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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,…
Nigeria’s stock market opened the week on an assertive note, adding N1.755tn in a single session as heavyweight banking, cement and insurance counters lifted the benchmark to a fresh record and stretched a rally that has now defined the equities story for most of 2026. At the close of trading on Monday, the All…
Nigeria’s steel paradox is as stark as it is familiar. A nation sitting on large iron ore deposits, generating scrap metal in industrial quantities and riding a construction boom still imports almost all the steel it consumes, draining an estimated four billion dollars from the economy every year. A newly published private framework…
The Federal Government has officially dismissed widespread reports suggesting an impending ban on the export of raw cocoa beans, clarifying that its policy is focused on promoting local value addition rather than restricting exports. Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the clarification in a statement issued on Friday, following public…
