ECONOMY AND CAPITAL MARKET NEWS
For Week Ended May 22, 2026
CAPITAL MARKET NEWS
- SEC fixes June 1 for T+1 settlement cycle transition
The Securities and Exchange Commission has announced the transition to a T+1 settlement cycle for equities and commodities transactions in the Nigerian capital market, with effect from Monday, 1 June 2026. The apex regulatory body stated that the transition is in furtherance of its statutory mandate to promote an efficient, fair and transparent capital market ecosystem. The official circular published by the commission outlines a comprehensive implementation framework that all capital market operators and relevant institutional stakeholders are expected to adopt in preparation for the migration. Read More
- Stock Market extends rally as investors reap N3.34trillion gain
The Nigerian stock market extended its bullish run last week, as investors reaped N3.34 trillion gain, with sustained buying interest in banking, consumer goods and selected industrial stocks, which outweighed pockets of profit-taking witnessed across some other sectors of the market. Analysis of trading WoW shows that market capitalization, which represents the total value of stocks listed on the Exchange, surged to N160.443 trillion last week from N157.094 trillion the previous week.
In the same vein, another stock market indicator, NGX All Share Index, ASI advanced by 2.3% WoW to 250,330.92 points from 244,775.83 points. Read More
- FGN bond subscriptions drop 45% despite higher yields
Investor appetite for Federal Government bonds weakened in May 2026 as total subscriptions dropped by 45.6% month-on-month, despite rising yields at the auction. Data released by the Debt Management Office showed that total market subscriptions fell to N516.17bn in May from N947.99bn recorded in April. At the May 18 auction, the DMO offered N300bn each for the reopened 22.60% FGN January 2035 bond and the 16.2499% FGN April 2037 bond. The 10-year paper attracted subscriptions worth N262.23bn, while the 20-year bond recorded N253.94bn in bids. Read More
- Dangote Refinery targets retail investors in IPO
President and Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, has said the Dangote Petroleum Refinery Initial Public Offer (IPO) will give priority to retail investors. He spoke on 20th May, 2026 when he hosted the Chairman of First HoldCo Plc, Femi Otedola, alongside senior executives of the group at the Dangote Petroleum Refinery & Petrochemicals in Lagos. Dangote said: “Our target is to get a larger part of the society to buy when the offer opens. The refinery is not a small business, but a very big one. I can also assure you that the Dangote Group turnover will be the largest in Africa”. Read More
- DMO Raises ₦614.5 billion naira Through May 2026 FGN Bond Auction
The Debt Management Office has allotted a total of N614.5 billion across two reopened instruments in the May 2026 Federal Government bond auction. The Federal Government offered two instruments during the auction held on May 18, 2026 — the 22.60% FGN JAN 2035 bond and the 16.2499% FGN APR 2037 bond — with each instrument carrying an initial offer size of N300 billion. Read More
MONEY MARKET NEWS
- CBN retains lending rate at 26.5% as Cardoso bets on rising confidence
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5% amid an upward trend in inflation. The CBN Governor, Yemi Cardoso, while speaking at the end of a two-day meeting, defended the apex bank’s decision to retain key monetary parameters, insisting that recent inflationary pressures were temporary and largely driven by external shocks rather than domestic policy failures. Cardoso said the committee voted unanimously to retain the MPR at 26.5%, while also keeping the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMB) at 45% and Merchant Banks at 16%. Read More
- Naira strengthens against the Euro as CBN leaves interest rates unchanged
The Euro depreciated against the Nigerian Naira by roughly 5.4%, from 1,684.00 at the start of the year to around N1,592.5 on Wednesday, amid a major macroeconomic stabilization phase led by the CBN, which has strengthened the Naira from its historic lows. The CBN has kept its benchmark monetary policy rate at 26.5%, a rate that has driven demand for foreign portfolio investments in Nigerian government debt. Read More
- CBN interventions less than 2% of FX turnover in 2025 – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has dismissed claims that the apex bank is aggressively intervening in the foreign exchange market to defend the naira, saying its interventions now account for only about 1.2% to 1.3% of total FX turnover. Cardoso disclosed this on 20th May 2026 at a press briefing in Abuja after the 305th meeting of the Monetary Policy Committee (MPC). Read More
- CBN Offers N650 billion in new Treasury Bills Auction, Sets Deadline
The Central Bank of Nigeria (CBN) is offering N650 billion for auction at the Nigerian Treasury Bills (NTBs) auction scheduled for Wednesday, May 20, 2026, marking the second issuance for the month in line with the Federal Government’s second-quarter borrowing calendar. The planned auction was disclosed in an official tender notice issued by the apex bank on behalf of the Deby Management Office (DMO), setting May 20 deadline for submission of bids. Read More
