Market Updates

Capital gains tax jumps 429% to N12.18bn Capital gains tax revenue surged by about 429 per cent in December 2025 to N12.18bn, up from N2.30bn in November, as fresh tax reforms stoke expectations of a higher 30 per cent rate. Data from a Federation Accounts Allocation Committee document from the... Read More →

FX sale dispute: Manufacturers drag CBN, banks to court Not all manufacturing companies have received payment for their unpaid foreign exchange forward contracts. These companies’ unsettled FX backlogs have continued to incur losses too big to bear, the Manufacturers Association of Nigeria has said. MAN’s advocacy comes despite the Central... Read More →

Calls grow for bigger Sukuk to fund infrastructure Experts in Nigeria’s non-interest finance space have called for larger and more frequent Sukuk issuances to deepen the market, unlock long-term capital for infrastructure, and widen financial inclusion, as volatility in global markets pushes investors towards asset-backed and ethical instruments. The call... Read More →

Stock Market Advances by N1.4trn on Q4 2025 Corporate Earnings The Nigerian stock market yesterday closed  on a positive note, with investors gaining N1.4rillion, driven by strong Q4 earnings reports from key companies. The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 2,128.61 points or 1.28 per cent... Read More →

CardinalStone raises N12.63bn in Series 1 infrastructure financing CardinalStone Asset Management Limited has closed Series 1 of the CardinalStone Infrastructure Debt Fund, securing N12.63bn in investor commitments. According to a statement from the firm on Wednesday, the successful close of the funding round marked an important milestone in CardinalStone’s broader... Read More →

CBN reforms, rising oil prices lift FX fortunes Nigeria’s foreign exchange outlook has received a fresh boost from the recent rally in global oil prices, with Brent crude trading comfortably above the Federal Government’s 2026 budget benchmark of $64.85 per barrel. At around $69 per barrel, the price level improves... Read More →