The naira weakened marginally at the official foreign exchange market on Monday, closing at N1,420.5 to the dollar as global dollar sentiment softened amid renewed concerns over U.S. economic and geopolitical risks. Data published on the Central Bank of Nigeria (CBN) website showed the local currency depreciated slightly from its previous close, even as conditions … [Read more…]
Leading downstream oil and gas company, Pinnacle Oil and Gas Limited, has announced the launch of its flagship fully synthetic lubricant product, PIBREUM SN-9000 5W-30, designed to deliver superior engine performance and protection. Officially introduced to the market in early January, PIBREUM SN-9000 5W-30 is an advanced fully synthetic formulation engineered to perform optimally across … [Read more…]
Nigeria is heading into 2026 with the federal budget still in “patch-up” phase, following repeated extensions of the 2024 capital expenditure (CAPEX) implementation to December 2025. As a result, execution of the 2025 CAPEX has lagged significantly, with only about 24.8 per cent of the N23.4 trillion allocation expected to be implemented by year-end, leaving … [Read more…]
The Central Bank of Nigeria (CBN) has announced revised cash withdrawal rules that will take effect from January 1, 2026, significantly reducing the amount individuals and corporate organisations can withdraw weekly across all channels. In a circular issued on Tuesday and signed by the Director of Financial Policy and Regulation, Dr Rita I. Sike, the … [Read more…]
Doris Ewoh, Enugu The Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu, has highlighted the role of the ECOWAS Trade Liberalization Scheme (ETLS) in empowering Small and Medium Enterprises (SMEs) to transform local brilliance into regional competitiveness, ultimately strengthening national economies. She made the statement during her opening remarks at a one-day Sensitization and … [Read more…]
Enugu State has emerged as Nigeria’s most fiscally viable subnational government, according to BudgIT’s 2025 State of States ranking. The report shows that Enugu State is the most probable state to finance its operating expenses exclusively from internally generated revenue (IGR) and independent of allocations from the Federation Account Allocation Committee (FAAC). However, whereas Enugu, … [Read more…]
Mr Olayemi Cardoso, the Governor of the Central Bank, will lead Nigeria’s delegation to the World Bank and International Monetary Fund Annual Meeting in Washington DC, which opens on Monday, October 13. This was confirmed in a statement issued by Bayo Onanuga, Special Adviser to the President (Information & Strategy). Onanuga said Cardoso, as the … [Read more…]
By Ikenna Igwe When the United Kingdom rolled out its toughest immigration reforms in decades, few countries felt the tremors as acutely as Nigeria. Beyond individual dreams of study or work abroad, Britain’s policy shift threatens to reshape an entire economic lifeline. The Rules Have Changed Britain’s 2025 immigration overhaul raises the salary threshold for … [Read more…]
The Chief Executive Officer of Air Peace, Mr. Allen Onyema, has stated that the federal government under President Bola Ahmed Tinubu’ administration, made it easy for Nigerian airlines to challenge the status quo on international air routes. Onyema said this on Friday when he used the opportunity to deliver the keynote speech during the Nigeria … [Read more…]
The Central Bank of Nigeria (CBN) has lowered the country’s interest rate by 50 basis points to 27%, marking the first rate cut in 2025. CBN Governor Olayemi Cardoso announced the decision during a press briefing on Tuesday following the 302nd Monetary Policy Committee (MPC) meeting in Abuja. The reduction comes after three consecutive pauses … [Read more…]
Presidency has mocked Atiku, Obi, El-Rufai, Lawal as external reserves hit $41bn, citing Tinubu’s prudent economic management. The Presidency on Thursday mocked opposition coalition leaders, including former Vice President and 2023 presidential candidate on the platform of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar; his counterpart in the Labour Party (LP) and former Anambra … [Read more…]
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…]