Business

The Central Bank of Nigeria (CBN) has unveiled the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, aimed at improving transparency and strengthening monetary policy effectiveness. The announcement was made in a statement by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali. According to the CBN, the initiative was developed in partnership with the Financial Markets Dealers Association to deepen the financial system and align Nigeria with global best practices in short-term interest rate benchmarks. The NOFR is designed to enhance price discovery, ensure more transparent pricing of money market instruments, and improve overall efficiency in the financial market. It also aims to boost investor confidence, support fina...

MTN Nigeria has temporarily stopped its airtime and data loan service, Xtratime, in response to fresh regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The telecom firm announced the development in a filing to the Nigerian Exchange on Thursday, stating that the decision is aimed at complying with the FCCPC’s 2025 guidelines on digital and non-traditional lending. Xtratime enables prepaid subscribers to borrow airtime or data and repay during their next recharge. However, the new rules now classify such offerings as digital credit services, requiring operators to secure additional licences and adhere to stricter regulatory standards. According to MTN, the suspension is temporary and part of steps to meet the new compliance requirements. S...

The Central Bank of Nigeria has proposed the creation of a mediation panel to handle loan-related disputes, aiming to reduce reliance on courts in secured lending transactions. The proposal was outlined in a circular signed by P. I. Oluikpe, Acting Director of the Development Finance Advisory Department, inviting stakeholders to review draft guidelines for establishing a Mediation and Dispute Resolution Panel under the Secured Transactions in Movable Assets framework. “The Panel shall, to the exclusion of any court of law or body in Nigeria, exercise first instant jurisdiction to hear and determine any dispute arising from the operation and application of the Act,” the apex bank stated. According to the CBN, the initiative is designed to strengthen the financial ecosystem by provi...

United Nigeria Airlines has recorded its fifth bird strike of 2026 after one of its CRJ-900 aircraft was hit during a flight from Kano to Abuja on Tuesday, April 14. The incident involved Flight UN0579 and occurred while the aircraft was landing at Nnamdi Azikiwe International Airport. In a statement issued by the airline’s spokesperson, Chibuike Uloka, the affected aircraft has been withdrawn from service to undergo mandatory safety inspections. The airline said the decision aligns with its strict safety procedures, noting that the aircraft will remain grounded until comprehensive technical checks are completed. As a result, passengers may experience delays or disruptions across some scheduled flights. The repeated occurrence of bird strikes—now five since January—has raised f...

Nigeria’s crude oil production saw a modest recovery in March 2026, reaching 1.38 million barrels per day (bpd), according to the latest monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC).This figure, based on direct communication with Nigerian authorities, represents a 5.25 percent increase from the 1.31 million bpd recorded in February.While the upward trend highlights ongoing efforts to stabilize the sector, the country remains approximately 117,000 bpd below its assigned OPEC production quota of 1.5 million bpd.Data from secondary sources including energy intelligence platforms and independent estimates—placed Nigeria’s output slightly higher at 1.46 million bpd for the same period.Despite the discrepancy between reporting methodologies, Nigeria mai...

The Director General of Morocco’s National Office of Hydrocarbons and Mines, Amina Benkhadra, has revealed that an intergovernmental agreement for the proposed $25 billion Nigeria-Morocco gas pipeline will be signed before the end of 2026. Speaking in a report by Reuters, Benkhadra highlighted renewed progress on the major energy project, noting that a dedicated pipeline authority would be created in Nigeria after the agreement is finalized. According to her, the authority will include ministerial representatives from the 13 participating countries to provide oversight and ensure smooth coordination. The Nigeria-Morocco gas pipeline, also known as the African Atlantic Gas Pipeline, is a 6,900-kilometre project combining offshore and onshore infrastructure. It is expected to delive...

The Nigerian Electricity Regulatory Commission (NERC) has introduced new regulations aimed at cutting electricity transmission losses and improving transparency across Nigeria’s national grid. The Commission stated that the directive, issued as Order No. NERC/2026/026, establishes a more robust system for tracking and reporting Regional Transmission Loss Factors across the country’s transmission network. According to data from the Nigerian Independent System Operator (NISO), the national average transmission loss dropped from 8.71% in 2024 to 7.24% in 2025. However, this still exceeds the 7% benchmark set under the Multi-Year Tariff Order. NERC said the new framework is designed to bridge this gap and boost overall efficiency in the electricity market. The directive, dated April 8...

The U.S. military has announced it will initiate a total maritime blockade of all Iranian ports and coastal areas starting Monday at 10 a.m. ET (1400 GMT). This decision follows the collapse of high-level negotiations in Islamabad over the weekend, which failed to secure a permanent end to the six-week war and has placed a fragile two-week ceasefire in immediate jeopardy. These talks represented the first direct diplomatic meeting between the U.S. and Iran in over a decade, but the inability to reach a balanced agreement has resulted in a swift return to hostilities. U.S. Central Command confirmed that the blockade will be enforced impartially against all vessels entering or departing Iranian ports in the Arabian Gulf and the Gulf of Oman, regardless of their nationality. While the b...

The Nigerian Naira began the new trading week on Monday, April 13, 2026, with minor fluctuations against the United States Dollar across the official and informal markets.In the Nigerian Foreign Exchange Market (NFEM), the official trading window, the Naira opened at approximately N1,358.84 per Dollar. Despite some early-morning volatility that saw the rate briefly touch N1,362.08, the currency eventually stabilized near its opening mark.This steady performance is largely credited to the Central Bank of Nigeria’s ongoing efforts to manage liquidity and maintain oversight of the banking system.The parallel market, often referred to as the black market, saw higher rates as demand for the greenback continued among individuals and small businesses. In major commercial hubs such as Lagos, Kano,...

The Federal Government has approved new fiscal policy measures for 2026, introducing major tariff reductions across several imported goods. In a circular dated April 1, 2026, signed by Wale Edun, the government confirmed that the updated policy replaces the 2023 fiscal framework. Under the new structure, the import adjustment tax on items such as crude palm oil has been reduced to an effective rate of 28.75 percent, reflecting a shift from previously higher tariffs. The policy also features a revised national list covering 127 tariff lines with lower import duties aimed at boosting growth in key sectors of the economy. Additionally, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been cut to 40 percent from the previous 70 percent...