The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1373 per $1 on Tuesday, June 2nd, 2026. The naira traded as high as 1360 to the dollar at the investors and exporters (I&E) window on Monday. This is brought to you by Bizwatch Nigeria.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Monday 1st June, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1385
Buying Rate
₦1375
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1373
Lowest Rate
₦1360
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
NUPRC says oil and gas production remains unaffected despite an ongoing nationwide strike by workers.
PENGASSAN members shut down NUPRC offices over disagreements concerning foreign training opportunities.
Management and labour unions are currently in talks to resolve the dispute and restore normal operations.
Main story
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has assured stakeholders that Nigeria’s oil and gas production remains stable despite the ongoing nationwide strike by workers, which has disrupted administrative activities across the commission’s offices.
The industrial action, led by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), saw workers block access to the commission’s headquarters and other offices in protest against alleged irregularities in the allocation of foreign training opportunities.
Speaking on the development on Monday, the Head of Corporate Communications and Media at NUPRC, Mr Eniola Akinkuotu, said while administrative functions had been affected by the strike, critical regulatory operations and production activities in the oil and gas sector remained fully operational.
According to him, “It is true that some administrative activities were affected today due to industrial action taken by the unions. However, this has not in any way impacted activities in oil and gas facilities or production in general.”
Akinkuotu added that the commission’s management had commenced engagements with labour representatives to address the concerns raised by workers and bring the industrial action to an end.
“The top management of the commission is meeting with the unions in order to put an end to the strike and ultimately restore normalcy,” he said.
The issues
The dispute reportedly stems from disagreements over training policies within the commission. Sources familiar with the matter said negotiations between management and workers broke down after the commission opted to prioritise local training programmes over overseas capacity-building initiatives.
According to insiders, the management argued that conducting specialised training within Nigeria would significantly reduce costs while strengthening domestic institutional capacity and expertise.
A staff member, who spoke on condition of anonymity, disclosed that management had insisted that specialised programmes, including training associated with Factory Acceptance Tests for Positive Displacement (PD) Meters, should be conducted locally rather than abroad.
What’s being said
While management maintains that the local training approach aligns with cost-efficiency and national capacity-building objectives, workers have rejected the proposal, insisting on the continuation of foreign training opportunities.
The disagreement prompted employees to embark on an indefinite strike, effectively shutting down administrative operations at NUPRC offices nationwide.
What’s next
Stakeholders are closely monitoring ongoing negotiations between NUPRC management and PENGASSAN. A resolution is expected in the coming days as both parties seek common ground on training policies and employee welfare concerns.
Bottom line
Although the strike has disrupted administrative activities within the NUPRC, the commission insists that regulatory oversight, field monitoring, and Nigeria’s oil and gas production operations remain unaffected. The outcome of ongoing talks between management and workers will determine how quickly normal administrative services resume.
Highcap Securities projects improved trading activity on the Nigerian Exchange Ltd. in the coming week due to the return of a full five-day schedule.
The NGX All-Share Index and market capitalisation appreciated by 0.27 per cent to close the week at 250,385.47 points and N160.509 trillion, respectively.
Investors traded 2.398 billion shares worth N111.480 billion in 241,313 transactions during the holiday-shortened three-day trading week.
The Financial Services Industry led the activity chart, contributing 69.07 per cent and 43.26 per cent to total equity turnover volume and value respectively.
Thirty-four equities appreciated in price during the week, fifty-one equities depreciated, and sixty-one equities remained unchanged.
Main Story
Highcap Securities Ltd. has projected improved trading activity on the Nigerian Exchange Ltd. (NGX) in the coming week, citing expectations that market operations will return to a full five-day trading schedule after a holiday-shortened week.
The Vice Chairman of Highcap Securities, Mr David Adonri, made the projection in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
He noted that the outlook reflected anticipated normalisation in trading activity following the disruption caused by public holidays.
The NGX All-Share Index and market capitalisation both rose by 0.27 percent to close the week at 250,385.47 points and N160.509 trillion respectively.
This compared with 249,712.37 points and N160.077 trillion recorded in the previous week, representing a gain of about N432 billion for investors.
Total weekly trading showed that investors exchanged 2.398 billion shares worth N111.480 billion in 241,313 deals.
This was lower than the previous week, when 3.875 billion shares worth N161.757 billion were traded in 334,745 deals, reflecting a 31 percent decline in transaction value.
The market operated for only three trading days during the week due to Federal Government holidays for the 2026 Eid-el-Kabir celebration.
Adonri expressed satisfaction with the market’s performance despite the shortened trading period and said activity levels were expected to stabilise as full trading resumed.
He added that improved participation was likely in the coming week as normal trading conditions returned.
Analysis showed that the Financial Services Industry led market activity with 1.656 billion shares valued at N48.229 billion traded in 94,812 deals.
It accounted for 69.07 percent of total traded volume and 43.26 percent of total value.
The Services Industry followed with 265.448 million shares worth N4.530 billion, while the ICT Industry recorded 101.848 million shares valued at N9.163 billion.
Trading in Fidelity Bank Plc, Access Holdings Plc and The Initiates Plc accounted for 903.681 million shares worth N19.227 billion across 22,238 deals.
The Issues
Recovering from a 31 percent drop in aggregate transaction value caused by a holiday-shortened three-day trading schedule.
Absorbing mixed sectoral performance, as supply and demand pressures slightly weakened banking, industrial, and consumer goods indices.
Navigating external macroeconomic pressures such as broad money supply, inflation rate fluctuations, and foreign exchange movements.
What’s Being Said
Explaining how specific corporate spaces anchored the bourse’s positive index closure despite drops in overall transactional volume, David Adonri noted: “The equities market on the NGX appreciated by 0.27 per cent this week, driven mainly by the oil and gas and insurance sectors.”
Outlining how reduced operational time frames compressed market liquidity while alternative trading options maintained steady interest, Adonri stated: “All other sectors declined, while aggregate transaction value dropped due to the fewer trading days during the week. Overall market performance remained positive. All sectors were active, including the bonds market, which was also appreciated. Demand for Exchange Traded Funds (ETFs) remained strong, while supply and demand pressures weakened the banking, industrial and consumer goods sectors slightly,”
Detailing how upcoming corporate earnings releases could support the continuous upward rally of major listed companies, he added that “the oil and gas sector could sustain its rally if Aradel releases a strong full-year result.”
Identifying the traditional sectors that are expected to consistently retain the interest of market participants in the subsequent trading cycles, Adonri remarked: “As usual, banking and consumer goods stocks will continue to attract investor attention,”
What’s Next
Trading volume and value are expected to normalize on the NGX with the resumption of a full five-day trading week.
Market analysts will track upcoming corporate disclosures from companies like Aradel and Presco to evaluate their immediate impact on trading activities.
Investors will monitor broader macroeconomic indicators, including foreign exchange movements, inflation rates, and broad money supply.
Bottom Line
Despite a 31 percent drop in transaction value due to public holidays, the NGX All-Share Index gained 0.27 percent to close at 250,385.47 points, prompting Highcap Securities to project a normalization of trading volumes and sustained momentum in the oil, gas, and insurance sectors as a full five-day schedule resumes.
By BizWatch Nigeria Markets Desk | June 2, 2026, 09:45 AM
Key Points
Nigerian Exchange market capitalisation declined by ₦1.81 trillion on Monday
The All-Share Index fell 1.13% as investors locked in gains after recent rallies
Industrial and banking stocks led market losses during the trading session
Main Story
The Nigerian Exchange (NGX) opened June on a weaker note as widespread profit-taking erased ₦1.81 trillion from investors’ portfolios, reversing part of the market’s strong gains recorded this year.
