The naira recorded a mild depreciation against the US dollar at the official foreign exchange window, reflecting continued tightness in dollar liquidity despite ongoing intervention by the Central Bank of Nigeria (CBN).
Data from the CBN’s daily foreign exchange update showed that the local currency softened by three basis points as limited inflows from foreign portfolio investors, exporters, and non-bank corporates continued to weigh on supply conditions in the regulated market.
At the close of trading, the naira settled at ₦1,455.50 per dollar at the official FX window. In contrast, the parallel market recorded a modest appreciation, with the exchange rate strengthening by 0.14 percent to ₦1,471 per dollar, highlighting the divergent dynamics between the formal and informal currency segments.
As a result, the exchange rate spread between both markets narrowed further to ₦16, reinforcing market expectations of gradual convergence as remittance inflows continue to support dollar availability in the parallel market.
Despite the official market pressure, international payments volumes exceeded dollar inflows, even as the apex bank maintained its intervention strategy aimed at stabilising the currency and preserving confidence in the FX framework.
Nigeria’s external reserves were last reported at $45.4 billion, reflecting a decline of 0.30 percent or $148.41 million. Analysts at Anchoria Securities Limited noted that although reserves have edged lower, the current level remains relatively robust and is expected to remain stable in the near term.
According to the analysts, this outlook is underpinned by improved foreign inflows from oil exports, increased participation by foreign portfolio investors, and continued FX management by the CBN.
In the global commodities market, crude oil prices fell sharply, dropping below the $60-per-barrel threshold for the first time since May. The decline followed renewed optimism around a potential peace agreement between Russia and Ukraine, which has raised expectations that some sanctions on Russian oil exports could be eased.
Brent crude fell by $1.51, or 2.49 percent, to $59.05 per barrel, while US West Texas Intermediate declined by $1.28, or 2.26 percent, to $55.39 per barrel.
Meanwhile, gold prices edged higher as a softer US labour market report showed an increase in unemployment, reinforcing expectations that the US Federal Reserve could begin cutting interest rates. The data weakened the dollar index, providing support for bullion. Spot gold rose by 0.08 percent to $4,306.22 per ounce, while US gold futures inched up by 0.01 percent to $4,335.45 per ounce.
Market analysts expect cautious to bearish sentiment to persist across global markets in the near term, with oil prices remaining sensitive to geopolitical developments, while gold continues to attract safe-haven demand.
The Nigerian equities market extended its upward momentum midweek, with investors recording an estimated ₦245 billion gain as renewed demand for banking and insurance stocks lifted overall market performance.
Trading on the Nigerian Exchange (NGX) closed in positive territory on Wednesday, with the market’s key indicators advancing by 0.26 percent. The rally was supported by increased accumulation of select mid-cap and large-cap stocks across multiple sectors, particularly within financial services, where investor confidence appeared to strengthen.
Market analysts observed heightened activity in banking and insurance counters, with stocks such as First HoldCo, Access Holdings, Okomu Oil, Vitafoam, and CAP emerging as some of the notable beneficiaries of the renewed buying pressure during the session.
At the close of trading, the NGX All-Share Index rose by 383.71 points to settle at 149,842.82, reflecting the day’s 0.26 percent appreciation. In tandem, total market capitalisation climbed by ₦244.62 billion to close at ₦95.53 trillion, underscoring the improved investor sentiment.
Trading activity also surged sharply, according to market data from the Exchange. Total transaction volume expanded by 477.38 percent, while the value of trades executed jumped by 890.52 percent, pointing to strong institutional and retail participation. In aggregate, approximately 5.93 billion shares valued at ₦216.19 billion were exchanged across 25,205 deals during the session.
First HoldCo emerged as the most actively traded stock by volume, accounting for 16.65 percent of total shares exchanged. It was followed by Sterling Financial Holdings Company with 13.44 percent, FCMB Group at 11.43 percent, Access Holdings at 6.39 percent, and Zenith Bank at 4.96 percent.
The holding company also dominated the value chart, contributing 22.20 percent of the total value of all transactions recorded on the Exchange, making it the most valuable stock traded during the session.
On the gainers’ table, First HoldCo, Lasaco Assurance, Prestige Assurance, and Veritas Kapital all recorded the maximum daily gain of 10 percent. They were followed by Mecure Industries, which rose by 9.92 percent, and Linkage Assurance, which added 9.70 percent, alongside 31 other advancing stocks.
Access Holdings closed the session with a 4 percent increase, while Ecobank Transnational Incorporated ended the day flat. In contrast, 23 equities closed in negative territory.
LivingTrust Mortgage Bank led the decliners after shedding 10 percent, while International Energy Insurance fell by 9.92 percent. Other laggards included McNichols (-6.90%), Omatek Ventures (-6.84%), Chams Holding Company (-6.41%), and Legend Internet (-5.27%).
Overall market breadth closed positive, with 37 gainers outnumbering 23 losers, reinforcing the day’s bullish tone.
Sectoral indices largely reflected the positive sentiment, as four major sectors ended higher. The Insurance Index emerged as the top performer, rising by 2.02 percent on the back of price appreciations in Cornerstone Insurance and AIICO Insurance.
The Banking Index followed closely, gaining 1.48 percent, supported by strong rallies in First HoldCo and Access Holdings. The Commodity Index advanced by 0.48 percent, driven by Okomu Oil, while the Consumer Goods Index edged up by 0.03 percent following gains in Champion Breweries.
