Business

The latest balance represents a 15.6 percent increase from the $45.57 billion recorded on January 2, strengthening Nigeria’s external liquidity position and providing the Central Bank of Nigeria (CBN) with a larger buffer to manage foreign exchange pressures and meet international obligations.

Latest data on Nigeria’s midstream and downstream petroleum operations showed that domestic Premium Motor Spirit (PMS) supply declined by 21 percent in July, while petrol imports increased by 9 percent. Total daily petrol receipts also fell 10 percent, from 50.6 million litres in June to 45.5 million litres in July.

The All-Share Index (ASI) fell by 265.99 points from its opening level of 239,351.16 to close at 239,085.17. Similarly, market capitalisation declined by N137 billion, from N154.533 trillion at the opening to N154.396 trillion at the close.

The agreements comprise an addendum to the OML 118 Production Sharing Contract (PSC) and an addendum to the Dispute Settlement Agreement (DSA), executed by NNPC, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited (NAE).

MTN Group has secured conditional approval from the Federal Competition and Consumer Protection Commission (FCCPC) for its proposed $6.2bn acquisition of IHS Holding Limited, moving the deal closer to completion. MTN disclosed the development in its half-year 2026 financial results released on Monday, saying the transaction remained a strategic priority for the second half of the year.

The National Institute of Credit Administration (NICA) has urged the Federal Government to inject ₦2 trillion into the National Credit Guarantee Company (NCGC) to expand access to credit for businesses and productive sectors of the economy.

Nigeria's financial markets head into the final week of August with investors weighing a potentially transformative refinery IPO, a relatively stable naira, high oil prices and the government's claim that its economic reforms have restored investor confidence.

Tax crimes and fraud accounted for more than half of the financial crime intelligence reports disseminated by the Nigerian Financial Intelligence Unit (NFIU) to law enforcement and regulatory authorities in 2025, while banks remained the dominant source of suspicious transaction reports.

The Dangote Petroleum Refinery has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, as it seeks to cut distribution costs for independent petroleum marketers and create room for lower petrol prices.

Nigeria may be experiencing a widening disconnect between booming equity market capitalisation and productive value creation. It is conventional wisdom that the equity market is the barometer of the economy. And this is true of the advanced economies: London, New York, Tokyo, Korea.