President Bola Ahmed Tinubu has announced plans to list the Nigerian National Petroleum Company Limited ,NNPCL, on the Nigerian stock market as part of efforts to deepen investment and strengthen the country’s capital market. Tinubu disclosed this on Thursday while receiving a performance report from the leadership of the Nigerian Exchange Group, NGX, at the
NDIC Begins Payouts to Depositors of 46 Failed Microfinance Banks The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of 46 failed microfinance banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN). The corporation has also stepped up efforts to recover loans owed to
Nigeria’s Foreign Reserves Rise to $52.5bn, Highest in 17 Years — CBN Nigeria’s foreign exchange reserves have risen above $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has said. The CBN attributed the increase to stronger foreign exchange inflows and renewed investor confidence in the Nigerian economy. Acting
Naira strengthens to N1,408/$ in parallel market The naira strengthened against the US dollar on Monday, appreciating to N1,408 per dollar in the parallel market from N1,415 recorded at the weekend. The local currency also gained ground in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar. Data from the Central
Nigeria’s headline inflation rate declined marginally to 15.91 per cent in June 2026 from 15.93 per cent recorded in May, marking the first slowdown in headline inflation in three months, according to the National Bureau of Statistics (NBS).In its Consumer Price Index (CPI) report released on Wednesday, the NBS said the June headline inflation rate
By Ozumi Abdul Nigeria’s petrol market has witnessed a dramatic shift in just two months. After hitting a record national average of N1,596.25 per litre in May 2026, according to the National Bureau of Statistics (NBS), pump prices have gradually declined following a series of price cuts by the Dangote Refinery and other marketers.By July
President Bola Tinubu says the Presidential Power Sector Task Force has been authorised to raise N4 trillion through bond programme to settle verified legacy debts in Nigeria’s power sector as part of ongoing reforms to stabilise electricity supply.Tinubu spoke during his Democracy Day address on Friday, June 12, noting that the initiative is being driven
The Federation Account Allocation Committee (FAAC) has distributed a total of N2.3 trillion to the Federal Government, state governments and local government councils from revenue generated in May 2026, reflecting a N43 billion increase from the N2.257 trillion shared in the previous month.The latest allocation represents a 1.9 per cent month-on-month increase and extends the
The World Bank has revealed that a significant majority of Nigerians continue to face poverty challenges, with about 79 per cent of the population reportedly experiencing hardship despite economic reforms introduced by President Bola Tinubu’s administration. According to the global financial institution, the country’s ongoing reforms, including efforts aimed at stabilizing the economy and improving
Nigeria’s headline inflation saw a decrease in June 2026, marking the first decline since February. This comes as the Central Bank of Nigeria (CBN) is scheduled to decide on the country’s interest rate on July 21. The National Bureau of Statistics, in its Consumer Price Index and inflation data released on Wednesday, stated that Nigeria’s