However, the Industrial Goods Index declined by 0.63 percent, weighed down by losses in Lafarge Africa, while the Oil and Gas Index dipped marginally by 0.05 percent due to sell pressure in Oando.
President Bola Ahmed Tinubu has formally transmitted the names of two nominees to the Nigerian Senate for confirmation as chief executive officers of the country’s key oil and gas regulatory agencies, following the exit of their former heads.
The nominations are for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), both established under the Petroleum Industry Act (PIA).
In a statement released on Wednesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed that the nominations were necessitated by the resignation of Engineer Farouk Ahmed, who previously led the NMDPRA, and Gbenga Komolafe, the former Chief Executive of the NUPRC.
Ahmed and Komolafe were appointed in 2021 during the administration of former President Muhammadu Buhari, shortly after the Petroleum Industry Act came into force and restructured Nigeria’s oil and gas regulatory framework.
According to the statement, President Tinubu has requested the Senate to fast-track the confirmation process for Oritsemeyiwa Amanorisewo Eyesan, who has been nominated as Chief Executive Officer of the NUPRC, and Engineer Saidu Aliyu Mohammed, who has been nominated to lead the NMDPRA.
Onanuga described both nominees as highly experienced professionals with extensive backgrounds in the oil and gas sector.
Eyesan is an Economics graduate of the University of Benin and brings nearly 33 years of experience from the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries. She retired in 2024 as Executive Vice President, Upstream, after previously serving as Group General Manager for Corporate Planning and Strategy between 2019 and 2023.
Engineer Saidu Aliyu Mohammed, who was born in 1957 in Gombe State, holds a Bachelor’s degree in Chemical Engineering from Ahmadu Bello University, Zaria. He was recently appointed as an independent non-executive director at Seplat Energy.
Mohammed’s career spans several senior leadership roles across Nigeria’s energy sector. He has served as Managing Director of the Kaduna Refining and Petrochemical Company and the Nigerian Gas Company, in addition to chairing the boards of the West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.
He also previously held the position of Group Executive Director and Chief Operating Officer of the Gas and Power Directorate, where he played a strategic role in shaping major gas policies and infrastructure projects, including the Gas Masterplan, the Gas Network Code, and legislative inputs into the Petroleum Industry Act.
Mohammed was instrumental in the execution of landmark projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and multiple Nigeria LNG Train developments.
The Central Bank of Nigeria (CBN) continued its interest rate adjustments on Nigerian Treasury bills at the final primary market auction conducted for the year 2025, raising spot rates on select tenors amid strong investor demand.
At the auction held midweek, the apex bank offered Treasury bills valued at ₦700 billion for subscription, spread across 91-day, 182-day, and 364-day maturities.
Investor interest remained robust, reflecting sustained appetite for fixed-income instruments following a repricing trend that began in December. Total subscriptions reached ₦1.509 trillion, more than double the amount offered.
Demand was particularly strong for the 364-day bills, where investors submitted bids worth ₦1.385 trillion against an offer size of ₦500 billion. The one-year instrument continued to attract significant interest, consistent with investors’ preference for longer-duration securities.
By contrast, demand for the 182-day Treasury bills remained subdued. Against an offer size of ₦100 billion, investors subscribed only ₦22.66 billion, falling well short of expectations.
Short-term instruments, however, performed better. The 91-day bills recorded subscriptions of ₦100.63 billion, marginally exceeding the ₦100 billion on offer.
Allotment Details
Despite offering ₦100 billion in 91-day Treasury bills, the CBN allotted ₦100.01 billion to investors seeking short-term exposure. The spot rate on the 91-day bills was increased by 20 basis points to 15.50 percent.
For the 182-day tenor, the central bank allotted ₦22.07 billion, reflecting the limited demand recorded at the auction. Nonetheless, the CBN raised the spot rate on the mid-tenor instrument by 45 basis points to 15.95 percent.
On the longer end of the curve, the CBN adjusted pricing downward after two consecutive upward revisions in previous auctions. While demand for the 364-day bills remained strong, the authority reduced the spot rate to 17.51 percent from 17.95 percent.
In total, the CBN allotted ₦581.99 billion for the one-year bills, exceeding the initial offer size in response to the high level of investor subscription.
President Bola Ahmed Tinubu is scheduled to present the 2026 Appropriation Bill to a joint session of the National Assembly on Friday at 2:00 pm, according to an official communication from the legislature.
The announcement was conveyed in a letter issued by the Clerk to the National Assembly (CNA), Kamorudeen Ogunlana, and signed on his behalf by the Secretary of Human Resources and Staff Development, Essien Eyo Essien.
In the letter, the National Assembly informed lawmakers, staff, and stakeholders of the planned presentation and outlined strict access and security arrangements for the day.
“I am directed to inform you that the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Ahmed Tinubu, will present the 2026 proposed Budget to a Joint Session of the National Assembly,” the letter stated.
To ensure orderly proceedings, all accredited individuals have been instructed to be at their designated duty posts no later than 11:00 am. The letter warned that latecomers would be denied access to the National Assembly complex for security reasons.
It further advised non-accredited persons to stay away from the complex throughout the duration of the budget presentation, with exceptions granted only to specific principal officers.
Those exempted include the Clerk to the National Assembly, the Deputy Clerk to the National Assembly, the Clerk of the Senate, the Clerk of the House of Representatives, and their respective deputies.
