CBN Reshuffles Four Deputy Governors in New Redeployment
The Central Bank of Nigeria has announced a reshuffle of four deputy governors, effective June 1, as part of reforms to strengthen the financial sector and improve regulatory effectiveness.
Category : Business
CBN Gives 3 Banks Extra 3 Weeks for Recapitalisation
The CBN has granted Union Bank, Polaris Bank, and Keystone Bank an additional three weeks to meet recapitalisation requirements due to legal and regulatory challenges.
ALTON: Airtime Lending for 40m Nigerians to Resume Soon
ALTON expresses confidence that airtime lending services for 40 million Nigerians will be fully restored after Airtel and Globacom resumed services, while MTN seeks further legal clarity.
Cross River Targets N150bn Agribusiness Investment
Cross River State aims to attract N150bn in private agribusiness investment over six years, backed by a N30bn fund, and has secured an N18bn offtake deal with Flour Mills of Nigeria.
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OPay: Driving Financial Inclusion and Creating Jobs in Nigeria
OPay's fintech revolution is reshaping Nigeria's financial landscape, serving over 45 million users and creating jobs while promoting cashless transactions nationwide.
Nigeria’s Free Trade Zones Generate $33bn, House 900 Firms
Nigeria’s free trade zones have generated $33 billion in economic activities, housing over 900 enterprises and creating 100,000 jobs, according to NEPZA.
Flutterwave Launches Global Employee Relief Package
Flutterwave announces one-time economic relief for all employees, promotions for 25% of staff, cost-of-living adjustments, and tax support in Nigeria amid rising global costs.
Unity Bank and Providus Bank Merger: What You Need to Know
The Unity Bank and Providus Bank merger is approved. Learn how it affects your deposits, ATM cards, loans, and banking services. Your money is safe.
Digital Payments Revolution in West Africa: AI, Security, Cross-Border
West Africa's digital payments landscape is evolving rapidly with AI, biometric security, and cross-border innovations driving financial inclusion and economic growth.
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Nigeria power crisis persists despite $3.65bn funding
Despite over $3.65 billion in World Bank funding over 20 years, Nigeria's electricity sector still faces blackouts and weak infrastructure, with households relying on generators.
CBN Payment Vision 2028: 50 Million Nigerians to Get Bank Accounts
The Central Bank of Nigeria launches Payment System Vision 2028 to bring 50 million adults into formal banking, aiming for 95% financial inclusion by 2028.
Petrol Up 600% in 3 Years Under Tinubu
Petrol price in Nigeria surged over 600% from N175 to N1,300-N1,400 per litre since May 2023, driven by fuel subsidy removal, forex reforms, and global oil shocks.
Petrol Price Soars 643% in Three Years to ₦1,400
Petrol price in Nigeria has risen by 643% from ₦175 in May 2023 to ₦1,300-₦1,400 in May 2026, driven by subsidy removal and naira devaluation.
Banks Lend Government ₦15.66 Trillion in One Year
Nigerian banks boosted lending to the government by ₦15.66 trillion between April 2025 and 2026, pushing total public-sector credit to ₦39.60 trillion, a 65.4% increase.
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Naira Stable at ₦1,373/$ Official, Black Market at ₦1,395-1,405
The Nigerian naira traded stable on June 2, 2026, at ₦1,373.25 in the official NFEM market, while the parallel market quoted between ₦1,395 and ₦1,405 per dollar.
Congo to Grant Visa-Free Access to All African Citizens from 2027
The Republic of the Congo will remove visa requirements for all African nationals, including Nigerians, starting January 1, 2027, to boost regional integration and economic cooperation.
Dangote Refinery to Process 130 Crude Types, Challenge Global Giants
Dangote Refinery plans to expand crude processing from 40 to 130 grades, double capacity to 1.4 million bpd, and cut costs below $2 per barrel.
CBN Releases Banks' Interest Rates as Personal Loans Reach N1.96trn
The CBN reports personal loans in Nigeria hit N1.96 trillion in January 2026, over half of total consumer credit. Latest prime and maximum lending rates are released.
Paystack Absorbs Brass as Nigerian Fintech Startup Shuts Down
Brass, a Nigerian business banking startup, ends independent operations, transitioning customers to Paystack Microfinance Bank by July 31, 2026.
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TCN Warns of 30-Day Power Outage in Three States
The Transmission Company of Nigeria has extended maintenance on the Jos–Bauchi–Gombe 330kV line, causing power disruptions until June 30, 2026, affecting three states.
Tinubu Lauds Navy, Abbas Inaugurates Maritime Task Force
President Tinubu applauds Nigerian Navy's professionalism and eradication of piracy in Gulf of Guinea. CNS Abbas inaugurates Combined Maritime Task Force. NLNG awards LNG vessel contracts to Chinese firms.
UBA Celebrates Africa Day Across 20 African Markets
UBA Plc marked Africa Day with celebrations across its 20 African markets, featuring cultural showcases, fashion, music, and food. Group MD Oliver Alawuba emphasized the bank's role as a bridge connecting Africa to itself and the world.
Cross River, Firm Seal $42M Deal to Revive Water Board
Cross River State signs a $42 million PPP with Agua Global Services to restore water infrastructure, ending over a decade of scarcity.
Nigeria, WIPO Strengthen Ties for Innovation, IP Growth
Nigeria and WIPO agree to boost collaboration on intellectual property, aiming to turn creativity into economic assets, with WIPO opening its first Sub-Saharan Africa office in Abuja.
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Nigeria Inflation Hits 18-Year High
Nigeria's inflation rate surges to 18-year high, putting pressure on the economy and citizens' purchasing power. Experts call for urgent policy action.
Strengthen Airlines Audit Practice for Stability, FG Advised
The Federal Government is urged to enhance financial audits of domestic airlines to ensure liquidity and sustainability, while avoiding new taxes on aviation schools.
FGC Enugu Alumni Start N2 Billion Innovation Hub
FGC Enugu alumni have begun constructing a N2 billion Innovation Hub to equip students with digital economy skills, alongside a solar borehole and free medical outreach.
CBN targets 95% financial inclusion by 2028
The Central Bank of Nigeria launches Nigeria Payments System Vision 2028, aiming for 95% financial inclusion, reduced fraud, and a cash-lite economy to support a $1 trillion GDP target.
Power Outages Cost Nigerian Firms 3% of Yearly Sales
Nigerian businesses lose 3% of annual sales due to power outages, forcing heavy investment in generators, according to the African Development Bank's 2026 report.
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CardinalStone Wins Debt Deal of the Year at African Banker Awards
CardinalStone Partners Limited wins 'Debt Deal of the Year' for its role in the N501 billion power sector bond issuance at the African Banker Awards 2026.
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