mr. Okwudili graduated with a Bachelor of Science ...
Moniepoint Inc. has officially acquired restaurant management startup Orda Africa. This strategic move is designed to expand Moniepoint's footprint into Africa’s rapidly growing food service industry, a sector currently valued at an estimated $50 billion across the continent. The acquisition will integrate Orda’s cloud-based restaurant software directly into Moniebook, Moniepoint’s comprehensive business management platform. This ...
Nigeria’s Eurobond market closed on a positive note last week, with yields declining across various maturities as investor confidence held steady in the face of ongoing global economic uncertainties. According to data from Lagos-based financial services firm Meristem, average yields on Nigeria’s Eurobonds fell by 7 basis points, dropping to 7.18 percent from 7.25 percent. ...
The Federal Government has officially inaugurated the Governing Board of the National Pension Commission (PenCom) weeks after the Nigerian Labour Congress (NLC) strongly demanded its constitution. The inauguration ceremony, held in Abuja, was supervised by the Secretary to the Government of the Federation (SGF), Senator George Akume. This development follows an October 2025 meeting between ...
United Capital has announced exceptional financial results for its impact investment vehicle, the United Capital Infrastructure Fund (UCIF), for the 2025 financial year. The fund delivered a remarkable 55 percent increase in total income, reaching ₦3.06 billion, in what management described as a testament to its steady growth and ongoing value creation for investors. The ...
By Matthew Denis The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have formalized a partnership aimed at eradicating the influence of Ponzi schemes. The two organizations recently signed a Memorandum of Understanding (MoU) at the NYSC headquarters in Abuja, establishing a specialized Community Development Service (CDS) group dedicated to financial ...
Global oil markets are bracing for extreme volatility, with Brent crude prices potentially averaging $120 per barrel throughout 2026 if the Strait of Hormuz remains effectively closed for six months, Fitch Ratings has warned. According to a newly published report by Fitch Ratings, even a shorter, three-month blockade of the critical maritime chokepoint would drive the ...
The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria's recent, marginal disinflation gains are highly fragile and face an imminent threat of reversal due to escalating global energy shocks. In a policy brief released on Sunday, CPPE Chief Executive Officer Dr. Muda Yusuf cautioned that while the February 2026 Consumer Price ...
