The reforms implemented by the Central Bank of Nigeria have helped cushion the impact of global economic shocks on Nigerians, preventing more severe hardship despite ongoing external pressures, the apex bank has said.

CBN Governor Olayemi Cardoso disclosed this at the final briefing of the bank during the just-concluded Spring Meetings of the World Bank/International Monetary Fund in Washington DC.

“The decisions of the MPC (Monetary Policy Committee), as we consistently emphasise, are data-driven. They are not based on emotion but on careful analysis of available information, and we respond accordingly. I am pleased that this cautious approach has proven justified by subsequent developments.

“I would also add that if we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful,” Cardoso stated, while responding to a question on the March uptick in inflation.

On Friday, The PUNCH reported that Nigeria’s inflation rate rose to 15.38 per cent in March 2026, reversing the recent easing trend as global shocks from the US–Iran conflict pushed up energy, transport, and food costs. The PUNCH also observed that this is the first increase in headline inflation since March 2025.

Cardoso admitted that the recent National Bureau of Statistics report “showed an uptick in inflation, which, quite frankly, should not be too surprising given the global disruptions taking place at this time. Much of this increase can be attributed to global shocks.”

He noted that it was important to remind ourselves that, up to this point, the country had experienced consistent deceleration in inflation. “We had also begun the process of reducing rates, although we remained cautious. At the time, we were careful to avoid easing too early, as doing so could expose the economy to exactly the kind of shocks we are now witnessing—and that is precisely what has happened.

“There was an expectation that the central bank, given several months of deceleration, would adopt a more aggressive approach to reducing rates.

“However, this underscores an important point: members of the MPC have access to data and insights that are not always visible to the public. This situation clearly demonstrates why there was concern about potential shocks on the horizon. We wanted those uncertainties to clear before taking more decisive action.”

In direct response to the question on inflation, Cardoso insisted that the recent uptick was largely the result of global shocks. “Nonetheless, we remain committed to building resilience and staying the course on our long-standing objective of bringing inflation down to single digits,” he stated.

The CBN boss added, “Despite current challenges, we will maintain this focus because we believe it directly addresses the key concerns of Nigerians, particularly the real impact of macroeconomic developments on everyday life. Encouragingly, stability has begun to take hold, meaning that some of the negative consequences associated with instability can now be put behind us.”

Recall that both the Minister of Finance/Coordinating Minister for the Economy, Wale Edun, and the CBN governor, Cardoso, had earlier declared that Nigeria is currently in a sound position to withstand global economic shocks stemming from the Middle East crisis or other issues.

Both men took turns reiterating this position during a press briefing at the Spring Meetings of the World Bank and the International Monetary Fund in Washington, DC, United States.

Speaking at the briefing, Edun said, “Nigeria came to this meeting with a clear message: our reforms are durable, self-sustaining. We are more resilient to global shocks, and we are focused on inclusive growth.

“Due to the reforms undertaken under the leadership of His Excellency, Mr President, Nigeria is well-positioned to withstand external shocks, such as the one we are witnessing at this time.

“Across our engagements this week, there has been strong recognition and commendation that Nigeria’s reform programme is strengthening our economic fundamentals and restoring confidence. This has placed us in a stronger and better position to withstand the ongoing situation described as the Israeli–US–Iran conflict.

“With the economy now operating a market-reflective foreign exchange regime and market-based pricing for petroleum products, adjustments are occurring relatively smoothly—without distorted controls, unsustainable subsidies, or a rapid depletion of reserves, based on the data available to the Central Bank of Nigeria.”

Edun noted that this improved resilience was “widely acknowledged throughout the week at our various meetings, including at the International Monetary Fund, the World Bank, and in our engagements with other development partners and bilateral counterparts.”

The Manufacturers Association of Nigeria has urged the Federal Government to reject policy recommendations suggesting the reinstatement of petrol import licences, describing the proposal as flawed and harmful to Nigeria’s industrialisation drive.

The position follows the now-retracted recommendation by the World Bank in its April 2026 Nigeria Development Update. In a statement on Friday, Director-General of MAN, Segun Ajayi-Kadir, said the idea of reopening the country to petrol imports as a long-term solution to inflation was misguided.

“It is not, and should not be considered as an option. Suggesting that Nigeria should open its borders to imported Premium Motor Spirit to solve an inflationary crisis is structurally flawed, counterproductive, and highly detrimental to Nigeria’s industrialisation agenda,” Ajayi-Kadir said.

