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Corporate Nigeria has just closed one of its most profitable six months on record, and the Presidency is claiming credit for it. What the underlying numbers show is a more complicated story of policy, price and timing. The claim came on Wednesday from Bayo Onanuga, Special Adviser to the President on Information and Strategy, who…
NAICOM issued fresh operating licences to 43 recapitalised insurance companies. Regulators purged fragile operators to rebuild public trust across the financial sector. Stronger balance sheets allow local underwriters to retain large commercial risks domestically. Capital requirements now shield policyholders against defaults. Higher capital standards signal a firm regulatory shift. Weak operators no longer hold valid…
Nigeria’s foreign exchange market pulled in two directions on Tuesday, as the naira weakened in the parallel market even while strengthening at the official window, reopening a spread that had been narrowing for much of the year. Figures reported by Vanguard showed the currency depreciating to N1,420 per dollar in the parallel market from N1,408…
The Nigeria Revenue Service has released comprehensive guidelines on the taxation of virtual assets, establishing a clear regulatory framework for cryptocurrency and other digital asset transactions under the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025. In a public notice issued on Monday, the agency said the new document provides an…
Active mobile subscriptions in Nigeria climbed to nearly 190 million in May, driven by an insatiable appetite for internet data. Fresh numbers from the Nigerian Communications Commission show the country added four million mobile lines in just two months. High inflation and sinking wages have failed to curb digital consumption across the federation. Data is…
The naira began the new week on a relatively stable footing against the United States dollar across both the official Nigerian Foreign Exchange Market and the parallel market on Monday, August 3, 2026. Central Bank of Nigeria data placed the official NFEM rate around ₦1,368 per dollar, with the most recent closing figure recorded…
The United States and Japan confirmed on Monday their readiness to act again in currency markets after carrying out their first coordinated yen buying operation in nearly three decades. The joint step followed the Japanese currency’s fall to a four decade low and marked a notable shift in official efforts to curb what authorities…
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…
