CBN’s $2 Billion FX Forwards Audit: Winners, Losers, and the Future of Nigeria’s Forex Market
The Central Bank of Nigeria (CBN) has concluded a forensic audit into disputed foreign exchange (FX) forward contracts, uncovering irregularities…
Month: September 2025
Amid Excess Liquidity in Financial Sector, Banks’ Borrowing from CBN Slumps 28.2% to N2.9tn in August 2025
Amid excess liquidity in the financial sector, banks’ borrowing from the Central Bank of Nigeria (CBN) dropped by 28.2 per…
Naira Holds Steady in Black Market as U.S. Dollar Weakens Amid Global Uncertainty
The Nigerian naira remained stable in the black market, trading just below the N1.550/$ range in the first session of…
Nigeria’s Gas Flaring Drops to 7.16% in July 2025 as Gas Production Hits 7.59 BSCFD
Nigeria recorded a significant energy milestone in July 2025 as gas flaring fell to 7.16%, even as daily gas production…
Dangote Refinery Sources Ghana Crude Amid Production Questions, RFCC Unit Maintenance Reported
Nigeria’s Dangote Refinery has, for the first time, imported crude oil from Ghana, signaling a shift toward greater supply flexibility…
Lenovo ‘Project Pivo’ Rotating Laptop, Legion Go 2, and AI Tablets Leak Ahead of IFA 2025
Lenovo is set to make waves at IFA 2025 with a mix of innovative devices, following new leaks from renowned…
Meta’s $14.3B Scale AI Partnership Shows Early Strains Amid Talent Departures and Vendor Shifts
Meta’s multi-billion-dollar partnership with data-labeling startup Scale AI, launched in June with a $14.3 billion investment, is showing signs of…
Nigeria’s 70% Broadband Target at Risk as NCC Reports Consecutive Decline in July
Broadband penetration in Nigeria fell to 48.01% in July 2025, marking the second consecutive monthly decline, according to the Nigerian…
Nigeria Must Achieve 8% GDP Growth to Hit $1 Trillion Economy by 2030 — Minister Enoh
Nigeria must raise its Gross Domestic Product (GDP) growth from the current 3 percent to around 8 percent to achieve…
Asia Markets Mixed as China PMI Data, India Ties, and U.S. Tariff Ruling Shape Investor Sentiment
Asian stock markets closed mixed on Monday as investors weighed fresh economic data out of China, developments in India-China relations,…
OpenAI Eyes India for 1 Gigawatt Data Center to Power AI Expansion
OpenAI, the creator of ChatGPT and a major player in the global artificial intelligence industry, is reportedly planning to build…
India’s Strong GDP Growth Overshadowed by Weak Corporate Earnings and Market Outflows
India’s economy recorded robust growth of 7.8% in the April–June quarter of 2025, outpacing global peers. Yet, the country’s equity…
FX Stability, Capital Inflows Push Nigerian Stock Market to N26trn Gain in 8 Months
Nigeria’s stock market recorded a remarkable growth of N26.01 trillion in market capitalisation within the first eight months of 2025,…
Nigeria’s New Debt Strategy Sparks Sustainability Concerns as $1 Trillion Economy Goal Faces Risks
Nigeria’s revised Medium-Term Debt Management Strategy (MTDS) for 2024–2027 has stirred debate over the country’s rising debt burden, with stakeholders…
Dollar Slips as Fed Rate Cut Bets Rise; Trump-Putin Summit in Focus
The U.S. dollar weakened on Friday, reversing gains from earlier in the week, as traders grew more confident that the…
Xi Jinping Pushes AI Cooperation, Rejects ‘Cold War Mentality’ at SCO Summit in China
Chinese President Xi Jinping has called on members of the Shanghai Cooperation Organization (SCO) to deepen cooperation in artificial intelligence…
Union Bank completes merger with Titan Trust Bank
Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited, following final approval…
Naira Strengthens to ₦1,531.57/$ as CBN Interventions and Rising Reserves Bolster FX Market
The Nigerian naira appreciated to ₦1,531.57 per dollar on Friday, marking a 0.23% gain week-on-week in the official foreign exchange…
NGX Revenue Jumps to N24bn on Bank Recapitalisation and New Listings
The Nigerian Exchange Group Plc (NGXGROUP) reported a significant revenue growth to N24 billion in the 2024 financial year, boosted…
Ghana Treasury Bills Undersubscribed by 50% as Yields Decline Across All Tenors
Treasury bill auctions in Ghana continue to struggle with weak investor demand, as the latest primary market results revealed a…
Clearing Agents Urge Customs to Extend Deadline on 905 Overtime Cargoes in Lagos Ports
Licensed clearing agents have appealed to the Nigeria Customs Service (NCS) to extend its two-week ultimatum for importers to clear…
Nigeria’s Internet Data Usage Hits Record High Despite Falling Subscriptions
Nigeria’s internet usage has reached a record peak even as millions of subscribers abandon telecom networks due to rising costs.…
Nigerian Bank Customers Decry Failed USSD Transactions, Hidden Charges, and Demand CBN Intervention
Bank customers across Nigeria are raising concerns over rising cases of failed transactions and unexplained charges on electronic banking channels,…
Nigeria and Brazil Central Banks Forge Stronger Financial Cooperation to Boost Trade and Stability
The Central Bank of Nigeria (CBN) and the Banco Central do Brasil have pledged to deepen financial and economic cooperation…