Business/Economy

Eight banks have successfully met the new minimum capital requirements stipulated for their licenses, the Central Bank of Nigeria (CBN) confirmed yesterday. Banks started raising funds last year to meet the CBN’s recapitalization requirement which has a March 2026 deadline. Speaking at a news conference in Abuja at the conclusion of the two-day Monetary Policy Committee … [Read more…]

President Bola Ahmed Tinubu has directed the National Single Window (NSW) Steering Committee to ensure the platform becomes fully operational by the first quarter of 2026. The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja. The President was represented by his Chief of Staff, Femi Gbajabiamila. Gbajabiamila said the … [Read more…]

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained Monetary Policy Rates at 27.5 per cent Governor of the Central Bank, Olayemi Cardoso, made the disclosure while briefing the media after the 301st MPC meeting in Abuja, on Tuesday. He said the Committee voted to retain Monetary Policy Rates at … [Read more…]

The Federation Account Allocation Committee (FAAC) has shared N1.818 trillion among the federal, state, and local governments as revenue generated in June 2025 — the highest monthly allocation so far this year. The amount was disclosed in a communiqué issued after the FAAC meeting in Abuja for July 2025. The Director of Press and Public … [Read more…]

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and services, eased to 22.22 per cent in June compared to 22.97 per cent the previous month, the National Bureau of Statistics (NBS) said Wednesday. The NBS attributed the 0.76 per cent decrease in the headline index to moderation in … [Read more…]

Headline inflation rate eased to 22.97% in May 2025, relative to the April 2025 headline inflation rate of 23.71%, the National Bureau of Statistics (NBS) said in a new data released on Monday. The NBS data showed that on a month-on-month basis, food inflation rate in May 2025 was 2.19%, up by 0.12% compared to … [Read more…]

…Banking expert Arnold Ekpe takes over leadership Billionaire industrialist Aliko Dangote has officially retired as Chairman of the Board of Directors of Dangote Sugar Refinery Plc, ending a 20-year tenure that shaped the company’s growth and market leadership. The announcement was made by Dangote Sugar Refinery in a statement signed by Company Secretary Temitope Hassan, … [Read more…]

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…]