Olayemi Cardoso, and his Angolan counterpart, Mr Manuel Antonio Tiago Dias, jointly signed a landmark Memorandum of Understanding (MoU) to deepen bilateral technical cooperation and strengthen cross-border financial supervision between the two institutions on Thursday in Washington, DC, United State.   The Central Bank of Nigeria (CBN) and the Bank of Angola, on Thursday, signed a Memorandum of Understanding (MoU) to foster closer bilateral relations and enhance capacity in central banking operations

Abuja, Nigeria – Nigeria’s trade with other African countries surged by ₦610 billion in the second quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).   The report revealed that Nigeria’s total trade with African nations rose to ₦3.92 trillion in Q2 2025, up from ₦3.31 trillion recorded in the previous quarter. This represents an 18.4% increase, driven largely by stronger exports in crude oil, manufactured goods, and agricultural products.   Key trade partners within the continent included South Africa, Egypt, Ghana, and Niger Republic, with crude oil and liquefied natural gas making up the bulk of exports. Imports, on the other hand, were dominated by machinery, vehicles, and processed foods.   Economic analysts attribute the rise to Nigeria’s increasing participation in the African Continental Free Trade Area (AfCFTA), which continues to open new markets for local businesses and strengthen intra-African trade relations . Experts also noted that the improvement could bolster Nigeria’s foreign exchange earnings and promote regional industrial integration if sustained.

Abuja, Nigeria – The total amount of cash circulating outside the banking system dropped to ₦4.45 trillion in August 2025, according to new data released by the Central Bank of Nigeria (CBN).   The report shows a continued improvement in the CBN’s currency management efforts, following last year’s cash redesign policy aimed at reducing liquidity outside the formal banking channels and curbing inflationary pressure.   Compared to ₦4.83 trillion recorded in July, the August figure represents a ₦380 billion decline, indicating that more cash is now flowing back into the banking system.   According to the CBN, the reduction is a result of “sustained monitoring of currency in circulation, improved adoption of electronic payment systems, and increased financial inclusion awareness.”   Economists have commended the trend, saying it could help strengthen monetary policy transmission and enhance credit availability to businesses.    “When more money stays within the banking system, it boosts liquidity, allows better control of inflation, and supports lending,” said Dr. Uche Nwosu, a financial analyst based in Lagos.     The apex bank also noted that the value of currency in circulation stood at ₦6.37 trillion in August, down from ₦6.73 trillion in July, reflecting improved cash management across deposit money banks.   However, some analysts caution that without consistent enforcement and infrastructure support for digital payments, cash hoarding could re-emerge, especially in rural areas.

Abuja, Nigeria – The United States Agency for International Development (USAID) has announced a fresh $876 million development support package for Nigeria, making it the third-largest recipient of USAID assistance in Africa.   The new funding, which covers programs for 2025, will focus on healthcare, education, economic growth, governance, and humanitarian aid, according to a statement released by the U.S. Mission in Abuja on Monday.   USAID said the initiative underscores Washington’s continued commitment to strengthening Nigeria’s democratic institutions, improving public service delivery, and fostering inclusive economic development.    “Nigeria remains a key partner in Africa. This new funding demonstrates our long-standing collaboration in tackling challenges from health to economic resilience,” said Mary Beth Leonard, USAID Mission Director to Nigeria.   The funds will also support projects targeting maternal and child health, malaria prevention, youth empowerment, and climate resilience sectors identified as critical to Nigeria’s development priorities.   Nigeria trails only Ethiopia and Kenya in USAID allocations across Africa, reflecting the country’s strategic importance to U.S. engagement in the region.   Officials from Nigeria’s Ministry of Budget and Economic Planning welcomed the announcement, saying it aligns with the government’s renewed efforts to attract development financing and strengthen bilateral partnerships.   “This funding will help us fast-track reforms in education, healthcare, and job creation,” a senior official said.

Abuja, Nigeria – Trade and economic experts have ranked Nigeria among the poorest-performing countries globally in terms of trade, citing structural inefficiencies, overdependence on oil, and weak export competitiveness as key factors.   Speaking at a policy roundtable in Abuja, analysts noted that despite being Africa’s largest economy by GDP, Nigeria lags behind smaller economies in trade performance, with non-oil exports contributing less than 10% of total foreign earnings.   Dr. Ibrahim Sule, a trade economist, said the country’s inability to diversify exports has worsened its trade deficit.   “Nigeria’s trade structure is fragile. Overreliance on crude oil and a lack of industrial capacity make the economy vulnerable to shocks. We rank poorly because we are not exporting enough value-added goods,” he explained.       Another expert, Prof. Grace Okon, stressed that high import dependency, poor infrastructure, and weak trade policies have made Nigeria uncompetitive in global markets. She urged the government to implement reforms that would encourage manufacturing and expand access to international markets.   According to recent figures, Nigeria’s trade deficit widened by ₦14 trillion in the first half of 2025, driven by rising import bills for refined petroleum products and manufactured goods.   Experts say unless urgent measures are taken, Nigeria risks further marginalization in global trade, despite its vast population and resource endowments.

Abuja, Nigeria – The Federal Government has directed security agencies and relevant authorities to intensify rescue operations for trapped victims following a recent mine collapse while also pledging a nationwide crackdown on illegal mining activities.   Minister of Solid Minerals Development, Dele Alake, said on Wednesday that government can no longer tolerate the activities of illegal miners, which have led to loss of lives, environmental degradation, and billions of naira in revenue losses.   He noted that intelligence reports indicate the involvement of criminal syndicates, including foreign collaborators, in illegal mining operations across several states.   “Illegal mining is not just an economic crime, it is a national security threat. The government is determined to dismantle these cartels and prosecute anyone found culpable,” Alake said.   Authorities confirmed that a joint task force has been deployed to mining sites in Zamfara, Plateau, and Nasarawa, where illegal activities are rampant. The government also promised to work with local communities to promote safer and regulated mining practices.   Analysts say the latest crackdown signals Abuja’s intent to protect Nigeria’s mineral wealth while also boosting formal sector investments in the mining industry.

