By: Tunji Okunlola The Central Bank of Nigeria (CBN) has given JPMorgan approval in principle to establish a merchant bank in Nigeria, subject to further regulatory requirements. The proposed lender, JPMorgan Merchant Bank Nigeria Limited, must obtain a final banking licence before it can begin operations. The CBN announced the decision in a statement on…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that restoring petrol subsidy could trigger capital flight, weaken investor confidence and push the naira to between ₦3,000 and ₦4,000 per dollar. By: Tunji Okunlola The minister gave the warning during a press briefing on the sidelines of the International Monetary…
Deutsche Bank AG has added Nigeria to its frontier foreign exchange monitor, a sign of growing investor interest in the naira as the bank expects the currency to strengthen further against the US dollar. By: Tunji Okunlola The German lender regards the naira as undervalued and attractive to carry-trade investors, who seek to profit from…
By: Tunji Okunlola Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele has said investors are already betting on a second term for President Bola Tinubu and expect his economic reforms to continue. He argued that markets and the international community have largely dismissed the opposition as unserious. He spoke alongside Central Bank of…
Fitch Ratings has revised the outlooks on nine Nigerian banks and two bank holding companies to Positive from Stable, citing improvements in Nigeria’s policy framework, foreign exchange reserves and operating environment. By: Ganiyu Olayinka The agency affirmed the Long-Term Issuer Default Ratings (IDRs) of all 11 institutions at ‘B’. The outlook change is not an…
CBN governor highlights committee independence, transparency and market confidence at IMF seminar in Bangkok By: Tunji Okunlola Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said credible monetary policy depends on informed deliberations, independent perspectives and clear communication with financial markets and the public. Cardoso spoke on Thursday at an International Monetary Fund (IMF)…
By: Ganiyu Olayinka Nigeria produced above its OPEC quota in September, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The figures show the country has now met or exceeded its allocation for five consecutive months. Combined crude oil and condensate output rose 2.34 per cent to 1.717 million barrels per day in September. Production…
The Federal Ministry of Finance has released an AI-generated explainer video on the NNPC retail discount, breaking down how it works and who benefits. This is done through a 90-minute video.
By: Tunji Okunlola The Federal Government has announced 10 measures to cushion the impact of rising petrol prices and protect households, businesses and transport users from further price shocks. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, outlined the measures on Thursday at a press briefing on fuel prices and the subsidy…
By: Ganiyu Olayinka Nigeria has risen four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as the country’s economic and external position improved across three of the five indicators assessed. Bloomberg’s scorecard covers 19 African economies and ranks them according to relative investment risk. Mauritius took the…
