Nigeria's external reserves hit $52bn, highest in 17 years
Nigeria's external reserves reached $52.02 billion, surpassing the CBN's 2026 target and marking the highest level since January 2009.
Category : Economy
UK Work Visa: 2 Things Foreigners Must Not Do, Fee Revealed
The UK government has published restrictions for work visa holders, including a ban on claiming public funds and rules on changing jobs, with application fees ranging from £819 to £1,865.
Nigerian equities slump 0.50% driven by Nestle, BUA Foods
Nigerian equities fell 0.50% on Thursday as Nestle and BUA Foods led losses, wiping out N150 billion from market capitalization amid profit-taking.
Nigeria's Money Supply Hits N133.25 Trillion Despite 26.5% Rate
Nigeria's money supply surged to N133.25 trillion in June 2026, even as the Central Bank maintained a 26.5% interest rate, reflecting persistent liquidity pressures.
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CBN Targets Single-Digit Inflation by Early 2027
CBN Governor Olayemi Cardoso says the bank remains confident of achieving single-digit inflation by early 2027, despite Middle East conflicts causing external shocks that slowed disinflation.
Nigeria's External Reserves Hit $52.52bn, Covers 11 Months
Nigeria's gross external reserves have risen to $52.52 billion, providing import cover for about 11 months, the Central Bank of Nigeria announced.
UK Envoy: Tinubu's Reforms Will Benefit Nigeria Long-Term
Outgoing British High Commissioner Richard Montgomery says President Tinubu's economic reforms, though painful short-term, are fundamental for Nigeria's future growth.
Unilever Nigeria Pays N11.5bn Dividend Despite Profit Rise
Unilever Nigeria Plc declared an interim dividend of N2 per share for H1 2026, paying out 73.7% of post-tax profit despite only 8.3% profit growth, sparking reinvestment concerns.
Ghana Holds Interest Rate at 14% on Middle East Tension
Ghana's central bank held its benchmark interest rate at 14% due to inflation concerns fueled by Middle East tensions, marking the first pause after a year of cuts.
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Dangote Resumes Naira Petrol Sales at N1,215/Litre
Dangote Refinery ends dollar petrol pricing, returns to naira sales at N1,215 per litre, up 13% from previous rate, amid independent marketers' forex concerns.
Transcorp Hotels N13.7bn PBT H1 2026
Transcorp Hotels Plc posted N13.7 billion profit before tax in H1 2026, driven by strong revenue growth and operational efficiency across its portfolio.
Man Shows ₦205.95 Credit from ₦5k FGN Bond Investment
A Nigerian man invested ₦5,000 in a Federal Government bond and received a ₦205.95 credit alert, sparking online discussions about FGN securities.
FMBN Recovers N65m Housing Project, Completes 962 Abuja Homes
The Federal Mortgage Bank of Nigeria recovered N65m from a stalled housing project and will now complete 962 homes in Abuja for civil servants.
Pakistan Asks US for $10 Billion Stabilization Facility
Pakistan has formally requested a $10 billion bilateral exchange stabilization facility from the US to shore up foreign exchange reserves, leveraging its role in brokering Iran war talks.
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Nigeria bonds top issuers paid up to 20% in H1 2026
Nigeria's top bond issuers paid yields as high as 20% to raise debt in the first half of 2026, reflecting elevated borrowing costs amid tight liquidity and inflationary pressures.
Doyin Salami: Private Capital to Drive Nigeria's Economic Growth
Doyin Salami asserts that private capital, not government spending, will lead Nigeria's next economic growth phase, emphasizing the need for policy stability and investor confidence.
Why Tinubu's Government Still Borrows Despite Revenue Surge
Finance Minister Taiwo Oyedele explains why Nigeria continues borrowing despite improved revenue, citing budget gaps, infrastructure needs, and currency effects.
ECOWAS reaffirms 2027 launch of ECO single currency
ECOWAS targets 2027 for the ECO single currency launch, but adoption requires member states to meet economic conditions; naira not automatically replaced.
Nigeria's Top 1% Control 44% of Wealth
Doyin Salami reveals Nigeria's top 1% own 44% of the nation's wealth, highlighting extreme inequality and urging policy reforms to address the disparity.
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Lecon Finance Posts 215% Profit Surge, Assets Hit N33.1bn
Lecon Finance achieved a 215% profit growth and expanded assets to N33.1 billion, earning top-tier credit ratings from Agusto & Co. and DataPro.
Interswitch Backs Nigeria Revenue Reforms with Revop Integration
Interswitch has integrated its payment platforms with the Revop system to support Nigeria's federal revenue reforms, aiming to enhance efficiency and transparency in revenue collection.
Naira Gains N4.80 Against Dollar; CBN Releases New Rates
The naira appreciated by N4.80 to N1,375.31 per dollar in the official market on July 21, 2026, according to CBN data, while weakening in the parallel market.
South Africa Inflation Hits 5.0% in June, Rate Hike Bets Rise
South Africa's inflation surged to 5.0% in June 2026, surpassing expectations and strengthening bets for an interest rate hike by the central bank.
Nigeria External Reserves Cross $52 Billion, Surpass CBN Forecast
Nigeria's external reserves hit $52 billion, exceeding the CBN's 2026 projection, driven by higher oil prices and diaspora remittances.
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Renewed Hope Agenda Attracts $24.1bn Capital, $6.1bn Non-Oil Exports
Nigeria's Renewed Hope Agenda has attracted $24.1 billion in capital importation and earned $6.1 billion from non-oil exports, according to the Federal Government.
Petrol Prices Surge Again as MRS, NNPCL Outlets Shut
Abuja filling stations raise petrol by N55-N60 per litre, pushing prices to N1,275-N1,280, as MRS and NNPCL outlets shut down due to supply issues.
CBN Retains MPR at 26.5%, Adjusts Asymmetric Corridor
The Central Bank of Nigeria held the Monetary Policy Rate at 26.5% and adjusted the asymmetric corridor to +50/-450 basis points to encourage bank lending.
Naira Appreciates at Official Market, Weakens in Parallel Market
Nigeria's naira appreciated to N1,380.18/$ at the official market but weakened to N1,413/$ in the parallel market, widening the premium to N32.82 as external reserves hit $51.74bn and CBN targets $1bn monthly diaspora remittances by end of 2026.
Top Tax-Friendly Countries for Wealthy Africans in 2026
Discover the top tax-friendly destinations for high-net-worth Africans in 2026, including UAE, Switzerland, and Singapore, offering low taxes and high living standards.
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Jollof Rice Cost Rises Over 400% in All Nigerian Regions
A new SBM Intelligence report reveals the cost of cooking jollof rice has surged over 400% in all six Nigerian geopolitical zones since 2016. The Southwest leads with a 708.2% increase, while the South-South now has the highest absolute cost at N33,533.
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