Nigerians earning between N150,001 and N250,000 monthly recorded the highest perception of inflation among household income groups in July, according to the Central Bank of Nigeria (CBN). The finding is contained in the apex bank’s July 2026 Inflation Expectation Survey, which examined households’ and businesses’ perceptions of price pressures and their expectations for the months ahead. The survey showed that 71 per cent of households within the N150,001–N250,000 income bracket perceived inflation at a high level during the month. ALSO READ CBN: Multiple taxation still top business headache despite tax reforms In contrast, households earning between N350,001 and N450,000 recorded…
Author: Abdoulaye Kay
Multiple taxation remains the biggest constraint facing Nigerian businesses despite the Federal Government’s sweeping tax reforms, a new Central Bank of Nigeria (CBN) survey has revealed. The CBN’s July 2026 Business Expectations Survey showed that 70.8 per cent of businesses identified high and multiple taxation as their most pressing challenge. Insecurity ranked second with 69.7 points, while high interest rates followed at 66.3 points. Other major constraints identified by businesses included an unfavourable political climate, 62.2 points; high bank charges, 62.0 points; competition, 61.1 points; unclear economic laws, 58.4 points; financial constraints, 56.6 points; and poor infrastructure, 55.1 points. (Nairametrics)…
The De Renaissance Patriots Foundation has called for indigenous communities in Lagos State to enjoy lasting economic benefits from major industrial investments, including the Dangote Petroleum Refinery, Summit Oil’s exploration activities in Badagry and other large-scale developments across the state. The socio-cultural organisation said the presence of such investments should translate into sustainable employment, improved infrastructure, quality education, healthcare and other long-term economic opportunities for host communities rather than leaving indigenous residents to contend with unemployment, inadequate social services and economic hardship. In an open letter dated Thursday, August 6, 2026, jointly signed by its President, Mr. Miftah Bolaji Are,…
The Osun State Government has dismissed allegations by the Economic and Financial Crimes Commission (EFCC) that about ₦11 billion in public funds was being diverted, insisting that no money was looted and describing the anti-graft agency’s actions as politically motivated. The state’s response comes amid the controversy triggered by the EFCC’s decision to freeze Osun Government bank accounts over an alleged ₦11 billion fraud investigation, a move that President Bola Tinubu has since reversed by directing the commission to immediately unfreeze the accounts. In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the…
Demand for loans by businesses and households increased in the second quarter of 2026 as Nigerian banks expanded credit access while recording an improvement in loan repayment, according to the latest Credit Conditions Survey released by the Central Bank of Nigeria (CBN). The survey indicated that lenders eased credit conditions across major lending segments, leading to stronger demand for corporate and secured loans and higher approval rates during the quarter. According to the report, credit availability improved for secured lending, corporate lending and unsecured lending, reflecting banks’ growing willingness to extend financing as confidence in the economy strengthened. The CBN…
The Nigerian naira maintained its stability against the British pound in the foreign exchange market, closing at N1,837 per pound sterling as renewed strength in the U.S. dollar continued to weigh on the British currency in global markets. Market data showed the local currency remained largely unchanged against the pound despite heightened volatility in international currency markets, where investors shifted towards the dollar following stronger-than-expected U.S. economic indicators. Analysts said the pound has come under pressure as expectations of prolonged higher U.S. interest rates continue to support the dollar, reducing demand for sterling. The development has helped keep the naira…
President Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately lift the freeze placed on the Osun State Government’s bank account, following widespread criticism and growing political tension ahead of the state’s governorship election. The presidential directive comes barely a day after the anti-graft agency froze the state’s account over an ongoing investigation into the alleged diversion of about N11 billion in public funds. The move had sparked sharp reactions from the Osun State Government, which accused the commission of attempting to cripple governance and influence the political climate ahead of the August 15 governorship…
The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), has cancelled the N700 billion Treasury Bills auction scheduled for August 5, 2026, after aggressively draining liquidity from the banking system through back-to-back Open Market Operations (OMO). The cancellation came just two days after the apex bank mopped up a combined N4.69 trillion through OMO auctions conducted on August 3 and 4. In a notice to authorised dealers, banks, investors and other market participants, the CBN said the August 5 Treasury Bills auction would no longer hold. However, the authorities maintained that other dates in…
The Senate of the Federal University Dutse (FUD) has approved the expulsion of 11 students and the rustication of 23 others over various cases of examination misconduct. The disciplinary measures followed the recommendations of the university’s Senate Committee on Examination Misconduct after investigations into offences committed during examinations. According to the university, the affected students were found culpable of violating the institution’s examination regulations, prompting the Senate to impose sanctions in line with its academic rules and disciplinary procedures. Besides the expulsions and rustications, the Senate also approved lesser sanctions for some students, including written warnings, while a number of…
The withdrawal of the Central Bank of Nigeria’s (CBN) COVID-19 regulatory forbearance has pushed the banking industry’s non-performing loans (NPLs) ratio well above the apex bank’s prudential threshold, according to the CBN’s First Quarter 2026 Economic Report. The report showed that the industry’s NPL ratio rose to 9.94 per cent in the first quarter of 2026, exceeding the CBN’s maximum benchmark of 5.0 per cent. This represents an increase of 2.43 percentage points from 7.51 per cent recorded in the fourth quarter of 2025. The CBN attributed the sharp rise in bad loans to the discontinuation of pandemic-era regulatory relief…