In addition, National Assembly staff have been directed to park their vehicles at designated areas, including the Annex and the newly designated car park located near the National Assembly gate, to ease traffic flow and enhance security coordination.
The annual budget presentation is a key constitutional requirement and sets the tone for government spending priorities and fiscal planning for the coming year.
You know, when news breaks about changes in US immigration policy, it hits close to home for so many—especially if you’re a Nigerian professional juggling international deals or an executive eyeing that next big conference stateside. The latest presidential proclamation, signed just days ago on December 16, 2025, by President Trump, expands travel restrictions to include Nigeria under a partial ban.
Here’s the thing: Policies like this don’t just alter travel plans; they ripple into careers, family ties, and even Nigeria’s economic links with the US. Think about it—Nigeria sends thousands of students and professionals across the Atlantic each year, contributing to everything from tech innovation to cultural exchanges.
With overstay rates and security concerns cited as reasons, the White House is tightening the reins. But don’t panic yet. I’ve pulled together eight key insights to help you navigate this, whether you’re renewing a visa or plotting your first trip.
1. Understanding the Core of the Proclamation—What’s Changed?
Picture this: You’re in Lagos, wrapping up a board meeting, and suddenly your phone buzzes with alerts about a new US travel ban. The proclamation builds on earlier ones, like the June 2025 version, but now ropes in Nigeria for “partial restrictions.” Entry is suspended for immigrants and nonimmigrants on B-1 (business), B-2 (tourist), combined B-1/B-2, F (student), M (vocational), and J (exchange) visas. For other nonimmigrant visas—like H-1B for skilled workers or L-1 for intracompany transfers—consular officers can shorten validity periods if the law allows.
Why Nigeria? The document points to groups like Boko Haram operating in parts of the country, making vetting tougher, plus overstay stats: 5.56% for B-1/B-2 and 11.90% for F, M, and J visas from a 2024 DHS report. It’s data-driven, they say, but critics argue it’s overly broad. And get this—it kicks in at 12:01 a.m. EST on January 1, 2026, so if you’re mid-application, time is ticking. This isn’t retroactive, though; it’s about future entries.
2. If You Already Have a Valid Visa, Breathe a Little Easier
Good news first, right? If you’re holding a valid US visa right now—say, a B-1 for that upcoming trade show or an F-1 for your MBA program—you’re not suddenly locked out. The policy explicitly doesn’t revoke existing visas issued before the effective date. So, Nigerians abroad or planning trips can proceed, as long as you pass the usual border checks at ports like JFK or LAX.
That said, expect more questions at customs. Officers might dig deeper into your travel purpose, ties back home, or even financials. It’s like that extra layer of scrutiny during a job interview—you know you’re qualified, but they’re double-checking. For executives, this means prepping your itinerary like a pitch deck: clear, concise, and backed by evidence. One mild contradiction here? While the ban isn’t retroactive, heightened enforcement could feel like it is, especially if your visa’s in a restricted category. But overall, it’s a green light with caution signs.
3. Visa Renewals: Not a Slam Dunk Anymore
Ah, renewals—where things get tricky. Under US law, renewing a visa counts as a fresh application, even if you’ve held the same type before. For Nigerians eyeing extensions on those B-1/B-2, F, M, or J visas, you’ll fall squarely under the partial suspension. No automatic denials, but brace for longer waits, stricter reviews, and a heavier lift on proving your case.
You’ll need to show strong roots in Nigeria—think property deeds, job contracts, or family obligations—to convince officers you won’t overstay. Students might face grilling on grades, funding, and post-grad plans; professionals could need letters from US partners verifying business needs. It’s frustrating, isn’t it? Like reapplying for a promotion you already earned. Processing times, already sluggish, might stretch from weeks to months. If your visa expires before January 1, act fast—apply now to potentially grandfather in under old rules.
4. First-Time Applicants Face the Steepest Hill
Newbies, this one’s for you. If you’re applying for a US visa for the first time, especially in those suspended categories, the bar just got higher. Applications are still accepted at the US Embassy in Abuja or Consulate in Lagos, but approvals will hinge on rigorous security checks, your travel history, and rock-solid intent.
Consular folks will zero in on finances—can you afford the trip without working illegally?—and credibility. With Nigeria’s overstay rates flagged, even solid applicants might hit snags. Imagine pitching a startup idea to skeptical investors; that’s the vibe. For business owners, a B-1 for market research? Tougher sell now. The upshot? Diversify your options—maybe eye Canada or the UK, where policies are more welcoming. But if the US is non-negotiable, build your file like a fortress: references, bank statements, the works.
5. Students and Academics: A Major Setback in the Making
Let’s talk education, because Nigeria ranks in the top 10 for sending students to the US—nearly 22,000 in 2024-25 alone. The ban slams F, M, and J visas, meaning new student or exchange visas could grind to a halt post-January 1. Current holders are okay, but renewals or switches? Dicey.
Delayed enrollments might force deferrals or shifts to online programs, disrupting careers in fields like engineering or finance. Professionals moonlighting as instructors on J visas? Same boat. It’s a blow to knowledge transfer—think of all those Nigerian innovators who’ve fueled Silicon Valley. Yet, there’s a silver lining: Case-by-case waivers for “national interests,” like if your research aids US tech. Groups like NAFSA are pushing back, calling the overstay data flawed. If you’re a student exec planning study abroad, consider alternatives like Australia’s skilled migration paths. Harsh, but adaptable minds win out.
