The U.S. dollar steadied against major global currencies on Tuesday after Donald Trump stated that the ongoing conflict involving Iran could end “very soon", easing some fears in global financial markets. The greenback traded at 157.73 yen and $1.1632 per euro in Asian markets. The currency remained mostly firm despite retreating slightly from the highs …
Nigeria’s push to strengthen local sugar production gained momentum as the National Sugar Development Council (NSDC) and the Bank of Industry (BOI) launched a ₦10 billion Sugar Project Acceleration Fund (SPAF) to support the development of new sugar projects across the country. The initiative targets greenfield sugar projects and aims to provide both financing and …
The Central Bank of Nigeria (CBN) has been hitting the right notes lately with its effort to increase its reserves, which have now effectively crossed the $50 billion mark, the first time in 13 years. In the last 24 hours, the apex announced that it increased total gold holdings to $3.5 billion after taking delivery …
Nigeria’s economy faces a mix of gains and pressures from the ongoing conflict between the United States, Israel and Iran, with higher global energy prices expected to strengthen government finances even as inflation risks intensify. In a report released on Thursday, March 5, CardinalStone Research said the war, which began on February 28, 2026, has …
Nigeria’s private sector showed signs of recovery in February 2026, but key obstacles are still slowing growth, according to the Nigerian Economic Summit Group (NESG). The group revealed this in its latest Business Confidence Monitor (BCM) report released on Wednesday, March 4. The report shows the Business Performance Index hit 117.2 points, its highest in …
Nigeria’s Value Added Tax (VAT) collections surged to ₦2.28 trillion in the third quarter of 2025, marking a 10.66 per cent increase from the previous quarter and a 28.10 per cent rise from the same period in 2024. According to a review of the National Bureau of Statistics (NBS) data released on Tuesday, the bulk …
Foreign company income tax payments outperformed domestic collections in the third quarter of 2025, driving total Company Income Tax (CIT) revenue to ₦2.96 trillion. A review of the Company Income Tax (Q3 2025) report released on Wednesday, March 4, by the National Bureau of Statistics (NBS) has shown. According to the data, of the ₦2.96 …
President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Nigeria’s new Minister of State for Finance, signalling a strategic move to strengthen the administration’s fiscal reform agenda. Oyedele replaces Dr Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and National Planning as Minister of State, marking her third ministerial portfolio under …
Nigeria’s historic $6.1 billion non-oil export performance in 2025 is under pressure as the sharp correction in global cocoa prices in 2026 exposes the risks of relying heavily on raw commodity exports, according to Dele Oye. Oye, Chairman of the Alliance for Economic Research and Ethics, said while the 2025 milestone marked a significant achievement, …
Nigeria’s net foreign exchange reserves surged by 772 per cent to $34.80 billion at the end of 2025, up from $3.99 billion recorded at the end of 2023, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said. The sharp rise signals what the apex bank described as a major strengthening of the …
