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The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
Nigeria’s net foreign exchange reserves have climbed by 772 per cent in two years, marking a sharp recovery in the country’s external buffers. Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, revealed on Monday that net reserves rose from a lowly $3.99 billion at the end of 2023 to $34.80 billion by December 2025. This…
Nigeria’s economy closed 2025 on a high note, recording a real GDP growth of 4.07% in the fourth quarter. Data released by the National Bureau of Statistics (NBS) shows a steady acceleration from the 3.76% seen during the same period in 2024. The services sector remains the undisputed engine of this expansion, accounting for nearly…
Nigeria’s lenders are currently engaged in a frantic scramble for cash. According to the Central Bank of Nigeria (CBN), the industry has successfully mobilised ₦4.05trn to meet new, more aggressive capital thresholds. Of the 33 banks under the microscope, 20 have already crossed the finish line. The remaining 13 are staring at a clock that…
ABUJA — The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 50 basis points to 26.50 per cent. This pivotal decision emerged following the 304th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. CBN Governor Olayemi Cardoso confirmed that all committee members unanimously supported the rate cut from its…
ABUJA — President Bola Ahmed Tinubu has formally lauded the Bank of Industry (BOI) for a historic N636 billion loan disbursement to Nigerian enterprises in 2025. This record-breaking volume, the highest in the institution’s history, reached over 7,000 enterprises across the federation. The President characterized this milestone as empirical validation of his administration’s macroeconomic reforms….
ABUJA — The Nigeria Revenue Service (NRS) has shattered previous records by generating N28.3 trillion in tax revenue during the 2025 fiscal year. This figure represents a staggering 30 percent increase over the N21.7 trillion collected in 2024. Executive Director of Government and Large Taxpayers, Hajiya Amina Kurawa, announced these results during a management retreat…
LAGOS — Global oil prices surged toward the $70 threshold this week following a breakdown in diplomatic negotiations between Washington and Tehran. Brent crude climbed to $69.25 per barrel, marking a sharp ascent from the $67 recorded just last week. This rally intensified after nuclear talks in Oman collapsed without a resolution between the two…
The Nigerian Exchange Limited sustained a remarkably positive trajectory during the final trading sessions of the week. Investors effectively added four trillion naira to their collective wealth over a brief five-day operational period. This significant appreciation reflects a renewed confidence in the underlying fundamentals of the domestic corporate sector. Market capitalisation reached an unprecedented peak…
The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.97 trillion for December 2025. This disbursement represents the collective revenue generated by the federation during the final month of last year. The committee distributed these funds among the Federal Government, the 36 states, and 774 local governments. This record-breaking figure reflects a significant…
