Nigeria’s foreign reserves have crossed the $51 billion mark for the first time in 17 years. Fresh data from the Central Bank of Nigeria (CBN) shows that reserves rose to $51.04 billion on June 18, 2026. The last time reserves reached this level was in January 2009. This milestone highlights a stronger external position for…
The British Pound falls as the naira strengthens to ₦1,825 per £1 amid UK political uncertainty, reflecting volatility in the GBP to NGN exchange rate. The Nigerian naira strengthened against the British pound on the foreign exchange market as political uncertainty continued to cloud the UK economy. The pound traded at about N1,825/£1, highlighting the…
Shell appoints Elohor Aiboni as Executive Vice President and Country Chair Nigeria. She becomes the first Nigerian to hold the role in Shell’s history Shell has appointed Elohor Aiboni as Executive Vice President and Country Chair Nigeria. The appointment takes effect on August 1, 2026. With this move, Aiboni becomes the first Nigerian to hold…
Naira Weakens to N1,361.5/$ as FX Market Turnover Drops 57% The naira recorded a slight loss against the US dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed the local currency closed at N1,361.5/$, compared to N1,356.5/$ in the previous trading session. However, the bigger…
Yum! Brands has agreed to sell Pizza Hut in a $2.7bn deal that ends its long ownership of the brand. The business will now be split between two buyers. LongRange Capital will take control of operations outside mainland China, while Yum China Holdings will manage the China market. The transaction is expected to close in…
NGX market drops again as banking stocks lead losses, wiping N782 billion from investors in one session. Nigeria’s stock market slipped again on Tuesday, June 16, 2026, as selling pressure returned strongly. The NGX All-Share Index fell 0.50 percent to 241,984.80 points. Investors also lost about N782.44 billion in market value. Market capitalisation dropped to…
The UK sanctions Nigerian payment firm Pilot Finance over alleged Russia-linked transactions raising scrutiny and business risks. The United Kingdom has sanctioned Nigerian payment company Pilot Finance over alleged Russia-linked transactions. The firm, also known as Continental Global Incentives, was named in a new UK sanctions package announced on Tuesday. According to British authorities, the…
Dangote Refinery Cuts Petrol Price to ₦1,175 Per Litre Dangote Petroleum Refinery has reduced its petrol gantry price to ₦1,175 per litre. This latest price cut has sparked fresh discussions across Nigeria’s fuel market. Many marketers and consumers are already watching closely to see what happens next. As a result, fuel distribution costs could drop…
Petrol price in Nigeria may fall to ₦900 per litre if the US-Iran truce succeeds and crude oil prices continue to decline— Oil Marketers The possibility of cheaper petrol is raising fresh excitement across Nigeria. Industry operators say petrol prices could drop to as low as ₦900 per litre if the proposed peace deal between…
RBA Keeps Interest Rates on Hold, But More Hikes Are Still Possible Australia’s central bank has decided to keep interest rates unchanged at 4.35%. The decision comes after three rate hikes earlier this year. As a result, borrowers get a temporary break from rising loan repayments. However, the Reserve Bank of Australia (RBA) says inflation…
