Category: Finance and Economy

Nigeria’s Crude Bonanza: 182.2m Barrels Exported for Estimated N24.02tn in Six Months

August 3, 2026August 3, 2026 Rextun boss No Comments

Nigeria generated an estimated ₦24.02 trillion from crude oil exports in the first half of 2026, with approximately 182.2 million barrels of crude shipped to international markets during the six-month period. The figures, now circulating in industry and media reports, underline the continuing importance of crude oil to Nigeria’s foreign-exchange earnings and fiscal position, even…

Finance and Economy

Naira Holds Steady at N1,362.09 to Dollar in Official FX Market

July 27, 2026July 27, 2026 Rextun boss No Comments

The Nigerian naira closed at ₦1,362.09 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM), according to the latest exchange-rate data attributed to the Central Bank of Nigeria (CBN). The rate reflects the most recent trading session available as of Friday, July 24, 2026, with the figure being reported as the official…

Exchange and Forex, Finance and Economy

Tinubu Signs Executive Order to Harmonise Nigeria’s Virtual Asset Regulation

July 18, 2026July 18, 2026 Rextun boss No Comments

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a coordinated regulatory framework for Nigeria’s rapidly expanding virtual asset sector. The Executive Order, which took effect immediately upon signing, is designed to improve cooperation among government agencies responsible for financial regulation, revenue collection, capital markets and financial intelligence….

Cryptocurrencies

CBN Tightens BDC Forex Rules, Launches Digital Tracker to Monitor Dollar Purchases

July 17, 2026July 17, 2026 Rextun boss No Comments

The Central Bank of Nigeria (CBN) has introduced a new set of operational guidelines for Bureau De Change (BDC) operators, unveiling a centralized electronic platform that will monitor foreign exchange purchases in real time as part of efforts to strengthen transparency and compliance in the retail foreign exchange market. The new framework, contained in a…

Exchange and Forex, Finance and Economy

Marketers, Energy Experts Warn Against Dangote Refinery’s Dollar Pricing, Fear Fresh FX Pressure

July 15, 2026July 15, 2026 Rextun boss No Comments

Independent petroleum marketers and energy industry experts have strongly opposed the Dangote Petroleum Refinery’s decision to begin pricing petroleum products in United States dollars, warning that the policy could deepen foreign exchange pressures, increase fuel costs, and destabilise Nigeria’s downstream petroleum sector. The concerns follow the refinery’s introduction of a new pricing template that denominates…

Exchange and Forex, Petroleum

Nigeria Approves Enhanced Tax Incentive for Shell to Unlock $20bn Deep water Oil Investment

July 15, 2026July 15, 2026 Rextun boss No Comments

The Federal Government has approved a special production-linked tax credit for Shell Plc’s Bonga Southwest Aparo deepwater oil project in a move aimed at unlocking an estimated $20 billion in fresh investment and increasing Nigeria’s crude oil production. According to reports citing sources familiar with the development, President Bola Tinubu approved revised fiscal terms granting…

Finance and Economy, Taxation and Tax Laws

CBN Declares Standard ₦100 Note Still Valid, Warns Against Refusal by Businesses and Individuals

July 8, 2026July 8, 2026 Rextun boss No Comments

The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning Nigerians, businesses, financial institutions and other economic operators against refusing to accept it for transactions. The clarification followed reports that some traders, transport operators and members of the public had begun rejecting the standard ₦100…

Banks and financial services, Finance and Economy

CBN Tightens Oversight, Withdraws Operating Licences of 46 Microfinance Banks

July 1, 2026July 1, 2026 Rextun boss No Comments

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country in a fresh regulatory action aimed at strengthening the stability and integrity of Nigeria’s financial system. The decision, which took effect on July 1, 2026, was approved by CBN Governor Olayemi Cardoso under the powers conferred on…

Banks and financial services, Finance and Economy

FCCPC Warns Fuel Marketers Against Delaying Petrol Price Cuts, Threatens Enforcement Action

June 29, 2026June 29, 2026 Rextun boss No Comments

The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers, depot operators and other stakeholders in Nigeria’s downstream oil sector to reflect falling global crude oil prices in pump prices or risk regulatory sanctions. The Commission said its latest market surveillance revealed that although international crude oil prices have dropped significantly, many consumers…

Consumer Rights, Finance and Economy

Federal, States and LGAs Share N2.3 Trillion in May as VAT Revenue Drops by N62.9 Billion – FAAC

June 18, 2026June 18, 2026 Rextun boss No Comments

The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.300 trillion to the Federal Government, state governments, and the 774 local government councils as revenue allocation for May 2026, despite a notable decline in Value Added Tax (VAT) collections during the period. The allocation was approved at the June 2026 FAAC meeting held…

Finance and Economy

abdulwasiu abdulkabir Olajide on 7 Federal Government Empowerment Programs and Opportunities for Nigerian Youths – How to ApplyAugust 13, 2026
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Kikma on Top 10 Hidden Gems in Ibadan You Need to Visit in 2025July 1, 2025
Ibadan is truly a hidden gem with so much to offer. From the serene Agodi Gardens to the breathtaking views…