6. Professionals and Executives: Business as Usual, or Not?
For the C-suite crowd, this hits where it hurts—mobility. B-1/B-2 visas for conferences, negotiations, or site visits? Suspended for new entries. If you’re on an H-1B or L-1, you’re not fully barred, but shorter validity means more frequent renewals, adding costs and uncertainty.
Picture sealing a multimillion-dollar deal, only to scramble for a waiver. Disruptions could slow partnerships, like those in oil or fintech between Lagos and Houston. Economically, it’s a drag; Nigeria-US trade topped $10 billion last year. But here’s a tangent that matters: This might boost remote tools like Zoom or Microsoft Teams for virtual meetings—handy in a post-pandemic world. Executives, lean on your networks; lobby for exceptions if your work serves US interests, say in energy security. It’s not the end of transatlantic business, just a detour.
7. Family Ties and Immigrant Paths: Longer Roads Ahead
Families feel this deeply. Immigrant visas are suspended outright, narrowing paths for reunification. No more broad exceptions for spouses or kids of US citizens—it’s tighter now to curb perceived loopholes.
Waiting lists could balloon, straining emotional bonds. A Nigerian exec with family in the States? Travel for visits on B-2s gets complicated. It’s poignant, really—policies meant for security end up splitting homes. But exemptions exist for lawful permanent residents, so if you’re a green card holder, you’re exempt. For others, waivers might apply if entry’s deemed vital. Tie this to broader trends: With global migration rising amid climate shifts, families need contingency plans, like dual citizenship pursuits.
8. Exemptions, Waivers, and Looking Ahead—Your Playbook
Don’t overlook the outs. Beyond LPRs and diplomats, athletes for events like the Olympics get a pass. Dual nationals? Travel on your other passport. And waivers? Secretaries of State or Homeland Security can grant them for national interests—think critical business or humanitarian cases.
Apply during interviews; disclose everything. Advocacy groups like the Presidents’ Alliance are mobilizing, so stay tuned via their sites or X (formerly Twitter). Looking forward, this could evolve with diplomacy; Nigeria might improve info-sharing to lift restrictions. For now, pros like you should audit travel plans—renew early, explore Schengen visas for Europe. It’s a curveball, but strategic minds turn obstacles into opportunities.
Whew, that’s the lay of the land. This proclamation reshapes the US-Nigeria bridge, but with smarts and preparation, you can cross it. If you’re affected, consult immigration lawyers—firms like Fragomen or local experts in Lagos. Stay informed; policies shift like market trends. What are your thoughts—does this change your 2026 plans?
Nigeria’s Federal Government has acknowledged a substantial revenue shortfall in the 2025 fiscal year, with actual earnings falling far below projections used to underpin the national budget, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Appearing before the House of Representatives Committees on Finance and National Planning on Tuesday, Edun disclosed that while the Federal Government had projected total revenue of ₦40.8 trillion for 2025, current fiscal performance indicates that inflows are likely to close the year at approximately ₦10.7 trillion.
The minister made the revelation during an interactive session focused on the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), documents that outline the government’s medium-term economic assumptions and spending priorities.
Edun reminded lawmakers that the ₦40.8 trillion revenue target for 2025 was designed to fund the ₦54.9 trillion national budget, which the administration described as a “budget of restoration.” The spending plan was intended to stabilise the economy, reinforce national security, and lay the groundwork for sustained economic growth.
However, he admitted that actual revenue performance has diverged sharply from expectations.
“Based on the current trajectory, federal revenues for the full year will likely end at around ₦10.7 trillion compared to the ₦40.8 trillion projection,” Edun told the committees.
Oil Revenue Weakness Drives Shortfall
The finance minister attributed the revenue gap largely to weak performance in the oil and gas sector, particularly lower-than-expected receipts from Petroleum Profit Tax and Company Income Tax paid by oil and gas companies.
He also pointed to persistent underperformance across several revenue streams, noting that structural inefficiencies and external pressures have continued to weigh on government earnings.
The disclosure contrasts sharply with comments made by President Bola Tinubu in September, when he told members of The Buhari Organisation during a visit to the Presidential Villa that Nigeria had already met its revenue target for the year.
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August,” the president had said at the time.
However, Edun acknowledged that the revenue shortfall significantly constrained the implementation of the 2025 budget.
Borrowing Fails to Bridge Funding Gap
According to the minister, the Federal Government raised about ₦14.1 trillion through borrowing during the year. Even with these funds added to actual revenue inflows, total available resources remained far below what was required to fully finance the ₦54.9 trillion budget.
Despite the funding gap, Edun said the government had continued to meet its most critical obligations through what he described as prudent and innovative treasury management.
He explained that salaries, statutory transfers, and both domestic and foreign debt service obligations had been settled as they fell due, despite limited fiscal space.
“These commitments were met through skillful, imaginative and creative handling of available resources,” the minister said.
Capital Spending Performance and Fiscal Caution
Providing additional insight into spending performance, Edun disclosed that capital releases to ministries, departments, and agencies in 2024 amounted to ₦5.2 trillion out of a budgeted ₦7.1 trillion, representing a 73 per cent implementation rate.
He added that when multilateral- and bilateral-funded projects were included, total capital expenditure reached ₦11.1 trillion out of ₦13.7 trillion, translating to an 84 per cent performance level.
