Economy

Nigeria’s external reserves declined by approximately $731 million within the first three weeks of April 2026, highlighting sustained pressure on the country’s foreign exchange buffers. Data from the Central Bank of Nigeria shows reserves fell from $49.18 billion on April 1 to $48.45 billion as of April 23, representing an average weekly decline of about […]

CBN Removes Charges on Key Banking Services in New Consumer-Focused Reforms The Central Bank of Nigeria (CBN) has announced the removal of charges on several routine banking services as part of a sweeping reform aimed at reducing costs and promoting financial inclusion. The new policy, contained in the revised Guide to Charges by Banks and

The Federal Government has expressed its intention to draw lessons from Indonesia’s rise to a $1.4 trillion economy as Nigeria pursues its own goal of becoming a $1 trillion economy under the administration of President Bola Tinubu. This was disclosed in a statement by the Ministry of Budget and Economic Planning following a courtesy visit

Nigeria is estimated to be losing about N428 billion annually to illicit trade in spirits and wines, according to the Director-General of the Spirits and Wines Association of Nigeria, Tony Okwoju. The disclosure, reported by the News Agency of Nigeria, was made at the conclusion of a stakeholders’ workshop on combating illicit alcohol trade held

The National Agency for Food and Drug Administration and Control has uncovered and shut down two illegal factories involved in the production of counterfeit and adulterated alcoholic beverages in Lagos State, seizing products valued at approximately N350 million. The enforcement action, disclosed in a statement by the agency, followed intelligence-led operations carried out across major

Food prices in Nigeria have remained elevated despite significant government interventions and a surge in food imports valued at N7.65 trillion in 2025, raising concerns about the effectiveness of policy measures aimed at easing the cost-of-living burden on households. Insights from economic and development experts, supported by official data, suggest a growing disconnect between fiscal

President Bola Ahmed Tinubu has stated that the resolution of outstanding financial obligations to international airlines by the Central Bank of Nigeria marks a significant step toward strengthening Nigeria’s aviation and economic ties with the United Kingdom, particularly with British Airways. This was disclosed in a statement issued by presidential spokesperson Bayo Onanuga following a

The Federation Account Allocation Committee has disbursed a total of N2.036 trillion to the Federal Government, state governments, and local government councils as revenue allocation for March 2026. The distribution was finalized during the committee’s April meeting held in Abuja, reflecting inflows from statutory revenue, Value Added Tax (VAT), and augmentation funds. According to the

The Central Bank of Nigeria has issued a public warning about fraudulent messages and links circulating online that are designed to gain unauthorized access to individuals’ bank accounts. The alert was contained in a press statement dated April 21, 2026, signed by Hakama Sidi Ali and released on Wednesday. The warning comes amid growing cybersecurity

African fintech giant Flutterwave has clarified reports suggesting that the Federal Government of Nigeria invested $75 million in the company, stating that no such transaction has been officially announced. The company made the clarification in a statement released Tuesday following widespread media reports about the alleged investment. According to Flutterwave, while discussions with stakeholders may