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…
A Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, Redtech Limited, is planning to raise about $100 million cash in the next two years to expand its footprints across Africa. This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more…
Premier Cool, Nigeria’s leading antibacterial cooling bar soap, has announced the launch of its nationwide consumer promotion, “10K for 10K”, in partnership with Palmpay, Nigeria’s leading digital bank. This promo is designed to reward 10,000 Nigerians with ₦10,000, amounting to a total of ₦100 million in cash rewards paid instantly via PalmPay wallets. Running from…
Telecom sector regulator, the Nigerian Communications Commission (NCC) said mobile network operators (MNOs) and Deposit Money Banks (DMBs) have refunded subscribers over N10billion cash for failed airtime and data purchase. Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett who disclosed this said the framework jointly drawn by the Commission and the Central Bank…
Manufacturers have raised the alarm over Nigeria’s current average lending rate of 36.6 per cent, which they described as “high and restrictive.” They lamented that the asphyxiating lending rate of 36.6 per cent has forced a reduction in credit access to the manufacturing sector to N7.72 trillion as at March 2025, down from N8.53 trillion…