He warned that such a move would worsen Nigeria’s economic structure, noting that “in the long run, it will perpetually constrain Nigeria into the circle of exporting jobs and wealth, and importing poverty.”

MAN faulted the World Bank’s earlier position that suspending import licences reduced competition and contributed to rising fuel prices, arguing that the analysis ignored key macroeconomic realities.

Ajayi-Kadir said, “Promoting PMS imports means returning to the era of fiercely competing for scarce foreign exchange to fund foreign refineries. Such depletion of FX depreciates the naira further, and a weakened naira spikes the cost of importing critical raw materials and machinery for domestic manufacturers.”

He added that an increased reliance on imports would trigger broader inflationary pressures across sectors, extending beyond fuel pricing.

The MAN DG also warned that reinstating fuel importation would reverse gains recorded in Nigeria’s energy sector.

“For decades, Nigeria exported raw crude only to import refined products; effectively exporting our wealth, jobs, and capital to subsidise the manufacturing sectorsof Europe and Asia. Reverting to importation is to succumb to economic sabotage,” Ajayi-Kadir said.

On energy security, he stressed that dependence on imported fuel would expose the country to global shocks. “Relying on imported fuel exposes Nigeria to damaging external supply shocks. True and lasting price stability can only be achieved through local production, where internal supply buffers insulate the domestic market,” he noted.

Instead of fuel importation, MAN proposed a set of alternative measures to tackle inflation and stabilise the energy market. Ajayi-Kadir called for improved implementation of the naira-for-crude policy, saying, “The Federal Government should mandate total transparency in the domestic pricing matrix and ensure that local refineries receive their full, unhindered daily crude quotas.”

He also urged the government to accelerate the adoption of alternative energy sources, particularly compressed natural gas. “The government should accelerate the Presidential CNG Initiative by heavily subsidising the conversion of commercial and industrial transport fleets. Shifting from PMS and diesel to locally sourced CNG is the ultimate inflation-buster,” he said.

The association further advocated targeted support for manufacturers, including easing trade bottlenecks and providing affordable credit. “We should not expand trade deficits through petroleum imports; we should focus on removing supply-side bottlenecks for manufacturers,” Ajayi-Kadir added.

He also emphasised the need to invest in power infrastructure to reduce dependence on costly fuels for industrial production. Ajayi-Kadir reiterated that Nigeria must prioritise local production over import dependence.

“It is not in our national interest to perpetuate avoidable dependence on imported fuel when we have domestic capacity to meet demand. We must strive to produce what we consume and consume what we produce,” he said.

He warned the government against adopting policies that could undermine local industries. “We urge the Federal Government to be wary of neo-liberal prescriptions that could jeopardise our hard-won domestic manufacturing capabilities. The path to inclusive growth and a strong naira is surer when we protect our local industries,” Ajayi-Kadir stated.

The MAN DG concluded with a strong caution: “We should therefore reject any policy recommendation that would ultimately lead to the exportation of jobs and importation of poverty.”

The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), has announced the introduction of the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market.

The NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks. It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments. It will enhance the

effectiveness of monetary policy, support financial innovation, boost investor

confidence, and strengthen risk management across the financial system.

The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR (United States), SONIA (United Kingdom), €STR (Eurozone), and TONA

(Japan).

It also complements African benchmarks such as JIBAR (South Africa).

Following a stakeholder engagement session held on February 27, 2026, where

market participants formally adopted the benchmark, and subsequent regulatory

approval, NOFR is now in use, with the CBN serving as the benchmark administrator.

The Bank will ensure governance, transparency, and regular publication of the rate.

 Nigerian Exchange Limited (NGX) announces the expansion of its trading hours from 9:00 a.m. to 4:00 p.m. (WAT), effective Monday, 27 April 2026, in a move designed to deepen market liquidity, enhance price discovery, and broaden investor access.

Approved by the Securities and Exchange Commission (SEC) Nigeria, the expansion shifts the market opening earlier from 9:30 a.m. to 9:00 a.m. and extends the close from 2:30 p.m. to 4:00 p.m., marking a significant evolution in the Exchange’s market structure.

The extended trading window will provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market. The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.

This reform reflects strong regulatory collaboration and underscores the Securities and Exchange Commission’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.

The implementation follows extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date. NGX Regulation Limited will continue to provide robust oversight to support a smooth and orderly transition, while maintaining high standards of transparency and investor protection.

With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.

