Nigerian banks are holding record levels of cash yet profits are tightening. The latest report from the Central Bank of Nigeria (CBN) shows that the country’s financial institutions are sitting on more than ₦58 trillion in deposits with the apex bank, even as lending to the real economy weakens.The CBN’s Monetary Policy Committee (MPC) cut…
By UYE VINCENT The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate also known as the Monetary Policy Rate (MPR) — from 27.5 percent to 27 percent, marking the first rate cut in five years. The decision, announced at the 302nd Monetary Policy Committee (MPC) meeting, reflects cautious optimism about easing inflation…
POLICY WATCH 360 — By Uye Vincent At its 302nd Monetary Policy Committee meeting in Sept, 22-23, 2025 the Central Bank of Nigeria (CBN) announced a 50 basis point cut to the Monetary Policy Rate (MPR), bringing it down from 27.50 percent to 27.00 percent. Alongside the rate cut, the MPC narrowed the interest rate…
The strike’s impact extended beyond crude production to household energy costs. Across major Nigerian cities, the price of liquefied petroleum gas (LPG), commonly known as cooking gas, doubled within a week, leaving many families struggling to refill their cylinders. NNPCL’s Ojulari attributed the spike to a temporary halt in loading and distribution activities during the…
Nigeria’s crude oil production took a significant hit following the unrest, with the Nigerian National Petroleum Company Limited (NNPCL) confirming a loss of over 600,000 barrels in just three days. The strike, which began after reports that Dangote Industries had dismissed more than 800 workers, quickly spread beyond the refinery, paralysing operations at several critical…
Nigeria’s Vice President, Kashim Shettima, in a recent broadcast, had warned against mounting challenges facing the Dangote Refinery, saying that any disruption to its operations could undermine the country’s energy security and reverse gains made in reducing fuel importation. Nigeria’s vice president, Shettima warned that ongoing labour disputes, policy inconsistencies, or sabotage could jeopardize investor…
Nigeria’s energy market was thrown into turmoil after a three-day disruption at the Dangote Refinery, Africa’s largest single-site facility, as labour unrest caused a sharp dip in oil production, drove fuel prices higher, and sent cooking gas costs soaring nationwide. From gas price spikes to oil output dips, how a 3-day outage at Dangote refinery…
