Nigeria’s high-interest-rate environment is creating an unusual winner among the country’s biggest businesses. Nigerian listed companies generated ₦179.5 billion in finance income in H1 2026, a 174% increase from ₦65.6 billion recorded a year earlier. The surge shows that for companies sitting on large amounts of cash, the CBN interest rates are becoming an important…
Nigeria’s formal remittance inflows reached a record $947 million in July 2026, bringing the country within just $53 million of the Central Bank of Nigeria’s $1 billion monthly target. At the same time, the naira to dollar exchange rate has remained relatively stable, with the official Nigerian Foreign Exchange Market closing around ₦1,337/$1 at the…
The Dollar to Naira exchange rate remained relatively stable on Monday, August 24, as the naira continued to trade within a narrow range in the official market while maintaining a wider gap with the parallel market. The latest confirmed official figure from the Central Bank of Nigeria showed the Naira to dollar rate at ₦1,346.49…
The naira’s latest gain may look like another small move in the foreign exchange market, but the more important story is what the Central Bank of Nigeria is changing behind the scenes. The CBN has removed restrictions that previously prevented banks active in the foreign exchange market and government securities from accessing its Discount Window….
The family of late Nigerian singer Destiny Boy has revealed that they have struggled to access his phone and bank account months after his death, exposing a problem that is becoming increasingly common in a digital economy: what happens to your digital life when you die? Destiny Boy, whose real name was Afeez Adesina, died…
The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…
Billionaire investor and First HoldCo Chairman Femi Otedola has significantly increased his stake in the financial services group after acquiring an additional 1.779 billion shares valued at approximately ₦222.2 billion. The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), was executed through Otedola’s investment vehicle, Calvados Global Services Limited. The latest…
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN). The decision was approved at the bank’s Board meeting held on…
Nigeria’s business landscape recorded three major developments on Thursday, with fresh fuel price relief from the Dangote Petroleum Refinery, a milestone in the country’s global energy profile, and regulatory action in the banking sector. In the downstream oil sector, Dangote Petroleum Refinery announced its fourth consecutive reduction in the ex-depot price of Premium Motor Spirit…