MTN Nigeria, the country’s largest telecoms operator, has suspended its airtime and data lending service known as “Xtratime” as new regulatory requirements under Nigeria’s expanded digital credit rules take effect.

The company said the temporary suspension was driven by compliance obligations under the Federal Competition and Consumer Protection Commission’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, which introduce a revised licensing and oversight framework for providers of digital credit services.

MTN disclosed the decision in a corporate filing to the Nigerian Exchange Limited on Thursday, noting that Xtratime, which allows prepaid subscribers to borrow airtime or data and repay on their next recharge, would remain unavailable while the company aligns with the new requirements.

In the disclosure signed by its Company Secretary, Uto Ukpanah, MTN said the service falls within the scope of the updated regulations and therefore requires additional compliance processes before it can resume.

“MTN Nigeria Communications PLC hereby notifies the Nigerian Exchange Limited and the investing public that the company has temporarily suspended its airtime and data credit advance service (‘Xtratime’),” the company said.

It added that the suspension relates to “the implementation of processes under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, which introduced a new compliance and licensing framework for entities providing digital or non-traditional consumer credit services”.

Despite the suspension, MTN said customers would continue to access other channels for purchasing airtime and data and stressed that the decision is not expected to materially affect earnings.

“Given the scale within the revenue mix, we do not expect the temporary suspension to have a material impact,” the company said, adding that it was monitoring customer behaviour and usage patterns and would provide updates in its first-quarter 2026 results.

The suspension highlights the widening scope of Nigeria’s consumer lending regulation, which now extends beyond traditional financial institutions t include telecoms operators and other providers of short-term digital credit.

The FCCPC had previously introduced a limited regulatory framework for digital lending in 2022 but escalated its oversight with the 2025 regulations, which require all operators in the sector to register and obtain approval to continue offering services.

Under the rules, companies providing non-traditional credit services, including airtime and data advances, are required to comply with licensing conditions as part of efforts to improve transparency, consumer protection, and data governance in the rapidly growing digital lending space.

The commission has also set transitional deadlines for operators already providing such services, with a compliance window extended to April 2026 for full registration under the new framework.

The regulatory tightening reflects broader concerns around consumer debt exposure, data privacy, and aggressive lending practices in Nigeria’s fast-expanding digital credit market, which has seen rapid growth in recent years alongside mobile penetration.

For telecom operators, the changes introduce a new layer of compliance in services that have become a key feature of prepaid mobile offerings, particularly for low-income users who rely on short-term airtime advances to stay connected.

MTN said it would continue to monitor developments under the new framework as it works toward full compliance before resuming the service.

Crude oil prices moved higher on Thursday, with WTI trading near $92 per barrel and Brent rising above $95, as markets rebounded from earlier weakness and tracked fresh developments around the US-Iran conflict. The recovery comes as traders reassess geopolitical risks and weigh whether ongoing ceasefire discussions could stabilise supply routes.

Coin Paper reports indicate that Washington and Tehran are considering extending their current two-week ceasefire to allow more time for negotiations. That possibility has started to shift sentiment.

The White House has signalled optimism about a potential agreement, with officials pointing toward a second round of talks likely to take place in Pakistan. At the same time, Iranian officials are engaging in parallel discussions, including meetings in Tehran aimed at relaying messages between both sides.

Despite the talks, the Strait of Hormuz remains effectively closed under a US naval blockade targeting Iranian ports. This chokepoint handles a significant share of global oil shipments, so any disruption quickly ripples through energy market

While US officials say they have halted commercial traffic to and from Iranian ports, some Iran-linked vessels have continued to move through the strait. That contradiction raises a key question: how much supply actually flows right now? The answer remains unclear, and that uncertainty keeps volatility elevated.

Iran has also issued warnings. Officials have indicated that an extended blockade could trigger retaliation, including disruptions across the Persian Gulf, the Sea of Oman, and even the Red Sea. Such threats continue to anchor risk premiums in oil prices.

At the same time, military developments continue to shape expectations. Reports suggest that the US Department of Defence plans to deploy thousands of additional troops to the region in the coming weeks. Meanwhile, Israeli airstrikes in southern Lebanon highlight how the conflict extends beyond a single front.

These overlapping tensions complicate the outlook. Even as diplomacy gains traction, military activity continues to influence trader sentiment. The market now faces two competing forces: optimism around talks and concern over escalation.

Attention now shifts to the expected second round of US-Iran negotiations. These discussions will likely focus on reopening the Strait of Hormuz and addressing Iran’s nuclear programme. Progress on either front could quickly shift market direction.

