Global Business News
Global Business News
Global Business News
Abuja, Feb. 24, 2026 – The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 26. 5 per cent from 27 percent. The MPR is the nominal anchor for bank’s lending rates. It is the rate at which banks determine their lending rate. Olayemi Cardoso, the Governor of the apex bank, announced this on Tuesday at the end of the Monetary Policy Committee (MPC) of the bank. He said members of the committee unanimously voted to reduce the rate by 50 basis points from 27 percent …
Kaduna, Feb. 13, 2026 – The Nigeria Deposit Insurance Corporation (NDIC) has fully insured deposits of about 99 per cent of depositors in Nigerian banks. It has also raised the deposit insurance coverage to N5 million to protect bank customers nationwide. Thompson Sunday, its Chief Executive, disclosed this at the NDIC Special Day at the 47th Kaduna International Trade Fair. He said these efforts were in the bid to fulfill the NDIC’s mandate of safeguarding depositors’ funds and strengthening public confidence in the financial system. The NDIC boss, who was …
Lagos, Feb. 11, 2026 – The federal government is to commence the sale of selected state owned assets to private investors in 2026, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said this in Saudi Arabia on Monday during an interview on the sidelines of the AlUla conference for emerging market economies According to Bloomberg, Edun said the federal government was working on determining which assets will be offered for sale and the timelines for the transactions. “The plan is to offer some assets in 2026,” …
Lagos. Feb. 5, 2026 – The Nigerian currency, the Naira, appreciated further at the official foreign exchange market on Wednesday, closing at N1,359 to the dollar. The currency, which was N1,367 to the dollar at the market on Tuesday, has been appreciating steadily in the market it the last three trading days. Bid rates quoted by dealers at the market on Wednesday ranged from N1,348 to N1,365to the dollar. Meanwhile, the naira is being traded at the black market in Lagos at between N1,445 and N1,455 to the dollar.
Lagos, Feb. 4, 2025 – The Nigerian currency, the naira, appreciated further at the official foreign exchange market on Tuesday to close at N1,367 to the dollar. The currency gained N16.50 against the dollar at the market on Tuesday to appreciate from N1,384.50 to the dollar which it closed on Monday. Bid rates offered by dealers in the market on Tuesday ranged between N1,360 to N1,387 to the dollar. Meanwhile, the naira is being traded at the black market in Lagos at betweenN1, 445 and N1,453 to the dollar.
Abuja, Jan 16, 2026 – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has commended the European Union (EU) for delisting Nigeria from its list of financial crime high risk countries. The minister, who said this in a statement on Friday, described the decision as a boost to Nigeria’s financial credibility and its investor confidence. He also described the decision as a major vote of confidence to the country’s ongoing economic and financial reforms. Edun said this was achieved through the extraordinary leadership, unwavering political …
Abuja, Jan 16, 2026 – Nigeria has entered a phase of economic consolidation after two years of reforms that helped steady inflation, stabilise the currency and lift investor confidence, Finance Minister Wale Edun said on Thursday. Since taking office in 2023, President Bola Tinubu has rolled out Nigeria’s most ambitious economic overhaul in decades by ending costly fuel and energy subsidies, twice devaluing the naira currency and changing the tax system to boost public finances. The measures unleashed Nigeria’s worst cost-of-living crisis in a generation but set the stage …
Lagos, Jan. 16, 2025 – The Lagos State Internal Revenue Service (LIRS) has advised employers in the state to submit their annual tax returns for the 2025 financial year on or before January 31, 2026. It gave the advice on Thursday in a statement signed by its Executive Chairman, Dr Ayodele Subair. The statement said all organisations were expected to provide comprehensive records of salaries, wages, and other forms of compensation paid to employees during the year, adding that payments made to third parties such as contractors, suppliers, and consultants …
Abuja, Jan. 16, 2026 – The Nigeria Revenue Service (NRS) has denied reports that the federal government is imposing new Value Added Tax (VAT) charges on banking services, electronic money transfers, fees and commissions. It described the reports as incorrect and misleading and urged the public and stakeholders to disregard misinformation and rely on official communications for accurate and up-to-date tax information. The NRS made the clarification on Thursday in a statement signed by Dare Adekanmbi, the Special Adviser on Media to the NRS Chairman, Zacch Adedeji. It said …
Lagos, Jan. 15, 2026, the Nigerian currency, the Naira, appreciated further at the official foreign exchange on Wednesday, closing at N1,419.50 to the dollar. The naira exchange rate was N1,420.25 to the dollar at the market on Tuesday. The exchange rare has been appreciating at the market in the last two days. It was N1,425 to the dollar on Monday and appreciated to N1,420.25 on Tuesday. Bid rates quoted by dealers at the market on Wednesday ranged between N1,419 and N1,421 to the dollar. Meanwhile, the naira is being …