The minister warned that expenditure plans heavily dependent on oil revenues must remain flexible, cautioning against committing government resources based on projections that have repeatedly failed to materialise.
“We must be ambitious, but based on the experience of the past two years, spending linked to these revenues must be tied strictly to funds that actually come in,” Edun said.
Debate Over Revenue Assumptions Continues
Also addressing lawmakers, the Minister of Budget and National Planning, Atiku Bagudu, said the MTEF and FSP were prepared following extensive consultations with key stakeholders, including government agencies, private sector representatives, civil society organisations, and development partners.
Bagudu acknowledged that revenue assumptions remained a major point of debate within the Economic Management Team. He explained that while some officials favoured conservative projections anchored on historical performance, others pushed for more ambitious targets to compel revenue-generating agencies to improve efficiency and collections.
He disclosed that although the government maintained an oil production target of 2.06 million barrels per day for policy planning purposes, a more cautious assumption of 1.84 million barrels per day was adopted for revenue calculations in the 2026 budget framework.
Earlier, Chairman of the House Committee on Finance, James Faleke, urged the executive to adopt a more realistic approach to budgeting, warning that overly optimistic revenue projections often lead to bloated budgets with serious implementation challenges.
Nigeria’s revenue performance in 2025 has been shaped by a combination of structural weaknesses and cyclical pressures, underscoring ongoing concerns about fiscal sustainability.
Electricity supply across Nigeria is facing renewed pressure as gas shortages disrupt operations at power generation plants, raising fears of widespread outages if urgent steps are not taken to resolve mounting debts in the gas-to-power value chain.
The development has already begun affecting electricity distribution in several regions, with distribution companies warning customers of reduced supply due to declining generation levels linked to gas constraints.
On Tuesday, the Enugu Electricity Distribution Company (EEDC) notified customers across the South-East of a significant drop in power availability. In a statement issued by its Group Head of Corporate Communications, Emeka Ezeh, the company attributed the situation to low system frequency resulting from gas shortages affecting power generation companies.
According to EEDC, the reduced generation has forced the Transmission Company of Nigeria (TCN) to implement load shedding, further limiting the amount of electricity available for distribution.
South-East Distribution Hit by Reduced Allocation
The company explained that the situation has directly impacted the energy allocated to EEDC, leading to lower daily service levels for customers served by its subsidiary operators — MainPower, TransPower, FirstPower, NewEra, and EastLand.
“The Enugu Electricity Distribution Company PLC wishes to inform electricity customers across the South-East region that the recent drop in power supply availability is due to low system frequency occasioned by gas constraints affecting generation companies,” the statement said.
“This development has necessitated the load shedding of available energy by the Transmission Company of Nigeria. As a result, energy allocation to EEDC and daily service levels to customers have been impacted.”
EEDC added that stakeholders within the electricity supply industry were working to address the challenge and restore normal power distribution, while apologising to customers for the inconvenience.
Port Harcourt DisCo Issues Similar Warning
The Port Harcourt Electricity Distribution Company also issued a notice to customers across its franchise areas, confirming that load shedding was underway due to poor generation and reduced allocation from generation companies.
“Kindly be informed that the current load shedding being experienced in all our franchise areas is a result of poor generation and allocation from the generation company and NCC,” the company said in a customer notice.
It appealed for patience, assuring consumers that generation companies were working to improve output and allocation levels.
Gas Producers Begin Supply Cuts Over Debts
Generation companies have confirmed that gas supply constraints are at the heart of the problem. Speaking to reporters, the Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, said gas producers had begun cutting supplies due to outstanding debts owed to them.
Nigeria experienced a similar crisis in the first quarter of 2024, when gas suppliers halted feedstock deliveries to thermal power plants over unpaid obligations, plunging large parts of the country into months of electricity shortages. Although government intervention resolved that episode, gas producers say they have continued supplying gas since then without receiving full payment.
₦185 Billion Approved, But Impact Unclear
In an effort to address the liquidity crunch, the Federal Government announced on December 4, 2025, that it had approved ₦185 billion for the settlement of outstanding debts owed to natural gas suppliers.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed the approval in a statement issued by his media aide, Louis Ibah, noting that the decision was taken a day earlier by the National Economic Council, chaired by Vice President Kashim Shettima.
Despite the approval, gas companies have proceeded with supply cuts, raising questions about the timing and implementation of the payment.
As of the time of filing this report, the spokesman for the Minister of Power, Adebayo Adelabu, Bolaji Tunji, had not responded to enquiries regarding the situation.
With gas supply disruptions persisting and generation levels yet to recover, electricity distribution across many parts of the country remains under strain. Industry stakeholders warn that unless liquidity challenges in the gas-to-power chain are urgently resolved, Nigerians could face prolonged power outages in the coming weeks.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1480.00 per $1 on Wednesday, December 17th , 2025. The naira traded as high as 1450.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1487 and buy at ₦1480 on Tuesday 16th December, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1487
Buying Rate
₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1455
Lowest Rate
₦1450
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Apapa Area Command of the Nigeria Customs Service (NCS) on Tuesday, December 16, 2025, celebrated a year of robust revenue performance, operational reforms at its end-of-year party held at the Apapa Club in Lagos.
The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, MFR, was represented at the event by the Zonal Coordinator, Zone ‘A’, Assistant Comptroller-General of Customs, Mohammed Babandede, who conveyed the CGC’s appreciation to officers, stakeholders and partner agencies for their sustained support in advancing the Service’s modernisation and trade facilitation agenda.
