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Global oil prices dropped sharply and stock markets rallied on Wednesday after reports emerged that the United States had transmitted a peace proposal to Iran, while Tehran announced it would allow vessels it deemed non-hostile through the Strait of Hormuz, offering the first concrete signs that nearly four weeks of conflict could be winding…
The Central Bank of Nigeria has directed all International Money Transfer Operators in the country to open and maintain dedicated naira settlement accounts with authorised dealer banks, in a move designed to tighten regulatory oversight of diaspora remittances and improve transparency across the foreign exchange market. The directive was contained in a circular dated March…
The Nigerian Exchange Limited recorded a significant milestone last week as its all-share index breached the psychological 200,000-point threshold for the first time, settling at 201,156.85 points amid broad-based gains across key sectors and sustained institutional buying interest. The industrial goods sector emerged as the week’s best performer, posting a 9.67 per cent gain to…
Global oil prices surged by 10 percent on Thursday following confirmation from Qatar that Iranian strikes had caused extensive damage to the Ras Laffan liquefied natural gas facility, the world’s largest LNG hub, intensifying concerns over the security of energy supplies in an already volatile Middle East. European gas prices recorded a steeper climb…
The Nigerian Naira sustained a stable performance against the United States Dollar on Thursday, maintaining its position within a narrow trading band as the foreign exchange market continues to benefit from surging global crude oil prices and a historic accumulation of external reserves that has reached levels unseen in over a decade. Data from…
A comprehensive policy review has exposed critical structural barriers undermining the growth and sustainability of micro, small and medium enterprises in Nigeria, despite the sector’s strategic importance to the national economy and employment generation. The report, titled ‘Reassessment of Nigeria’s National Policy on Micro, Small and Medium Enterprises (MSMEs), 2021–2025 and Strategic Directions for 2026–2030’,…
Sustained bargain hunting in heavyweight stocks drove the Nigerian Exchange Limited market capitalisation up by N923 billion last week, extending the rally that has defined domestic equity trading in recent weeks and further strengthening investor confidence in Nigerian equities. The all-share index closed the week at 198,407.3 points, representing a 0.73 per cent week-on-week gain,…
The Centre for the Promotion of Private Enterprise has warned that Nigerian businesses face mounting existential threats from the current surge in global energy prices, driven by escalating geopolitical tensions in the Middle East that have pushed crude oil to $100 per barrel and refined fuel above N1,000 per litre. In an advisory note…
Japan has commenced the release of its strategic petroleum reserves in response to a coordinated global effort by International Energy Agency member states to stabilize oil markets following price surges triggered by escalating conflict in the Middle East. The Japanese government confirmed the drawdown on Monday through an official notice published in the government…
Nigeria has ended the era of “paper oil” by enforcing strict relinquishment rules for exploration licences. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that operators must now develop assets or lose them. This “drill-or-drop” provision, enshrined in Section 94 of the Petroleum Industry Act, targets companies that previously held blocks for decades without investment….
