The average retail price for Premium Motor Spirit (PMS), commonly referred to as petrol, climbed significantly to N1,239.33 per litre in April 2025. This marks a sharp 76.73% increase compared to N701.24 recorded in the same period last year, according to the latest report by the National Bureau of Statistics (NBS). Despite the annual spike, the month-on-month data offers a slight reprieve. Prices dipped by 1.77% from N1,261.65 in March…

The naira recorded modest gains against major global currencies on Tuesday, May 21, 2025, signaling continued efforts by the Nigerian government and the Central Bank to stabilize the foreign exchange market. Market data show that the naira appreciated slightly against the US dollar, British pound, euro, and Chinese yuan, with traders pointing to improving investor confidence and stronger supply in the forex market. The appreciation comes as economic policymakers intensify…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has once again retained the Monetary Policy Rate (MPR) at 27.50 per cent.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has said the digital economy witnessed growth under the administration of President Bola Tinubu. He said this was with foreign direct investment (FDI) in the sector soaring to $191 million in the first quarter of 2024—up from $22 million in the same period last year. Tijani made this disclosure in an interview for an upcoming State House documentary marking Tinubu’s…

By Alade Adisa The Central Bank of Nigeria (CBN) on Monday night dispelled rumours that there is instability in the Nigerian banking sector. The apex bank, in a statement described insinuations that some banks are experiencing difficulties as far from the truth. The bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in a statement, said that certain publications and online reports to the contrary, were false and should…

Nigeria’s naira remained stable against major foreign currencies on Tuesday, holding ground in a volatile global market marked by inflation concerns and tightening monetary policies across key economies. As of May 20, 2025, the Central Bank of Nigeria (CBN) set the official exchange rates as follows: ₦1,610.97 to a US dollar ₦2,151.32 to a British pound ₦1,809.10 to a euro The naira’s performance signals a momentary pause in the depreciation…

The Chinese government has announced plans to establish electric vehicle (EV) factories in Nigeria as part of a broader strategy to deepen cooperation in the solid minerals sector and support the country’s industrialisation agenda. Chinese Ambassador to Nigeria, Yu Dunhai, made the disclosure during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake, in Abuja over the weekend. Dunhai stressed the need for stronger China-Nigeria collaboration to…

The Federal Government, FG, 36 states, and 774 local government councils have shared a total of N1.681 trillion as revenue for April 2025, the Federation Account Allocation Committee (FAAC) announced. The amount represented a 6.5 per cent increase—equivalent to N110 billion—over the N1.578 trillion distributed in March. READ ALSO: Let LGs have representatives in FAAC, Senate tells FG According to a statement by Bawa Mokwa, Director of Press and Public Relations…

Lagos, May 16, 2025 — The Nigerian naira continued to display resilience in the foreign exchange market today, maintaining its stability against major global currencies including the U.S. dollar, British pound, and the euro. At the close of trading, the naira was exchanged at ₦1601.16/$1, nearly unchanged from the previous day’s rate of ₦1602.67/$1. This marginal improvement continues a week-long trend of relative stability in the foreign exchange market. Against…

The Minister of Budget and Economic Planning, Abubakar Bagudu, has said Nigeria’s economy is on a recovery path, bolstered by bold policy reforms, renewed fiscal discipline, and improved investor sentiment. The minister spoke while featuring in an interview for an upcoming TV documentary marking President Bola Tinubu’s second year in office, Bagudu said the administration’s “Renewed Hope Agenda” is delivering measurable results and winning the trust of both local and…

Nigeria’s economy grew by 4.6% in the last quarter of 2024, showing signs of strong recovery. The World Bank’s Lead Economist for Nigeria, Alex Sienaert, says the country’s business sector is bouncing back, and the growth is expected to continue into early 2025. Sienaert attributed the economic momentum in part to the country’s foreign exchange reforms, which have created a more unified, market-reflective, and stable exchange rate. As a result,…

Naira, slips further as Nigerian currency loses ground against dollar, pound, and euro. At the close of trading on Tuesday, Naira exchanged at ₦1602.67 per U.S. dollar, down from ₦1601.45 the previous day—representing a 0.0762% depreciation. While modest in numerical terms, the shift reflects continued uncertainty in Nigeria’s currency markets and broader macroeconomic headwinds. Weakening Across the Board The Naira also recorded losses against other major global currencies. It fell…