By Tony Obiechina, Abuja

Nigeria’s capital market has been upgraded from “Unclassified” to “Frontier Market” status by global index provider, FTSE Russell.

This was disclosed in a statement personally issued on Friday by Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele.

According to the statement the change of status will tahe effect from the opening of trading on Monday, 21 September 2026.

The Minister described the move as confirmation of the country’s economic reform trajectory, coming nearly three years after Nigeria was dropped from the Frontier Market universe in September 2023 due to persistent problems with capital repatriation and foreign exchange execution that had made the market difficult for international investors to access.

The Minister further noted that the upgrade follows sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility, and reflects the cumulative effect of the government’s macroeconomic and structural reform programme.

In the statement, Oyedele called the reclassification an important validation of Nigeria’s reform efforts and a foundation for the next phase of capital market development, describing it as a signal to global investors that the market is open, orderly and improving.

Officials said the achievement reflects years of disciplined work by both government and the private sector to restore confidence in the economy, while stressing that it represents a milestone rather than an endpoint.

The Minister commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System and other capital market stakeholders for their coordinated work in regulatory reform, market infrastructure modernisation and investor engagement, which it said were central to restoring Nigeria’s standing among global index providers.

Going forward, the government reaffirmed its commitment to working with regulators and market institutions to deepen liquidity, broaden participation and strengthen investor protections, with a medium term goal of positioning Nigeria for progression to Emerging Market status.

Oyedele said the government would continue supporting policies aimed at enhancing the depth, transparency and global competitiveness of Nigeria’s capital market as part of the country’s broader economic transformation agenda.

The Association of Nigerian Electricity Distributors (ANED) has raised concerns over outstanding electricity debts owed by government Ministries, Departments and Agencies (MDAs).

The Managing Director, Chief Executive Officer of ANED, Sunday Oduntan, said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.

Oduntan said delayed or non-payment by government institutions continued to worsen the financial strain on DisCos.

He urged the Federal Government to treat electricity obligations owed by MDAs as a direct first-line charge on approved budgets to ensure timely payment.

 “DisCos need to be empowered to disconnect government agencies that fail to settle their electricity bills and pursue lawful recovery of outstanding debts.

 “Access to affordable and long-term financing is critical to the survival, expansion and modernisation of Nigeria’s electricity distribution network,” he said.

Oduntan also called for improved customer service and greater transparency in electricity billing, as well as the expansion of mini-grid and off-grid electricity solutions, particularly in rural and underserved communities.

He recommended stronger accountability mechanisms that would enable electricity consumers and Civil Society Organisations (CSOs) to hold DisCos accountable for service delivery.

He said that a combination of improved metering, stronger revenue collection, affordable financing and greater accountability would be essential to strengthening the financial sustainability of the distribution sector.

He said it would also improve electricity supply across the country.(NAN)

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has offered N700 billion across the 91-day, 182-day and 364-day Treasury Bills tenors in the second and final Treasury Bills (NTB) auction for August 2026.

The notice of an Invitation to Tender for Nigerian Treasury Bills (NTB) stated that All Money Market Dealers are required to submit bids through the CBN S4 Web Interface between 8:00 a.

The offer is broken down as N100 billion for the 91-day bill, N100 billion for the 182-day bill, and N500 billion for the 364-day bill, and will be conducted through the Dutch auction, maintaining the CBN’s now-familiar preference for longer-dated paper that has defined its Treasury Bills strategy through much of Q3 2026.

Authorised Money Market Dealers are permitted to submit multiple bids for their own accounts, non-Money Market Dealers or interested members of the public.

Each bid must be in multiples of N1,000, subject to a minimum of N50,001,000, with dealers permitted to submit multiple bids on their own account or on behalf of non-Money Market Dealers and members of the public.

The auction result is expected to be announced on Wednesday, August 26, 2026, while allotment letters will be issued on Thursday, August 27, 2026.

Payment for successful bids is due to the CBN not later than 11:00 a.m. on the same day. The apex bank reserves the right to reject any bid or vary the amount on offer in line with prevailing market conditions.

This is the second scheduled Treasury Bills auction of August 2026, following a month that has already seen one cancellation and one unusually eventful sale.

The CBN had initially planned its first August auction for Thursday, August 6, offering N700 billion across the same three tenors, with bids due August 5.

However, that auction was abruptly withdrawn just days after the apex bank absorbed a combined N4.69 trillion from the banking system through back-to-back OMO auctions on August 3 and 4, prompting concerns that a fresh N700 billion Treasury Bills sale so soon after could over-tighten system liquidity.

The CBN returned to the primary market on August 12, offering N700 billion once again.

That auction drew N4.4 trillion in total subscriptions, well above the offer size, with the 364-day bill alone attracting N4.19 trillion in bids against its N500 billion offer, more than eight times oversubscribed.

Rather than ease the one-year stop rate as it had at the previous two auctions, the CBN raised it by 24 basis points to 17.59% from 17.35%, allotting N1.26 trillion on that tenor alone.

The 91-day and 182-day bills held steady at 16.30% and 16.50% respectively, with N148.57 billion and N47.48 billion allotted.

Combined, the August 12 auction saw the CBN allot approximately N1.456 trillion against its N700 billion offer, meaning that with the August 5/6 auction cancelled outright, August 12 stands as the only completed NTB auction of the month prior to today’s sale.

The August 12 rate hike marked a notable reversal from the trend seen through much of July, when the CBN eased the 364-day stop rate at both the July 15 and July 29 auctions despite similarly overwhelming demand, dropping it to as low as 17.35% by month-end.