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 Presidential Fiscal Policy and Tax Reforms Committee has rejected most of the concerns raised by global advisory firm, KPMG, over Nigeria’s new tax laws, describing the firm’s publication as largely based on “misunderstanding of the policy intent” and the presentation of “opinion and preferences as facts.” The committee, in a detailed response, dated 10 January 2026, by its chairman, Taiwo Oyedele, acknowledged that KPMG raised a few useful points, particularly on implementation risks and...
President Bola Ahmed Tinubu has confirmed that Nigeria’s new tax laws will take effect on 1 January 2026, as previously scheduled, dismissing calls for a pause or reversal amid growing public debate over certain provisions of the gazetted law. In a State House press statement issued on Tuesday, 30 December 2025, the President stated that both the tax laws that took effect on 26 June 2025 and those slated for implementation in 2026 would proceed...
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...
Aviation engineering company AVIC-KDN is showcasing its full range of airport and airline solutions at the Nigeria Air Show, which opened Tuesday in Abuja and will run until Thursday, 4 December. AVIC-KDN is participating as a major sponsor and exhibitor. The company stated that its presence reflects its commitment to supporting Nigeria’s efforts to strengthen airport infrastructure, improve operational standards, and enhance overall aviation efficiency. “This is why we opened our Abuja office in 2024,”...
The Central Bank of Nigeria (CBN) on Tuesday maintained the country’s benchmark interest rate, the Monetary Policy Rate (MPR), at 27 percent, as the bank stated that it seeks to build on recent gains in inflation and exchange-rate stability. Governor Olayemi Cardoso announced the decision at a press conference at the end of the 303rd meeting of the Central Bank’s Monetary Policy Committee (MPC), held in Abuja. In addition to holding the MPR at 27...
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...
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that the global shift towards sustainable finance is redefining investment decisions, corporate governance, and risk management, adding that Nigeria’s capital market must adapt to remain competitive and relevant. Speaking at the 2025 Annual Conference of the Chartered Institute of Stockbrokers in Abuja, on Wednesday, Agama described sustainability as a global imperative that goes beyond technology and ethics, noting that environmental,...
The management of Zara Stores, one of the major shopping malls in Awka, Anambra State, opened a new Zara Mall in Onitsha, Anambra State, on Thursday. The Chairman and Chief Executive Officer of Zara Stores, Chief Akai Egwuonwu, who keyed into the “aku luo uno” or “think home” mantra of the Obiano administration, has continued to expand his businesses across different parts of Anambra State. A reputable agro businessman with a major stake in rice...