Babandede commended stakeholders, heads of sister agencies and traditional rulers for their cooperation and commitment to safeguarding the nation’s borders against smuggling and other trans-border crimes, noting that collaboration remained central to effective customs administration.
In his address, the Customs Area Controller, Apapa Area Command, Comptroller Emmanuel Oshoba, said the Command recorded “remarkable milestones” in 2025, driven by reforms aimed at enhancing transparency, predictability and ease of doing business at the nation’s busiest port.
According to him, the Command generated ₦2.635 trillion between January and November 2025, representing a 19.9 per cent increase over the ₦2.2 trillion recorded in the corresponding period of 2024. He attributed the improved performance to enhanced compliance, increased automation, effective monitoring and the commitment of officers and men of the Command.
Oshoba highlighted key initiatives implemented in line with the CGC’s vision, including the Authorised Economic Operator (AEO) Programme, which incentivises compliant traders with faster cargo clearance; the One-Stop Shop (OSS), introduced to reduce duplication, delays and costs through coordinated interventions; and the Unified Customs Management System (UCMS), also known as B’Odogwu, which has strengthened automation, risk management, revenue assurance and data integrity.
He stressed that the Command prioritises compliance over confrontation, urging importers and licensed customs agents to make honest declarations, while warning that infractions such as false declarations and undervaluation would be sanctioned in accordance with the law.
On enforcement, Oshoba disclosed that the Command recorded notable seizures of drugs, expired goods, arms and ammunition through intelligence-led operations and sustained collaboration with sister agencies. He also cited the recent simulation exercise of newly installed scanners at APM Terminals as a milestone in enhancing non-intrusive inspection and trade facilitation.
The Controller used the occasion to honour outstanding officers and stakeholders for professionalism, integrity and compliance, noting that the successes recorded were the result of effective collaboration among security agencies, terminal operators, shipping lines, freight forwarders, licensed customs agents and the media.
Looking ahead, Oshoba said the Command would deepen the implementation of the AEO, OSS and B’Odogwu platforms, strengthen compliance-driven revenue strategies, intensify intelligence-led anti-smuggling operations, expand stakeholder engagement and sustain capacity-building and welfare initiatives. He added that the Command would also support environmental sustainability efforts aligned with the green border initiative of the Customs Officers’ Wives Association (COWA).
Speaking to journalists, the National President of COWA, Mrs Kikelomo Adeniyi, described the event as a vital morale-boosting platform for officers. “Every day, they go out protecting Nigeria from smugglers and working to raise revenue for the country. There should also be time for them to unwind,” she said, adding that the Command’s revenue performance reflected effective collaboration and adherence to the CGC’s reform initiatives
Founder of the National Association of Government Approved Freight Forwarders (NAGAFF), Dr Boniface Okechukwu Aniegbunam, described Apapa as the flagship Command of the Service and praised the leadership of the CGC and the Area Controller for recognising the role of freight forwarders in revenue generation and industrial harmony. He called for sustained education and enlightenment to further improve compliance and ease trade facilitation.
Also speaking, Vice-President of NAGAFF and Managing Director of Monastiva Nigeria Limited, Princess Chi Eze, commended the Apapa Command for bringing together Customs, agents and stakeholders in a relaxed atmosphere. She said the award received by the association reflected its active support for the Command and the vision of its founder to foster unity among freight forwarders.
The event attracted heads of security and sister agencies, captains of industry, terminal operators, traditional rulers, senior Customs officers and members of the press, rounding off a year the Command described as impactful in revenue generation, enforcement and stakeholder collaboration.
President Bola Tinubu on Tuesday night met with leaders of the Nigeria Labour Congress (NLC) at the Presidential Villa in Abuja. The discussion aimed to address concerns ahead of the union’s planned nationwide protest over rising insecurity.
The meeting included key government figures such as Governor Hope Uzodimma of Imo State, Governor Monday Okpebholo of Edo State, Governor Nasir Idris of Kebbi State, and the Minister of State for Labour and Employment, Honourable Nkeiruka Onyejeocha.
Leading the labour delegation was NLC President, Comrade Joe Ajaero.
The closed-door session comes a day before the NLC’s mass action scheduled for December 17. No official details on the outcome have been released, but the talks likely focused on finding solutions to the issues driving the planned protest.
Earlier this week, the NLC emphasized that there would be “no going back” on the demonstration, highlighting the urgency of addressing citizens’ concerns.
The naira traded on mixed signals across Nigeria’s foreign exchange market on Tuesday as year-end import demand pushed up international payments. While the local currency remained stable at ₦1,451.82 per dollar in the official window, it strengthened to ₦1,476 in the parallel market, narrowing the gap between official and unofficial rates to ₦25.
The Central Bank of Nigeria (CBN) attributed stability in the official segment to its active intervention, while limited offshore dollar flows tempered demand in the informal market. Analysts noted that this divergence reflects growing coordination between official support and market forces.
Nigeria’s gross external reserves continued an upward trend, reaching $45.472 billion, despite pressure from global commodity markets. Oil prices fell by over 2% early Tuesday, with Brent crude dipping below $60 per barrel for the first time since May, as hopes of a peace deal in Ukraine raised expectations for eased sanctions on Russian oil.