The benchmark NGX All-Share Index declined by 1.13% to close at 247,560.66 points, reducing the market’s year-to-date return to 59.09%. Total market capitalisation dropped to ₦158.7 trillion as investors sold positions across several major sectors.
Market breadth remained negative, with 37 stocks recording losses compared to 23 gainers. Among the biggest decliners were BUACEMENT, TRANSEXPR, JOHNHOLT, REDSTAREX and DEAPCAP, while INTENEGINS, CONHALLPLC, TIP, RTBRISCOE and IKEJAHOTEL led the gainers’ chart.
Sector performance was largely mixed. The industrial goods sector suffered the steepest decline, losing 3.85%, followed by banking stocks which fell 1.49%. Oil and gas stocks also closed lower, while insurance and consumer goods recorded marginal gains.
Trading activity reflected cautious investor sentiment. Share volume declined 6.38% to 1.13 billion units, while transaction count fell 1.86% to 91,880 deals. However, turnover rose slightly by 1.96% to ₦44.28 billion.
The Issues
The market pullback comes after months of strong gains driven by banking recapitalisation expectations, improving corporate earnings and increased domestic institutional participation. Analysts note that profit-taking is a common occurrence after extended rallies and does not necessarily signal a reversal of the broader market trend.
What’s Being Said
“The market is experiencing a healthy correction after sustained gains, with investors locking in profits from stocks that have significantly appreciated,” market analysts at local brokerage firms said in trading notes.
Independent market watchers maintain that strong corporate earnings and ongoing banking sector reforms continue to provide support for equities despite short-term volatility.
What’s Next
Investors will monitor upcoming corporate earnings releases and dividend announcements.
Banking recapitalisation activities remain a major driver of market sentiment.
Analysts expect selective bargain hunting to emerge if prices continue to weaken.
The Bottom Line:
The sharp decline reflects short-term profit-taking rather than a fundamental deterioration in market conditions. Investor focus remains firmly on earnings performance, banking reforms and macroeconomic stability.
April was marked by a series of significant developments across global and regional business landscapes, reflecting ongoing economic recalibrations, monetary policy tensions, and structural shifts in key industries.
From persistent inflationary pressures in advanced economies to evolving investment patterns in emerging markets, the month underscored a global economy still navigating uncertainty while adjusting to new realities in trade, energy, technology, and finance. The following are seven of the most notable business stories that shaped April.
1. Global Markets Swing on Persistent Inflation Signals
Global financial markets experienced heightened volatility as fresh inflation data from major economies, particularly the United States and parts of Europe, indicated that price pressures remain sticky. Investors reacted cautiously to signals from central banks that interest rates may remain higher for longer, leading to mixed performances across equities, bonds, and currency markets.
2. Oil Market Reacts to OPEC+ Supply Strategy
Crude oil prices fluctuated throughout April as OPEC+ maintained production cuts in an effort to stabilise the market. While supply discipline provided temporary support for prices, concerns about weakening global demand and geopolitical uncertainties created a fragile balance in the energy market, leading to frequent price adjustments.
3. IMF Revises Global Growth Outlook Downward
The International Monetary Fund (IMF) issued a cautious revision of global growth projections, citing tighter financial conditions, persistent inflation, and geopolitical risks. The report highlighted emerging economies as particularly exposed to debt pressures and reduced capital inflows, raising concerns about uneven global recovery.
4. Nigeria’s FX Market Shows Cautious Stability
Nigeria’s foreign exchange market recorded relative stability in April following ongoing monetary reforms aimed at improving liquidity and narrowing multiple exchange rate disparities. While the reforms have improved transparency, businesses continue to grapple with foreign exchange shortages and elevated import costs.
5. Global Tech Sector Continues Restructuring Amid AI Shift
The global technology industry sustained a wave of layoffs and restructuring, even as investments in artificial intelligence infrastructure surged. Companies increasingly redirected resources toward automation, cloud computing, and AI-driven products, signalling a strategic realignment rather than a broad sector decline.
6. China’s Economic Recovery Remains Uneven
China’s economic performance showed mixed outcomes, with industrial production maintaining resilience while the property sector continued to weigh on growth. Consumer spending showed gradual improvement, but investor confidence remained subdued amid lingering real estate debt challenges.
7. African Startup Ecosystem Sees Selective Funding Growth
Africa’s startup landscape attracted continued venture capital interest in April, though funding became increasingly selective. Fintech, logistics, and climate-tech ventures dominated investment flows, with investors prioritising sustainable business models and clear paths to profitability over rapid expansion.
Conclusion
April’s business landscape reflected a global economy in transition—balancing between stabilisation efforts and underlying structural pressures. While inflation, energy volatility, and debt concerns continue to shape policy decisions, emerging opportunities in technology, renewable energy, and African innovation ecosystems signal areas of resilience and long-term growth potential. The coming months will likely test whether these stabilising signals can translate into sustained economic momentum.
By BizWatch Nigeria Foreign Affairs Desk | June 2, 2026, 09:30 AM
Key Points
Iran has suspended negotiations with the United States over alleged ceasefire violations linked to Israeli military operations in Lebanon
Tehran warned it could close the Strait of Hormuz and halt indirect communications with Washington
Rising tensions triggered a sharp jump in global oil prices amid fears of supply disruptions
Main Story
Iran has suspended ongoing peace negotiations with the United States, citing Israel’s expanding military campaign in Lebanon and what it describes as violations of a broader ceasefire framework involving Washington.
Iranian state-affiliated media reported Monday that Tehran would halt diplomatic exchanges conducted through intermediaries and could move to close the strategically important Strait of Hormuz, a key global oil transit route. The decision comes amid renewed military activity between Israel and the Iranian-backed Hezbollah movement in Lebanon.
Iranian Foreign Minister Abbas Araghchi said any violation of the ceasefire in Lebanon should be regarded as a violation across all fronts covered by the agreement.
The latest escalation follows Israel’s announcement that its forces had captured Beaufort Castle in southern Lebanon and launched new strikes against Hezbollah-controlled areas in southern Beirut. Israeli Prime Minister Benjamin Netanyahu subsequently ordered additional military operations targeting Hezbollah positions.
Meanwhile, military exchanges between the United States and Iran continued over the weekend. U.S. Central Command reported strikes against Iranian air defence systems, drones and command facilities after what it described as aggressive actions by Tehran, including the downing of a U.S. surveillance drone operating over international waters.
The diplomatic setback comes after reports that President Donald Trump had been reviewing amendments to a preliminary peace agreement negotiated between Washington and Tehran.
What’s Being Said
“The United States and Israel bear responsibility for the consequences of any breach of the truce,” Iran’s Foreign Ministry said in statements carried by state media.
“Iran really wants to make a deal,” President Donald Trump wrote on Truth Social, insisting negotiations could still be salvaged despite rising tensions.
Independent energy analysts have warned that any disruption to shipping through the Strait of Hormuz could significantly impact global energy markets and fuel inflationary pressures worldwide.
What’s Next
Diplomatic intermediaries are expected to continue back-channel efforts aimed at reviving negotiations.
Global markets will closely monitor any Iranian move to restrict shipping through the Strait of Hormuz.
The White House and regional allies are expected to assess the impact of the latest escalation on broader Middle East security.
The Bottom Line:
The suspension of talks marks a significant setback for efforts to end the conflict and restore regional stability. Any prolonged disruption to diplomacy or energy supply routes could have far-reaching consequences for global oil markets and international trade.
Nigeria received about $3.653bn in World Bank-backed power sector financing between 2001 and 2024
Funding targeted transmission upgrades, rural electrification, reforms, and renewable energy expansion
Electricity supply remains unstable with frequent grid collapses and heavy generator dependence
Main Story
Nigeria’s persistent electricity crisis continues despite the injection of about $3.653bn in World Bank-backed financing into the power sector over the past 24 years, according to data compiled from World Bank project records between 2001 and 2024.
