The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stressed that Nigeria’s quest for macroeconomic stability hinges on credible monetary policy and strong coordination among key economic actors. Speaking in Abuja on Thursday at the CBN’s Monetary Policy Forum, Cardoso said sustainable stability cannot be achieved in isolation, but through alignment between monetary authorities, fiscal institutions, the private sector, and the broader public. The forum, themed “Strengthening Nigeria’s Macroeconomic Stability Through Effective Monetary Policy: The Role of Critical Stakeholders,” brought together policymakers and industry players to deepen engagement on reform outcomes. Cardoso described the theme as both…
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The Central Bank of Nigeria (CBN) has reaffirmed its oversight of Union Bank of Nigeria Plc (UBN) following a Federal High Court judgment in Lagos on March 25, 2026, declaring its January 2024 regulatory intervention unlawful. CBN’s official response on Union Bank oversight In a press release signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN said it is reviewing the Certified True Copy of the judgment while committing to the rule of law. UBN’s status is unchanged, and it remains fully operational for all customers. ALSO READ CBN cuts NTB rates as N8trn liquidity…
The All Indigenous Contractors Association of Nigeria (AICAN) has threatened to stage a protest at the All Progressives Congress (APC) national convention in Abuja, demanding immediate payment of over N1 trillion in outstanding federal contracts. While only N21 billion has been disbursed so far, the association is calling for at least N150 billion to be released within days to ease the financial strain on its members. Jackson Nwosu, national president of AICAN, spoke in Abuja on Tuesday during a resumed protest by members of the association. He said the federal government owes contractors over N1 trillion, though only N21 billion…
The March 25 auction underscores a shifting market regime: liquidity remains abundant and demand resilient, but yields are now on a clear downward trajectory—signalling the early stages of a rate normalisation cycle.
Nigeria’s banking system liquidity remained firmly above N8 trillion this week, underscoring the resilience of excess funds despite an aggressive N2.36 trillion Open Market Operations (OMO) mop-up by the Central Bank of Nigeria (CBN). Mid-week data from the apex bank show that the sizeable liquidity withdrawal—executed at the March 23, 2026 OMO auction—had only a brief tightening effect on system balances. At the start of the week, system liquidity was estimated at over N8.06 trillion. Following the OMO intervention, opening balances on March 23 dropped sharply to N85.04 billion, indicating an immediate but short-lived squeeze. However, liquidity conditions rebounded quickly.…
The naira depreciated to N1,391/$ on Wednesday, extending its recent slide as the U.S. dollar strengthened across global markets amid renewed concerns about inflation and geopolitical uncertainty. Data from the Central Bank of Nigeria (CBN) showed the local currency weakened from N1,383.5/$ recorded on Tuesday, reflecting sustained pressure in the foreign exchange market. The decline aligns with broader global trends, where a firmer dollar—driven by inflation expectations and risk-off sentiment—continues to weigh on emerging market currencies, including the naira. CBN figures indicate that the naira traded within a band of N1,376 to N1,391.50 during the session, with a simple average…
The Peoples Democratic Party (PDP) faction led by Tanimu Turaki on Wednesday confirmed the start of a fresh reconciliation process aimed at uniting aggrieved blocs within the party. In a statement he personally signed, Turaki—whose group is backed by several party governors—said leaders across divides have begun exploring pathways toward a lasting resolution. “I can unequivocally confirm that, as of today, leaders on both sides have broken the ice and are exploring various pathways towards a lasting resolution,” he said. He urged party supporters to de-escalate tensions and avoid actions that could undermine ongoing peace efforts. “We urge our supporters…
The All Progressives Congress (APC) has said it will adopt a consensus arrangement to elect its national leaders at the party’s convention scheduled for March 27 and 28, 2026, in Abuja. The Assistant Secretary, Media and Publicity, of the APC National Convention 2026, Mary Ikoku, disclosed this on Channels Television’s Sunrise Daily on Wednesday. Speaking on the mode of selecting candidates for elective positions, Ikoku said no definitive position had been taken, noting that political dynamics often vary across levels. “For this convention, I can confirm the party is adopting consensus. As for elective positions, I cannot say, because politics…
A real estate syndicate led by Lawrence Onwukwem and Isaiah Ijele is facing fresh allegations of fraud, theft and illegal evictions, even as members remain in hiding following an earlier conviction. The group, also linked to Davies Ijele, Sodiq Kazeem and Peace Igbo, operates under Green Birch Tech Ltd, and is accused of deceiving unsuspecting Nigerians into renting properties it does not lawfully control. In a new petition, a Lagos resident, Oyinkansola Talabi, alleged that the syndicate carried out a midnight invasion of her apartment at Pebblerock Apartments, Oniru, on February 6, 2026, describing the incident as “state-sponsored terror.” In…
President of Dangote Group, Aliko Dangote, has cautioned that escalating Middle East tensions could deepen economic strain across Africa, urging urgent de-escalation to stabilise global oil markets. Speaking after meeting Bola Ahmed Tinubu in Lagos on Monday, Dangote said while Nigeria is not directly involved, it will inevitably feel the impact of oil price volatility. “The world is a global village. It will affect us, unfortunately, but we pray the situation is resolved,” he said. He warned that a prolonged crisis could worsen fiscal pressures across Africa, where debt burdens are already high. “If it doesn’t de-escalate, we’ll pay heavily.…