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Nigeria’s central bank governor now oversees $52.5bn in foreign reserves. Olayemi Cardoso cites market stability and disciplined monetary policy for the swift balance sheet repair. Gross reserves grew to cover eleven months of imports. Net external reserves jumped to $40bn from a perilous $3bn baseline. Foreign currency buffers now offer real defense against external economic…
Former Vice President Atiku Abubakar has launched a blistering critique of President Bola Tinubu’s economic claims, insisting official statistics conceal widespread hardship. In a statement issued by his media aide Phrank Shaibu, the opposition leader argued that the macroeconomic recovery narrative collapses in the face of shuttered factories and hollowed-out family budgets. Polished charts do…
Nigeria’s economic scoreboard has become the latest battleground between the presidency and the opposition, with Atiku Abubakar accusing the Tinubu administration of dressing up hard numbers to look better than the hardship Nigerians are living through. The African Democratic Congress presidential candidate, in a statement issued through his Senior Special Assistant on Public Communication,…
Households across Nigeria pulled back sharply from bank borrowing in 2025, pushing consumer credit into its first annual contraction in six years as punishing interest rates reshaped how Nigerians and their lenders approached debt. Figures contained in the Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts show that outstanding consumer credit…
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 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…
Nigeria’s fiscal managers have thrown open the debt taps at a pace not seen in recent memory, moving early and aggressively into the domestic market to raise cash before borrowing costs climb any higher. The strategy, described in the latest Fixed Income Thematic Report by Meristem Securities Limited, points to a government determined to…
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 World Bank could scale up financial support to as much as $100bn over the next 15 months to help developing countries withstand the economic fallout from the escalating crisis in the Middle East, the lender has announced, warning that the conflict risks pushing global growth to its weakest level since the COVID-19 pandemic….
The Nigeria Governors’ Forum has asked President Bola Tinubu to consider raising the national minimum wage to 100,000 naira. Kwara State Governor AbdulRahman AbdulRazaq, who chairs the forum, proposed a weekend meeting at the presidential residence in Lagos. The governors cite relentless inflation and the soaring cost of living as major reasons for the upward…
