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Central Bank of Nigeria Governor Olayemi Cardoso and World Trade Organisation Director-General Ngozi Okonjo-Iweala will lead high-level discussions on structural reforms at the seventh Africa Emerging Markets Forum in Abuja. Hosted at the apex bank’s headquarters this week, the summit brings together finance ministers, central bank governors, and development partners from across the continent. The…
Global energy markets shuddered again on Thursday as crude prices spiked towards triple digits. International benchmark Brent crude jumped five per cent to hit an intraday peak of $98.80 a barrel. The sudden surge followed Houthi rebel claims of drone strikes against two Saudi oil tankers in the Red Sea. US West Texas Intermediate similarly…
The Central Bank of Nigeria has kept its benchmark interest rate unchanged at 26.5 per cent following its latest Monetary Policy Committee meeting in Abuja. Central Bank Governor Olayemi Cardoso announced the unanimous hold decision on Tuesday after evaluating lingering domestic risks and global geopolitical market shocks. The apex bank prioritised exchange rate stability and…
Nigeria’s net foreign exchange reserves have surged to approximately forty billion dollars as ongoing monetary reforms begin to yield fruits. Central Bank Governor Olayemi Cardoso announced the milestone at the BusinessDay CEO Forum in Lagos. The dramatic recovery marks a massive rebound from the critically low three billion dollars recorded at the start of his…
The Federation Account Allocation Committee distributed an unprecedented 2.550 trillion Naira to Nigeria’s three tiers of government following a substantial surge in tax and oil receipts. The distribution represents a 10.9 per cent increase from the 2.300 trillion Naira shared in the preceding month. This fiscal windfall provides a temporary cushion for cash-strapped state governors…
Nigeria’s headline inflation rate slowed to 15.91 per cent in June, marking the first drop in three months. Data from the National Bureau of Statistics showed a microscopic decrease of 0.02 percentage points from the 15.93 per cent recorded in May. Central bank officials will likely view this marginal easing as a validation of their…
A sweeping retreat by Nigerian lenders has stripped N5.45 trillion in credit from eight critical sectors of the economy in the space of a single year, laying bare the cost of the Central Bank of Nigeria’s decision to force banks back to stricter prudential standards. The pullback, drawn from the CBN’s latest data on…
Nigeria’s mining sector has delivered its strongest performance in decades. Solid minerals exports reached ₦354 billion in 2025 as policy shifts begin to shake off years of stagnation.  The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi, notes that the industry grew by 33.5 per cent in real…
Nigeria has emerged as one of the steadier performers in an unsettled global economy, with the International Monetary Fund choosing to leave its growth forecast for the country untouched even as it trimmed expectations for much of the world. The Fund retained Nigeria’s growth forecast at 4.1 per cent for 2026, holding firm despite…
Domestic financial analysts have adjusted their economic models to project that Nigeria’s inflation rate will close the year 2026 at 16 percent. Investment banking firms and research houses simultaneously withdrew their earlier predictions for an imminent interest rate cut by monetary authorities. This collective analytical shift highlights the persistent nature of underlying inflationary pressures across…
