High or multiple taxation, insecurity and elevated interest rates emerged as the biggest constraints confronting Nigerian businesses in September 2026, according to the latest Business Expectations Survey of the Central Bank of Nigeria (CBN). The survey showed that high or multiple taxation recorded the highest constraint index at 67.1 points, followed by insecurity at 66.2 points and high interest rates at 64.3 points. Other major concerns included an unfavourable political climate, with 61.8 points; high bank charges, 61.5 points; competition, 60.2 points; and unclear economic laws and an unfavourable economic climate, both at 58.7 points. Despite the pressures, businesses remained…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) withdrew a net N6.62 trillion from the banking system through Open Market Operations (OMO) in September 2026, as the apex bank stepped up liquidity management amid strong investor demand for its securities. The CBN sold about N17.51 trillion worth of OMO bills during the month, while N10.89 trillion in maturing instruments was repaid to investors, effectively returning part of the liquidity earlier absorbed. The net result was a N6.62 trillion reduction in system liquidity. The transactions were conducted through five auctions held on September 1, 8, 16, 24 and 29. The N17.51 trillion allotted…
The Nigerian Supreme Council for Islamic Affairs (NSCIA) has constituted new leadership structures following the successful conclusion of its General Assembly, with the Sultan of Sokoto’s Media Team urging the new officers to embrace service and unity. The Media Team of the Sultan and President-General of the NSCIA, Alhaji Muhammad Sa’ad Abubakar III, welcomed the emergence and appointment of the new officers and members of the Council’s various organs. In a statement signed by Prince Bashir Adefaka on Saturday, the team said the new structure provided an opportunity to strengthen the Council’s institutional capacity and deepen its service to the…
The Aliko Dangote Foundation (ADF) has launched a groundbreaking Student Shares Grant Initiative, designed to help young Nigerians begin their investment journey early while deepening financial literacy and encouraging a culture of long-term wealth creation. The initiative, which is open to students aged 18 years and above in public and private tertiary institutions across Nigeria, aims to introduce thousands of young people to the principles of saving, responsible investing and ownership through direct participation in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP). Verification Under the programme, an eligible student who completes the required…
The share of Nigerian households that perceived inflation as high rose sharply to 77.2% in September 2026, from 67.2% in August, indicating renewed pressure on household purchasing power despite the recent moderation in headline inflation. The figure is contained in the latest Inflation Expectations Survey of the Central Bank of Nigeria (CBN), which also showed that the overall Inflation Perception Index increased to 43.1 points in September, from 39.6 points in August. Rural households report stronger pressure The survey showed that inflation concerns were more pronounced among rural households, with 79.1% reporting high inflation perception, compared with 76.2% among their…
Nigeria’s economic activity strengthened in September, with the Central Bank of Nigeria’s (CBN) Composite Purchasing Managers’ Index (PMI) rising to 53.0 points, from 52.7 points in August. The September reading marked the fourth consecutive month of expansion, with Industry, Services and Agriculture all remaining above the 50-point threshold that separates expansion from contraction. The CBN survey attributed the improvement largely to stronger output, new orders, employment and raw-material inventories, alongside improved supplier delivery times. The New Orders Index recorded the greatest month-on-month improvement among the major components, rising to 53.7 points, while the Output Index stood at 53.9 points. Employment…
A total of 1,500 internally displaced households in four communities across Tangaza and Sokoto South Local Government Areas of Sokoto State have received Water, Sanitation and Hygiene (WASH) dignity kits to support hygiene and access to essential supplies. The intervention was implemented by the Sokoto State Rural Water Supply and Sanitation Agency (RUWASSA), with technical support from UNICEF and funding support from the Swedish International Development Cooperation Agency (Sida), as part of ongoing humanitarian WASH interventions for displaced and vulnerable communities. The distribution covered Sabon Gari and Shiyar Hakimi communities in Tangaza LGA, where 469 kits were distributed, and Gagi…
Nigeria’s foreign exchange market is showing greater stability, with stronger external reserves, improved FX liquidity and monetary policy measures helping to limit pressure on the naira, according to a market assessment by Nairametrics. The Central Bank of Nigeria’s (CBN) latest policy reset, which cut the Monetary Policy Rate (MPR) by 350 basis points from 26.5% to 23%, has so far not triggered a renewed slide in the currency. The official exchange rate has remained around N1,327-N1,330 per dollar, while the gap with the parallel market has narrowed significantly. (Nairametrics) Nairametrics reported that the stronger position is being supported by rising…
The Joint Admissions and Matriculation Board (JAMB) has extended the deadline to November 30, 2026, for candidates with outstanding admission offers from the 2021 to 2025 exercises to accept or reject the offers. The extension, contained in a statement signed by the Acting Director of Public Affairs and Protocol (PAP), Fabian Benjamin, PhD, and made available to ASHENEWS on Wednesday, follows the temporary unavailability of the Central Admissions Processing System (CAPS) for about 96 hours, giving affected candidates a final opportunity to update their admission records. JAMB had previously set September 30, 2026, as the deadline for candidates offered admission…
The Central Bank of Nigeria (CBN) says the completion of the banking sector recapitalisation programme marks the beginning of a broader reform phase, rather than the end of the process. The apex bank said stronger capital buffers must now be matched by sound corporate governance, effective risk management and increased lending to productive sectors of the economy. CBN Deputy Governor, Corporate Services, Dr Muhammad Sani Abdullahi, stated this at the bank’s 38th Seminar for Finance Correspondents and Business Editors in Abuja, themed “Towards a Robust and Resilient Financial System in the Post-Banking Sector Recapitalisation Era.” Abdullahi said 33 banks met…