ECONOMY AND CAPITAL MARKET NEWS
For Week Ended November 28, 2025
CAPITAL MARKET NEWS
- Cardoso: 27 banks raise capital to meet recapitalisation targets
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that 27 banks have accessed the market to raise additional funds since the inauguration of the latest recapitalisation exercise. Cardoso disclosed this at the 60th Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria on Friday. Read More
- CSCS goes live with T+2 settlement cycle
The Central Securities Clearing System Plc has officially implemented the T+2 settlement cycle in the Nigerian capital market, effective today, Friday, 28 November 2025. A statement from the CSCS indicated that this transition from the long-standing T+3 cycle marks a significant milestone in Nigeria’s post-trade infrastructure modernisation and demonstrates the market’s collective commitment to global best practices. Read More
- Nigeria attracts $20.98bn foreign capital inflow in 10 months – Cardoso
Nigeria recorded a major rebound in external investor confidence as foreign capital inflows surged to $20.98 billion in the first ten months of 2025, the highest in years, according to the Central Bank Governor, Mr. Olayemi Cardoso. Read More
- Rewane forecasts NGX market cap to reach N262tn by 2026
Economist and Managing Director of Financial Derivatives, Bismarck Rewane, has projected that the market capitalisation of the Nigerian Exchange Limited will hit about N262tn in 2026 and move higher in the subsequent years, driven by big-ticket listings. Read More
- ISA 2025: SEC mandates registration of all tradable instruments by Jan 2026
The Securities and Exchange Commission (SEC) has directed all Capital Market Operators (CMOs) to declare their compliance status and ensure every tradable instrument under their control is duly registered with the Commission in line with the Investments and Securities Act (ISA) 2025, no later than January 2026. Director-General of the SEC, Emomotimi Agama, gave the directive on Wednesday at the Commission’s Journalists’ Academy 2025 held in Lagos. Read More
MONEY MARKET NEWS
- Top 10 banks grow savings deposits to N33trn
Top ten banks in Nigeria have accumulated N33.24 trillion in savings deposits in the nine months ending September 2025, a 6.8 per cent increase from N31.13 trillion in the same period of 2024. A breakdown of the financial statements of the banks for the period in 2025 showed that the five tier-2 banks recorded higher increases in savings deposits while two tier-1 banks recorded decline. Read More
- High lending rates crippling production, MAN tells CBN
The Manufacturers Association of Nigeria has urged the Central Bank of Nigeria to further reduce interest rates to ease the rising cost of borrowing, which continues to stifle production and erode competitiveness in the manufacturing sector. In its reaction to the outcome of the Monetary Policy Committee meeting held on November 24 and 25, MAN stated on Wednesday that it acknowledged the MPC’s decision to retain the Monetary Policy Rate at 27 per cent but stressed that the current lending environment remains “punitive for manufacturers.” Read More
- Nigeria’s money supply surges 75.9% in 2yrs
Money supply to Nigeria’s economy has significantly surged to a record N117.8 trillion in two years, amid growing banks’ credit to the government. Vanguard findings from the data released by the Central Bank of Nigeria, CBN, shows that money supply, M3 grew by 75.9% to N117.783 trillion in September 2025 from N66.944 trillion in the same period 2023, reflecting excess liquidity in the economy. Read More
- Naira settles at N1,470/$ at unofficial market, U.S. dollar index turns green
The Nigerian currency showed slight gains in the unofficial market but lost some value in the official market. The Nigerian Naira appreciated to N1,470/$ in the parallel market on Friday, up from N1,475/$ on Thursday, but in the Nigerian Foreign Exchange Market (NFEM), it depreciated to N1,445.9/$. Read More
THE NIGERIAN ECONOMY
- Cardoso: Rising protectionism, trade tensions may undermine global economic outlook
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has cautioned that the global economy remains vulnerable despite signs of recovery, warning that rising protectionist policies and renewed trade tensions could weigh on growth prospects in the months ahead. Read More
- Nigeria posts 38% Company Income Tax growth in H1 2025 – NBS
Nigeria generated N4.76 trillion in company income tax (CIT) in the first half of 2025, marking a 38 per cent rise from the N3.45 trillion recorded in the same period of 2024, according to fresh data from the National Bureau of Statistics (NBS). Read More
- Scaling up industrial, services exports key to maximising AfCFTA gains – Minister
Following the vast opportunities locked in the African Continental Free Trade Area (AfCFTA), Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has declared that the country needs to urgently diversify its export basket into higher-value processed and industrial products and to dramatically scale up services exports in order to enjoy a huge slice of the continent’s $3.4 trillion market. Read More
- Business leaders reject proposed beverage tax hike
