The Central Bank of Nigeria has approved the full repatriation of export proceeds by International Oil Companies, allowing them to access 100 per cent of their foreign exchange earnings through authorised dealer banks.

The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on its website on Wednesday.

In the circular signed by the Director, Trade and Exchange Department, Dr Musa Nakorji, the bank said the move forms part of ongoing reforms to improve liquidity and stability in the foreign exchange market.

The CBN stated that the decision marks a shift from its earlier policy introduced in 2024, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil firms, while the balance was held for 90 days before repatriation.

It said, “As part of the reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market, the Bank issued two circulars in 2024, allowing Authorised Dealer Banks to cash pool 50 per cent of repatriated export proceeds on behalf of International Oil Companies with the remaining 50 per cent retained for 90 days before repatriation.”

However, the apex bank noted that the latest adjustment is intended to further liberalise the market in line with prevailing conditions. “However, to further liberalise and deepen the market in line with current market realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” the circular read.

It added that, “The IOCs may repatriate 100 per cent of their export proceeds through the ADBs, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.”

The CBN also made it clear that the new directive overrides all previous guidelines on cash pooling arrangements for oil companies. “Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling,” it stated.

The bank directed all authorised dealer banks to comply with the new framework immediately. “All Authorised Dealer Banks are to note and be guided accordingly, as this directive takes immediate effect,” the circular added.

In 2024, the CBN introduced measures affecting international oil companies operating in Nigeria, limiting their ability to immediately remit 100 per cent of forex proceeds to their parent companies abroad.

Instead, IOCs were required to repatriate 50 per cent of their proceeds immediately, with the remaining 50 per cent to be repatriated 90 days after the inflow.

Also, the CBN implemented new rules governing cash pooling by IOCs. These rules required prior approval from the CBN for repatriation under the cash pooling framework, alongside detailed statements of expenditure incurred before pooling.

The apex bank further clarified these measures, allowing IOCs to pool 50 per cent of their export proceeds while using the remaining funds to settle financial obligations within Nigeria over 90 days.

IOCs were also permitted to sell the 50 per cent balance of their repatriated proceeds to authorised foreign exchange dealers. However, the new circular is expected to ease constraints faced by oil firms in accessing their foreign exchange earnings.

The Nigerian equities market reversed its recent upward trajectory on Wednesday as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 37 basis points to close at 200,925.75 points, resulting in a loss of N476.73bn in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies, with analysts noting that buying interest was simply insufficient to sustain the market’s upward momentum.

Selling pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc, and Lafarge Africa Plc, alongside other laggards that collectively weighed on the overall performance.

As a result, total market capitalisation by 0.37 per cent to N128.98tn, underscoring the bearish undertone of the trading session despite a mixed picture across different sectors.

The Insurance Index led the gainers by rising 0.76 per cent on the back of price appreciation in Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc, and AIICO Insurance Plc, while the Consumer Goods Index gained 0.38 per cent supported by interest in PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

On the flip side, the Banking Index fell 0.98 per cent due to profit-taking in Zenith Bank Plc and United Bank for Africa Plc, while the Industrial Goods Index slipped marginally by 0.11 per cent and the Oil and Gas Index closed flat.

DLM Capital Group has officially moved from proof-of-concept to proven execution, announcing the successful disbursement of the first principal and coupon payments on its Sovereign Bond-Backed Composite Notes.

The payment marks a decisive turning point for the N30bn programme, which seeks to blend the high-yield opportunities of corporate structuring with the rock-solid security of sovereign collateral. The Series 1 Notes, which include the N7.30bn Tranche A and N1.70bn Tranche B, are currently listed on the FMDQ Exchange.

The milestone is particularly significant given the initial market climate. When the instrument launched in July 2025, it was met with “cautious interest” from an investment community wary of new structures. However, the timely fulfilment of these financial obligations has silenced sceptics and bolstered the reputation of the AAA-rated instrument.

The leadership at DLM Capital and market analysts have been vocal about what this payout represents for the Nigerian capital markets: “This first payment is a clear validation of the structure. It demonstrates that the SBCNs are not just innovative but dependable,” said DLM Capital Group.