Investors also track broader regional diplomacy. Planned talks between Israel and Lebanon mark another potential turning point, especially as efforts to reduce cross-border tensions gain momentum.

Oil markets now move in a narrow but volatile range, reacting to every update. Traders watch closely for confirmation of a ceasefire extension and any signals that shipping routes may reopen. Each headline carries weight, and price swings reflect that reality in real time.

Nigerian Breweries Plc has assured stakeholders and consumers that it is strengthening its operations against key risks, including supply chain disruptions linked to the Middle East crisis, naira instability, and rising inflation, particularly food inflation.

The company outlined strategies to sustain growth and protect consumers from pricing shocks during its 80th pre-annual general meeting media briefing held in Lagos on Thursday. Explaining the strategies, NB Plc Finance Director Maria Karaseva said the brewer had identified three major external risks and was proactively managing them to build resilience. She noted that Heineken’s financial moat kept the company relatively secure.

Karaseva said, “We are pulling out three factors, and they have different impacts on us. First is the sustainability of supply driven by the Middle East crisis, which affects our ability to maintain consistent production levels and meet market demand. Here we are relatively in control. We are part of the Heineken Group. Heineken is our major investor. We are relying on the proven supply cusps and tracks. We are tracking regularly the sustainability of our supply. We see no big issues coming out of Nigeria from what is going on.”

Karaseva added that the company was leveraging its relationship with its majority shareholder to cushion potential supply shocks.

On currency volatility, she said the firm was deploying financial hedging tools to protect its business, particularly in response to the instability of the naira, which has been fluctuating significantly against major currencies. “The second thing is the instability of the naira. We have observed it so far. The naira passed the stress test when the crisis happened,” she noted. “It continues to be stable, and I should say that this is fundamental for the economy of Nigeria to have a stable currency. We really ask the government to continue with its efforts to keep the naira’s stability in place. From our side, we are also using financial instruments and tools to protect us against potential volatility.”

Addressing inflationary pressures, particularly rising food prices, Karaseva said the company was focused on maintaining affordability for consumers through flexible pricing strategies.

She said, “The third factor on the macro level which can impact us is the rise in inflation, especially in food. We, as Nigerian communities, feel a responsibility as leaders of this category. We feel responsible for what happens with the price of the products and the affordability of our products to the consumers. So we are doing all that we can.

“We have a very wide tool set on how not to take pricing further in this difficult environment. We have global food practices which we are bringing to Nigerian ground to contain pricing inflation.”

The finance chief added that the company was building a resilient structure capable of absorbing shocks if conditions worsen.

Karaseva said, “So these are the major risks, and we are on a pathway to build a resilient structure which will help us to absorb those shocks at least if they don’t escalate any further.”

The Managing Director/Chief Executive Officer, Thibaut Boidin, also acknowledged that the operating environment remained volatile, citing inflation, foreign exchange pressures, and weak consumer purchasing power.

He said, “It’s not a secret that we’re operating in a very volatile environment, a very complex environment. (Although) In 2025, we can all recognise that the macroeconomic environment was a bit more stable than in the previous years, but we remain dependent on FX, and purchasing power remains under pressure.”

Boidin noted that the Middle East crisis continued to pose risks to the broader economy, while inflation had constrained beer consumption due to reduced disposable income.

Despite the challenges, the company reported a strong financial rebound in 2025. Group revenue rose by 35 per cent to N1.5tn, while gross profit increased 77 per cent to N565bn. Operating profit grew 194 per cent to N205bn.

The brewer also returned to profitability, posting a profit before tax of N161bn and a net profit of N99bn, compared to losses recorded in 2024.

Finance director Karaseva attributed the turnaround partly to improved cost management and reduced finance expenses following the company’s 2024 rights issue.

She said, “2025 was really a financially successful year for us. In 2024, the operating environment was really difficult, but in 2025, the stability of the Naira, the strength of our brands, and a focus on premiumisation supported the growth in our results.”

The company also recorded a positive cash flow position after years of negative balances, reflecting improved operational efficiency.

Looking ahead, Nigerian Breweries said it would prioritise consumer protection and affordability while maintaining financial discipline.

Karaseva said, “Taking very accurate revenue management, not passing all the problems happening around us to our consumers, is our prime goal, and we will see that in the year 2026.”

NB Plc added that while it had made a significant recovery, it would retain earnings to strengthen its balance sheet amid ongoing uncertainties, with dividend payments to resume once the business fully exits its recovery phase.