CBN Introduces Regulatory Tracks for Virtual Assets
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has introduced dedicated regulatory tracks for virtual assets and data-enabled financial services under the second cohort of its Regulatory Sandbox Programme. The programme, which opens for applications on Wednesday, August 12, will run until August 31, 2026. The CBN said in a statement signed by the […]
FG Queries NAICOM Over N500m Recapitalisation Fee Demand
By Mardiyyah Abubakar The Federal Government has queried the National Insurance Commission (NAICOM) over disputed fees and escrow demands linked to the ongoing recapitalisation of NICON Insurance Limited and Nigeria Reinsurance Corporation. The Ministry of Finance directed NAICOM to provide a detailed response and legal justification for the disputed charges. The query follows a petition […]
AfCFTA Seeks Africa-wide Adoption of Nigeria Customs Technology
By Oluwakemi Kindness The African Continental Free Trade Area (AfCFTA) has called for the adoption of Nigeria Customs Service’s digital innovations across Africa to improve customs administration and boost intra-African trade. AfCFTA Secretary-General, Wamkele Mene, made the call during a working visit to the Nigeria Customs Service headquarters in Abuja, according to Abdulahi Maiwada, Customs […]
Subsidy Bill Could Have Hit ₦53tn, Says NRS Chairman
By Oluwakemi Kindness The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, says Nigeria’s petrol subsidy bill could have risen to about ₦53 trillion if the government had retained the policy. Adedeji also claimed that the naira could have weakened to about ₦3,500 to the dollar if the subsidy regime had continued. He made […]
NMDPRA Unveils Rules to End Fuel Price Fixing
By Mardiyyah Abubakar The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled draft regulations aimed at ending fuel price fixing, artificial scarcity and other anti-competitive practices in Nigeria’s petroleum sector. The proposed rules would prohibit petroleum companies from coordinating pump prices, restricting fuel supply, sharing markets, rigging bids or exchanging commercially sensitive information […]
FG, Huawei Back $1 Trillion Digital Economy Goal
By Zainab Bakare The Federal Government has reaffirmed its commitment to building a digitally enabled economy, with Huawei Technologies Nigeria pledging continued support for the country’s ambition of becoming a $1 trillion economy through technology-driven growth. The commitment was reaffirmed during a courtesy visit by Huawei’s management team to the Minister of State for Foreign […]
NAICOM Begins Issuing New Licences to 43 Insurers
By Oluwakemi Kindness The National Insurance Commission, NAICOM, has begun issuing new licence certificates to insurance companies that met its revised minimum capital requirements. The new certificates were presented to compliant insurers at the Commission’s headquarters in Abuja on Tuesday, marking a major milestone in Nigeria’s insurance industry recapitalisation programme. The Commissioner for Insurance, Olusegun Ayo-Omosehin, […]
CBN: Naira-Official FX Rate Gap Falls Below 2%
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) says the gap between the official exchange rate and Bureau de Change rates has narrowed to below two per cent. The apex bank said the development reflects improving stability in the foreign exchange market. The Acting Director of Corporate Communications and Investor Relations Department of the […]
Nigeria’s Reserves Hit 17-Year High at $52.5bn – CBN
By Oluwakemi Kindness Nigeria’s foreign exchange reserves have climbed above $52.5 billion, reaching a 17-year high, the Central Bank of Nigeria (CBN) has said. The apex bank said the reserves, as of July 17, 2026, had also exceeded its annual target. The CBN attributed the increase to sustained foreign exchange inflows and renewed investor confidence […]
Oil Prices Rise as Markets Gain on US-Iran Developments
By Mardiyyah Abubakar Oil prices rose on Tuesday after a sharp decline, while most global stock markets recorded gains as investors monitored developments in US-Iran relations and renewed optimism on Wall Street. Crude prices briefly gained about one per cent after falling five per cent on Monday. Traders reacted to hopes that the United States […]