- CBN Allots N829.32 billion at May 20 Treasury Bills Auction, Overshoots Target
The Central Bank of Nigeria conducted its Treasury Bills Primary Market Auction on Tuesday, May 20, 2026, allotting a combined N829.32 billion across the three tenors, with the bulk of allotments concentrated on the one-year paper. Auction results seen by Nairametrics on Wednesday showed that total subscriptions climbed to approximately N1.99 trillion, far exceeding the N650 billion offered across the 91-day, 182-day and 364-day tenors. Read More
THE NIGERIAN ECONOMY
- Recapitalisation: Insurers scramble for N132billion naira as deadline stands
With the July 31 deadline firmly in place, several insurance companies are intensifying efforts to raise fresh capital through rights issues, private placements, mergers, and acquisitions in a bid to avoid regulatory sanctions and possible licence withdrawal, reports. Read More
- FG announces applications for ACFTA Startup Acceleration Programme 2026
The Federal Ministry of Industry, Trade, and Investment has announced the launch of the ACFTA Startup Acceleration and Partnership Programme 2026 for African entrepreneurs, innovators, and startup enterprises. The disclosure was contained in a statement issued on Tuesday by the Minister, Dr. Jumoke Oduwole, informing qualified Nigerian startups to apply for the initiative launched by the African Continental Free Trade Area (ACFTA) Secretariat in partnership with the Government of the Republic of Korea and the Korea-Africa Foundation (KAF). Read More
- NRS introduces unified Tax ID system for all taxable persons in Nigeria
Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB), has announced the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria. The agency announced this via a public notice issued on Monday. NRS said the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID. Read More
- Post-Recapitalization Pressure: Banks Face ₦4.65 Trillion Deployment Target
With the Central Bank of Nigeria’s (CBN) intensive banking recapitalization window closing, official tallies compiled during the week revealed that Nigerian banks successfully pooled a collective ₦4.65 trillion through fresh equity issues, rights applications, and retained earnings. Dispatches across the financial press highlighted that institutional investors have officially shifted their focus from “capital raising” to “bottom-line deployment.” Boards are under heavy pressure to immediately sweat this massive capital base into high-yielding commercial loans and digital infrastructure ahead of the upcoming Q2 earnings cycle. Read More
GLOBAL ECONOMY
- UK to Launch New £5 Million ‘Invite-Only’ Residency Visa for Foreign Investors
The United Kingdom is considering the launch of a new “invite-only” investor residency visa targeted at wealthy foreign nationals willing to invest at least £5 million into strategic sectors of the British economy, according to a Bloomberg report. Under the proposed framework, qualifying investors and entrepreneurs would receive up to three years of UK residency in exchange for investments directed toward government-priority sectors such as artificial intelligence, clean energy, life sciences, and fast-growing technology companies. Read More
- Largest ever UK business delegation to the US launches Greater Together Los Angeles
The Secretary of State for Culture, Lisa Nandy and Minister for Economic Transformation, Blair McDougall, will today lead a delegation of 250+ strong business and cultural leaders to the US to drive economic growth at a major expo, Greater Together LA. Read More
- Secretary of State Sarai strengthens global partnerships while in United Kingdom and Nigeria
The Honourable Randeep Sarai, Secretary of State (International Development), has concluded a visit to the United Kingdom and Nigeria, from May 18 to 22, 2026, to reinforce. Canada’s commitment to modernizing development partnerships, strengthening collaboration with key allies and advancing inclusive economic opportunities through deeper engagement with African partners. Read More
- WHO Declares New Ebola Outbreak Global Emergency
The World Health Organization has declared a global health emergency in response to an Ebola outbreak in Congo and Uganda. Officials say more than 300 suspected cases and at least 80 deaths trace back to mining towns in eastern Congo. The outbreak is a rare strain of Ebola called Bundibugyo—with no approved vaccine or treatment. Read More
- Africa-Europe bilateral trade to hit $1tr in 10yrs
Bilateral trade between Africa and Europe could reach $1 trillion over the next decade by integrating value chains and a revitalized trade corridor, a recent report has said. As the global economy undergoes a fundamental shift towards a multipolar landscape, a report from Boston Consulting Group (BCG) has highlighted the strategic need to revitalize the Africa-Europe corridor. 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