Wednesday morning update: 10 key headlines from Nigeria
This morning's summary covers the Defence Minister's denial of resignation rumors, a fatal attack in Anambra, central bank interest rate decisions, and the rescue of students from an illegal university in Lagos.
Shettima: Strong Governance Is Essential for Nigeria’s $1 Trillion Economy
Vice President Kashim Shettima warned that Nigeria cannot reach its $1 trillion economic target without prioritizing corporate governance and ethical regulatory compliance.
Central Bank of Nigeria keeps interest rate at 26.5% amid geopolitical concerns
The CBN has held its benchmark interest rate at 26.5% citing global risks linked to Middle East tensions, while reporting that external reserves have grown to $52.5 billion.
Naira Gains Strength Against Dollar in Parallel and Official Markets
The Naira strengthened to N1,409 per dollar in the parallel market and improved to N1,374.5 in the official NFEM as trading turnover increased.
House Committee Demands Answers From National Security Adviser Regarding PFIPC Oversight
The House of Representatives has summoned the National Security Adviser to explain why the illegal Presidential Foreign Investment Promotion Council was allowed to continue its operations after being flagged.
NRS Mandates E-Invoicing Compliance for Large Taxpayers by July 31
The Nigeria Revenue Service has announced a July 31, 2026, deadline for large taxpayers to implement the national e-invoicing and Electronic Fiscal System.
Investors Over-Subscribe Nigerian Government Bonds by 45 Percent
Nigeria's July bond auction saw a 45 percent oversubscription, totaling N1.74 trillion in bids against a N1.2 trillion offer, signaling robust investor demand despite lower overall allotments.
NIMASA Updates Security Measures for Ports and Ships
NIMASA has implemented revised security protocols requiring vessels to submit arrival data 72 hours in advance and mandating closer coordination between ships and port facilities.
Dangote Refinery boosts fuel exports amid supply and currency hurdles
Dangote Refinery is prioritizing international fuel exports to offset severe local crude shortages and an inability to convert naira earnings into the foreign currency needed for operations.
Nigeria settles N330 billion debt to power firms and launches N729 billion bond
The Nigerian government has paid N333 billion to eight power generation companies and launched a N729 billion bond to clear legacy debts and stabilize the electricity sector.