Business Briefings
West African Central Banks Advance Plans for Eco Currency
Central bank governors from 12 West African countries, including Nigeria, met in Monrovia, Liberia, to finalize preparations for the planned 2027 launch of the Eco regional currency. The three-day session, organized under the Economic Community of West African States (ECOWAS), focused on aligning policies and establishing governance structures for the single currency.
The initiative is aimed at promoting economic integration, strengthening monetary cooperation, and facilitating cross-border trade across the region. The first rollout is expected to include Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, contingent on meeting agreed macroeconomic criteria.
The Eco currency is expected to simplify trade through a unified payment system, support price stability, attract foreign investment, and streamline cross-border transactions. Challenges include fiscal policy differences among member states, high inflation in some countries, and exchange rate volatility. If successfully implemented, the Eco could strengthen financial integration, reduce currency conversion costs, and enhance regional commerce.
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NGX Extends Trading Hours to 4pm to Boost Market Liquidity
The Nigerian Exchange Limited has announced an extension of its daily trading hours to 4:00 p.m., in a move aimed at enhancing liquidity and deepening investor participation in the capital market. The change, disclosed in a statement, will take effect from April 27, 2026, following approval from the Securities and Exchange Commission. Under the revised…
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Airlines threaten shutdown, marketers say fuel prices overstated
By: Amarachi Okonkwo The Major Energies Marketers Association of Nigeria (MEMAN) has pushed back against claims that aviation fuel is selling for as high as N3,300 per litre, urging airline operators to explore alternative suppliers while attributing recent price pressures to global supply disruptions and rising logistics costs. The position comes amid escalating tensions between…
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Afreximbank profit hits $1.15bn as assets soar to N56.7tn
By: Amarachi Okonkwo The African Export-Import Bank has delivered a strong financial performance for the 2025 fiscal year, posting significant profit growth and an expanded balance sheet as it deepened support for trade financing across Africa and the Caribbean. The multilateral lender recorded a net profit of $1.15bn (about N1.5tn), marking an 18 per cent…