The potential increase in global oil supply from Russia, coupled with declining seaborne exports to key buyers like India, is being closely monitored by markets, influencing both commodity and foreign exchange dynamics in Nigeria.
The United States has expanded travel restrictions to include Nigeria and 14 other countries, citing concerns over national security and insufficient vetting systems. The proclamation, signed by President Donald Trump on Tuesday, places partial entry limitations on nationals from Nigeria, Angola, Antigua and Barbuda, Benin, Côte d’Ivoire, Dominica, Gabon, The Gambia, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia, and Zimbabwe.
Full entry restrictions now apply to nationals from five additional countries—Burkina Faso, Mali, Niger, South Sudan, and Syria—alongside the original list of 12 countries already under total bans, including Afghanistan, Iran, Libya, and Yemen.
The White House said the restrictions aim to prevent entry of individuals about whom the U.S. lacks adequate information to assess potential risks. Exceptions are provided for lawful permanent residents, existing visa holders, diplomats, athletes, and others serving U.S. interests. Case-by-case waivers remain available, though family-based immigrant visas identified as high-risk are limited.
The proclamation follows concerns over poor civil and criminal records, unreliable birth-registration systems, refusal to share passport and law enforcement data, visa overstays, and security threats in affected countries. President Trump stated that the measures are necessary to protect Americans and incentivize international cooperation on document integrity, data sharing, and law enforcement.
The action is part of the Trump administration’s broader agenda to strengthen border security and restore travel restrictions on countries deemed high-risk, following Nigeria’s designation as a “country of particular concern” in October over alleged religious persecution.
The National Pension Commission (PenCom) has commenced the disbursement of a N758 billion bond approved by the Federal Government to settle outstanding pension liabilities, the commission’s Director-General, Ms. Omolola Oloworaran, announced on Monday.
Speaking at the Pension Revolution Summit in Abuja, Oloworaran said the bond, approved by President Bola Tinubu in February, has already been cashed, with over N600 billion disbursed to retirees. She noted that the country’s pension assets have grown to about N27 trillion as a result of structured reforms under the Pension Revolution 2.0 initiative.
“The past year has been defined by bold decisions, structural refunds and measurable impacts,” Oloworaran said. “We have rebuilt trust, expanded coverage, strengthened governance, and moved the contributory pension scheme into its next phase.”
She highlighted that Pension Revolution 2.0 is the most comprehensive reform of the Nigerian pension industry since 2004, encompassing new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment.
To enhance benefit adequacy, PenCom introduced the Pension Post 1.0 initiative, which has added N2.68 billion to monthly pension payments for CPS retirees since June.
Oloworaran also said the commission has fully automated critical pension processes, including plan certification, benefit processing, and contribution remittance platforms. The commission has established the Pension Industry Leadership Council to drive innovation, reinforce accountability, and strengthen collaboration across the sector.
She added that the micro pension plan has been restructured and rebranded as the Personal Pension Plan (PPP) to extend coverage to artisans, traders, market women, creatives, and other informal sector workers. The commission has expanded digital enrolment and introduced accredited pension agents, which serve as both a distribution channel and an employment initiative for young Nigerians.
The D-G also reported that PenCom recovered a total of N32.27 billion through recovery agents between June 2012 and September 2025, comprising N15.87 billion in principal contributions and N16.40 billion in penalties from defaulting employers. In the third quarter of 2025 alone, the commission recovered N2.06 billion from 49 defaulters.
On compliance, Oloworaran said only eight out of 36 states have fully adopted the Contributory Pension Scheme (CPS) and that PenCom is partnering with all states to achieve full compliance. She also noted that the Nigeria Police Force has not yet exited the CPS, and the commission is working to address their concerns.
The naira depreciated to ₦1,456.20 per dollar at the official market on Tuesday as foreign exchange demand continued to outstrip supply in the Nigerian Foreign Exchange Market, NFEM.
Trading activity was affected by limited dollar inflows from exporters, non-bank corporates and foreign portfolio investors, while the Central Bank of Nigeria did not intervene to boost supply during the session.
Official market data showed that pressure from unmet demand pushed the naira weaker against the dollar. According to AIICO Capital Limited, the currency lost ₦4.38 to close at ₦1,456.20 per dollar, with transactions conducted within a range of ₦1,454.00 to ₦1,457.00 per dollar.
Despite the depreciation, market participants expect the naira to close the year relatively stable, with ₦1,500 per dollar viewed as a worst-case scenario, largely due to anticipated CBN interventions.
The apex bank has maintained a positive outlook for foreign exchange support through 2025, signalling its intention to stabilise the local currency amid improving external reserves.
Latest figures showed Nigeria’s gross external reserves rose to $45.47 billion, representing an 11.24 per cent year-to-date increase and a day-on-day gain of $32.42 million. MarketForces Africa also reported that the CBN disclosed at a forum that total external balances had climbed to $46.7 billion, although official reserve data has yet to reflect that figure.
In the global commodities market, oil prices fell below $60 per barrel on Tuesday, the lowest level since May, as expectations of a possible Russia-Ukraine peace deal raised the prospect of eased sanctions.
Brent crude declined by $1.51, or 2.49 per cent, to $59.05 per barrel, while U.S. West Texas Intermediate dropped by $1.28, or 2.26 per cent, to $55.39 per barrel.
Meanwhile, gold prices edged higher after U.S. labour data showed a rise in unemployment, strengthening expectations of interest rate cuts by the U.S. Federal Reserve and weakening the dollar.
