Nigeria recorded a significant increase in foreign portfolio investment inflows in the first quarter of 2026, with inflows rising 14.4% to $6.03 billion, according to the Central Bank of Nigeria’s (CBN) Q1 2026 Economic Report. The figure represents an increase of about $760 million from the $5.27 billion recorded previously, making portfolio investment the largest component of Nigeria’s gross financial liabilities during the quarter. The CBN report showed that the country recorded a gross incurrence of financial liabilities of $7.22 billion during the quarter, while net incurrence stood at $2.51 billion. Portfolio investment accounted for the bulk of the liabilities,…
Author: Abdoulaye Kay
The Federal High Court in Abuja has authorised former Vice-President Atiku Abubakar to serve President Bola Tinubu with court processes in a suit challenging his eligibility to contest the 2027 presidential election through the All Progressives Congress (APC). Justice Inyang Ekwo granted the application for substituted service on Wednesday following a motion filed by Atiku and the African Democratic Congress (ADC). The court directed the plaintiffs to serve the documents on Tinubu through the APC within seven days. The case was subsequently adjourned until September 28 for further proceedings. Atiku’s lawyer, Olanrewaju Omotayo-Ojo, who appeared in place of Silas Onu,…
President Bola Ahmed Tinubu has directed the Secretary to the Government of the Federation, Senator George Akume, to ensure the timely release of funds accruable to the Regional Development Commissions. Tinubu gave the directive on Monday while declaring open the first Stakeholders Development Summit of the North Central Development Commission (NCDC) at the Abuja Continental Hotel. Represented by Akume, the President said the Regional Development Commissions were created under his administration’s Renewed Hope Agenda to accelerate development and address persistent gaps across the country. He stressed that the Commissions were not established to replace, duplicate or usurp the functions of…
The Central Bank of Nigeria (CBN) released a combined N3.81 trillion into the banking system through repayments on September 15 and 16, 2026, pushing liquidity parked by banks at the apex bank’s Standing Deposit Facility (SDF) to N4.89 trillion. The development, contained in CBN financial market data for the two days, reflects a significant increase in liquidity available to the banking system. The N3.81 trillion comprised N3.056 trillion in Open Market Operations (OMO) repayments on September 15 and N748.64 billion in primary-market repayments the following day. OMO repayment drives liquidity surge The N3.056 trillion OMO repayment on September 15 was…
The naira has maintained a remarkably narrow trading range against the US dollar for four consecutive sessions, marking its longest stretch of relative exchange-rate stability since July 2025. Data from the Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), showed that the local currency closed at N1,329.50/$ on Tuesday, September 15, compared with N1,329/$ on September 14, N1,328.50/$ on September 11 and N1,328/$ on September 10. The movement across the four sessions amounted to just N1.50 per dollar, despite variations in trading activity and intraday rates. The naira initially strengthened slightly from N1,328/$ on September…
The naira strengthened against the British pound at the official foreign exchange market, appreciating to N1,786.13 per pound from N1,792.52 recorded in the previous session. The latest movement represents a N5.70 gain for the naira against sterling, amid improving conditions in Nigeria’s foreign exchange market. The naira’s appreciation also came as the currency maintained relative stability against major currencies, with the domestic FX market increasingly influenced by market-based price discovery and liquidity conditions. Against the US dollar, the naira traded at N1,326.30/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), compared with N1,326.52/$1 in the previous session. FX turnover, however,…
Microsoft has published a new code of conduct for its artificial intelligence models, placing human control and safety at the centre of how its systems should operate. The code, released by Microsoft’s AI division, is based on what the company describes as “Humanist AI” — an approach designed to ensure that AI systems remain under human control rather than operating independently. Microsoft said the central principle behind the framework is that people should remain more important than AI. The move comes amid growing concerns over the potential risks posed by increasingly capable AI systems, including their use in cyberattacks. Microsoft…
Nearly five million people have been affected by severe flooding in India’s eastern Bihar State, with all seven major rivers in the region reportedly rising above danger levels following heavy rainfall. The flooding, which began earlier this month, has submerged large areas of farmland and disrupted livelihoods across several communities. According to Bihar’s Disaster Management Department, close to five million people have been affected by the disaster. The state government said relief operations were underway in the worst-hit areas, with food, drinking water, medicines and other essential supplies being distributed to affected families. Deputy Chief Minister Vijay Kumar Chaudhary said…
Zamfara State has confirmed 367 cases of diphtheria, with 320 patients treated and discharged as health authorities intensify efforts to contain the outbreak. The state Director of Public Health, Dr Yusuf Haske, disclosed the figures in Gusau while briefing journalists on the latest situation. Haske said laboratory tests on samples from suspected patients confirmed the presence of the diphtheria-causing organism, with further confirmation obtained from the National Reference Centre in Abuja. Following the confirmation, the state government declared an outbreak and activated its Incident Management System to coordinate the response. Rapid response teams were deployed across the state’s 14 local…
Researchers at the University of Ilorin (UNILORIN) have raised concerns over the possible contamination of commonly consumed foods during milling, saying metallic particles released from cast-iron grinding discs could pose long-term health risks. The researchers found that as much as 1.7 grammes of metallic contaminants could be introduced into 10 kilogrammes of ground maize during dry milling. The study, funded by the Tertiary Education Trust Fund (TETFund) under its National Research Fund, examined the levels, sources and potential health implications of metallic contamination associated with grinding discs used in food processing. According to the researchers, the average size of the…