- Economy
CBN grants IOCs full access to export proceeds, suspends cash pooling rule
The Central Bank of Nigeria (CBN) said it has suspended the cash pooling requirement for international oil companies (IOCs), granting them full access to their export proceeds. Cash pooling is a financial arrangement where a company (or regulator) centralises cash from multiple accounts into one place to manage it more efficiently. In a circular issued, the financial regulator said the…
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Global oil price hits $100/barrel as investors evaluate Middle East ceasefire prospects
The price of Brent crude oil, the global oil benchmark, rose by 3.37 per cent to $100.54 a barrel on Thursday. US West Texas Intermediate also increased by 3.31 per cent to $93.31 per barrel. Oil price had plunged on Monday to $96 a barrel after United States President Donald Trump, said he would postpone any military strikes against Iranian…
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Nigeria supplying about 30% of needed volumes, says Dangote Refinery
The Chief Executive Officer and Managing Director of the Dangote Refinery, David Bird, on Wednesday raised concerns over Nigeria’s inability to supply sufficient crude oil to the facility, disclosing that deliveries under the government’s crude supply arrangement are falling significantly short of agreed volumes. Speaking in an interview on Arise Television, Bird said the refinery, which is currently operating at…
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Court ruling on Union Bank: CBN reiterates oversight, assures stakeholders of stability
The Central Bank of Nigeria (CBN) on Wednesday assured the public of the stability of Union Bank of Nigeria Plc, stating that it will continue to provide regulatory oversight of the bank and review the court judgement regarding its intervention in the bank. Justice Chukwujekwu Aneke of the Federal High Court in Lagos had ruled that the apex bank exceeded…
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Average retail price of petrol drops by 15.60% to N1,051.47/litre, reveals NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for February 2026 was N1,051.47, indicating a 15.60per cent decrease compared to the value recorded in February 2025 (N1,245.80). According to the NBS report, comparing the average price value with that of the previous month (i.e., January 2026),…
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Nigeria’s capital inflow up by 26.6% to $6.44bn in Q4 2025, says NBS
Nigeria recorded a total capital importation of $6.44 billion in the fourth quarter of 2025, representing a 26.61 per cent year-on-year increase compared to $5.09 billion recorded in the corresponding period of 2024. This is according to the latest Capital Importation report released by the National Bureau of Statistics (NBS) on Wednesday, which also showed a quarter-on-quarter increase of 7.13per…
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Court nullifies CBN’s sack of Union Bank’s board, restores Titan Trust, other core shareholders
A federal high court sitting in Lagos has ruled that the Central Bank of Nigeria (CBN) acted beyond its regulatory authority when it sacked the board and management of Union Bank of Nigeria in January 2024. Delivering the judgment on Wednesday, Justice Chukwujekwu Aneke quashed all the decisions and steps taken by the CBN-appointed board and ordered that the former…
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Recapitalisation: Nigerian banks raise N4.61trn fresh capital, says CBN
Nigerian banks have mobilised a total of N4.61 trillion in fresh capital under the Central Bank of Nigeria’s ongoing recapitalisation programme, reflecting strong investor appetite and growing foreign participation in the sector. This was disclosed in a press statement issued by the apex bank on Tuesday, following remarks by the CBN Governor, Olayemi Cardoso, at the 4th Annual IMF/AFRITAC West…
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NGX Group, Ministry of Women Affairs partner to drive women’s inclusion in capital markets
Nigerian Exchange Group Plc (NGX Group) has partnered with the Federal Ministry of Women Affairs and Social Development to advance women’s economic empowerment and promote greater gender inclusion in Nigeria’s capital markets. This was highlighted during a strategic visit by the Honourable Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, to NGX Group, which culminated in a ceremonial…
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SEC DG, Agama re-elected AMERC vice chair
The Securities and Exchange Commission Nigeria (SEC Nigeria) is pleased to announce the re-election of its Director-General, Emomotimi Agama, as Vice Chair of the Africa/Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for a second term spanning 2026–2028. IOSCO was established in 1983, serves as the global standard-setter for the securities industry and is recognised as…
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