- Economy
CBN to impose N100m on banks for inadequate FX documents
The Central Bank of Nigeria (CBN) has introduced a N100 million penalty for banks that process foreign exchange transactions with inadequate documentation, as part of a sweeping revision of its foreign exchange regulatory framework aimed at tightening compliance and improving market transparency. The sanction is contained in the newly released fourth edition of the Foreign Exchange Manual, which serves as…
Read More » - Economy
Equities market down by N581bn, extends losses to fourth consecutive trading session
The Nigerian equities market closed on Thursday session in negative territory, extending losses to the fourth consecutive trading session as the overall capitalization declined by N581 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 905.30 per cent, representing a loss of 0.37 per cent, to close at 242,227.31 points. Similarly, the overall market capitalisation value shed N581…
Read More » - Economy
Africa can unlock over $469bn annually without increasing tax rates, says AfDB
African Development Bank (AfDB) said African countries can unlock more than $469 billion in additional annual revenue without increasing statutory tax rates through improved tax administration and stronger compliance measures. This was disclosed by Chief economist at the AfDB, Mr. Kevin Urama. He is also AfDB’s vice-president for economic governance and knowledge management. In an interview with the NAN, he…
Read More » - Business
CBN raises N1.46trn from first NTB auction in June 2026
The Central Bank of Nigeria (CBN) has raised N1.46 trillion at its June 3 Treasury bills primary market auction, hiking stop rates across all tenors despite heavy demand attracting N2.160 trillion in subscriptions, more than double the offer size of N1 trillion. The 364-day bill alone attracted subscriptions of N1.95 trillion against an N800 billion offer. This is according to…
Read More » - Economy
Foreign capital inflows up by 84% to $10.37bn in Q1 2026c, says NBS
Nigeria attracted $10.37 billion in capital importation in the first quarter of 2026, marking an 83.8per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, as foreign investors ramped up purchases of money market instruments and bonds. This is according to the latest data released by the National Bureau of Statistics (NBS) on Wednesday. The…
Read More » - Business
Airtel Africa’ stock records strong market gains
Airtel Africa Plc has emerged as the standout large-cap performer on the Nigerian Exchange Limited (NGX), recording a 10 per cent gain in a single trading week and reinforcing its position as one of Africa’s most resilient and valuable telecommunications companies The telecoms giant closed the week at N3,655.70 per share, up from N3,323.40, making it one of the strongest…
Read More » - Business
IFC, NGX Group, LCCI unveil Nigeria gender country program at CEO roundtable
The International Finance Corporation (IFC), Nigerian Exchange Group (NGX Group), and the Lagos Chamber of Commerce and Industry (LCCI) have unveiled the Nigeria Gender Country Program (NGCP) at a high-level virtual CEO Roundtable convened to advance private sector action on gender equality and inclusive economic growth. The session brought together chief executives and senior business leaders from NGX-listed companies, IFC…
Read More » - Perspectives
Oyo electorates: Need to stand firm behind Alli Sarafadeen to spearhead APC to victory in 2027 polls, by Kola Amzat
As in 36 states across the federation including FCT, Abuja, the primaries for all elective offices at all levels have been successfully brought to a close. Quite a number of candidates have emerged. Indeed, Nigerian electorates have been privileged to at least have a glimpse of the candidates that would likely feature on the ballot. The next step: the ability…
Read More » - Economy
Nigeria has seen consequential economic transition under Tinubu, says MAN
The Manufacturers Association of Nigeria (MAN) on Tuesday stated that Nigeria has seen consequential economic transition under President Bola Tinubu in the past three years, stressing the reforms though difficult but it has created a solid groundwork for long-term economic recovery. The Director-General, MAN, Mr. Segun Ajayi-Kadir, in a report entitled: “Manufacturer Assess Impact of Recent Economic Reforms on…
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Average price of Garri drops by 39.8% in April 2026, says NBS
The National Bureau of Statistics (NBS), revealed that the average price of white garri sold loose fell by 39.86per cent year-on-year, while brown beans recorded a steeper decline of 44.89per cent compared to the corresponding period of 2025. The figures were contained in the NBS Selected Food Price Watch report for April 2026, which also showed mixed price movements across…
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