NGX Sheds N555 Billion as Ardel Plunge Deepens Market Slide
The Nigerian Exchange (NGX) lost N555 billion in market capitalisation as Ardel Plunge shares extended losses, capping a seven-day decline that erased gains from earlier in the week.
Category : Economy
Nigeria Spends N4.14 Trillion More on Debt Than Infrastructure
Nigeria spent N4.14 trillion more on debt servicing than on infrastructure in 2025, according to the 2026-2028 Medium-Term Expenditure Framework, highlighting a widening fiscal imbalance.
Nigerian Man Spends N609,000 on Power Tank, Shares Breakdown
A Nigerian TikToker spent N609,000 total on a power tank, including N307,000 for the unit and N302,000 for installation and extras, as an alternative to public electricity.
Tinubu Orders EFCC Funds, Dividends for Student Loans
President Tinubu has directed that funds recovered by the EFCC and unclaimed dividends be used to finance the Nigerian Student Loan Scheme, ensuring sustainable funding for tertiary education.
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Tinubu Directs EFCC-Recovered Funds, Unclaimed Dividends to NELFUND
President Bola Tinubu has ordered that liquid funds recovered by the EFCC and unclaimed dividends from capital market trust funds be redirected to NELFUND to boost student loan financing, Minister of Education Dr Tunji Alausa announced after the FEC meeti
LASU Top Graduates Get ₦20 Million Each from Sanwo-Olu
Governor Babajide Sanwo-Olu gifted ₦20 million each to two LASU best graduates. One student now has ₦30 million total after a prior award.
Dangote Refinery Crashes Petrol Prices, Marketers Rush to Buy
Dangote Petroleum Refinery's lower gantry prices of ₦1,165 per litre for PMS and ₦1,570 for AGO have triggered a surge in truck traffic as marketers flock to buy, undercutting Lagos depots by up to ₦95 per litre on diesel.
Nigeria Saved N15.8 Trillion from Subsidy Removal in 30 Months
Finance Minister Taiwo Oyedele announced N15.8 trillion in extra resources from fuel subsidy removal and FX reforms over 30 months, with N5.4 trillion for the federal government and N10.4 trillion for states and local governments.
Naira Hits Five-Month High at N1,343 as CBN Boosts Forex Liquidity
The Nigerian naira strengthened to N1,343.32 per dollar, a five-month high, as CBN reforms boosted forex liquidity and external reserves hit $52 billion, their highest in 17 years.
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Rent Inflation Hits 33.8% in Nigeria, Straining Tenants
Nigeria's rent inflation surged to 33.8% year-on-year in July 2025, the highest rate in over a decade, driven by urban demand and rising construction costs, according to the National Bureau of Statistics.
FG Borrows N11.9 Trillion in Two Years, Subsidy Removal Curbed Debt
Nigeria borrowed N11.9 trillion in two years; subsidy removal prevented more debt, according to the Debt Management Office. The figure highlights fiscal challenges and reform impacts.
Top 10 Most Affordable States to Live in Nigeria July 2026
Nigeria's most affordable states in July 2026 are led by Taraba with N142,000 monthly cost, according to SBM Intelligence's latest report, highlighting lower living expenses across several northern states.
NAICOM Revokes Universal Insurance Licence, Appoints Liquidator
NAICOM revoked Universal Insurance Plc's licence on August 14, 2026, for failing to meet minimum capital requirements, appointing Ogbonna Chukwumerije as receiver/provisional liquidator to oversee winding-up.
Naira Strengthens Against British Pound, Settles at N1,819
The Nigerian naira appreciated against the British pound sterling on Wednesday, trading at N1,819/£1 in the official market, marking a notable gain from previous rates.
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Zenith Bank Hosts 10th Trade Seminar on Non-Oil Exports
Zenith Bank will hold its 10th International Trade Seminar on August 27, 2026, in Lagos, focusing on strategies to unlock Nigeria's non-oil export potential and boost foreign exchange earnings.
FMDO Turnover Hits N426.51trn in Seven Months on OMO, FX
FMDO securities turnover surged to N426.51 trillion in seven months, driven by OMO and FX activities, according to FMDQ data.
FG Shares New Cement Prices in Nigeria, Compares With Kenya and Tanzania
FCCPC investigation reveals Nigerian cement prices hit N15,000 per 50kg bag, far above Kenya's N7,344 and Tanzania's N6,528, prompting summons to producers.
NAFEM Turnover Hits $1.41bn, Highest in Five Weeks
NAFEM turnover surged to $1.41 billion in five weeks, the highest since July, driven by increased dollar supply, according to FMDQ data.
10 Nigerian States With Highest Inflation in July 2026
Nigeria's headline inflation fell to 15.43% in July 2026, but Adamawa led with 33.0%, as food inflation surged to 51.4%, per NBS data.
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US Bond Yields Hit 20-Year High, Pressure Naira, Stocks
US 10-year Treasury yields reached a 20-year peak, strengthening the dollar and putting the naira and Nigerian equities under renewed pressure, with the currency trading near N800/$.
Naira Hits Five-Month High at N1,349 as CBN Rule Boosts FX
The naira climbed to a five-month high of N1,349.54 per dollar on August 17, 2026, as CBN's SLF policy change boosted FX turnover by 265.86% to $437.53 million.
Naira firms at N1,350/$ official, parallel market stable
The naira closed at about ₦1,350 per dollar at the NFEM on Monday, August 17, 2026, strengthening from ₦1,358.25/$ on Friday, August 14, according to CBN data.
Food Inflation Hits 20.31% in July, Highest in 10 Months
Nigeria's food inflation rose to 20.31% in July 2026, the highest in 10 months, driven by rising costs of staples like rice, yam, and bread.
Top 10 Most Expensive States in Nigeria – July 2026
According to NBS data, Lagos, Abuja, and Rivers top the list of Nigeria's most expensive states to live in July 2026, with average costs exceeding ₦200,000 monthly.
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FG Lists 9 Requirements for N50m NHF Housing Loan
FMBN offers N50m NHF loans at 6% interest, repayable over 30 years. Applicants need Nigerian citizenship, 6 months contributions, and more.
Top 10 States With Highest Food Inflation in Nigeria
Nigeria's food inflation hit 20.31% in July 2026, with Adamawa leading at 51.36%. Borno was the only state with negative inflation. Headline inflation eased slightly.
Germany Unveils Online Visa Portal for Foreign Academics
Germany has published a step-by-step guide for foreigners to apply online for a visa to work as academics, with two key requirements: a recognized degree and an employment contract in Germany.
Nigeria's Inflation Drops to 15.43% in July 2026, NBS Reports
Nigeria's headline inflation fell to 15.43% year-on-year in July 2026, down from 15.91% in June, according to the NBS. Month-on-month inflation eased to 1.57%, while food inflation rose to 20.31%.
Nigeria's Dollar Millionaires Hit 8,100: 10 Key Wealth Sectors
Nigeria's dollar millionaire population reached 8,100 in June 2026, with financial services, telecoms, real estate, and oil & gas leading wealth creation, according to BusinessDay.
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Nigeria's Inflation Drops to 15.43% in July 2026
Nigeria's headline inflation eased to 15.43% in July 2026, down from 16.08% in June, according to the National Bureau of Statistics, driven by a slowdown in food price increases.
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