The funding, tracked across multiple intervention programmes, was directed at transmission rehabilitation, sector reform, rural electrification, renewable energy deployment, and broader efforts to stabilise the country’s electricity market. However, supply constraints, weak grid performance, and chronic outages have remained largely unresolved.
Key programmes included the $100m Transmission Development Project in 2001, $172m National Energy Development Project in 2005, and $400m Nigeria Electricity and Gas Improvement Project in 2009. Subsequent interventions included the $486m Nigeria Electricity Transmission Project and $350m Nigeria Electrification Project in 2018, followed by the $750m Power Sector Recovery Programme in 2020.
Despite these interventions, Nigeria continues to experience frequent national grid collapses and low generation reliability, forcing households and businesses to rely heavily on petrol and diesel generators for daily power needs.
The funding is part of a broader portfolio of support from the World Bank aimed at improving access, strengthening transmission infrastructure, and attracting private investment into Nigeria’s electricity market. Yet implementation gaps and structural inefficiencies have continued to limit outcomes.
The situation is compounded by liquidity constraints in the power market, gas supply shortages, vandalism of transmission assets, and policy inconsistency across successive administrations. These challenges have slowed the sector’s ability to translate capital inflows into reliable electricity delivery.
More recently, attention has shifted toward decentralised energy solutions. Newer World Bank-supported programmes such as the Distributed Access through Renewable Energy Scale-up initiative and the Sustainable Power and Irrigation for Nigeria project are focused on expanding solar-based electricity access in underserved communities.
In a restructuring update cited on its website, the World Bank also confirmed adjustments to Nigeria’s Power Sector Recovery Performance-Based Operation, including early closure of the programme and cancellation of undisbursed funds.
“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the programme following approval of this restructuring,” the World Bank stated.
The Issues
Nigeria’s electricity sector continues to face a structural mismatch between capital investment and operational performance. Despite multi-billion-dollar inflows, transmission bottlenecks remain one of the most persistent constraints, limiting the evacuation of generated power to end users.
Liquidity shortages across the electricity value chain have also weakened the financial sustainability of distribution companies, resulting in poor service delivery and delayed infrastructure upgrades. This has created a cycle where revenue shortfalls restrict reinvestment, further degrading reliability.
In addition, gas supply instability and recurrent vandalism of critical infrastructure have continued to undermine generation and transmission efficiency. These challenges have persisted even as reform programmes attempt to stabilise the market framework.
What’s Being Said
“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the programme following approval of this restructuring,” the World Bank stated.
Energy analysts note that while sustained external financing has expanded infrastructure on paper, execution gaps and governance challenges have prevented measurable improvements in grid reliability and consumer supply outcomes.
What’s Next
Nigeria’s power sector reform agenda is expected to continue under newer renewable-focused World Bank programmes
Ongoing distributed energy projects are likely to expand solar mini-grid deployment in rural areas through 2026
Further restructuring or review of legacy power financing arrangements may emerge as reform milestones remain unmet
Bottom Line
The Bottom Line: Nigeria’s power crisis underscores a deeper structural failure in translating large-scale development financing into reliable electricity delivery. While funding has expanded across transmission and reform programmes, persistent operational and governance constraints continue to prevent meaningful improvement in supply stability.
By BizWatch Nigeria Finance Desk | June 2, 2026, 10:00 AM
Key Points
The naira appreciated to ₦1,366.80 per dollar at the official market
Nigeria’s external reserves climbed to $49.58 billion at the end of May
Strong oil receipts and CBN interventions continue to support the currency
Main Story
The naira strengthened against major foreign currencies on Monday as growing proceeds from Nigeria’s hydrocarbon exports boosted external reserves and improved foreign exchange liquidity.
Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate closed at ₦1,366.80 per U.S. dollar, improving from ₦1,373.24 recorded at the previous session.
The local currency traded within a relatively narrow range of ₦1,360 to ₦1,374.50 during the session, indicating reduced pressure on foreign exchange demand.
The British pound closed at ₦1,832.61, while the euro settled at ₦1,586.54. The Japanese yen ended the session at ₦8.55, according to official CBN data.
In the parallel market, the naira also gained ground, strengthening to ₦1,375 per dollar as confidence improved across both official and informal market segments.
The currency’s performance coincides with a rise in Nigeria’s gross external reserves, which reached $49.58 billion at the end of May. Analysts attribute the improvement largely to stronger crude oil export earnings and sustained foreign exchange inflows.
Global oil prices also surged after geopolitical tensions in the Middle East intensified following Iran’s decision to suspend negotiations with the United States. Brent crude approached $95 per barrel while West Texas Intermediate climbed above $91 per barrel, raising expectations of stronger oil revenues for major exporters such as Nigeria.
The Issues
Nigeria’s foreign exchange market has faced prolonged volatility in recent years due to limited dollar supply, capital outflows and fluctuating oil production. The recent improvement in reserves and exchange rate stability suggests ongoing reforms by the CBN may be beginning to yield results, although sustained oil revenues remain critical to maintaining momentum.
What’s Being Said
“Growing external reserves provide a stronger buffer for the Central Bank to support exchange-rate stability,” analysts at Broad Street investment firms said.
Independent economists have also noted that higher global oil prices could improve Nigeria’s foreign exchange earnings if production levels remain stable.
What’s Next
Investors will monitor further movements in global oil prices amid Middle East tensions.
The CBN is expected to continue targeted interventions to maintain market stability.
Reserve levels and oil export receipts will remain key indicators for the naira’s outlook.
The Bottom Line:
The naira’s latest gains underscore the importance of strong reserve buffers and higher oil revenues in supporting currency stability. Sustaining these gains will depend on continued foreign exchange inflows and Nigeria’s ability to maintain crude oil production and exports.
The University of Port Harcourt will graduate a total of 8,156 students during its upcoming 36th combined convocation ceremony.
Out of the total graduating pool, 120 students are set to receive first class honors degrees.
The academic breakdown comprises 5,822 first degree recipients, 510 postgraduate diplomas, 1,386 masters degrees, and 438 doctoral degrees.
UNIPORT is currently executing a 10.7-megawatt solar hybrid power project in partnership with the Rural Electrification Agency.
The institution has expanded its academic offerings by establishing three new faculties to align with emerging global trends.
Main Story
The University of Port Harcourt (UNIPORT) says it will graduate a total of 8,156 students during its 36th combined convocation ceremony.
The Vice Chancellor, Prof. Owunari Georgewill, disclosed this on Monday in Port Harcourt while briefing journalists on activities planned for the ceremony.
He said 120 of the graduating students will finish with first class degrees.
According to him, the convocation will feature the award of first degrees, diplomas, postgraduate diplomas, higher degrees and prizes on Friday.
Georgewill stated that out of the total 8,156 graduands, 5,822 are first degree recipients, while 510 will receive postgraduate diplomas.
He added that 1,386 students will be awarded master’s degrees, while 438 will receive doctoral degrees.
The vice chancellor reiterated the university’s commitment to academic excellence, character development and service to society.
He said UNIPORT remained focused on advancing knowledge, encouraging innovation and contributing to positive societal transformation.
Georgewill noted that the institution had recorded significant progress in infrastructure development, academic expansion, research and student support over the past five years.
He said the progress was supported by interventions from the Federal Government, the Tertiary Education Trust Fund and other development partners.
He also listed completed and ongoing projects, including an innovation hub, lecture theatres and the South-South Zonal Multipurpose Laboratory.
