The Central Bank of Nigeria’s decision to reopen its Open Market Operations (OMO) securities to individual and corporate investors could increase competition for funds in the Nigerian equities market. Under a circular issued on August 12, 2026, individuals, companies and non-bank financial institutions can now participate in the primary and secondary OMO markets through Deposit Money Banks. The policy reverses a restriction introduced in 2019 and comes as investors show strong demand for high-yielding fixed-income instruments. At the August 12 Treasury Bills auction, investors submitted about N4.4 trillion in bids for N700 billion on offer, with the 364-day bill clearing…
Author: Abdoulaye Kay
Nigeria’s net foreign exchange (FX) flow fell by 29 per cent month-on-month to $4.94 billion in March 2026, according to data from the Central Bank of Nigeria (CBN). The figure, contained in the CBN’s first-quarter 2026 Statistical Bulletin, declined from $6.98 billion recorded in February. Despite the monthly drop, the March figure was 38 per cent higher than the $3.58 billion recorded in the corresponding month of 2025. The latest net flow was also the lowest recorded since December 2025, when Nigeria posted $4.49 billion. The CBN data showed that total FX inflows into the Nigerian economy stood at $10.49…
The Transition Monitoring Group (TMG) has commended the Independent National Electoral Commission (INEC) and voters in Osun State for what it described as the “relatively seamless” conduct of the 15 August 2026 governorship election, while urging the judiciary, security agencies and political actors to protect the mandate freely given by the electorate ahead of the 2027 general elections. In a statement signed by Auwal Musa Rafsanjani, Chairman of TMG and Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), the coalition welcomed the absence of major technical glitches in most polling locations and praised INEC’s real-time uploading of polling-unit…
The United States administration under President Donald Trump has terminated Temporary Protected Status (TPS) for nationals of four African countries, raising concerns among affected immigrants who may no longer have protection from deportation or permission to work legally in the country. The countries affected are Cameroon, Ethiopia, Somalia and South Sudan, according to a report. TPS is a humanitarian immigration programme that allows eligible citizens of designated countries already living in the US to remain temporarily and obtain employment authorisation when returning home is considered unsafe because of armed conflict, natural disasters or other extraordinary conditions. The status, however, does…
Afrobeats star David Adeleke, popularly known as Davido, has celebrated the re-election of his uncle, Osun State Governor Ademola Adeleke, following his victory in the state’s governorship election. Davido took to X on Sunday shortly after the Independent National Electoral Commission (INEC) declared Adeleke the winner, posting a brief message: “We did it, Uncle.” The singer’s post was accompanied by a video showing him and members of his team reacting to the announcement of the election result. Adeleke, who contested on the platform of the Accord Party, secured victory in 19 of Osun State’s 30 local government areas, while his…
Governor Ademola Adeleke of the Accord Party has won the 2026 Osun governorship election after securing 511,067 votes to defeat his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), who polled 444,815 votes. Recall that the President of the Senate, Godswill Akpabio, and most governors, senators and chieftains of the APC converged on Osogbo, the state capital, to support their candidate against Adeleke. The Independent National Electoral Commission (INEC) declared Adeleke the winner in the early hours of Sunday, following the collation of results from the 30 local government areas in the state. The election was held on…
The Nigerian Meteorological Agency (NiMet) has forecast cloudy conditions, thunderstorms and varying levels of rainfall across Nigeria from Sunday to Tuesday. In its latest weather outlook, the agency said the northern region would experience sunny skies with patches of clouds on Sunday, with chances of early morning thunderstorms and light rains over parts of Sokoto, Kebbi, Zamfara, Kaduna, Borno, Taraba and Adamawa states. It added that thunderstorms accompanied by moderate rainfall were expected across most parts of the region during the afternoon and evening. For the North-Central region, NiMet predicted sunny skies with patches of clouds and possible early morning…
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has completed a comprehensive review of Nigeria’s Revenue Allocation Formula and finalised work on the remuneration of judicial office holders, while the review for executive and legislative office holders has reached an advanced stage. RMAFC Chairman Dr. Mohammed Bello Shehu, OFR, disclosed this on Saturday during an interactive session with members of the Nigerian Guild of Editors (NGE) in Lagos. He presented an overview of the Commission’s achievements and institutional progress from 2023 to date. Shehu said the period under review was marked by significant fiscal reforms. The Commission strengthened its constitutional…
Investors submitted bids worth N4.93 trillion at the Central Bank of Nigeria’s latest Open Market Operations auction, more than eight times the N600 billion offered across two short-term instruments. The auction, conducted on Thursday, August 13, 2026, covered 103-day and 138-day OMO bills. Despite the huge demand, the CBN allotted N2.60 trillion—more than four times the amount initially put up for sale. Longer-tenor bill attracts strongest demand The 103-day bill, scheduled to mature on November 24, 2026, received N1.268 trillion in subscriptions against an offer of N300 billion. The apex bank allotted N450 billion at bid rates ranging from 19.90%…
Nigeria’s local currency capped off the week on a positive note, appreciating by N5.75 to close at N1,358.25 per US dollar on Friday at the Nigerian Foreign Exchange Market (NFEM), according to official Central Bank of Nigeria (CBN) data. The weekend rally reflects a 0.42% week-on-week gain from the previous Friday’s closing rate of N1,364/$, backed by a continued expansion in the nation’s external buffer zone. Key takeaways Weekly Rebound: The Naira rebounded from a mid-week low of N1,365/$ on Tuesday, posting three consecutive sessions of gains to settle at N1,358.25/$. Foreign Reserves Boost: Nigeria’s gross external reserves expanded by…