Nigeria’s stock market has reached a major milestone, with the Nigerian Exchange Group (NGX) market capitalization rising to about ₦160 trillion. President Bola Tinubu has welcomed the performance and backed an even bigger target of ₦230 trillion by the end of 2026. On the surface, this is a strong signal. The value of listed equities…
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…
Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
Nigeria’s naira remained relatively stable on Tuesday, supported by the country’s strong external reserves, even as the Nigerian stock market slipped into negative territory on renewed profit-taking by investors. The Central Bank of Nigeria’s external reserves currently stand at $52.73 billion, helping to sustain confidence in the foreign exchange market. On the official Nigerian Foreign…
Nigeria’s foreign exchange market has recorded a major milestone after weekly turnover climbed to $4.375 billion, marking the first time in 2026 that trading activity has crossed the $4 billion mark. The surge reflects improving liquidity and stronger participation in the country’s official FX market. According to market data, the increase was driven largely by…
Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending a brief period of dollar-denominated transactions for local buyers. The refinery also announced a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or about 13%, from the previous price of ₦1,075…
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified regulatory framework for Nigeria’s fast-growing virtual assets sector. The order aims to harmonize oversight across financial regulators, protect investors from fraud, and support responsible innovation in the country’s digital economy. It took immediate effect upon signing. The Executive…
Global oil prices have climbed above $85 per barrel as escalating military tensions between the United States and Iran fuel fears of prolonged disruption to energy supplies and international shipping. The latest exchange of strikes has heightened concerns over the security of the Strait of Hormuz, a critical route through which roughly a fifth of…
Nigeria’s pension industry has reached a new milestone, with total pension assets rising to ₦31.48 trillion following recent reforms by the National Pension Commission (PenCom). The Commission also disclosed that 938,229 new contributors joined the Contributory Pension Scheme (CPS) over the past two years, bringing total membership to 11.32 million. Speaking at a State House…
