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…
Author: Abdoulaye Kay
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…
The West African Examinations Council (WAEC) has withheld the results of 167,486 candidates who sat the 2026 Computer-Based West African Senior School Certificate Examination (WASSCE) for school candidates over alleged examination malpractice. The withheld results account for 8.59 per cent of the 1,950,726 candidates who wrote the examination, according to the council during the official release of the results in Lagos on Wednesday. Speaking at the event, the Head of WAEC National Office, Dr. Amos Dangut, said the affected results were linked to various forms of examination malpractice, including the use of mobile phones in examination halls and organised cheating…
The Central Bank of Nigeria (CBN) says the gap between the official foreign exchange market and Bureau de Change (BDC) rates has narrowed to below two per cent, signalling improved stability in the country’s foreign exchange market as external reserves climbed above $52.5 billion. The apex bank attributed the development to the impact of its monetary and foreign exchange reforms, saying the country’s external reserves, which stood above $52.5 billion as of July 17, 2026, have reached their highest level in 17 years. The reserves have also surpassed the bank’s annual target, driven by sustained capital inflows and growing investor…
The Centre for Journalism Innovation and Development (CJID) has awarded sustainability grants to seven Nigerian media organisations in a move aimed at strengthening newsroom resilience, innovation and long-term financial viability. CJID Executive Director, Akintunde Babatunde, disclosed this in a statement on Monday in Abuja. The seven beneficiaries of the CJID Media Sustainability Grant are: International Centre for Investigative Reporting (ICIR) TheCable News Central TV WikkiTimes The Informant247 Prime Progress EduCeleb The grants are intended to help these organisations strengthen their institutional sustainability through improved business models, audience engagement, revenue diversification and newsroom resilience. The grants were presented in Lagos during…
The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), has scheduled its first Nigerian Treasury Bills (NTB) auction for August, offering a total of N700 billion across three maturities as part of its ongoing liquidity management strategy. According to the apex bank’s invitation to tender, the auction will be conducted through the Dutch auction system, with N100 billion offered in the 91-day bill, N100 billion in the 182-day bill, and N500 billion in the 364-day tenor, underscoring the continued emphasis on longer-dated securities. The auction is expected to attract strong interest from institutional investors,…