Nigeria’s external reserves have surpassed the $42 billion mark, rising to $42.225 billion as of Thursday, September 25, 2025, the highest in over six years. According to the latest data from the Central Bank of Nigeria (CBN), the country’s external reserve has increased by over $692 million in 18 days. It also shows that the…
Nigeria’s foremost entrepreneur, Femi Otedola, has appealed to President Bola Tinubu to release the full report by the Aigboje Aig-Imoukhuede panel carried out under the Goodluck Jonathan administration on the controversial fuel subsidy regime. In a statement yesterday, Otedola insisted that Nigerians deserve to know the truth about those who looted public funds under the…
The World Bank is set to approve two loans totalling $750m for Nigeria on Tuesday, September 30, 2025, according to documents published on the bank’s official website. The funding is directed toward strengthening health security and expanding climate-resilient digital infrastructure. The package includes $500m for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE)…
Dangote Petroleum Refinery has warned that the recent directive issued by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to cut crude oil and gas supplies to the refinery could plunge Nigerians into fresh rounds of fuel scarcity while inflicting huge revenue losses on the government. In a statement released on Saturday,…
The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025. The Naira’s value has been under pressure, with an exchange rate of approximately ₦1,490 per $1. Despite this ranking, Nigeria’s inflation rate has shown significant improvement in 2025, with a rare disinflationary…
Nigerian crude settled at about $70 per barrel, up from $68 earlier in the week. This is because U.S. crude inventories have recently decreased. Brent crude, which was trading at $69.3 per barrel on September 26, represents a slight monthly increase of 3 per cent. Nigerian blends usually trade at a slight premium to Brent…
Abdul Samad Rabiu, president of BUA Group, has predicted that the naira will strengthen to between ₦1,300 and ₦1,400 to the dollar by the end of the year. Rabiu stated this while addressing journalists shortly after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday. Praising what he described as…
The Central Bank of Nigeria (CBN) has introduced a 75 percent cash reserve ratio (CRR) on non-treasury single account (TSA) public sector deposits for enhanced liquidity management. Olayemi Cardoso, CBN’s governor, announced at a press conference on Tuesday after the monetary policy committee (MPC) 302nd meeting in Abuja. Non-TSA public sector deposits are government-related funds…
The Central Bank of Nigeria (CBN), on Tuesday, announced a reduction in its Monetary Policy Rate (MPR) by 50 basis points and cut the interest rate from 27.5 percent to 27 percent. CBN governor, Olayemi Cardoso, announced this at the 302nd meeting of its Monetary Policy Committee (MPC) on Tuesday. The unanimous decision also included…
Nigeria’s economy grew by 4.23 percent year-on-year in real terms in the second quarter of 2025, according to the National Bureau of Statistics (NBS). The figure represents an improvement over the 3.48 percent growth recorded in the same quarter of 2024. The NBS, in its Nigerian Gross Domestic Product (GDP) Report Q2 2025 released on…