He said the university, in collaboration with the Rural Electrification Agency, was implementing a 10.7-megawatt solar hybrid power project.
Georgewill added that several academic programmes had received accreditation, leading to increased admission quotas across faculties.
He said the university had established new faculties, including Computing, Allied Health Sciences, and Media and Communication.
He also disclosed that about 1,000 students were currently benefiting from scholarship schemes supported by 13 benefactors.
The Issues
Securing continuous federal and external funding interventions to complete large-scale ongoing infrastructural developments like the regional laboratory.
Managing the rapid integration of clean energy and solar grid infrastructure to adequately power both the campus and surrounding areas.
Expanding educational access and financial aid opportunities for students through a wider network of academic benefactors.
What’s Being Said
Outlining the arrival of new green transportation technologies on campus to advance environmental goals, Prof. Owunari Georgewill stated: “The university recently received electric tricycles to promote clean energy and environmentally friendly transportation on campus.”
Enumerating the updated support networks and advanced learning facilities developed for the student body, Georgewill noted: “We now have modern library, advanced laboratories, sports facilities, health centres, counselling units and an entrepreneurship centre,”
Explaining the broader community impacts of the institutional renewable energy grid transition, he said: “The project will provide stable electricity to the university, the teaching hospital and surrounding communities,”
Detailing how their interdisciplinary additions fit into modern educational frameworks and local labor requirements, he added: “These faculties align with emerging global trends and local development needs while expanding opportunities for interdisciplinary learning,”
Highlighting the underlying institutional philosophy driving their student welfare and financial aid initiatives, the vice chancellor concluded: “The initiative reflects UNIPORT’s commitment to inclusiveness and access to quality education,”
What’s Next
The institution will officially award first degrees, diplomas, higher degrees, and various prizes during the convocation event on Friday.
Management will continue the construction and installation phases of the ongoing South-South Zonal Multipurpose Laboratory.
The university will work alongside the Rural Electrification Agency to advance the implementation of its 10.7-megawatt solar hybrid project.
Bottom Line
Marking a major milestone in academic expansion and infrastructure development, the University of Port Harcourt is set to graduate 8,156 students at its 36th combined convocation following significant campus updates, including three new faculties, a 10.7-megawatt solar hybrid power project, and clean energy transport initiatives.
The Nigerian capital market has officially transitioned to a T+1 settlement cycle effective from June 1, reducing transaction completion timelines to one business day.
The transition was collaboratively driven by the Nigerian Exchange Ltd., Central Securities Clearing System Plc, and the Securities and Exchange Commission Nigeria.
Implementing a shorter settlement cycle lowers counterparty risk, boosts market liquidity, and strengthens the overall resilience of the financial ecosystem.
Markets operating under the T+1 regime currently account for approximately 60 per cent of total global market capitalization.
Future capital market reforms will expand focus beyond equities to encompass private markets, fixed income, and digital assets.
Main Story
The capital market has taken a major step forward with the implementation of a T+1 settlement cycle, a reform expected to make trading faster, more efficient and more aligned with global standards.
The new system, which became effective from June 1, ensures that investors’ transactions are now completed within one business day, compared to the previous two-day settlement period.
The transition was driven by key market institutions, including the Nigerian Exchange Ltd. (NGX), the Central Securities Clearing System Plc (CSCS), the Securities and Exchange Commission (SEC) Nigeria, and other stakeholders in the financial ecosystem.
Speaking at the T+1 settlement cycle transition ceremony organised by CSCS in Lagos on Monday, its Managing Director, Mr Shehu Shantali, said the reform would improve market efficiency and boost investor confidence.
He said the initiative, themed “Advancing Market Efficiency and Global Competitiveness,” would also reduce counterparty risk by shortening the time between trade execution and settlement.
Shantali noted that the transition reflected decades of capital market reforms, moving from manual processes and physical share certificates to a fully electronic system.
He recalled that before the establishment of CSCS in 1997, settlement cycles could take between three and six months.
He said the introduction of CSCS operations in April 1997 reduced settlement time to T+5 and eliminated physical share certificates.
Subsequent reforms led to a T+3 cycle in March 2000 and later T+2 in November 2025, before the latest move to T+1.
Shantali commended the SEC and its Director-General, Dr Emomotimi Agama, as well as other market institutions for their roles in achieving the milestone.
SEC Director-General, Dr Agama, said the transition would reduce settlement risks, improve liquidity and strengthen investor confidence.
He noted that major markets such as the United States, Canada and Mexico adopted T+1 in 2024, while India implemented phased reforms between 2022 and 2023.
According to him, markets operating T+1 now account for about 60 percent of global market capitalisation.
Chairman of NGX Group, Dr Umaru Kwairanga, also congratulated market operators, describing the reform as a step toward a more competitive financial system.
He said efforts would continue to deepen market participation and make investing more seamless for both local and international investors.
Chairman of CSCS, Mr Temi Popoola, commended stakeholders for their collaboration and said ongoing reforms would focus on strengthening trading infrastructure, data systems and operational processes to support increased market activity.
The Issues
Upgrading operational infrastructure, data systems, and trading processes to support increased transactional activity under tight timelines.
Aligning local trading practices with advanced global markets that migrated to accelerated settlement frameworks earlier.
Managing the transition pressure on financial system operators who must process trade executions and funding decisions in one day.
What’s Being Said
Announcing the official operational activation of the accelerated market clearing regime, Dr Emomotimi Agama stated: “The T+1 settlement cycle is now live, and with it, a new era has begun,”.
What’s Next
Institutional and retail investors will begin accessing their funds and reinvesting capital on the shorter one-day business timeline.
Capital market authorities will continue efforts to deepen participation and make investing more accessible for local and international investors.
Reformers will expand attention beyond standard equities to include fixed income, private markets, and digital assets.
Bottom Line
Nigeria’s capital market has officially launched its T+1 settlement cycle, reducing transaction times to a single business day in a coordinated institutional move driven by the SEC, NGX, and CSCS to boost liquidity, mitigate counterparty risk, and align domestic trading infrastructure with global standards.
The Nigerian Medical Association, Abia Branch, has issued a 24 hour ultimatum for the immediate release of Dr Bonaventure Aguocha.
Failure to secure his release will trigger a total and indefinite strike in the state starting from Tuesday, June 2.
The renowned orthopaedic surgeon was abducted on May 24 while returning to Umuahia from Imo State.
The association noted that medical practitioners have increasingly become targets of assaults, harassment, intimidation, and abduction.
The communique called on the Department of State Services, Inspector General of Police, and state governors to intensify rescue efforts.
Main Story
The Nigerian Medical Association (NMA), Abia State branch, has issued a 24-hour ultimatum to security agencies and the governments of Abia and Imo States to secure the immediate release of its member, Dr Bonaventure Aguocha.
The ultimatum was contained in a communique issued after an Emergency General Meeting and jointly signed by the Chairman, Dr Ezenwa Ezuruike, and Secretary, Dr Clement Ifenkoronye. The document was made available to the News Agency of Nigeria (NAN) in Umuahia on Monday.
The association warned that failure to secure the doctor’s release would result in a total and indefinite strike in Abia State from 8 a.m. on Tuesday, June 2.
It said the meeting was convened to address the continued captivity of Dr Aguocha, who was abducted on May 24 while travelling from Imo State to Umuahia.
The NMA described him as a respected orthopaedic surgeon, teacher, mentor and former Abia NMA Chairman, noting that he had rendered selfless service in both states.
It said the incident reflected a disturbing pattern of attacks on medical professionals, citing the unresolved 2020 abduction of a former Chief Medical Director of Abia State University Teaching Hospital, Prof. Uwadinachi Iweha.