“The instrument has delivered on its core promise: strong credit quality, reliable cash flows, and enhanced returns. With momentum building toward Series 2, DLM Capital is setting a new standard for structured debt innovation in Nigeria’s capital markets,” the statement added.

The SBCNs have distinguished themselves through their unique risk-reward profile. Tranche A has notably emerged as the most valuable AAA-rated corporate bond in Nigeria, offering an impressive 40.62% Hold-To-Maturity return.

Backed by sovereign bond collateral and rated AAA by both GCR and DataPro, the notes have successfully addressed the “flight to quality” currently seen among institutional investors. By providing a bridge between capital preservation and yield optimisation, DLM Capital appears to have carved out a new niche for high-quality fixed-income opportunities.

As the Group prepares for the Series 2 issuance, the successful servicing of the Series 1 debt provides a robust track record that is expected to drive even higher subscription rates from pension fund administrators and insurance firms seeking stable, high-yield assets.

Global trade transports an estimated 500 billion tonnes of virtual water every year, the hidden water embedded in goods such as food, textiles and industrial products, indicating the growing link between international commerce and water sustainability, according to a new World Bank report.

The report explains that virtual water refers to the large volumes of freshwater used during production processes but not visible in the final product. For example, producing a single cup of coffee can require about 150 litres of water, while sugar, milk and baked goods add significantly more, meaning a typical breakfast may consume more water than many households use daily.

According to the World Bank, the scale of virtual water flows is immense, amounting to roughly a quarter of global water use and about 50 times the weight of goods shipped annually by sea. Over the past two decades, virtual water trade has expanded by about 50 per cent, driven by rising incomes, changing diets and increasingly complex global value chains.

The report notes that trade can improve global water efficiency by shifting production to regions where water resources are more abundant. Crop trade alone saves around 500 billion cubic metres of water annually, as agricultural goods are often produced in locations that use water more efficiently than importing countries.

Water-dependent sectors, including agriculture, energy and industry, support approximately 1.7 billion jobs worldwide, underscoring the economic importance of efficient water use.

However, the benefits are uneven. About one-fifth of irrigation water embedded in traded goods originates from water-stressed regions where water is used less efficiently, effectively exporting scarce water resources and increasing long-term economic risks for those countries.

The World Bank said trade policy plays a critical role in determining where water-intensive production occurs.

Import tariffs, subsidies and regulatory standards influence competitiveness in sectors such as agri-food, textiles, leather, pulp and paper, and chemicals. Meanwhile, tariffs on water-saving technologies, including drip irrigation systems, smart meters and wastewater treatment equipment, can slow the adoption of efficiency solutions.

Governments are increasingly using non-tariff measures such as product standards and sustainability regulations to manage water use. Australia’s water-efficiency labelling scheme and the European Union’s corporate sustainability due diligence rules were cited as examples of policies shaping water outcomes across supply chains.

Private companies are also playing a growing role. Multinational firms are setting targets to reduce water use in manufacturing and working with suppliers to improve irrigation and processing efficiency across global sourcing networks.

The report added that trade agreements could further promote sustainable water use by incorporating environmental commitments and cooperation mechanisms. Examples include agreements between the European Union and Chile and between Japan and Australia, which encourage collaboration on efficient water management.

The World Bank cautioned that aligning trade with water sustainability will require gradual policy reforms to avoid disrupting producers and consumers, particularly in developing economies. Measures such as phased disclosure of water footprints, improved supply-chain traceability and investment in water-efficient technologies could help businesses remain competitive while reducing environmental risks.

The Securities and Exchange Commission Nigeria (SEC Nigeria) is pleased to announce the re-election of its Director-General, Emomotimi Agama, as Vice Chair of the Africa/Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for a second term spanning 2026–2028.
IOSCO was established in 1983, serves as the global standard-setter for the securities industry and is recognised as the leading international policy forum for securities regulators. Its members regulate more than 95 per cent of the world’s securities markets across over 100 jurisdictions.

This appointment, confirmed by IOSCO, reflects the growing recognition of Nigeria’s capital market and its strategic importance within the Africa and Middle East region. It highlights the confidence of peer regulators in Nigeria’s leadership, regulatory progress, and continued commitment to strengthening capital market systems.

