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The naira closed out July on a stable footing against the United States dollar, extending a run of calm that has defined Nigeria’s foreign exchange market through much of 2026 and narrowing the long standing gap between official and street rates. At the official Nigerian Foreign Exchange Market (NFEM), the dollar traded around ₦1,360…
A Federal High Court in Lagos has struck down the House of Representatives’ directive compelling Seplat Energy Producing Nigeria Unlimited (SEPNU) to pay N72.624 billion as compensation to host communities over alleged oil spills, ruling that the National Assembly overstepped its constitutional boundaries and encroached on powers reserved for the courts. Justice Allagoa delivered…
Petrol depot prices fell across Nigeria’s major supply hubs on Tuesday as fuel marketers rolled out fresh reductions of up to N23 per litre, easing a price spike recorded barely a week earlier and pointing to sharper competition in the deregulated downstream market. Mid day depot data showed that depots in Lagos, Warri, Calabar…
The Nigerian naira opened Wednesday, July 29, 2026, on a steady footing against the United States dollar, extending a run of relative calm in the foreign exchange market as improved liquidity and rising external reserves continued to anchor the local currency. Data from the official Nigerian Foreign Exchange Market (NFEM) put the naira at an…
Fresh monetary data from the Central Bank of Nigeria has put credit to the private sector at N83.3 trillion in June 2026, a 2.8 per cent rise from the N81 trillion recorded in May, offering the clearest sign yet that bank lending to businesses and households is recovering after a punishing first half of…
Nigerian businesses are borrowing heavily despite punitive interest rates. Credit to the private sector climbed 2.8% to 83.3 trillion naira in June. Fresh Central Bank of Nigeria data confirms the steady credit expansion from eighty-one trillion naira in May. Commercial banks continue to disburse loans to eager corporate and household borrowers. High borrowing costs fail…
Nigeria’s manufacturing sector has issued a grim warning regarding persistent domestic price pressures. The Manufacturers Association of Nigeria stated on Friday that food and core inflation will not ease without fundamental structural reforms. Association Director-General Segun Ajayi-Kadir warned that high energy tariffs, foreign exchange scarcity, and extortionate interest rates continue to cripple production. Factory owners…
Foreign airlines operating in Nigeria frequently treat regulatory compliance as optional. The Nigeria Civil Aviation Authority has threatened Royal Air Maroc with punitive sanctions following repeated regulatory defiance. Director of Public Affairs Michael Achimugu confirmed the regulator’s stance in a recent statement. The Moroccan flag carrier continues to ignore official directives regarding passenger mistreatment and…
Nigerian households and businesses are buying their way out of the national grid at a pace that has now placed the country among the biggest markets for small scale solar investment across Sub Saharan Africa, according to a new BloombergNEF assessment that credits arithmetic rather than climate policy for the shift. The report, titled…
Petroleum marketers returned to naira transactions at the Dangote Petroleum Refinery on Wednesday after a week of dollar denominated pricing that unsettled Nigeria’s downstream market, but the relief arrived with a higher bill, as the refinery lifted its ex depot petrol price by N140 per litre. A notice issued by the refinery’s commercial department,…