The association called on the Department of State Services, the Inspector-General of Police, and Commissioners of Police in Abia and Imo to intensify efforts to secure his release.
It also urged the governors of both states to deploy all necessary resources and influence to ensure his prompt freedom.
The congress appealed to the Federal Government, state governments, security agencies, traditional rulers, community leaders and Nigerians to support efforts to rescue the doctor.
It warned that failure to act within the ultimatum period would further undermine healthcare workers’ confidence in government and could negatively affect healthcare delivery in both states.
The Issues
Protecting medical practitioners from becoming routine targets of assault, harassment, intimidation, and kidnapping by criminal elements.
Overcoming the erosion of healthcare workers’ confidence in the government’s capacity to guarantee basic operational safety.
Managing the systemic impact on healthcare delivery across two states when physicians are forced to down tools in protest.
What’s Being Said
Outlining the vulnerability of physicians who face security threats despite working under poor domestic service conditions, the communiqué stated: “Doctors have increasingly become targets of assaults, harassment, intimidation and abduction by criminal elements, in spite their commitment to providing quality healthcare under challenging conditions of poor motivation and remuneration,”
What’s Next
The association will commence a total and indefinite strike from 8a.m. on Tuesday, June 2, if the physician is not released.
Security agencies including the DSS and state police commands are expected to scale up active rescue efforts.
Community leaders, traditional rulers, and well-meaning Nigerians will be engaged to join institutional efforts to secure the surgeon’s freedom.
Bottom Line
Protesting a pattern of targeted criminal attacks against medical workers, the Abia State Branch of the NMA has threatened to launch a total and indefinite strike beginning June 2 unless state governments and security agencies secure the immediate release of abducted orthopaedic surgeon Dr Bonaventure Aguocha.
The Federal Government announced that collaboration with WIPO will expand intellectual property protection, commercialization, and access to opportunities for businesses and innovators.
Nigeria’s first comprehensive intellectual property policy was approved by the Federal Executive Council in November 2025 and launched in December 2025.
Minister Jumoke Oduwole inaugurated WIPO’s first sub-Saharan African office, describing it as a landmark achievement and a reflection of confidence in Nigeria.
An agreement between SMEDAN and WIPO has been finalized for signing in Geneva in July to help SMEs use intellectual property as a business tool.
WIPO pledged direct support to help commercialize local research findings and assist the creative economy, including musicians and filmmakers.
Main Story
The Federal Government says its collaboration with the World Intellectual Property Organisation (WIPO) will strengthen intellectual property protection, improve commercialisation, and expand access to opportunities for Nigerian businesses and innovators.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a stakeholders’ roundtable held in Abuja on Monday, themed “Innovation-Driven Intellectual Property: Value Creation, Protection, and Commercialisation.”
She said the administration of President Bola Tinubu had prioritised intellectual property as a key driver of economic development, describing the engagement as an important milestone for Nigeria’s innovation ecosystem.
Oduwole explained that discussions at the meeting focused on emerging sectors such as deep technology, as well as ways to strengthen intellectual property systems to support broad-based economic growth.
She added that the ministry recognised opportunities across the creative, technology, manufacturing and science sectors.
The minister also said the inauguration of WIPO’s first sub-Saharan African office in Nigeria marked a significant achievement and reflected global confidence in the country’s innovation potential.
She noted that the Federal Executive Council approved Nigeria’s first comprehensive intellectual property policy in November 2025, with implementation beginning in January 2026.
According to her, the policy was developed through collaboration among about 10 ministries, departments and agencies, with input from stakeholders in the creative, technology and agricultural sectors.
Oduwole said intellectual property protection was accessible to both large corporations and small businesses, and commended the private sector for supporting the policy’s validation and implementation.
She added that an agreement between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and WIPO had been concluded and would be signed in Geneva.
WIPO Director-General, Daren Tang, said intellectual property remained a key tool for protecting the innovations and creativity of Nigerian entrepreneurs and creators.
He said the new WIPO Nigeria Office would bring intellectual property services closer to grassroots innovators and businesses.
Tang added that Nigeria’s National Intellectual Property Strategy, approved in 2025, required strong implementation to effectively benefit innovators, entrepreneurs and other stakeholders.
The Issues
Coordinating effective policy implementation among about 10 distinct ministries, departments, and agencies.
Transitioning intellectual property from a purely technical concept into an accessible daily business tool for small and medium enterprises.
Ensuring grassroots innovators and local businesses can successfully commercialize research findings and ideas generated in laboratories.
What’s Being Said
Detailing the multi-faceted history of technical support provided by the international body, Dr Jumoke Oduwole stated: “Over the last several years, our collaboration has spanned policy development, institutional strengthening, capacity building, innovation support, judicial training, enforcement initiatives, and digital transformation.”
Outlining how the upcoming operational partnership will unlock economic development across local business ecosystems, Oduwole noted: “The partnership will expand intellectual property awareness, training, access to finance and commercialisation opportunities, helping to drive prosperity across the Nigerian economy.”
Explaining the collaborative plans to bridge the gap between academic theory and active market product placement, Mr Daren Tang remarked: “WIPO will support efforts to commercialise research findings, innovations and ideas generated in laboratories, institutions and local businesses,”
What’s Next
WIPO, the Federal Government, and relevant small and medium enterprises will sign an agreement in Geneva in July to strengthen intellectual property adoption.
Implementation committees will continue driving the national strategy with active representation from the creative, technology, and agricultural sectors.
The newly established WIPO Nigeria Office will deploy intellectual property services closer to grassroots innovators across the country.
Bottom Line To accelerate economic growth across emerging sectors, the federal government is strengthening its ties with WIPO following the launch of Nigeria’s first comprehensive intellectual property policy, establishing a landmark sub-Saharan office and finalizing a July agreement in Geneva to help local innovators and SMEs access financing and commercialize their ideas.
The Police command in Lagos State has dismissed social media reports alleging armed bandit invasions in Ibeju-Lekki, Imota, Oke-Afo, and other areas as false.
Authorities confirmed the viral posts were completely unfounded and designed to create panic and anxiety among residents.
A false alarm linked to the reports led to the tragic death of a 24-year-old commercial motorcyclist who was mistaken for a bandit.
Police operatives have arrested 15 suspects in connection with the fatal assault and are currently investigating the incident.
The Commissioner of Police appealed to residents to remain calm, vigilant, and go about their lawful activities without fear.
Main Story
The Police Command in Lagos State has dismissed reports circulating on social media alleging that armed bandits invaded communities in Ibeju-Lekki, Imota, Oke-Afo and other parts of the state, describing the claims as false and misleading.
The command said the viral posts were unfounded and intended to create fear, panic and anxiety among residents.
The Police Public Relations Officer, SP Abimbola Adebisi, stated this in a release issued on Monday in Lagos.
She said there was no security breach, invasion or coordinated attack on any school or community in the affected areas or elsewhere in the state.
Adebisi reassured residents that schools across Lagos remained safe and that security agencies had maintained adequate surveillance across communities.
However, she confirmed that the false alarm had already led to a tragic incident.
According to her, a 24-year-old commercial motorcyclist, Kulaha Ayuba, was allegedly mistaken for a bandit and killed by youths acting on unverified reports.
She said 15 suspects had been arrested in connection with the incident and were currently under investigation, adding that anyone found culpable would face prosecution.
Adebisi urged residents to disregard the viral posts and avoid sharing unverified information from social media.
She warned that individuals responsible for spreading false or inciting information would be investigated and prosecuted.
The spokesperson also quoted the Commissioner of Police, Mr Fatai Tijani, as appealing to residents to remain calm, vigilant and law-abiding.
She advised the public to report suspicious activities through police stations or official emergency channels.
