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Nigeria’s economy remained firmly cash-driven in May 2026, as the volume of money circulating outside the banking system rose to N5.19 trillion, exposing the limits of the Central Bank of Nigeria’s years-long campaign to wean the country off physical cash. Latest money and credit statistics from the CBN showed that currency outside banks…
Inside Nigeria’s 91,966MT Cooking Gas Supply Gap Liquefied Petroleum Gas marketers brought in 16,642.66 metric tonnes of cooking gas within the first 19 days of June to cushion a domestic supply gap that has driven prices to record highs and pushed many households back to charcoal and firewood. The imports formed part of the 95,769.26…
The naira opened the week on solid footing, trading at around ₦1,363.41 to the United States dollar at the official window on Monday, June 22, 2026, as the gap between the formal and street markets stayed unusually slim. The figure, drawn from the Nigerian Foreign Exchange Market, reflects the volume-weighted average that the Central…
Nigerian factories are carrying the heaviest fiscal burden for a cash-strapped state. The manufacturing sector contributed N404 billion in corporate and value-added taxes during the first quarter of 2026. Data from the National Bureau of Statistics show that factory owners remain the largest domestic source of non-oil state revenue. This fiscal feat comes despite a…
The naira weakened to N1,410 against the United States dollar in the parallel market on Thursday, easing from N1,405 a day earlier, as renewed demand pressure pushed the currency lower across both segments of Nigeria’s foreign exchange market. At the official window, the currency also lost ground. Data from the Central Bank of Nigeria…
The Federal Government released comprehensive transition guidelines to steer corporate taxpayers through the implementation of its overhauled national tax framework. The Federal Inland Revenue Service published the administrative manual to eliminate market confusion and prevent operational disruptions across key sectors. The new fiscal regime introduces structural changes to corporate income tax thresholds, value-added tax collection…
Oil marketers ramped up petrol purchases from foreign suppliers in May, pushing imports up sharply even as Nigeria’s domestic refineries continued to dominate national fuel supply, fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority has shown. According to the latest Midstream and Downstream Petroleum Statistics released by the NMDPRA, average daily…
The Central Bank of Nigeria issued a sweeping regulatory directive ordering banks and fintech companies to immediately disclose their ultimate beneficial owners. The policy aims to dismantle the opaque corporate structures often used to mask illicit capital flows across the country’s fast-growing digital financial ecosystem. Signed by Dr. Rakiya Yusuf, Director of the Payments System…
Nigeria’s telecommunications regulator has ordered a comprehensive overhaul of the industry’s wholesale pricing architecture. The Nigerian Communications Commission on Tuesday began rewriting the rules that govern mobile interconnection fees. Unprecedented inflation, severe currency depreciation, and massive expenditures on 5G infrastructure have made the current economic framework completely obsolete. Furthermore, internet-based messaging services have fundamentally broken…
Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, the third straight monthly increase in the annual rate, as the organised private sector pinned the worsening trend on Middle East tensions, rising energy costs, insecurity and import bottlenecks. The Consumer Price Index report released by the National Bureau of Statistics on…
