Business confidence among Nigerian businesses declined slightly in June 2026 as rising operational costs and persistent macroeconomic challenges continued to weigh on corporate sentiment, according to the latest Business Expectations Survey (BES) released by the Central Bank of Nigeria (CBN). The survey showed that the Business Confidence Index (BCI) fell to 7.2 points in June from 7.9 points recorded in May, indicating that while businesses remained optimistic overall, confidence softened during the month amid mounting cost pressures. Despite the moderation, the apex bank noted that formal sector businesses maintained a positive outlook, buoyed by ongoing economic reforms and efforts to…
Author: Abdoulaye Kay
President Bola Tinubu’s push to establish state police has recorded a major legislative breakthrough after the House of Representatives stepped down its own constitutional amendment bill in favour of the President’s proposal. The Executive-sponsored Constitution of the Federal Republic of Nigeria (Alteration) (State Police) Bill, 2026, transmitted by President Tinubu, was read for the first and second-time during Tuesday’s plenary before being referred to the House Committee on Constitutional Review for detailed consideration. The development effectively consolidates legislative efforts around the President’s proposal, with lawmakers opting to consider the Executive’s version instead of pursuing a separate House-sponsored bill on the…
Nigeria’s currency is expected to remain relatively stable in the coming months despite sustained global strength in the U.S. dollar, supported by rising external reserves, improved foreign exchange reforms and continued investor interest in naira-denominated assets. Market analysts say the naira has continued to trade within a relatively narrow band of between N1,370 and N1,385 per dollar at the official Nigerian Foreign Exchange Market (NFEM), reflecting improved stability in the country’s foreign exchange market. The improved outlook is underpinned by Nigeria’s external reserves, which have climbed above the $51 billion mark, aided by stronger crude oil export receipts, foreign portfolio…
The Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) have received international recognition for their collaboration in combating financial crimes, earning the prestigious UNODC–World Bank–Egmont Group Stolen Asset Recovery (StAR) Initiative Award. The award was presented during the 32nd Egmont Group Plenary of Heads of Financial Intelligence Units (FIUs), held in Baku, Azerbaijan, from July 5 to 10, 2026, according to a statement issued on Friday by the EFCC’s Head of Media and Publicity, Dele Oyewale. The StAR Initiative Award is regarded as one of the highest operational honours in the global financial intelligence community.…
The Council of Fulani Chiefs in Southwest Nigeria has commended President Bola Ahmed Tinubu, Oyo State Governor Seyi Makinde, and the nation’s security agencies for the successful rescue of schoolchildren and their teachers abducted in Oriire Local Government Area of the state. The commendation was contained in a statement issued on Friday by the Council’s Media Office on behalf of the Chairman of the Council and Sarki Fulani of Lagos, Dr. Mohammed Abubakar Bambado II. The Council described the rescue operation as a major success and applauded the professionalism, resilience, and unwavering commitment displayed by security personnel, which led to…
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Friday presented a souvenir to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, during the Minister’s working visit to the CBN Head Office in Abuja. The visit provided an opportunity for both leaders to reinforce collaboration between the Central Bank and the Federal Ministry of Finance as part of ongoing efforts to strengthen policy coordination and advance Nigeria’s economic reform agenda. The presentation of the souvenir underscored the cordial relationship and shared commitment to promoting macroeconomic stability and sustainable economic growth.
Food security is often framed as a question of production. Yet at its core, it is about something far more fundamental: how societies organise themselves to ensure that food remains reliably available, accessible, and affordable. In that sense, food is not only a commodity. It is a public good, central to economic stability, social cohesion, and national resilience. The food sector also continues to be the largest employment generator across developing countries. India’s transformation from a food deficit nation to one of the world’s largest agricultural producers is frequently linked to the Green Revolution. Focusing too narrowly on that moment misses the broader lesson, aligning policy, institutions,…
The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender in Nigeria and must be accepted for all transactions nationwide. In a statement issued on Tuesday, July 8, 2026, the acting Director, Corporate Communications of the apex bank, Hakama Sidi-Ali said it had become aware of reports that some members of the public, businesses and other stakeholders were rejecting the note amid doubts about its continued legal status. “For the avoidance of doubt,” the CBN said, “both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be…
The Nigerian naira maintained a relatively stable position against the British pound at the opening of the midweek foreign exchange session, trading at about ₦1,827 to £1 in the official market as recent monetary measures continued to support exchange rate stability. Market data indicated that the pound-naira exchange rate has been moving within a narrow range in recent sessions, reflecting reduced volatility in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Analysts attribute the trend to periodic foreign exchange interventions by the Central Bank of Nigeria (CBN), aimed at easing market pressures and improving liquidity. The CBN’s strategy of injecting foreign…
The Central Bank of Nigeria (CBN) allotted N1.06 trillion at its Treasury bills (NTB) primary market auction held on Wednesday, July 8, 2026, raising the stop rate on the one-year bill to 17.70%, up from 17.34% recorded at the June 17 auction, while leaving the mid-tenor rate unchanged. Auction results showed total subscriptions of about N2.03 trillion against an offer of N700 billion, representing an oversubscription of approximately 2.9 times. As in previous auctions, investors showed the strongest appetite for the 364-day Treasury bill, which attracted N1.86 trillion in bids. The auction marks the first major sale under the CBN’s…