Category: Business

The Nigerian currency, the naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Thursday. Data from the Central Bank of Nigeria (CBN) showed that the naira traded at ₦1,315.6717 to $1 on Thursday, representing a slight appreciation from the ₦1,326.6862/$1 recorded on Wednesday. However, at the parallel […]

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has come under criticism over allegations that adulterated and substandard petroleum products continue to enter the Nigerian market. The President of the Nigeria Energy Consumers Watch Initiative, Alhaji Abdulrahman Sani Ibrahim, made the allegation in a statement issued on Friday, describing the reported influx of blended […]

Key Takeaways OPay has commenced legal action against individuals accused of circulating a fake announcement claiming the fintech company would shut down operations in Nigeria from September 1, 2026. The company said it had also alerted relevant regulatory and security agencies, stressing that its services remain fully operational and that it has no plans to […]

The Federal Government has described the Dangote Petroleum Refinery and Petrochemicals complex as a cornerstone of Nigeria’s ambition to build a $1 trillion economy, pledging stronger collaboration with the private sector to accelerate industrialisation, job creation and economic transformation. The Minister of State for Industry, John Owan Enoh, made the declaration yesterday after leading a […]

Nigeria’s net foreign liability position increased by $7.5 billion to $90.2 billion in 2025 as foreign investors’ claims on Nigerian assets grew faster than the country’s investments abroad, according to the Central Bank of Nigeria (CBN). The increase reflects stronger foreign portfolio and direct investment liabilities, partially offset by growth in Nigeria’s external reserves and […]

Nigeria’s banking sector recapitalisation will only achieve its intended purpose if the stronger capital base translates into tangible improvements in customers’ everyday banking experiences, the Chief Executive Officer of Enhancing Financial Innovation and Access (EFInA), Foyinsola Akinjayeju, has said. Speaking on CNBC, Akinjayeju stressed that the true measure of the recapitalisation exercise should not be […]

Global oil prices fell sharply on Tuesday as renewed peace talks between the United States and Iran eased concerns over prolonged supply disruptions in the Middle East, pushing Brent crude below $84 per barrel after trading above $100 last week. According to data from Oilprice.com, Brent crude, the global benchmark, declined from around $87 per […]