CBN unveils new FX guidelines, approves cash movement of $50,000
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]
FG flags off $500m World Bank-funded SPIN project to boost food production, power
By Gabriel Ewepu The Federal Government on Tuesday flagged off the $500 million World Bank-funded Sustainable Power and Irrigation for Nigeria (SPIN) Project aimed at accelerating food production and increasing power generation. Minister of Water Resources and Sanitation, Engr. Joseph Utsev, who performed the flag-off in Abuja, said the project is a strategic intervention designed to […]
Nigeria’s trade surplus slumps 121% to N1.7trn in Q4’25
•Annual trade surplus rises 5.3% to N17.8trn By Elizabeth Adegbesan & Progress Godfrey Nigeria recorded a 121 per cent, year-on-year (YoY) decline in trade surplus to N1.71 trillion in the fourth quarter of 2025, from N3.42 trillion in the same period of 2024. Similarly, on a quarterly basis, the country’s trade surplus fell by 71 percent, Quarter-on-Quarter […]
Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC
By Progress Godfrey The Nigerian Export promotion Council (NEPC) has urged agro-exporters to tap the European Union’s over 400 million-strong consumer market, warning that non-oil exports account for only 10 percent of total trade with the bloc despite a $21.87 billion trade volume in 2024. Executive Director and CEO of NEPC, Mrs Nonye Ayeni, made the […]
Middle East crisis, FPI exit, weaken Naira to N1,425/$
•CBN intervenes to curb impact of exiting FPIs By Babajide Komolafe & Elizabeth Adegbesan The Naira yesterday depreciated to N1,425 per dollar in the official market, the lowest in two months, following rising dollar demand triggered by ongoing war in the Middle East. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate […]
Middle East crisis, FPI exit, weaken Naira to N1,425/$
The Naira yesterday depreciated to N1,425 per dollar in the official market, the lowest in two months, following rising dollar demand triggered by ongoing war in the Middle East.
Stocks slide as oil soars past $100 on Mideast war
Stock markets slumped as energy prices soared on Monday on supply disruptions from the Middle East war drove volatility and fanned inflation fears.
Manufacturing VAT surges 54.7% to N875bn in 9 months
…Surpasses 2023 full-year figure By Yinka Kolawole The contribution of Nigeria’s manufacturing sector to Value Added Tax (VAT) in 2025 significantly increased with payments rising to N875.420 billion in the first nine months of the year (9M’25), surpassing both the N566.011 billion recorded in the corresponding period of 2024 (9M’24) and the N578.394 billion generated in […]
FG set to roll out N100bn solar programme for public institutions
By Obas Esiedesa The Federal Government has approved N100 billion under the National Public Sector Solarization Initiative (NPSSI) to provide reliable electricity to public institutions across the country. Managing Director of the Rural Electrification Agency (REA), Engr. Abba Aliyu, disclosed this yesterday, during a visit by the Administrator of NJI, Justice Babatunde Adejumo, to the […]
Dangote Refinery commits to energy stability amid global refineries shutdown
By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals has indicated its commitment to stabilising energy supply to Nigeria amid recent shocks in the international oil market. The ongoing conflict in the Middle East has led to the shutdown of some refineries and cuts in refinery production across the world, resulting in a global scarcity of petroleum […]
Capital projects ongoing, not abandoned —Finance Ministry
The Federal Ministry of Finance has clarified that capital projects across Nigeria remain active despite concerns over low cash releases to ministries, departments, and agencies (MDAs). While budget execution rates for some MDAs may appear low, capital project implementation has not been abandoned, the ministry said. The clarification, detailed in a document titled “Deepening Public Understanding of […]
