BUSINESS: Naira Records Major Gains Against Dollar
By Business Desk The naira extended its positive run against the United States dollar this week, recording significant gains across both the official and parallel foreign exchange markets.
FX Reserves Surge to $42.03bn, Nigeria Records 6-Year Peak
Nigeria’s external reserves climbed to $42.03 billion on September 19, 2025, marking the highest level since September 2019 and setting a six-year peak.
BREAKING: CBN Slashes Interest Rate to 27%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a reduction in the country’s benchmark interest rate, lowering it by 50 basis points to 27.00 percent. This marks the first rate cut in 2025.
BUSINESS: Tax ID to Become Mandatory for Bank Account Opening from January 2026
Beginning January 1, 2026, all Nigerians and non-residents will be required to present a Tax Identification Number (Tax ID) to open or operate bank accounts in the country.
Ellison Overtakes Musk as World’s Richest Man with $101 Billion Surge
New York — Oracle co-founder Larry Ellison briefly overtook Elon Musk on Wednesday to become the world’s richest man, following a record-breaking surge in his fortune driven by Oracle Corp.’s blockbuster earnings report.
Ellison Overtakes Musk as World’s Richest Man with $101 Billion Surge
New York — Oracle co-founder Larry Ellison briefly overtook Elon Musk on Wednesday to become the world’s richest man, following a record-breaking surge in his fortune driven by Oracle Corp.’s blockbuster earnings report.
Dangote Bows: Workers Free to Join NUPENG
Indications have emerged that the management of Dangote Group has agreed to allow employees at its refinery and petrochemical plants to join the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), following weeks of tense negotiations.
FG Unveils New National Debt Management Strategy
The Federal Government has unveiled a new framework to manage Nigeria’s rising public debt, with the Debt Management Office (DMO) announcing the adoption of the Medium-Term Debt Management Strategy (MTDS) for 2024–2027.
Nigeria Increases Insurance Capital Requirements Fivefold, Gives Firms One Year to Comply
The Nigerian government has announced a fivefold increase in minimum capital requirements for insurance companies, giving operators 12 months to meet the new threshold. Regulators say the move aims to strengthen the sector’s financial stability, enhance claims settlement capacity, and align Nigeria’s insurance market with global standards.
Tinubu Unveils $465m Plan to Revive Aluminium Smelter Company of Nigeria
President Bola Tinubu has announced a $465 million investment proposal aimed at revitalising the Aluminium Smelter Company of Nigeria (ALSCON). The initiative is expected to restore operations at the long-dormant facility, boost local production, create jobs, and strengthen Nigeria’s industrial base.
