Global stocks fell on Wednesday as the dollar strengthened, following Federal Reserve Chair Jerome Powell’s cautious remarks on U.S. interest rates. Powell avoided committing to the sharp rate cuts investors expect in the coming months, dampening market sentiment. Traders still see a 92% chance of an October cut, according to CME FedWatch, but Powell stressed …
Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank, has reported a 40.13 per cent decline in profit before tax (PBT) for the first six months of the year. The Group's audited financial statements for the six months ended June 30, 2025, released on Tuesday, September 23, show the pre-tax profit …
The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern that the Central Bank of Nigeria (CBN) benchmark interest rate cut will require the federal government to play a complementary role to fully unlock growth potential for the Nigerian economy. The CPPE Chief Executive Officer, Muda Yusuf, raised this in a statement on …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded a shortfall in its revenue target in August 2025 despite improved crude oil production in recent months. The Commission remitted N745.21 billion to the Federation Account in August against a monthly benchmark of N1.204 trillion. This reflects a shortfall of N459.6 billion. This was revealed by the …
Nigeria’s Gross Domestic Product (GDP) reached a four-year high growth in the second quarter (April-June) of 2025, indicating the strongest economic growth since mid-2021. This growth was primarily driven by performance in the oil and gas industry, which has traditionally been the backbone of the Nigerian economy. The latest GDP report released by the National …
The Central Bank of Nigeria (CBN) has introduced a 75 per cent cash reserve ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to improve liquidity management. The Governor of CBN, Olayemi Cardoso, revealed this during his briefing on the outcome of the Monetary Policy Committee (MPC) meeting on Tuesday, September 23. He further …
The Manufacturers Association of Nigeria (MAN) has raised significant concerns over the potential introduction of a tax stamp system for excisable goods, warning that such a move could undermine the government’s recent tax reforms and place an additional financial burden on local industries. While the association acknowledges the government's efforts to modernise tax administration through …
Nigeria’s gross external reserves expanded by $1.03 billion in the last 30 days, according to data from the Central Bank of Nigeria (CBN). This represents a 2.51 per cent increase to $42.03 billion as of September 19 from $41 billion as of August 19. A review of the CBN data shows that this is the …
Nigeria's foreign exchange reserves have reached a significant milestone, hitting $43.03 billion as of September 25, 2025—the highest level in six years. This was disclosed by the central bank governor, Yemi Cardoso, at the end of the Monetary Policy Committee meeting today in Abuja. This marks a substantial recovery from the low of $37.18 billion …
The Central Bank of Nigeria (CBN) has announced a reduction in the Monetary Policy Rate (MPR) by 50 basis points, bringing the rate down to 27%. This decision was made at the conclusion of the CBN’s Monetary Policy Committee (MPC) meeting, where all 12 members of the committee were in attendance. In addition to the …
