Naira Falls as CBN Releases New Exchange Rates
The Nigerian naira declined at the official forex market as reduced dollar turnover signals tight liquidity. Businesses face higher costs amid ongoing CBN reforms.
Category : Economy
CBN Reforms Bolster Economic Resilience and Growth Prospects
Olayemi Cardoso-led CBN reforms have strengthened Nigeria's economy, attracting investors and improving stability. Exchange rate unification, forex liberalization, and banking sector upgrades drive growth.
Egypt, Afreximbank Lead Africa Economic Transformation at AAM2026
Egypt and Afreximbank announce preparations for the 33rd Afreximbank Annual Meetings (AAM2026) in Alamein, focusing on Africa's economic integration, trade, and investment.
Cubans resort to firewood as fuel crisis deepens
Cuba faces worsening blackouts after oil reserves run out, prompting rare protests and residents cooking with firewood amid severe fuel shortages.
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Nigerians Warn World Bank to Stop Lending to Tinubu
Nigerians flood World Bank Instagram, urging halt to loans for Tinubu amid $1.25bn request and rising debt concerns.
Tinubu sends 20 rice trucks per state amid hardship
Presidential aide Abdullahi Yakasai says President Tinubu distributed 20 trucks of rice and 20 trucks of fertilizer to each of the 36 states to reduce economic hardship and support farmers.
Dangote Rejects NNPC's Bid for More Refinery Stake
Aliko Dangote reveals NNPC tried to increase its 7.25% stake in his refinery but was rejected as he plans to list on the stock exchange for public ownership.
Nigeria's N144.7 Trillion Debt: Tinubu's Borrowing Explained
President Tinubu seeks a fresh $1.25 billion World Bank loan amid rising debt. Nigeria's total public debt could exceed N160 trillion. Full breakdown of creditors.
IMF Warns Nigeria's Budget Credibility Crisis Deepens
IMF report warns Nigeria's weak budget credibility undermines macroeconomic stability, citing revenue shortfalls, multiple budget execution, and fiscal deficit overruns.
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Experts Urge Coordinated Action on Nigeria's Digital Economy
BPP boss calls for five strategic priorities to boost digital resilience and inclusion at CPN assembly in Abuja.
Naira Gains Slightly Against Dollar Across FX Markets
The Nigerian naira appreciated slightly against the US dollar on May 13, 2026, in both official and parallel markets due to improved liquidity and CBN interventions.
Nigerian Banks Hike Dollar Rates as Naira Slips Again
Naira weakens for third consecutive session to N1,375.62/$ as Access, UBA, Zenith raise dollar rates. External reserves rise to $48.45bn, oil output hits 1.66m bpd.
Nigeria Debt Crisis: Expert Warns as Nigerians Reject $1.2bn Loan
Economists raise red flags over Nigeria's rising debt burden as citizens urge World Bank to reject new $1.2 billion loan request amid economic hardship.
NERC Hints at Another Electricity Tariff Hike in Nigeria
NERC signals possible electricity tariff increase for all bands to improve service, raising concerns among Nigerians already facing high living costs.
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NRS deepens e-invoicing, warns of N1m daily penalty
The Nigeria Revenue Service intensifies e-invoicing enforcement, warning defaulters face N1m daily penalty. Large taxpayers must comply by November 30.
Lagos Showcases Investment Opportunities at Summit 3.0
Lagos State Government announces Invest in Lagos Summit 3.0 to attract domestic and foreign investments, positioning Lagos as Africa's business gateway.
Cartoon: Nigeria's Economic Woes in Guardian
A Guardian cartoon satirizes Nigeria's economic challenges, highlighting inflation, unemployment, and policy failures in a humorous yet critical manner.
UBA Renews Pledge to Africa's Economic Growth at Summit
United Bank for Africa reaffirms commitment to Africa's transformation through entrepreneurship, innovation, and partnerships at the Africa Forward Summit 2026 in Nairobi.
Can Reform and Business Forums Deliver Investment Results?
Nigeria's sectors face bottlenecks hindering investment conversion. The EU-Nigeria Business Forum 2026 aims to align reforms with European instruments for tangible outcomes.
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FG Woos German Investors, Lists Gains from Economic Reforms
Nigeria invites German investors, citing Tinubu's reforms boosting macroeconomic stability, revenue, forex reserves, and investor confidence.
Naira Crashes Again: Hits N1,373/$ in Official Market
The naira depreciated to N1,373.16 per dollar in the official market on Monday, down 0.86%, while black market rates neared N1,400. External reserves fell below $48.4 billion.
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Tinubu Seeks $1.25bn World Bank Loan as Debt Hits N159 Trillion
President Tinubu's administration seeks a new $1.25 billion World Bank loan for investment and job creation, as Nigeria's total debt rises to a record N159 trillion.
Nigeria Seeks $1.25bn World Bank Loan for Reforms
Nigeria requests a $1.25bn World Bank loan to boost reforms, job creation, and competitiveness, with approval expected by June 2026.
Pre-Engagement Sessions to Reduce Minimum Wage Disharmony
NECA DG Adewale-Smatt Oyerinde advocates pre-engagement sessions between employers and labour before minimum wage talks to prevent industrial crises and address emerging labour issues.
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Reform and Business Forums: Can They Deliver Investment?
Nigeria's reforms and investment forums often fail to convert into financed projects. The EU-Nigeria Business Forum tests if execution can match intent.
South Korea to Give Cash Payouts to 36 Million
South Korea plans cash payouts to 36 million low-income earners to ease fuel costs from the Middle East war, with amounts varying by region.
Foreign reserves $49.4bn, FAAC N2.6trn — Uzodimma
Imo Governor Hope Uzodimma says Tinubu's reforms boosted foreign reserves to $49.4bn and monthly FAAC to N2.6trn, ending state bailouts.
India Sounds Alarm Over Oil Crisis, Modi Urges Fuel Conservation
Indian PM Narendra Modi calls on citizens to conserve fuel amid West Asia tensions disrupting global oil supply, urging work-from-home and reduced travel.
FG Launches Grants, Equipment to Vulnerable Households in Abuja
The Federal Government and NSIPA launched the Grant for Vulnerable Groups, providing 100 households in Abuja with N40,000 credit alerts and starter packs to boost economic participation.
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Naira Stable at N1,361/$ in Official Market
The Nigerian naira held steady against the US dollar on May 11, 2026, with official rate at N1,361 and parallel market between N1,395 and N1,405, reflecting improved liquidity.
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