The Issues
Mitigating the deliberate spread of unverified online data capable of triggering public alarm, ethnic tension, and violence.
Curbing fatal mob violence and unlawful actions by youths reacting to unverified neighborhood updates.
Maintaining adequate physical surveillance and reassurance across schools and communities to counter online panic.
What’s Being Said
Describing the violent outcome of the security rumor mill on an innocent resident, SP Abimbola Adebisi said: “The victim was attacked and fatally assaulted, while his motorcycle was reportedly stolen.”
Explaining the final discovery of the deceased driver after the mob action, Adebisi noted: “His body was subsequently discovered in a swamp within the community,”
Outlining the direct directive issued by leadership to help calm down community anxieties, the spokesperson stated: “He urged residents to go about their lawful activities without fear,”
What’s Next
Command investigators will complete the interrogation of the 15 arrested suspects to prosecute those found culpable under the law.
Cybercrime units will investigate the digital channels used to originate and deliberately circulate the false security alarms.
Strategic security teams will sustain heightened presence and surveillance across Ibeju-Lekki, Imota, and Oke-Afo to maintain public order.
Bottom Line Denouncing viral panic as entirely manufactured, the Lagos State Police Command has declared reports of bandit invasions across local government areas false, while launching a murder investigation after the misinformation incited a fatal mob attack on a local commercial motorcyclist.
Nigeria’s Assets Under Management increased significantly from N3.2 trillion to N10 trillion within a two year period.
Total domestic and foreign portfolio investments on the Nigerian Exchange Ltd. reached N1.803 trillion in April 2026.
The overall market contribution to Nigeria’s Gross Domestic Product increased to 33 per cent in 2025.
The transition to a faster T+1 settlement cycle will place operational pressure on smaller firms to automate back-office processes.
The Securities and Exchange Commission will officially launch the Nigerian Capital Market Master Plan 2.0 between June and July.
Main Story
Nigeria’s Assets Under Management (AUM) have risen significantly from N3.2 trillion to N10 trillion within the past two years, according to the Securities and Exchange Commission (SEC).
The Director-General of the SEC, Dr Emomotimi Agama, disclosed this on Monday in Lagos during an event marking Nigeria’s transition to the T+1 settlement cycle.
He said the growth reflected increased investor confidence and the positive impact of ongoing reforms in the Nigerian capital market.
Agama noted that the market had recorded several historic milestones in recent months, including strong growth in market capitalisation.
He said domestic and foreign portfolio investments on the Nigerian Exchange Ltd. (NGX) rose to N1.803 trillion in April 2026.
He described the figures as unprecedented and a clear sign of the market’s strengthening performance.
According to him, the capital market’s contribution to Nigeria’s Gross Domestic Product rose to 33 percent in 2025.
He also stated that market capitalisation increased by 125 percent, rising from about N55 trillion in April 2024.
Agama added that foreign participation in Nigerian equities rose from 9.9 percent in 2023 to 22.2 percent in 2025, describing it as a significant recovery.
He said despite the strong performance, there was still room for further improvement.
The SEC Director-General also said the transition to the T+1 settlement cycle would enhance efficiency, improve liquidity and strengthen Nigeria’s position in global markets.
He noted that the shorter settlement cycle would place pressure on smaller operators to upgrade systems, automate processes and strengthen back-office operations.
Agama stressed that trade confirmations, reconciliations and funding decisions must now be completed more quickly under the new regime.
He added that the entire capital market ecosystem must adapt to a faster and more efficient settlement structure.
He also announced that the SEC would launch the Nigerian Capital Market Master Plan 2.0 between June and July.
The Issues
Upgrading smaller market participants who rely on legacy setups and manual workflows to avoid settlement delays.
Closing the existing structural gaps in foreign equity investment despite the recent meaningful recovery trends.
Managing the heightened systemic pressure placed on trade confirmations and funding decisions under the shorter settlement timeline.
What’s Being Said
Highlighting the rapid expansion of managed funds alongside historic milestones, Dr Emomotimi Agama stated: “The Nigerian capital market has recorded historic milestones. Within two years, the nation’s AUM grew from N3.2 trillion to N10 trillion.”
Detailing a specific period of aggressive expansion within the domestic exchange, Agama noted: “In February 2026 alone, market capitalisation expanded by N17.6 trillion, representing the highest single-month gain in the market’s history,”
Outlining the macro transaction volumes recorded over the initial third of the year compared to previous metrics, he added: “For the first four months of 2026, total market transactions reached N5.952 trillion, more than double the N2.714 trillion recorded in 2025,”
Contextualizing the ongoing strategic role of the newly adopted trade cycle in narrowing global investment disparities, he observed: “However, there is still significant room to close the gap, and T+1 is one of the most important tools available to achieve that,”
What’s Next
Capital market operators will automate their workflows to comply with the swift demands of the T+1 settlement environment.
The regulatory commission will complete its final preparations to launch the Nigerian Capital Market Master Plan 2.0 between June and July.
Registrars, stockbrokers, and custodians will accelerate their trade confirmation and reconciliation timelines to eliminate delays.
Bottom Line
Driven by regulatory reforms that pushed capital market contributions to 33 per cent of national GDP, Nigeria’s Assets Under Management expanded to N10 trillion within two years as the SEC implements a swift T+1 settlement cycle and prepares to launch its Capital Market Master Plan 2.0.
The Supreme Court has dismissed an appeal seeking to dissolve the merger between Providus Bank Limited and Unity Bank Plc for lacking in merit.
A five-member panel of the apex court, led by Justice Tijani Abubakar, unanimously upheld the previous judgement of the Court of Appeal.
The court invoked Section 22 of the Supreme Court Act to directly sanction the merger and transfer all assets, liabilities, and undertakings to Providus Bank Limited.
The apex court approved the adoption of a new corporate name, Providus-Unity Bank Limited, for the enlarged financial entity.
The judgment brings a conclusive end to the litigation, with the court awarding a cost of N10 million each against the appellants in favor of the 10 respondents.
Main Story
The Supreme Court on Monday dismissed an appeal seeking the dissolution of the merger between Providus Bank Limited and Unity Bank Plc.
A five-member panel of the apex court, in a unanimous judgment delivered by Justice Tijani Abubakar, held that the appeal lacked merit and therefore affirmed the decision of the Court of Appeal.
The appellants, Suleiman Abubakar and Mohammed Goni Modu, who are customers and shareholders of the banks, had challenged the lower court’s ruling in a case marked SC/CV/132/2026.
They listed Providus Bank, Unity Bank, PAC Capital Limited, Vetiva Advisory Services Limited, Lighthouse Capital Limited, Planet Capital Limited, the Corporate Affairs Commission, the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria as respondents.
The dispute arose from a proposed merger between Providus Bank and Unity Bank, initiated as part of efforts to meet the Central Bank of Nigeria’s recapitalisation requirements.
Records showed that the banks had approached the Federal High Court in July 2025 for approval to convene separate meetings of shareholders and directors to consider the merger plan.
Following court approval, both institutions held meetings and approved the scheme, which was subsequently sanctioned by the trial court.
Dissatisfied with the process, the appellants, who were later joined as interested parties, sought to halt and dissolve the merger, arguing against its implementation.
However, the Court of Appeal dismissed their case on March 6 and ordered accelerated hearing of the substantive matter at the trial court, with costs awarded against them.
The Supreme Court upheld that position, affirming that the appeal was unmeritorious.
The apex court also awarded costs of N10 million each in favour of the respondents.
The Issues
Resolving legal attempts by minority shareholders and customers to truncate a sanctioned multi-bank consolidation scheme.
Executing the clean structural transfer of all real properties, liabilities, and commercial undertakings between consolidating financial entities.
