Nigeria’s foreign exchange (FX) reserves climbed to US$46.01 billion on 22 January 2026, data from the Central Bank of Nigeria (CBN) show. This marks the highest level in almost eight years. The figure, released in the CBN’s latest reserves report, represents a steady year-to-date increase of about 0.99 per cent, rising from US$45.56 billion on 1 January to US$46.01 billion on 22 January. On 21 January, reserves were reported at US$45.98 billion, indicating consistent accretion....

The Federal Ministry of Finance has assured investors and international partners that Nigeria remains stable and focused on economic growth, following a joint security operation conducted by Nigerian and United States forces in Sokoto on Christmas Day. In a statement issued on Sunday, Minister of Finance and Coordinating Minister of the Economy Wale Edun said the operation should not be misinterpreted as a sign of internal conflict or instability. “Nigeria remains firmly on a path...

The Central Bank of Nigeria (CBN) has announced revisions to its cash withdrawal and cash deposit regulations, increasing weekly withdrawal limits for individuals and corporate entities. Effective 1 January 2026, all deposit-taking institutions must allow: Individuals to withdraw up to ₦500,000 per week and corporates up to ₦5 million per week across all cash-out channels (ATM, POS, over-the-counter). ATM withdrawals fixed at ₦100,000 per day, within the overall weekly ceiling of ₦500,000. The removal of...

The Dangote Petroleum Refinery has announced ambitious plans to expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. Once completed, the facility will overtake India’s Jamnagar to become the largest refinery in the world. Alhaji Aliko Dangote, President of the Dangote Group, made the announcement during a media briefing in Lagos on Sunday. He said, “We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million...