CPPE Urges Banks to Cut Lending Rates After CBN MPR Cut
CPPE calls on Nigerian banks to lower lending rates following CBN's 350 basis point MPR cut to 23%, the largest since 2006, to boost investment and job creation.
Category : Economy
Naira Rebounds as Nigeria's Reserves Hit $54.72bn
The Nigerian naira strengthened against the US dollar in official and parallel markets on Monday, September 21, as gross external reserves climbed above $54.72 billion, boosting confidence and supporting the local currency.
67% of Nigerians Want Petrol Subsidy Return, New SBM Report Says
At least 67.4% of Nigerians want the Federal Government to restore the petrol subsidy, according to SBM Intelligence's 2027 Voter Sentiment Tracker, which surveyed 1,103 voters across 12 states and the FCT.
Nigerian worker needs N372,300 monthly, five times minimum wage
A Nigerian urban worker needs N372,300 monthly for basic costs, five times the N70,000 minimum wage, per The Guardian analysis.
Lagos Rent Crisis: Ikoyi 2-Bedroom Flats Hit N17.25m a Year
Annual rents for two-bedroom flats in Lagos' upscale areas now exceed N17 million, pushing residents to outskirts like Mowe and Ikorodu, where cheaper housing comes with long commutes and hidden costs.
Naira Weakens as FX Turnover Drops 30% to $2.37B
Nigeria's FX turnover fell 30.23% to $2.37 billion last week, with the naira closing at N1,331.20 per dollar, down 0.35% week-on-week.
Angola Launches New eVisa Portal With Online Payment and Tracking
Angola has moved its eVisa applications to a new official platform, evisa.ao, replacing the old portal. Applicants must create an account, pay fees online, and await a 72-hour processing window.
Private Sector Credit Drops N10.3trn in 7 Months, CBN Data Shows
CBN data shows private-sector credit fell from N93.74trn in January 2026 to N83.43trn in July 2026, a decline of about 11%, despite banks raising N4.65trn in recapitalisation.
Arewa Youths Hail NNPCL Boss Ojulari Over Smart Station
The Arewa Youth Council praised NNPCL CEO Engr. Bashir Bayo Ojulari after Nigeria's first Smart Self-Service Filling Station opened in Abuja, with plans to roll out 50-70 more stations nationwide.
Femi Otedola's Fortune Hits $2 Billion, Narrows Gap with Africa's Richest
Femi Otedola's net worth reaches $2 billion, driven by FirstHoldCo's 8.1% share surge, making it Nigeria's first listed bank to cross N7 trillion market cap.
Tinubu: Transport Fares Drop 31-81% in Seven States, FCT
President Tinubu says CNG and electric bus rollout has cut transport fares by 31-81% in seven states and the FCT, with Borno seeing the steepest drop.
61% of Nigerian Adults in Severe Financial Distress - EFInA
EFInA's 2026 A2F Survey reveals 61% of Nigerian adults face severe liquidity distress despite rising financial inclusion, with digital finance surging but credit, insurance, and pension uptake remaining critically low.
Naira Dips N2.85 as Nigeria Enters JPMorgan Bond Index
The naira closed at N1,329.15 per dollar on Tuesday, slipping N2.85 from Monday's rate at the official NFEM window. JPMorgan added Nigerian local-currency government bonds to its new GBI-EM Edge index, giving Nigeria a 7.4% weighting.
Atiku: Tinubu Shipping Nigeria's Wealth Abroad as Raw Materials
Atiku Abubakar says Nigeria's raw material exports jumped 106% to ₦3.84 trillion in H1 2026, while unsold goods hit ₦2.14 trillion, blaming Tinubu's policies.
Dangote's $51.3bn Fortune Doubles Other Billionaires Combined
Forbes values Aliko Dangote at $51.3bn, more than double the combined $21.1bn of Rabiu, Adenuga, and Otedola, driven by refinery revaluation.
Dangote Raises Petrol Price by N85 to N1,350 per Litre
Dangote Refinery hikes petrol ex-gantry price by N85 to N1,350 per litre, prompting filling stations across Nigeria to raise pump prices.
Nigerian Banks Shut 476 Branches Amid Digital Shift
Nigerian banks closed 476 branches and cash centres between 2022 and 2025, with Lagos losing the most locations, as digital banking adoption accelerates nationwide.
Naira Strengthens to N1,328.2/$ After CBN Sells $151m
Naira appreciated to N1,328.2154/$ in official FX market after CBN sold $151 million to banks, boosting liquidity and lifting dollar transactions to 234 deals.
Cement Prices Exceed N13,000 as Expert Proposes Tax Cuts, N1 Trillion Fund
Cement prices have risen above N13,000 per bag in Nigeria, worsening housing costs. Expert Aliyu Wammakko urges tax cuts, subsidies, and N1 trillion mortgage funding to ease the burden.
Nigerians Lose Millions as PXES Investment Platform Crashes
Nigerians who invested millions in PXES are counting losses after the platform stopped paying returns and became inaccessible in early September, prompting office lootings in Adamawa and Kogi.
N2.93 Trillion Daily Digital Flow: 24-Hour Blackout Impact on Nigeria
Nigeria's N2.93 trillion daily digital payment flow faces grave risk from frequent telecom outages. With over 5,000 fibre cuts in H1 2026, the economy's backbone is fragile, and the cash fallback is inadequate.
Naira falls to N1,329.21/$ as FX demand rises
The naira depreciated to N1,329.21 per dollar at the official market on Wednesday, September 9, 2026, as renewed dollar demand and supply shortages disrupted its recent rally.
Atiku Rejects Tinubu's FAAC Boom as 'Money Illusion'
Atiku Abubakar says FAAC figures hide real value loss. Distributions rose from ₦7.85trn in 2019 to ₦21.9trn in 2025, but dollar value fell over 40%. He cites ₦5.3trn state debt.
Nigerian DisCos Recover N1.2trn from Electricity Bills in H1 2026
Nigeria's 11 electricity distribution companies recovered N1.2 trillion from customers between January and June 2026, leaving N301 billion in unpaid bills, according to NERC data.
Nigeria’s Reserves Hit $54bn, Naira Strengthens to N1,315/$
Nigeria’s external reserves reached $54.08 billion, the highest in 18 years, as the naira strengthened to N1,315/$ in the official market, surpassing CBN’s 2026 projection by $3.04 billion.
Naira Hits N1,315/$ Strongest Level Since April 2024
Naira appreciated 0.84% to N1,315/$ at official FX market, strongest since April 2024, as reserves hit $54.08bn, a 17-year high.
Nigeria's Private Sector Grows for 3rd Month, PMI Hits 52.7
Nigeria's private sector expanded for the third straight month in August, with the CBN composite PMI rising to 52.7 from 51.1 in July, driven by services and agriculture.
Amaechi: Electricity Bill Rose From N500k to N4m
Rotimi Amaechi says his monthly electricity bill surged from N500,000 to N4 million after subsidy removal, criticising Tinubu's policy and backing Atiku's pledge to restore subsidies.
Naira Forecast to Hit N1,290 per Dollar by December 2026
Analysts from four investment firms forecast the naira will strengthen to around N1,290 per dollar by end of 2026, driven by record reserves and remittance inflows.
Rich Dad Poor Dad author reveals $1.2B debt, warns against copying
Robert Kiyosaki, author of Rich Dad Poor Dad, says he is $1.2 billion in debt and warns followers not to copy his investment strategy without proper education.
Page 2 of 76