As a follow-up to his recent efforts to raise crude oil production and attract investment to the oil and gas sector, President Bola Tinubu has issued a new Executive Order which seeks to lower project costs, attract more investors, and enhance revenues from operations in the sector. In the new Order, 50 per cent of … [Read more…]
The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market. Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone. This marks a 0.28 per cent appreciation from Thursday’s closing rate of … [Read more…]
By Ikenna Promise Igwe As President Bola Tinubu joined world leaders in Vatican City on Sunday, May 18, 2025, to witness the historic inauguration of Pope Leo XIV—the first American pontiff—Nigeria found itself at the convergence of three powerful global forces that will shape its economic destiny. The presidential handshake with the new Pope symbolizes … [Read more…]
The Central Bank of Nigeria (CBN) has voted to retain the Monetary Policy Rate (MPR) at 27.5%, following its 300th Monetary Policy Committee (MPC) meeting held in Abuja. This was disclosed by the apex bank’s Governor Olayemi Cardoso during the post-MPC press briefing on Tuesday. Key Monetary Policy Decisions: Monetary Policy Rate (MPR): Retained at … [Read more…]
By Ikenna Igwe As markets reel from Donald Trump’s return to the White House, Nigeria—Africa’s largest economy—finds itself caught in a geopolitical vise grip that threatens to reshape its economic future. The administration’s aggressive “America First” policies are already sending shockwaves through Nigeria’s oil-dependent economy, forcing an urgent rethinking of decades-old economic partnerships. OIL AMBITIONS … [Read more…]
In a major economic comeback, Nigeria recorded a Balance of Payments (BOP) surplus of $6.83 billion in 2024. This marked a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) announced the recovery in a statement issued on Wednesday by the apex bank’s acting … [Read more…]
The federal government has ruled out scrapping the naira-for-crude deal after the first phase ended on March 31. In a statement released on Wednesday, the ministry of finance announced that the decision to sustain the initiative was taken after a meeting of the technical sub-committee on the crude and refined product sales in naira initiative … [Read more…]
Governor of Enugu State, Dr. Peter Mbah, has pledged continuous improvement of Ease of Doing Business in the state. Mbah also pledged continuous support to Small and Medium Scale Enterprises, SMEs, which he described as the lifeblood of any economy. The governor gave the assurances at the weekend while declaring open the 36th edition of … [Read more…]
In a sweeping move that could redefine global commerce, U.S. President Donald Trump has announced a baseline 10% tariff on all U.S. imports, alongside sharper, country-specific reciprocal tariffs aimed at nations that impose steeper duties on American goods. Exports from Nigeria to the US will attract a 14% tariff compared to the 27% that the US government … [Read more…]
The Central Bank of Nigeria (CBN) has disclosed that Nigerians took personal loans worth N470 billion from banks in the last quarter of 2024. According to the Fourth Quarter 2024 Economic Report released by the apex bank, consumer credit outstanding increased by 11.06%, rising from N4.25 trillion at the end of September 2024 to N4.72 … [Read more…]
The Central Bank of Nigeria (CBN) sold N678 billion worth of Treasury bills (T-bills) in its latest auction, despite total investor subscriptions reaching N1.27 trillion, highlighting strong demand amid tight market liquidity. At the NTB PMA auction conducted by the Debt Management Office (DMO) recently, the yield spiked to 22.52 percent from 21.68 percent due to … [Read more…]
The Central Bank of Nigeria (CBN) has reviewed upwards the fees charged on Automated Teller Machine (ATM) withdrawals effective March 1. In a circular, CBN Acting Director, Financial Policy & Regulation Department, John Onojah, explained that the revised charges will address increasing operational costs and enhance the efficiency of banking services. Under the new rules, customers … [Read more…]