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN), removing long-standing barriers that had prevented millions of Nigerians abroad from fully participating in the country’s financial system. The new scheme addresses multiple challenges faced by the diaspora community, offering digital solutions that will enhance remittances, investments, and financial inclusion. Breakdown of Barriers and Solutions Mandatory Physical Presence Barrier: Diaspora Nigerians previously had to travel home for basic banking tasks. Solution: Full digital verification from abroad. Impact: Saves thousands in travel costs annually and widens access for millions. Limited Access to Nigerian Banks Barrier: Distance blocked access to banking services. Solution: A single digital gateway for diaspora banking. Impact: Enables account opening and transactions anytime, anywhere. Restricted Investment Opportunities Barrier: Complex verification shut diaspora out of local markets. Solution: NRBVN linked with Non-Resident Investment Account (NRNIA). Impact: Nigerians abroad can now invest directly in stocks, bonds, real estate, and pensions. Expensive & Insecure Remittances Barrier: High fees averaging 7% and risky transfer channels. Solution: Cheaper, regulated remittance platforms. Impact: Boost to inflows — from $4.73bn in 2024 toward CBN’s $1bn monthly target in 2025. Generic Banking Products Barrier: Banks ignored diaspora-specific needs. Solution: Directive for tailored products. Impact: Access to diaspora mortgages, specialized savings/investments, and cross-border bundles. Unstable Regulations Barrier: Shifting policies created uncertainty. Solution: Stable framework modeled after India and Pakistan. Impact: Builds confidence, with Nigeria aiming to replicate India’s $160bn and Pakistan’s $10bn diaspora deposits. Weak Diaspora Participation in Development Barrier: Limited avenues for structured contributions. Solution: Formal platforms for diaspora investment in national projects. Impact: Channels for job creation, infrastructure, and local growth. CBN Governor’s Remarks At the launch, CBN Governor Olayemi Cardoso stated: “The NRBVN is not the final destination, but the beginning of a broader journey. Every Nigerian, no matter where they are, now has a secure bridge to their homeland’s financial system. This will strengthen our economy and deepen diaspora confidence in Nigeria.” He emphasized that the move removes “considerable costs in terms of time and financial resources” while unlocking opportunities for innovation, remittances, and direct investments. Projections & Outlook Diaspora remittances could rise from $4.73bn (2024) to $12bn–$15bn annually by 2026. New diaspora investments in bonds, housing, and SMEs may inject over $5bn into the economy within three years. Financial inclusion could surpass the 64% recorded in 2024, moving closer to the 80% target by 2030. Possible Outcomes if Well Manage   Reduced remittance costs, boosting household incomes.  Stronger FX inflows to stabilize the naira.  Growth in diaspora-led investment funds and housing finance.  New jobs and infrastructure via development-linked projects.   In essence: If managed transparently and efficiently, the NRBVN could transform Nigerians abroad into a core driver of national development.

Johannesburg, South Africa – The South African rand weakened slightly on Tuesday after stronger-than-expected U.S. economic data boosted the dollar and dampened investor appetite for emerging market currencies.   Traders said the greenback’s rally followed upbeat U.S. retail sales and manufacturing figures, which reinforced expectations that the Federal Reserve may keep interest rates higher for longer.   The rand, which had been gaining in recent sessions, slipped as investors shifted focus to global monetary policy while awaiting domestic inflation and economic data later in the week.   Analysts noted that the local unit remains vulnerable to external shocks but could recover if South Africa’s upcoming consumer price index (CPI) report shows signs of easing inflationary pressure.

Lagos, Nigeria – Four leading Nigerian banks have paid out a combined ₦135 billion in dividends to shareholders, despite facing regulatory pressures, inflation, and foreign exchange challenges.   The banks credited their resilience to strong balance sheets, cost-optimization strategies, and increased digital adoption, which helped sustain profitability in a difficult economic environment.   Analysts say the dividend payout reflects the sector’s capacity to weather economic shocks and maintain investor confidence, though challenges such as rising operating costs and currency volatility remain.

Abuja, Nigeria – The Federal Government has announced that fresh oil investments are beginning to flow into Nigeria after more than a decade of stagnation in the sector.   According to officials, the renewed investor confidence follows recent policy reforms, regulatory clarity, and improved fiscal terms designed to attract both local and international players.   The government noted that the inflow of investments will help boost production, strengthen revenue generation, and support economic diversification efforts. Industry stakeholders have described the development as a potential game-changer for Nigeria’s energy sector.

Abuja, Nigeria – Stakeholders in the agricultural sector have raised alarm over Nigeria’s worsening tractor shortage, warning that it poses a serious threat to national food security.   According to experts, the country requires at least 700,000 tractors to meet its mechanization needs but currently has fewer than 50,000 in active use. The gap, they say, undermines efforts to boost productivity and reduce reliance on food imports.   Farmers’ associations are urging the federal government to prioritize agricultural mechanization through public-private partnerships, incentives for equipment importation, and support for local manufacturing of tractors.

Johannesburg, South Africa – South Africa’s annual producer price inflation (PPI) increased to 2.1% in August, up from 1.9% in July, according to data from Statistics South Africa.   The rise was driven mainly by higher costs in food products, beverages, and petroleum-related items. Analysts note that while the increase remains modest, it could put slight upward pressure on consumer prices in the coming months.   Economists say the latest figure reflects persistent supply-side challenges, but inflation still remains within a relatively stable range compared to historic highs.