Enforcing the complete dissolution of an existing banking board of directors without winding up the operational institution.
What’s Being Said
Reacting to the apex court verdict, counsel to Unity Bank Plc, Chief Damian Dodo, SAN, alongside Reuben Atabo, SAN, described the ruling as a historic decision that had finally settled all disputes relating to the merger.
Explaining how the final judicial intervention removed every legal barrier blocking the completion of the bank consolidation, Dodo stated: “What the Supreme Court has done by this judgement is to bring closure to the merger between Providus Bank and Unity Bank.”
Outlining the trajectory of the litigation through the various layers of the judiciary before the final determination, Dodo noted: “Some persons went to the Federal High Court and attempted to truncate the merger, and the matter progressed through the Court of Appeal to the Supreme Court.”
Concluding on the absolute finality of the apex court’s ruling regarding the commercial unity of the corporate entities, he remarked: “Today, that chapter has been conclusively closed,”
What’s Next
The financial institutions will oversee the comprehensive transfer of all assets, liabilities, and undertakings to the expanding entity.
Officials must ensure that the court-ordered asset and real property transfers are completed within 10 days of the sanction of the scheme.
Management will execute the approved share conversion arrangement of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held.
Bottom Line
The Supreme Court has conclusively cleared all legal obstacles to the banking consolidation between Providus Bank and Unity Bank by dismissing a shareholder appeal, directly sanctioning the merger under Section 22 of the Supreme Court Act, and ordering the transition into the newly formed Providus-Unity Bank Limited.
Brent crude rose nearly 3% to $93.89 per barrel following renewed US-Iran hostilities
Military exchanges heightened concerns over disruptions to key oil transit routes in the Middle East
Investors remain focused on geopolitical risks despite ongoing diplomatic discussions
Main Story
Global oil prices moved higher on Monday after fresh military exchanges between the United States and Iran intensified concerns over potential disruptions to crude supply routes across the Middle East.
Brent crude, the international oil benchmark, climbed 2.9% to $93.89 per barrel, while West Texas Intermediate (WTI) rose 3.4% to $90.19 per barrel during early trading.
The gains followed a series of military operations over the weekend. The United States Central Command (CENTCOM) confirmed strikes on Iranian radar and drone command facilities in Goruk and on Qeshm Island after what it described as aggressive Iranian actions, including the reported downing of a US MQ-1 drone operating over international waters.
According to CENTCOM, US forces targeted air defence systems, a ground control station, and attack drones believed to pose threats to maritime traffic in the region.
Iran subsequently responded through its Islamic Revolutionary Guard Corps (IRGC), which claimed responsibility for strikes on a US air base allegedly linked to operations against communications infrastructure in southern Iran.
The latest developments have renewed concerns over the security of oil production and transportation routes, particularly around the Strait of Hormuz, through which a significant portion of global crude exports passes.
Markets were also watching developments in Lebanon, where clashes involving Israeli forces and Hezbollah continued despite an existing ceasefire agreement, adding another layer of geopolitical uncertainty to an already fragile region.
What’s Being Said
“The measured and deliberate strikes occurred on Saturday and Sunday in response to aggressive Iranian actions,” CENTCOM said in an official statement following the military operation.
“Any further attacks would trigger a response different in scale and nature,” the IRGC said in a statement carried by Iran’s state-linked media following its retaliatory strike.
Meanwhile, Donald Trump said Iran remained interested in reaching an agreement with Washington, expressing confidence that ongoing negotiations could deliver a favourable outcome.
What’s Next
Investors will monitor developments in US-Iran negotiations for signs of de-escalation
Shipping activity through the Strait of Hormuz remains a key focus for energy markets
Markets are expected to react quickly to any disruption involving major oil infrastructure or export routes
Traders will also watch economic data from China for signals on global oil demand growth
Bottom Line
The Bottom Line: Oil markets remain caught between geopolitical risk and weakening demand signals. While diplomatic efforts could ease supply concerns, any further escalation involving the United States, Iran, or key regional actors could quickly push crude prices higher again.
The adoption of a single foreign exchange rate for public and private sector transactions by the Central Bank of Nigeria (CBN), FMDQ and banks has boosted monthly turnover by 94 per cent.
By Boluwatife Oshadiya | June 2, 2026
Key Points
Stanbic IBTC PMI rose to 54.1 in May from 52.4 in April, the highest reading in nine months
Stronger customer demand and new product launches boosted output and new orders
Inflation pressures remained elevated, though cost increases softened from April levels
Main Story
Nigeria’s private sector recorded its strongest performance in nine months in May as business activity accelerated on the back of stronger customer demand and increased new orders, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI) compiled by S&P Global.
The headline PMI rose to 54.1 in May from 52.4 in April, marking the fourth consecutive month of expansion and the strongest improvement in business conditions since August 2025. A PMI reading above 50 indicates growth in private sector activity.
The report showed that output and new orders expanded at faster rates during the month, reaching seven-month and nine-month highs respectively. Businesses attributed the improvement to stronger consumer demand, new product introductions, and broader economic activity across major sectors.
Companies responded by increasing purchasing activity and building inventories in anticipation of future demand. Improved supplier performance, better road conditions, and quicker payments also contributed to faster delivery times.
Despite the stronger growth momentum, employment gains remained modest. Businesses also reported rising backlogs due to payment delays, power supply challenges, and shortages of critical materials.
Input costs continued to increase, largely driven by higher fuel prices linked to tensions in the Middle East. However, both input cost inflation and output price inflation eased compared with April, suggesting some moderation in pricing pressures.
According to data from the National Bureau of Statistics, Nigeria’s economy expanded by 3.89% year-on-year in the first quarter of 2026, supported primarily by agriculture, manufacturing, trade, finance, construction, and information and communication sectors.
What’s Being Said
“Private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April,” said Muyiwa Oni.
“This impressive business condition was primarily due to accelerated expansion in both output and new orders as evidence pointed to improving customer demand and the launch of new products,” Oni added.
S&P Global noted that firms remained optimistic about future output growth, supported by expansion plans, new product development, and increased investment in marketing activities.
What’s Next
Businesses will continue monitoring fuel costs and broader inflation trends in the second half of 2026
Analysts expect non-oil sector activity to remain supported by infrastructure spending and investment attraction initiatives
Stanbic IBTC forecasts crude oil production to average 1.7 million barrels per day in 2026
Market participants will watch future PMI readings for confirmation that growth momentum is becoming more broad-based
Bottom Line
The Bottom Line: Nigeria’s private sector is showing stronger resilience despite persistent inflationary pressures and infrastructure constraints. The latest PMI reading suggests demand is recovering, but sustaining that momentum will require greater stability in energy costs, power supply, and broader macroeconomic conditions.
Naira closed May at ₦1,373.25/$1 in the official market, strengthening slightly from April
Nigeria’s gross external reserves rose above $49 billion amid stronger FX inflows and investor participation
Narrowing gap between official and parallel market rates signals improving foreign exchange market stability
Main Story
Nigeria’s currency opened June on a firmer footing as rising foreign exchange reserves and renewed foreign investor participation continued to support stability in the foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed May at ₦1,373.25 per dollar, improving from ₦1,374.94 per dollar recorded at the end of April. In the parallel market, the currency also strengthened by ₦5 to ₦1,390 per dollar from ₦1,395 per dollar the previous week.
The improvement narrowed the gap between the official and parallel market rates to ₦16.75 per dollar from ₦19.54 per dollar, a development analysts view as a positive signal for market confidence and price discovery.
The gains came as Nigeria’s gross external reserves continued their upward trajectory, rising by more than $451 million week-on-week to approximately $49.34 billion. Recent Central Bank of Nigeria data also showed reserves approaching the $50 billion mark, supported by oil export earnings, improved remittance inflows, and renewed foreign portfolio investments.
