The Monetary Policy Committee (MPC) said rising political spending and foreign exchange (forex) demand pressures associated with the 2027 elections will test the resilience of Nigeria’s economy. Members of the Central Bank of Nigeria (CBN)-led MPC, in their personal notes at the last MPC meeting released on Thursday including Aloysius Ordu, Bandele Amoo, Lamido Yuguda,…
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, has retired as chair of the bank following the expiration of his tenure in line with regulatory requirements, as disclosed in a corporate notice issued in Lagos on May 5, 2026. Mr. Ovia completed the mandatory 12-year tenure stipulated under corporate governance guidelines for financial…
Nigeria has strengthened her digital infrastructure and cybersecurity framework with the unveiling of Domain Name System (DNS) Security Extensions (DNSSEC) on the .ng domain. The feat was achieved by the Nigeria Internet Registration Association (NiRA), the registry responsible for managing Nigeria’s country code top-level domain (.ng). The unveiling positions the country among forward-looking nations that…
Nigeria’s consumer inflation rate quickened for the first time in a year in March with headline consumer inflation rising to 15.38% year-on-year, up from 15.06% in February, according to the National Bureau of Statistics (NBS) figures. Food inflation accelerated to 14.31% year-on-year, up from 12.12%. Analysts say this inflation spiral is a headache for President…
Rating agency, Fitch Ratings, has projected that Nigeria’s external reserves will decline to $47 billion by the end of 2026, despite ongoing foreign exchange (FX) reforms and recent improvements in macroeconomic policy. In its latest assessment affirming Nigeria’s long-term foreign-currency issuer default rating at ‘B’ with a stable outlook, the rating agency said the expected…
As part of its Kuda for Her campaign for this year’s Women’s Month, Kuda Microfinance Bank (MfB) is inviting Lagos-based women entrepreneurs in the food and hospitality sector to pitch their businesses for a chance to receive ₦1 million in funding. The Kuda for Her Pitch Challenge, which launched on March 10, 2026, will award…
Central Bank of Nigeria (CBN) has issued new guidelines that will require banks and other financial institutions to deploy automated systems to detect and report suspicious transactions as part of efforts to strengthen the fight against money laundering and terrorism financing. In the circular issued by the regulator, it said the standards are meant to…
Leading provider of consumer and business financing solutions in Nigeria, Zedvance Finance Limited, said it has disbursed over ₦96 billion in funding to support commercial businesses across the country, establishing its strong positioning beyond retail lending and reinforcing its commitment to bridging the gap between enterprise growth and access to timely financing solutions. It said…
Africa’s largest oil producer, Nigeria, underperformed its 1.5 million barrels per day (bpd) quota in nine months of 2025 and again in January 2026, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) figures. Using the Central Bank of Nigeria (CBN’s) average Bonny Light price of $72.08 per barrel over the 10 months for which data…
