The Nigerian stock market experienced a significant downturn on Wednesday, with the All-Share Index falling 2.35% to close at 235,074.54 points. Heavy profit-taking erased N3.64 trillion from the market’s total capitalisation, which dropped to N150.85 trillion. Key industrial stocks, including BUA Cement, Dangote Cement, and Geregu Power, all saw their share prices decline by 10%. Overall, market sentiment remained bearish, with 21 stocks losing value against 10 gainers. Trading activity also weakened, with a notable decline in both share volume and total value compared to the previous session.

S&P Global has revised its 2026 inflation forecast for Nigeria to 16.9%, up from an initial estimate of 15.0%. The rating agency cited the significant impact of global oil prices on domestic energy costs as a primary driver for this increase. Consequently, the agency has lowered its GDP growth projections for 2026 and 2027 by 30 basis points each, now forecasting growth at 3.7% and 3.5% respectively. Analysts warn that these inflationary pressures, alongside rising food costs, are likely to dampen household consumption, which serves as a critical pillar for the Nigerian economy.

The Dangote Petroleum Refinery has reduced its ex-depot petrol price from N1,175 to N1,125 per litre, effective June 25, 2024. This N50 price cut follows a steady decline in global crude oil prices, which have recently fallen to approximately $72 per barrel as geopolitical tensions in the Middle East ease.

While the refinery’s adjustment reflects these global energy trends, many Nigerian consumers and industry groups remain concerned that retail pump prices have not yet fully followed suit. Industry experts note that some current fuel stocks were purchased when crude prices were significantly higher, leading to a lag in retail price adjustments. Additionally, the refinery has reduced aviation fuel prices by N100 per litre to support the domestic aviation sector. As global oil prices continue to soften, market analysts expect further pressure on marketers to align domestic pump prices with the current international market reality.

Dangote Petroleum Refinery has reduced its ex-depot petrol price by N50, lowering the rate from N1,175 to N1,125 per litre. This adjustment, effective June 25, 2024, follows a global decline in crude oil prices, which have fallen below $73 per barrel due to easing tensions in the Middle East. The refinery also lowered its coastal supply price. Industry experts anticipate that these reductions may influence local petroleum marketers to adjust their own pump prices in response to the refinery’s new rates. In addition to the petrol price cut, the refinery recently reduced the price of aviation fuel by N100 per litre to alleviate operational costs for airlines.

Rescue efforts are intensifying in Port Harcourt following the collapse of a five-storey building under construction on Dr. Peter Odili Road. The structure gave way on Wednesday morning, trapping an unspecified number of workers. While three people were rescued by Wednesday evening, intensive search operations continue. Leading construction firm Julius Berger Nigeria PLC has deployed heavy-duty equipment, including cranes, excavators, and hydraulic breakers, to assist emergency responders and government agencies in clearing the rubble. Authorities are investigating the cause of the collapse, which occurred shortly after another building failure in the city, prompting renewed calls for stricter enforcement of construction safety regulations.

Central Bank of Nigeria (CBN) data for May 2026 reveals a marginal increase in bank lending to the private sector, which rose to N81.04 trillion from N80.58 trillion in April. Simultaneously, credit to the government grew by 1.97% to N40.38 trillion, bringing total domestic credit to N121.42 trillion. Despite the rise in bank lending, cash held outside the banking system reached a record high of N5.19 trillion, signaling a continued preference for physical currency among Nigerians despite ongoing efforts to promote digital payments. Total currency in circulation saw a slight increase to N5.69 trillion.

Apex African Gas Nigeria Limited has commissioned a new 70-ton-per-day (TPD) Air Separation Unit in Satellite Town, Lagos. This investment, initiated three years ago with a base cost of over N10 billion, brings the company’s total production capacity to 110 tons per day. The facility will supply oxygen, nitrogen, argon, and other specialty gases to the healthcare, manufacturing, energy, and food processing sectors. Company executives stated that the expansion is intended to proactively meet Nigeria’s industrial demand and reduce reliance on imports.

The Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to immediately freeze the assets of six individuals and four Bureaux de Change (BDCs) linked to terrorism financing.

The move follows designations by the Nigeria Sanctions Committee (NIGSAC) and the United States Treasury’s Office of Foreign Assets Control (OFAC). The sanctioned individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim. The affected BDCs include Generation Currency, Manhattan, Nine to Nine Exchange, and Abbal Bako & Sons.

Financial institutions must immediately screen customers and transactions against these names, freeze all relevant assets without prior notice, and prohibit any provision of financial services to the entities. Compliance reports must be submitted to the CBN within 48 hours, and any suspicious transactions must be reported to the Nigerian Financial Intelligence Unit. The CBN warned that failure to comply or providing misleading information will result in severe regulatory sanctions.

The Central Bank of Nigeria (CBN) has ordered all financial institutions to immediately freeze the assets of six individuals and four Bureaux de Change (BDCs) linked to terrorism financing. The directive follows designations by the Nigeria Sanctions Committee (NIGSAC) and the U.S. Office of Foreign Assets Control (OFAC).

The sanctioned individuals are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, and Yakubu Ogirima Ibrahim. The listed BDCs include Generation Currency, Manhattan, Nine to Nine Exchange, and Abbal Bako & Sons.

Banks must screen all customers and transactions against these names, freeze any identified assets without prior notice, and file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit. Compliance reports confirming actions taken—or reporting nil findings—must be submitted to the CBN within 48 hours. Failure to comply will result in regulatory sanctions under the Banks and Other Financial Institutions Act.

The Central Bank of Nigeria (CBN) has mandated that all banks, fintech companies, and payment service providers store customer and transaction data locally by January 1, 2027. While some stakeholders worry about infrastructure readiness, industry experts and data center operators view the directive as a vital move to strengthen data sovereignty, reduce dependence on foreign cloud providers, and save on foreign exchange outflows. Supporters argue that the policy will catalyze significant investment in Nigeria’s digital infrastructure, positioning the country as a regional hub for data hosting. Despite concerns regarding power and capacity, operators insist that existing and planned data center facilities are sufficient to meet the demand, noting that the market will scale in response to the new regulatory requirements.

The UK National Archives has granted a Research and Development licence to the African technology firm Cyberpedia Internet Governance. The agreement allows the company to use official machine-readable archives to build a proof-of-concept platform that provides AI-generated summaries and advanced search capabilities for UK legal judgments. Cyberpedia, which operates an AI-powered due diligence search engine, aims to use this partnership to enhance global access to verified legal data and improve transparency in public information systems.

Apple has increased prices for its Mac and iPad lineups by 15% to 25%, citing the soaring cost of memory and storage components. The company attributed this spike to unprecedented global demand for these parts, primarily driven by the rapid expansion of AI infrastructure. According to research firm TechInsights, the costs for DRAM and NAND chips have quadrupled over the past year. While iPhone prices currently remain unchanged, Apple has hinted that further price adjustments across its product line could follow. Key increases include the base MacBook Air rising by $200 and the iPad Pro increasing by $200.

Nigeria is spearheading an initiative to develop a pan-African payment card designed to facilitate direct transactions between African currencies. Finance Minister Taiwo Oyedele announced the proposal during a meeting with Mastercard, emphasizing that the system aims to eliminate the need for intermediary currencies like the US dollar. By allowing direct currency conversion, the government expects to significantly reduce transaction costs and currency exchange risks, thereby boosting intra-African trade under the African Continental Free Trade Area. Additionally, the government is urging Mastercard to help improve consumer credit access within Nigeria, citing the need for better financial inclusion to support the country’s growing economy.