Economy

  The Nigerian equities market suffered another heavy selloff on Monday as the benchmark NGX All-Share Index (ASI) declined by 1.57% to close at 228,401.92 points, with heavyweight stocks including MTN Nigeria, Unilever Nigeria, and Learn Africa hitting the maximum 10% daily price decline. The broad market weakness wiped approximately N2.35 trillion from investors’ portfolios,

The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent decline in global oil prices. Speaking at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers

  Nigeria’s pension fund assets rose to a record N31.32 trillion in May 2026, highlighting the continued expansion of the country’s pension industry despite prevailing macroeconomic challenges. According to the National Pension Commission (PenCom) unaudited report for the month ended May 31, 2026, the industry’s total assets increased by 1.23% from N30.94 trillion recorded in

The Nigerian Education Loan Fund (NELFUND) has condemned some tertiary institutions for delaying or refusing to refund students whose tuition fees had already been paid before the processing and disbursement of their NELFUND loans. The criticism was contained in a statement issued on Monday in Abuja by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi. According

  The Foreign Exchange (FX) market recorded a total turnover of $2.84 billion in the week ended June 26, 2026, as trading activity strengthened across both the spot and derivatives segments. According to the latest weekly FX market turnover report released by FMDQ Exchange, total turnover increased by $512.37 million, or 22.06%, compared with the

  The Central Bank of Nigeria directive requiring banks, fintechs, payment service providers, and other regulated financial institutions to localise customer and transaction data within Nigeria by January 2027 is increasingly being viewed as a major growth driver for the country’s digital infrastructure sector. The policy is expected to accelerate investment in data centres, cloud

  The Central Bank of Nigeria (CBN) has directed banks, payment service banks, fintechs, and other regulated financial institutions to immediately freeze all accounts, assets, and transactions associated with six individuals and four Bureau De Change (BDC) operators designated for terrorism financing. The directive was issued through a circular dated June 24, 2026 (Ref: CMD/FCS/PUB/CIR/002/011)

  The Nigerian naira recorded its steepest single-day depreciation since April 2026 after weakening to N1,389 per US dollar at the official foreign exchange market on June 24, 2026. Data from the Central Bank of Nigeria showed the local currency lost N16 against the dollar, compared with the N1,373/$ closing rate recorded on June 23.