The re-election also presents a significant opportunity for SEC Nigeria to deepen its engagement at the highest level of global securities regulation. As AMERC Vice Chair, Nigeria will maintain a seat on the IOSCO Board, the organisation’s highest policy-making body, where critical decisions shaping global capital market standards, regulatory frameworks, and cross-border cooperation are made. This position ensures that Nigeria’s perspectives, experiences, and priorities are represented in key discussions that influence the direction of international financial markets.

According to Agama, “Beyond representation, this development enhances Nigeria’s ability to contribute meaningfully to global regulatory dialogue, particularly in areas such as enforcement cooperation, market integrity, and investor protection. It creates a stronger platform for collaboration with other jurisdictions on cross-border regulatory issues, including tackling illicit financial flows and strengthening supervisory frameworks. The role further supports ongoing efforts to align Nigeria’s capital market with international best practices, fostering greater investor confidence and facilitating increased participation in global financial markets.

“Ultimately, this milestone reinforces Nigeria’s position as a leading voice in regional and global capital market development. It is expected to contribute to building a more resilient, transparent, and robust capital market ecosystem, not only within Nigeria but across the broader Africa and Middle East region. SEC Nigeria remains committed to leveraging this opportunity to advance regulatory excellence, deepen market integration, and support sustainable economic growth”

The Central Bank of Nigeria has said it is on course to reduce inflation to single digits as part of its transition to an inflation-targeting monetary policy framework.

This was disclosed in a statement issued by the apex bank on Sunday following an engagement with the Nigerian Economic Society and members of the academic community in Abuja.

Speaking at the session held on March 18, 2026, the CBN Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, said the shift to inflation targeting represents a major change in Nigeria’s monetary policy approach.

He described the engagement as timely and essential to Nigeria’s ongoing economic reforms, adding that the new framework would strengthen policy credibility and long-term price stability.

According to the statement, “the transition to an inflation-targeting framework marks a significant shift toward a transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability.”

Abdullahi said the framework would serve as a key anchor for the economy by shaping expectations and reducing the impact of external shocks.

He noted that inflation targeting would serve as a crucial nominal anchor for the Nigerian economy, adding that stabilising inflation expectations would help lower risk premia and support long-term investments.

The CBN noted that ongoing global uncertainties, including geopolitical tensions and volatile energy prices, make the need for a credible monetary anchor more urgent for emerging economies like Nigeria.

The statement highlighted several reforms already implemented by the bank to support the transition, including a return to orthodox monetary policy tools and a gradual withdrawal from quasi-fiscal interventions.

It added that foreign exchange market reforms, such as rate unification and the introduction of electronic trading platforms, have improved price discovery and reduced volatility.

The apex bank also cited improvements in banking sector stability through recapitalisation efforts and stronger prudential oversight, alongside better coordination with fiscal authorities.

According to Abdullahi, these measures are already producing results. “Headline inflation declined sharply from 34.8 per cent in late 2024 to 15.1 per cent by early 2026, driven by sustained monetary tightening and improved policy discipline,” the statement said.

Looking ahead, the CBN said it is firmly on track to achieve low and stable inflation in the medium term. “The medium-term target is to steer inflation into a single-digit range of 6–9 per cent, barring major external shocks,” the statement read.

Abdullahi further noted that achieving this target would depend on sustained policy discipline, well-anchored expectations, and strong institutional credibility.

Earlier, the Director of the Monetary Policy Department, Dr Victor Oboh, said collaboration with the academic community is critical to improving monetary policy effectiveness.

He noted that the success of inflation targeting depends not only on technical design but also on public trust and communication.

Oboh noted that academics, researchers, and thought leaders play a vital role in shaping narratives, influencing expectations, and building the evidence base for sound policy decisions.

In his remarks, the President of the Nigerian Economic Society, Dr Baba Yusuf Musa, commended the CBN’s reform direction and pledged continued support for its stabilisation efforts.

“Nigeria needs a credible Central Bank, and the Nigerian Economic Society needs a Central Bank worth standing with,” he said.

Participants at the session, drawn from universities and policy institutions, also expressed support for the bank’s transition to inflation targeting, describing it as a necessary step toward strengthening macroeconomic stability.

Nigeria’s headline inflation rate eased marginally to 15.06 per cent in February 2026, according to the Consumer Price Index report released by the National Bureau of Statistics