CBN Limits Mobile Banking to One Device per Customer in New Instant Payment Guidelines
In a significant move to bolster the security and efficiency of Nigeria’s payment systems, the…
CBN Limits Mobile Banking to One Device per Customer in New Instant Payment Guidelines
In a significant move to bolster the security and efficiency of Nigeria’s payment systems, the Central Bank of Nigeria (CBN) has introduced a comprehensive set of new guidelines for instant payment operations, set to take effect on July 1, 2026. These measures include a notable restriction limiting mobile banking applications to a single device per…
Nigerian Banks Mandated to Conduct Rigorous Stress Tests Starting April
The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions, requiring them to undertake a thorough stress test of their credit portfolios This exercise is slated to commence on April 1, 2026, and is a key component of the central bank’s ongoing efforts to safeguard the stability of the nation’s banking…
NNPC Greenlights $20 Billion Deepwater Project with Presidential Endorsement
In a significant development for Nigeria’s oil and gas sector, the Nigerian National Petroleum Company Limited (NNPC) has received the crucial approval of President Bola Ahmed Tinubu for a monumental $20 billion final investment decision on the Bonga Southwest Aparo deepwater project. This landmark approval is poised to catalyze substantial foreign direct investment and propel…
Africa’s Billionaire Wealth Jumps by $20bn as Dangote Tightens Grip on Top Spot
The newest billionaire scoreboard in Africa has arrived, and once again Aliko Dangote is leading the pack by a wide margin. The latest Forbes Africa billionaires ranking 2026 shows the continent’s wealthiest investors growing richer despite economic turbulence. Together, the elite group added more than $20bn in a year. Their combined fortunes now stand at…
Dangote Refinery Explains N396 Fuel Price Hike Amidst Global Oil Crisis
David Bird, the Chief Executive of Dangote Refinery, has clarified the reasons behind the recent N396 per liter increase in petrol prices at the refinery’s gantry. Despite Nigeria’s “naira-for-crude” initiative, Bird stated that the 650,000-barrel-per-day facility does not benefit from discounted crude oil. In a media briefing released on the company’s X account on Monday,…
Middle East Crisis: Price of Cooking Gas Increase by 40%
The Middle East conflict has sent shockwaves through the global market, causing a significant surge in cooking gas prices. The ex-depot price for Liquefied Petroleum Gas (LPG) has jumped 13% week-on-week, reaching N18 million per 20 metric tons, a notable increase from last week’s N15.95 million. This translates to a steep N1,400 per kilogram, marking…
Dangote Refinery lifts petrol price to N874 as global oil surge hits Nigeria’s pumps
Nigeria’s fuel market felt another jolt on Monday as Dangote Refinery raised its petrol gantry price to N874 per litre, up from N799. The N75 increase may look modest on paper, but it carries weight in a fragile downstream sector. The 650,000 barrels-per-day facility remains Africa’s largest refinery, and its pricing decisions now shape conversations…
Nigeria’s Foreign Reserves See Significant Growth, Reaching $34.8 Billion Net Position
The Central Bank of Nigeria (CBN) has announced a substantial upswing in the nation’s foreign reserves, with gross reserves reaching $50.45 billion as of February 16, 2026, and the net position climbing to $34.80 billion by the close of 2025. These figures underscore a strengthening of Nigeria’s external sector and the positive impact of ongoing…
CBN Recapitalization: Cardoso Reports N4.05 Trillion Raised by 20 Nigerian Banks
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced that a significant milestone has been achieved in the ongoing banking sector recapitalization. As of today, twenty Nigerian banks have collectively amassed N4.05 trillion, bolstering their capital reserves well in advance of the March 31st deadline. Cardoso shared this information during a press…
Tinubu Predicts Nigerian Naira to Strengthen to N1,000 per Dollar in the Near Future
President Bola Ahmed Tinubu has announced his expectation that the Nigerian Naira will gain value, reaching a rate of N1,000 against the US dollar within the next few weeks. The President shared this projection during his address at the Renewed Hope Ambassadors Summit held in Abuja on Tuesday. He confirmed that the Central Bank of…
