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Wema Bank defends Banana Island property sales as lawful debt recovery

Wema Bank has responded to recent allegations surrounding the sale of Banana Island properties linked to the defunct Gulf Bank, insisting that the transactions were lawful and part of efforts to recover outstanding debts owed to the bank. The bank issued the clarification in a statement issued on Saturday, signed by its Company Secretary/General Counsel, […]

Nigeria’s debt crisis deepens as FG borrows N10.85trn in four months
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Naira weakens marginally to ₦1,372/$ ahead of MPC meeting

The naira weakened marginally at the official foreign exchange market on Friday, closing at N1,372/$ as investors adopted cautious positions ahead of next week’s Monetary Policy Committee meeting of the Central Bank of Nigeria. This is according to data published on CBN website on Friday. Compared to last week’s closing at N1,364/$, the Naira depreciated […]

Travel

Nigeria introduces 30-day visa-free policy for Rwandan nationals

Nigeria has officially introduced a 30-day visa-free entry policy for Rwandan nationals under a new bilateral arrangement aimed at easing travel between both countries. The announcement was made by the Nigeria Immigration Service via a statement signed by its Public Relations Officer, DCI Akinsola Akinlabi, on Friday. This follows earlier consideration by President Bola Ahmed […]

Finance

DMO allots ₦4.074bn in May savings bonds

The Debt Management Office has allotted a total of N4.074 billion in its May 2026 Federal Government of Nigeria Savings Bond issuance as investors showed stronger preference for the three-year tenor instrument. This is according to the auction result released by the DMO on Friday. The subscription window for the savings bonds opened between May […]

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S&P upgrades Nigeria’s sovereign credit rating to ‘B’

S&P Global Ratings has upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing improvements in the country’s macroeconomic profile, external position, and ongoing economic reforms. The United States-based global ratings agency announced the upgrade on Friday while affirming Nigeria’s short-term ratings at “B” with a stable outlook. According to […]

Business

Nigeria, Rwanda seal 30-day visa waiver deal to boost travel

Nigeria has formally launched a 30-day visa-free entry policy for citizens of Rwanda under a new bilateral agreement designed to facilitate easier travel between the two countries. The development was announced on Friday by the Nigeria Immigration Service in a statement signed by its Public Relations Officer, DCI Akinsola Akinlabi. The move follows earlier consideration […]

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CBN launches updated FX manual to boost investor confidence

The Central Bank of Nigeria has unveiled the fourth edition of its Foreign Exchange Manual, advancing reforms designed to enhance transparency, boost liquidity, and strengthen confidence in Nigeria’s FX market. The revised manual was launched on Friday in Abuja by CBN Governor, Olayemi Cardoso, and will come into effect on June 1, 2026. Among the […]

OpenAI makes ChatGPT free, expands access without sign-ups
Tech

OpenAI launches personal finance tools for ChatGPT Pro users

OpenAI on Friday rolled out a preview of new personal finance tools for ChatGPT Pro subscribers in the United States, enabling users to link their financial accounts and ask questions about their spending patterns, budgeting, and long-term financial planning. To power the account connectivity, OpenAI partnered with financial data network Plaid. Users can link accounts […]

News

Strait of Hormuz closed only to our enemies — Iran

Iran has said the Strait of Hormuz is open to shipping from all friendly countries and closed only to its “enemies”. The war in Iran has turned the Strait of Hormuz into a choke point so critical that one misstep could rattle every economy on Earth. “From our point of view, the Strait of Hormuz […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
Finance

CBN launches revised foreign exchange manual effective June

The Central Bank of Nigeria on Friday launched the fourth edition of its Foreign Exchange Manual, with the revised framework scheduled to take effect from June 1, 2026, as part of ongoing reforms aimed at improving transparency, liquidity and confidence in Nigeria’s foreign exchange market. The PUNCH reported that speaking at the launch of the […]

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