The federal government is set to deepen its domestic borrowing drive with plans to raise N700 billion from the bond market, as part of efforts to finance budgetary obligations and manage the country’s rising public debt profile. The offer circular issued by the Debt Management Office (DMO) to Primary Dealer Market Makers (PDMMs) show that […]
The Nigerian equities market yesterday extended its downturn, as capitalisation declined further by N292 billion, amid price depreciation in 38 stocks. At the close of trading yesterday, the All Share Index (ASI) lost by 458.98 points, representing a loss of 0.32 per cent to close at 144,187.03 points. Also, market capitalization declined by N292 billion […]
The Monetary Policy Committee of the Central Bank of Nigeria has reduced the country’s benchmark interest rate to 27.00 per cent, the first cut in 2025 after three consecutive pauses, signaling a shift in policy towards supporting economic recovery. While welcoming the move, members of the Organised Private Sector argued that the reduction remains marginal […]
The Federal Government has disclosed that a total of 67,657,559 barrels of crude oil were supplied to local refiners for processing between January and August 2025. This figure, confirmed by the Nigerian Upstream Petroleum Regulatory Commission, highlights ongoing challenges in bridging the crude allocation gap facing indigenous refineries despite Nigeria’s rising production levels. Speaking in […]
The naira witnessed a week of outstanding performance against the dollar at the official foreign exchange (FX) window, reflecting the lucklustre performance against other currencies. Trading began the week on a positive note as the naira appreciated by 1.4 per cent on Monday to close at N1,498.50 per dollar, showing improved dollar supply. The positive […]
The Nigerian naira on Monday appreciated against the United States dollar, trading below the N1,500/$ threshold for the first time in over six months. Data from the Central Bank of Nigeria showed that the domestic currency closed at N1,497.46/$, compared to its previous close of N1,501.49/$, marking a 0.27 per cent gain. The last time […]
The naira traded near a five-month high at 1514.86/$ on the official window at the close of last week, according to data from the Central Bank of Nigeria. This indicates a strong start to September for the domestic currency, which started the month at 1,526.09/$ before closing at 1,514.86/$ on Thursday at the Nigerian Foreign […]
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has hinted that lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows. Cardoso gave the assurance during a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum […]
The Dangote Petroleum Refinery has denied a report that it could shut its petrol unit for two to three months. The spokesman of the Dangote Group, Anthony Chiejina, described the report as “fake”. Reuters had reported that the petrol unit at the 650,000 barrel-per-day Dangote refinery may be shut for two to three months for […]
Nigeria and China have pledged to deepen cooperation in the marine and blue economy sector, focusing on boosting port development and opening new markets for Nigerian aquaculture exports. This commitment was made during a meeting between the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Chinese Ambassador to Nigeria, Yu Dunhai, at the […]
