Economy

Nigeria’s five Tier-1 banks — commonly referred to as the FUGAZ banks — recorded combined impairment charges on customer loans of ₦2.365 trillion in their audited 2025 financial results, marking a sharp 64% year-on-year increase from ₦1.44 trillion in 2024. The banks involved are: FirstHoldCo Plc United Bank for Africa Plc Guaranty Trust Holding Company […]

Despite signs of easing tensions in the U.S.-Iran conflict and a recent decline in global crude oil prices, economists warn that Nigerians may not experience immediate relief from rising living costs. Structural weaknesses within the economy, exchange rate instability, and persistent inflationary pressures are expected to keep prices elevated in the months ahead. Brent crude

The Nigerian Exchange (NGX) extended its bullish run on Friday, 8 May 2026, closing at a record-breaking high as strong investor demand across major stocks lifted the market to unprecedented levels. The All-Share Index (ASI) advanced by 4,936.03 points to close at 244,670.65, representing a 2.1% increase from the previous close of 239,734.62. The strong

NGX Regulation Limited (NGX RegCo) has introduced stricter compliance requirements for online trading platforms, warning brokerage firms against deploying digital trading systems without prior regulatory approval as part of broader efforts to strengthen investor protection, cybersecurity standards, and market integrity within Nigeria’s capital market. The directive, contained in a recent circular signed by the Head

Nigeria may begin rejecting World Bank loan facilities if prolonged approval and disbursement delays continue, according to the Accountant-General of the Federation (AGF), Dr. Shamseldeen Ogunjimi, who warned that extended bureaucratic timelines could undermine the government’s willingness to proceed with future financing arrangements. The warning was disclosed in a statement issued by the Director of

  FirstHoldCo Plc has unveiled plans to raise up to ₦253 billion in fresh capital as part of a strategic move to grow its total share capital and share premium to ₦1 trillion. The proposal, disclosed ahead of the company’s Annual General Meeting (AGM), positions the financial services group — owner of FirstBank — to

  Nigeria’s currency recorded fresh gains against the US dollar in the official foreign exchange market, with the naira appreciating to ₦1,357/$ on Wednesday amid sustained interventions by the Central Bank of Nigeria and stronger demand for the local currency. The official exchange rate improved from about ₦1,375.5/$ at the beginning of May to ₦1,357/$,

  The Nigeria Police Force, through the INTERPOL National Central Bureau Abuja, has arrested and repatriated a Chinese fugitive, Xu Qing, over his alleged involvement in a $245 million Ponzi scheme. According to a statement issued by the police, Chinese authorities had declared Xu Qing wanted for allegedly masterminding a large-scale financial fraud involving the

  OPay partnered with the Central Bank of Nigeria during the Global Money Week 2026 Financial Literacy Fair and Exhibition held at the CBN headquarters in Abuja to promote financial awareness and responsible money management among young Nigerians. The event, themed “Smart Money Talks,” brought together students from several secondary schools across the Federal Capital

  The Nigerian Correctional Service (NCoS) has escalated its fight against contraband in custodial centres, publicly destroying 1,167 confiscated mobile phones and other prohibited items in a nationwide enforcement drive. Controller-General Sylvester Nwakuche, who led the exercise, said the destroyed items included smartphones, iPhones, and basic feature phones recovered during coordinated operations over the past