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’s latest move to refinance Project Gazelle is less significant because of the headline $4.5 billion figure and more because of what the restructuring could change about the country’s access to cash. The National Economic Council has approved a new $4.5 billion financing arrangement, Project Gazelle 2, to refinance the outstanding balance of about $1.5…
Nigeria has once again emerged as the country with the largest number of people living without access to electricity, a distinction no government wants to hold. According to the World Bank’s latest energy access data, around 86.8 million Nigerians still lack electricity, the highest figure globally despite years of investment and reforms in the power…
The Federal Government has explained how savings from the removal of fuel and foreign exchange subsidies have been spent, saying the funds have largely gone into servicing debt, paying higher salaries under the new minimum wage, and financing student loans rather than being left idle. Speaking at the 7th African Emerging Markets Forum in Abuja,…
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…
US prosecutor Erin West and cybersecurity researcher Paul Raffile have travelled to Nigeria to investigate sextortion networks accused of targeting American teenagers, following the digital trail from a fake teenage profile to suspected scammers near Lagos. Their investigation, released in a documentary on July 29, also explored the controversial “Yahoo Plus” ritual practices associated with…
Nigerians could see some relief at the pumps after petroleum marketers reduced depot prices of Premium Motor Spirit (PMS) by as much as ₦23 per litre, a move expected to ease retail fuel prices if sustained. The price adjustment comes amid increased competition among suppliers and improving product availability across the country. Meanwhile, the National…
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 has achieved a major milestone in its downstream petroleum sector, with domestic refineries supplying 100% of the country’s aviation fuel (Jet A-1) demand for the past 13 consecutive months, completely eliminating the need for imports. Official industry data shows that no aviation fuel imports have entered the country during the period. The shift has…
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…
