The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Thursday disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.

Speaking in Abuja at the Monetary Policy Forum, Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0tn economy.”

The forum, the first edition for 2026, reflects the apex bank’s commitment to “engage its critical stakeholders in open communication, inclusive consultation, and collaborative monetary policymaking,” Cardoso added.

He noted that the forum theme was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.

Cardoso explained that the reforms were driven by weak macroeconomic conditions inherited in 2023, when inflation rose to 29.9 per cent in January 2024 due to food prices, exchange rate pressures, and supply constraints.

He added that monetary financing had weakened policy credibility, with Ways and Means advances rising to N26.95tn by May 2023, while the foreign exchange market faced over $7bn backlog, a parallel market premium above 60 per cent, and net reserves dropping to $3.99bn at the end of 2023. “These challenges undermined policy transmission, investor confidence, and the credibility of the apex bank,” he said.

The CBN responded with reforms aimed at restoring discipline and credibility. Ways and Means financing declined sharply to N3.51tn in December 2024 and further to N2.84tn by January 2026. “This action restored compliance with the law, strengthened central bank independence, signalled to markets about the Bank’s commitment to orthodoxy and transparency, and sent a clear message that the era of fiscal dominance had come to an end,” Cardoso said.

He added that the apex bank implemented a tight monetary policy stance in 2024, raising rates by 875 basis points from 18.75 per cent to 27.50 per cent to curb inflation, which later allowed for easing, with the policy rate reduced to 27.0 per cent in September 2025 and further to 26.5 per cent in February 2026.

“Our staff counterfactual simulations revealed that, without these firm and coordinated actions, inflation would have been significantly higher, and inflation expectations would have become significantly de-anchored,” he said.

On the foreign exchange market, Cardoso said the CBN cleared over $7bn in backlog, introduced a willing-buyer, willing-seller system, improved reporting, and strengthened market surveillance. These measures restored transparency and credibility, while diaspora remittances rose from about $200m to $600m monthly, targeting $1bn per month by 2026.

He noted that the reforms narrowed the parallel market premium to below 2 per cent and improved overall market functioning. External reserves strengthened, rising from $38.34bn in February 2025 to $50.12bn in February 2026, while net reserves surged from $3.99bn in 2023 to $34.80bn by the end of 2025. Nigeria’s balance of payments recorded a $4.59bn surplus in the third quarter of 2025, compared to a deficit earlier in the year.

Cardoso said the reforms attracted global recognition, with Fitch and Moody’s upgrading Nigeria’s ratings in 2025, and the country exiting the FATF grey list. The IMF also commended the CBN’s reforms for restoring transparency and discipline in monetary policy.

He highlighted additional banking sector reforms, including new capital requirements, a risk-based capital framework, stricter insider lending rules, and limits on credit to non-performing obligors. Supervisory capacity has been strengthened through digital tools, such as the Early Warning System, and enhanced cross-border oversight.

Cardoso also highlighted reforms in the payments system, including migration to ISO 20022, improved fraud management, and collaboration through the Nigeria Electronic Fraud Forum. Consumer protection and financial inclusion initiatives were expanded through new systems, including the Consumer Complaints Management System and the Women’s Financial Inclusion Dashboard.

The Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (petrol) to N1,200 per litre, while pegging its coastal price at N1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.

According to the spokesperson of the Dangote Group, Anthony Chiejina, the price adjustment represents a downward review in the refinery’s pricing template and comes amid heightened uncertainty in the global oil market driven by geopolitical tensions in the Middle East.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.

With the new N1,200 per litre rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing. Similarly, the coastal price of N1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.

The PUNCH recalls that the Dangote refinery increased petrol prices several times since the US-Iran war started on February 28. From N840 per litre before the war, pump prices rose to an average of N1,300 as of Thursday. The latest reduction from N1,275 to N1,200 is expected to reduce pump prices marginally below N1,300.

Meanwhile, The PUNCH also reported that the ambitious deal between the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited is facing challenges, as the refinery experienced a crude oil supply shortfall of approximately 79.53 million barrels between October 2025 and mid-March 2026, according to findings by The PUNCH.

The report stated that data obtained from a senior management source within the refinery indicated that the facility, which requires approximately 19.77 million barrels of crude monthly to operate at full capacity, received significantly lower volumes during the review period.

The official argued that, under the Petroleum Industry Act, the export of crude before meeting local demand is clearly prohibited, stressing that the $20bn Lekki-based plant has been grappling with inadequate crude volumes, while the country, through NNPC, continued to export some of its oil.

A breakdown of the figures shows that the refinery is supposed to get about 19.77 million barrels of crude monthly but received 4.55 million barrels in October, 6.45 million barrels in November, 4.30 million barrels in December, 5.65 million barrels in January, and 4.66 million barrels in February. For March, only 3.6 million barrels were delivered between the 1st and 15th.

The Nigerian Communications Commission has unveiled plans to introduce a Telecoms Identity Risk Management System platform to tackle SIM-related fraud, strengthen digital security, and boost confidence in Nigeria’s digital economy.

The Executive Vice Chairman of the commission, Aminu Maida, disclosed this in Abuja on Thursday at a stakeholders’ consultative forum on the proposed platform and planned regulatory changes.

Maida, who was represented by the Executive Commissioner, Stakeholder Management, Rimini Makama, said the Mobile Station International Subscriber Directory Number, commonly known as SIM or mobile phone number, had become central to financial transactions, digital identity, and access to services, but warned that its widespread use had also created vulnerabilities.

He noted that fraudulent activities linked to recycled, swapped, churned, and barred SIMs had emerged as a major channel for identity theft and financial crimes, weakening trust in digital platforms.

He said, “The Mobile Station International Subscriber Directory Number, commonly known as the SIM or mobile phone number, has evolved into a critical identifier underpinning financial transactions, digital authentication, and access to essential services across all sectors of our economy.

“This evolution, however, has created new and challenging vulnerabilities. The fraudulent use of churned, recycled, swapped, and barred MSISDNs has become a significant vector for financial fraud and identity theft, eroding public trust in our digital platforms and undermining the identity of systems we have worked hard to build.

“It is in direct response to these challenges that the Commission has initiated the Telecoms Identity Risk Management System Platform.”

According to him, the platform will allow service providers to verify mobile numbers flagged for suspicious or fraudulent activities before granting access, a move expected to reduce exposure to fraud and improve accountability.

He added that the system would enhance coordination among regulators, financial institutions, and security agencies to build a more resilient digital ecosystem.

To support the rollout, the commission has proposed amendments to its Quality of Service Business Rules and the Registration of Communications Subscribers framework.

The proposed changes require telecom operators to notify subscribers at least 14 days before recycling their lines and to upload details of churned numbers to the platform within seven days.

The amendments also introduce stricter provisions for blocking fraudulently registered or misused SIMs, aimed at improving transparency and protecting consumers.

Maida said the initiative reflects the commission’s commitment to collaboration and a whole-of-government approach to addressing digital risks, urging stakeholders to actively contribute to shaping the framework.

Also speaking, the Director of Cybersecurity and Internet Governance at the commission, Olatokunbo Oyeleye, said trust remains critical to the digital economy.

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.