Market participants have also linked improved liquidity conditions to the Central Bank of Nigeria’s revised foreign exchange guidelines, which are aimed at improving transparency, broadening participation, and allowing greater market flexibility.
Meanwhile, global oil prices retreated sharply last week. Brent crude fell 9.86% week-on-week to $94.87 per barrel from $105.25 as easing tensions between the United States and Iran reduced immediate concerns over disruptions to global oil supply routes.
Reports of diplomatic progress between Washington and Tehran, alongside signs of stabilisation in shipping activities through the Strait of Hormuz, helped calm markets and ease fears of prolonged supply interruptions.
What’s Being Said
“Gross external reserves remained robust at $49.49 billion as of May 15, 2026, compared with $48.35 billion at the end of March 2026, sufficient to cover 9.04 months of imports for goods and services,” said Olayemi Cardoso during the latest Monetary Policy Committee briefing.
Analysts said stronger reserve buffers are helping to reinforce investor confidence and provide support for exchange rate stability amid ongoing economic reforms.
Energy market analysts also noted that while oil prices have eased, geopolitical risks remain elevated and could quickly reverse current price trends if diplomatic negotiations deteriorate.
What’s Next
Investors will continue monitoring Nigeria’s external reserves for a possible move above the $50 billion threshold
Market attention remains focused on implementation of the revised foreign exchange framework and its impact on liquidity
Oil traders are expected to closely track developments in US-Iran negotiations and shipping activity through the Strait of Hormuz
Future crude price movements will remain a key determinant of Nigeria’s foreign exchange earnings and reserve growth
Bottom Line
The Bottom Line: Nigeria’s foreign exchange market is showing signs of improved stability as reserves strengthen and the gap between official and parallel market rates narrows. However, sustaining the naira’s recent gains will depend heavily on continued capital inflows, reserve accumulation, and the durability of global oil market conditions.
CBN redeploys all four Deputy Governors in a broad leadership reshuffle effective June 1, 2026
Changes affect Economic Policy, Corporate Services, Operations, and Financial System Stability directorates
Move comes amid ongoing reforms to strengthen policy coordination and institutional efficiency
Main Story
The Central Bank of Nigeria (CBN) has carried out a sweeping redeployment of its four Deputy Governors in a management shake-up aimed at strengthening leadership coordination and improving operational efficiency across key directorates.
The changes, which took effect on June 1, 2026, were confirmed through an updated organisational profile on the apex bank’s official website.
Under the new arrangement, Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, has been reassigned to the Corporate Services Directorate. He has been replaced in the Economic Policy role by Mr Philip Ikeazor.
The restructuring also saw Ms Emem Usoro moved from Corporate Services to the Operations Directorate, while Mr Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.
The redeployment effectively reshapes leadership across four of the most strategic arms of the CBN, which oversee monetary policy design, banking supervision, institutional management, and currency and payment system operations.
Although the CBN did not provide an official explanation for the changes, the exercise is widely viewed as part of broader efforts to align leadership structure with ongoing financial sector reforms and macroeconomic stabilisation priorities.
The Economic Policy Directorate plays a central role in inflation analysis, monetary policy formulation, and macroeconomic forecasting, while Corporate Services handles internal administration and institutional coordination.
The Operations Directorate oversees currency management and payment systems, and the Financial System Stability Directorate monitors systemic risk across Nigeria’s banking sector.
What’s Being Said
The CBN has not issued an official statement detailing the rationale behind the redeployment beyond the updated organisational listing.
However, the restructuring comes at a time when the apex bank is intensifying reforms aimed at strengthening regulatory oversight, improving policy execution, and stabilising the financial system amid inflationary pressures and currency management challenges.
Earlier in 2026, President Bola Tinubu nominated former Securities and Exchange Commission Director-General, Lamido Yuguda, as Deputy Governor of the CBN, a move seen as part of wider institutional strengthening within the financial regulatory architecture.
What’s Next
The new leadership structure is expected to be reflected in upcoming Monetary Policy Committee deliberations in the coming months
Further internal realignments within CBN departments may follow as reforms to payment systems and banking supervision deepen
The bank’s policy direction will be closely monitored ahead of the next inflation and interest rate review cycle
Bottom Line
The Bottom Line: The leadership reshuffle reflects the CBN’s ongoing effort to recalibrate its internal structure amid sustained macroeconomic pressure. While not officially framed as reform-driven, the timing suggests a strategic alignment of key policy and stability functions as Nigeria’s financial system faces heightened inflation and currency management challenges.
CBN aims to reduce cash outside the banking system to below 40% of currency in circulation by 2028
The target could return about ₦2.83tn into the formal financial system based on current figures
The apex bank also plans to onboard 50 million additional Nigerians into formal financial services
Main Story
The Central Bank of Nigeria (CBN) has unveiled an ambitious strategy to bring approximately ₦2.83tn currently held outside the banking system into formal financial channels while expanding financial inclusion to 95 per cent by 2028.
The initiative forms part of the Nigeria Payments System Vision 2028 (PSV 2028), launched in Abuja by CBN Governor, Olayemi Cardoso, as the apex bank seeks to deepen digital payments, reduce dependence on cash transactions, and strengthen confidence in Nigeria’s financial system.
According to the latest CBN money and credit statistics, currency outside banks stood at ₦5.08tn in April 2026, representing more than 90 per cent of the ₦5.65tn in total currency circulating within the economy.
Cardoso said the bank intends to reduce that figure to less than 40 per cent by 2028. Based on current data, achieving that goal would return roughly ₦2.83tn into the banking system, improving liquidity, monetary policy effectiveness, and access to credit across the economy.
“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” said Cardoso.
The governor also disclosed plans to increase financial inclusion to 95 per cent within three years, a move expected to bring an estimated 50 million additional Nigerians—particularly market women, farmers, and young people—into the formal banking and digital payments ecosystem.
The launch comes ahead of Nigeria’s 2027 general elections, a period that has historically generated concerns about increased cash circulation, vote-buying, and election-related spending pressures.
The Issues
The announcement highlights a longstanding challenge within Nigeria’s financial system. Despite years of financial inclusion initiatives, a significant portion of cash remains outside formal banking channels, limiting the effectiveness of monetary policy and reducing the banking sector’s capacity to support economic growth.
The development also comes as members of the CBN’s Monetary Policy Committee have warned that increased political spending ahead of the 2027 elections could complicate inflation management efforts and reverse recent disinflation gains.
What’s Being Said
“Cash should no longer be king. We need to build trust and ensure that people have no doubt that they are dealing with a strong and reliable payments system,” said Cardoso.
“Efficient payment infrastructure lowers transaction costs, improves business productivity, and enables firms of all sizes to participate competitively in the digital economy,” said Dr. Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate.
What’s Next
The CBN will begin implementing the five pillars of PSV 2028, including digital inclusion, payment infrastructure, cybersecurity, innovation, and cross-border payments
Financial institutions, fintech firms, and telecom operators are expected to align operations with the framework over the next three years
Progress toward the 95 per cent financial inclusion target will be monitored through periodic assessments leading up to 2028
Bottom Line
The Bottom Line: The CBN’s latest payments strategy signals a renewed push to formalise Nigeria’s largely cash-driven economy. If successfully implemented, the initiative could strengthen financial inclusion, improve monetary policy effectiveness, and reduce the risks associated with large volumes of cash circulating outside the banking system, particularly ahead of the 2027 elections.
Key points
Senate Leader Opeyemi Bamidele says the 11th Senate will consider a six-year single term for Presidents and governors.
Proposal is part of broader constitutional...
