- Economy
CBN directs banks to freeze accounts of customers accused of financing terrorist
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to freeze accounts of customers accused of terrorism financing. In a circular signed by Olubunmi Ayodele-Oni, the apex bank on Thursday said the directive followed recent designations by the Nigeria Sanctions Committee and the US Treasury Department’s Office of Foreign Assets Control. The US had recently listed…
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Average retail price of petrol up by 55.31% to N1,596.25/litre, says NBS
The National Bureau of Statistics (NBS) on Wednesday revealed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2026 stood at N1,596.25 per litre, representing a 55.31per cent increase from N1,027.65 per litre in May 2025. The latest Premium Motor Spirit (Petrol) Price Watch report by the NBS noted that comparing the average price…
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BREAKING: SEC bans marketing, promotion of Dangote Refinery’s IPO
The Securities and Exchange Commission (SEC) has banned the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator. In a public notice made available to Vanguard on Tuesday, the Commission said it had become aware…
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Nigeria’s broad money supply increases to N129.21trn in May 2026, says CBN
Nigeria’s broad money supply (M3) increased to N129.21 trillion in May 2026, reflecting continued expansion in liquidity across the economy despite the Central Bank of Nigeria’s (CBN) decision to maintain a tight monetary policy stance. Broad money, or M3, comprises currency in circulation outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits. Latest data from…
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Fitch warns Nigeria over $5bn swap deal with First Abu Dhabi Bank
Nigeria’s proposed $5billion total return swap financing arrangement could expose the country to additional debt-management and liquidity risks despite its potential benefits, global rating agency Fitch Ratings has warned. Fitch said that while total return swaps can provide governments with hard-currency liquidity, diversify funding sources, and lower borrowing costs, the structure could create transparency concerns, increase exposure to market shocks,…
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Wema Bank, EIB Global sign N78.5bn SME investment agreement
Wema Bank Plc has signed a N78.5 billion or €50 million financing agreement with the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), with a focus on women- and youth-owned businesses. The agreement was signed on June 19 at the bank’s headquarters in Lagos, marking the first transaction between EIB…
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Relieve as Nigerian stock market gains N1.52trn
The equities market section of the Nigerian Exchange Limited (NGX) rebounded strongly on Monday after several consecutive sessions of losses, as renewed buying interest lifted investor sentiment across the bourse. On that note, the market capitalization of listed stocks gained N1.52 trillion or one per cent to close at N152.85 trillion from N151.33 trillion it closed for trading last week. …
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DMO raises N1.22trn from FGN Bond market
The Debt Management Office (DMO) on Monday announced the June 2026 auction result, allotting a total of N1.22 trillion to the investing public. The debt office reopened the JAN-2035 and APR-2037 bonds, offering a total of N1.20 trillion. The auction result obtained by westernpost showed that a total demand settled at N1.41 trillion (bid-to-offer: 1.2x), with the DMO eventually allotting…
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Agama urges collaboration among African markets
Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, on Monday called for enhanced collaboration among African markets for a stronger interconnection within the continent as well as development of new products. This is as the SEC Nigeria signed a Memorandum of Understanding with the Capital Markets Authority of Rwanda in Abuja. According to the MoU, “each Party…
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Dimension Data commences N5bn corporate bond offer to expand fibre infrastructure
Dimension Data SPV Funding Plc has opened subscriptions for its Series 1 Corporate Bond issuance of up to N5 billion under its N20 billion Bond Programme, as the company seeks to raise long-term capital to expand fibre network infrastructure and strengthen service delivery across Nigeria’s growing digital economy. The offer, which is being managed by Pathway Advisors Limited as Lead…
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