Members of the Organised Private Sector of Nigeria have asked the Federal Government to withdraw the proposed amendment to the Customs, Excise and Tariff Bill, warning that it could undermine President Bola Tinubu’s fiscal reform agenda and further fracture Nigeria’s tax framework. Read More
- How CBN’s $46.7bn reserve buffer is shifting economy from volatility to stability
Recent monetary policy reforms of the Central Bank of Nigeria (CBN) are slowly but steadily pushing Nigeria’s economy from an era of volatility to stability. According to the apex bank, Nigeria’s key economic indicators are getting stronger, especially with the sharp rise in foreign reserves to $46.7 billion, enough to pay for more than 10 months of the nation’s imports. Read More
- Nigeria’s monthly trade surplus falls 35% to $1.39bn
Nigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by 0.8 per cent while total import rose by 25.09 per cent during the month. Read More
- FIRS: Small companies must file returns despite zero per cent tax
The Federal Inland Revenue Service (FIRS) has explained that while small companies will not pay corporate income tax from 2026, they are still required to compute their taxable income and file self-assessment returns. Read More
- 90% of Nigeria’s land idle, not generating economic benefits – Falana
Human rights advocate, Mr. Femi Falana (SAN) has decried a situation where over 90 per cent of land in Nigeria is in dead capital. Dead capital means the vast land exists but is not being used productively. The asset has value on paper but cannot be turned into wealth or used to generate economic benefits because they are not legally documented, not marketable, or inaccessible for investment or credit. Read More
GLOBAL ECONOMY
- Reform or rights rollback? India’s sweeping labour law overhaul sparks debate
Last week, India announced it would implement what many say are its most far-reaching economic reforms in decades – compressing 29 federal laws that regulated labour into four simplified codes. As a result, the number of rules that govern labour have now come down from a staggering 1,400 to around 350, while the number of forms companies had to fill in this regard have reduced from 180 to 73 – drastically lightening the regulatory burden on businesses. Read More
- Rapid growth of US tax-minimising ETFs draws scrutiny
Billions of dollars are flowing into US exchange traded funds designed primarily as tax-minimising vehicles, in a move that is drawing criticism from politicians and which some in the industry believe could attract the attention of tax authorities. A number of fund firms have been creating ETFs that either lower the interest or dividend income that can be taxed, or alternatively reduce capital gains tax on investors’ pre-existing stock portfolios. Read More
- Chinese tourism to Russia soars as travellers pivot from under-fire Japan
As China’s tourists scrap plans to visit Japan en masse amid an ongoing diplomatic feud, many appear to be pivoting to an alternative destination: Russia. Chinese travel firms have reported a surge in Russia-related flight and hotel bookings in recent weeks compared with the same period last year, with analysts saying the country’s winter scenery made it a natural replacement for Japanese hotspots like the northern island of Hokkaido. Read More
- Surge in Hong Kong dollar bonds to continue after record US$42 billion year
Hong Kong dollar bond issuance is poised to expand, following a record run of offerings, as easing local interest rates attract more issuers while a global diversification trend persists, according to analysts. Total issuance in the city’s currency reached a record HK$331 billion (US$42.6 billion) so far this year, nearly 37 per cent higher than 2024’s full-year total of HK$242 billion. Read More
- Canada’s third-quarter annualised GDP surprises with growth of 2.6 percent
Canada’s economy grew at a much faster pace than expected in the third quarter as crude oil exports and government spending boosted economic activity, data shows, even as business investments and household consumption disappointed due to the lingering uncertainty over United States tariffs. Read More
- UK unveils significant tax rises in budget after ‘shambolic’ forecast leak
United Kingdom Chancellor of the Exchequer Rachel Reeves has unveiled significant tax rises expected to raise 26.1bn pounds ($34.4bn) as she battles a downgrade in forecast economic growth. Read More
- Nigeria’s gas resources pivotal to closing electricity deficit for 600m Africans – IEA
The International Energy Agency (IEA), has reiterated that Nigeria’s gas resources remain pivotal to closing Africa’s energy access deficit, where nearly 600 million people lack electricity. IEA Africa Programme Manager, Rita Maderia, disclosed this when a high-level delegation from the agency paid a courtesy visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Headquarters in Abuja on Wednesday to discuss strategies aimed at strengthening strategic collaboration on data integrity, energy transition, investment climate, and upstream sector governance. Read More
DISCLAIMER
This compilation is for information purpose only. Investors are advised to always consult their Stockbrokers for reliable and specific investment guidance at every point in time. The names of certified individual Securities and Investment experts in Nigeria can be found on the website of the Chartered Institute of Stockbrokers, www.cisinigeria.org.
CIS Research