Spot gold rose by 0.08 per cent to $4,306.22 per ounce, while U.S. gold futures gained 0.01 per cent to $4,335.45 per ounce. Analysts at AIICO Capital said market sentiment is expected to remain cautious to bearish, with oil prices still influenced by ongoing geopolitical risks.
The Central Bank of Nigeria will auction Nigerian Treasury bills worth N700 billion on Wednesday, signalling a possible further increase in stop rates following recent bond repricing in the fixed income market.
Auction details show that the apex bank will offer N100 billion in 91 day Treasury bills, targeting investors with a three month investment horizon. It will also sell N150 billion worth of 182 day bills for investors seeking a six month tenor.
Due to strong demand for longer dated instruments, the CBN plans to offer the largest portion of the auction in the 364 day segment. A total of N450 billion will be issued in one year Treasury bills aimed at investors looking to lock in returns over a longer period.
In its most recent offer, the CBN raised the spot rate on the 364 day Treasury bills to 17.95 per cent from 16.04 per cent, marking a sharp repricing within a two week period. This adjustment occurred despite expectations of easing inflationary pressure.
Spot rates on shorter tenors were also elevated, with 91 day bills printing at 15.30 per cent and 182 day bills priced at 15.50 per cent.
Market participants expect rates could rise further at the midweek auction, following similar adjustments at the bond market earlier in the week. At the bonds auction on Monday, the Debt Management Office increased stop rates on reopened five year and seven year bonds by 1.30 percentage points each.
The rate hikes came even after the National Bureau of Statistics reported a decline in headline inflation to 14.45 per cent, suggesting that investor demand and liquidity conditions continue to influence pricing in the fixed income market.
Analysts say the recent repricing indicates a market positioning for tighter financial conditions as 2025 approaches its end, with investors demanding higher yields across both Treasury bills and bonds.
Nigerian education technology researcher, Rachel Israel, has called for the introduction of mixed reality technology into primary schools, particularly in rural communities, saying it could significantly improve how science is taught and learned across the country.
Israel said many public primary schools lack laboratories, libraries and basic instructional materials, leaving pupils to memorise scientific concepts without practical understanding. According to her, this has weakened interest in science and limited early exposure to hands-on learning.
She said science education should be experiential, adding that mixed reality can help pupils see, explore and interact with scientific concepts that are otherwise inaccessible in under-resourced schools. Israel explained that the technology allows children to carry out virtual experiments, observe chemical reactions safely, explore the solar system and study plant and animal cells in three dimensions within the classroom.
According to her, pupils in remote communities could simulate laboratory activities, watch natural processes unfold visually and gain a clearer understanding of complex ideas that are difficult to grasp through textbooks alone. She noted that subjects like biology, which often rely on static diagrams, could become interactive learning journeys that build curiosity and critical thinking from an early age.
Israel, however, said technology alone would not solve Nigeria’s education challenges. She stressed that parents also have a responsibility to ensure children receive adequate care and education. She said overcrowded households often struggle to provide school fees, learning materials and attention, which affects children’s academic development.
She argued that combining responsible parenting with modern learning tools such as mixed reality would help pupils stay in school, perform better academically and develop interest in science-related careers.
Israel described the integration of mixed reality into primary education as an important step toward national development, saying children who learn science interactively are better prepared for higher education, skilled employment and leadership roles.
She said investment in modern educational tools and responsible family planning should be seen as long-term strategies for developing Nigeria’s human capital, adding that today’s pupils will shape the country’s future as scientists, engineers and innovators.
The Nigerian Civil Aviation Authority has unveiled the Go-Live phase of the EMPIC Personnel Licensing and Medical Certification platform, which will be linked to the National Identity Number.
The Director General of the NCAA, Capt. Chris Najomo, disclosed this on Monday in Abuja at the EMPIC PEL and MED Go-Live Stakeholder Engagement with the Nigerian aviation ecosystem. He described the initiative as a major digital milestone aimed at improving efficiency, transparency and global competitiveness in the aviation sector.
Najomo said the Go-Live event marked the successful completion of system deployment, configuration, testing and stakeholder readiness activities. He added that the platform would strengthen regulatory effectiveness, enhance safety oversight and support operational excellence across the industry.
He explained that while the system has gone live, full operationalisation will take effect on April 2, 2026, to allow sufficient time for stability, data integrity and stakeholder preparedness. According to him, the transition period will be used to complete final data validation and migration, as well as continued onboarding and user support for stakeholders.
The NCAA boss noted that the EMPIC platform is designed to integrate seamlessly with other digital systems, including National Identity Number verification and digital payment platforms. He said this aligns with the authority’s broader vision of building a modern, efficient and globally compliant aviation environment.
Najomo urged industry stakeholders to support the transition, stressing that the success of the digital transformation depends not only on technology but also on the cooperation and commitment of all participants in the aviation ecosystem.
A Cessna 172 aircraft operated by Skypower Express has crashed at the Sam Mbakwe International Cargo Airport, Owerri, Imo State, with four passengers and crew members onboard.
The aircraft, with registration number 5N-ASR, departed Kaduna International Airport en route to Port Harcourt before diverting to Owerri after the crew declared an emergency. The crash occurred at about 8:00 pm on the airport premises.
Confirming the incident, the Director of Public Affairs and Family Assistance at the Nigerian Safety Investigation Bureau (NSIB), Mrs Bimbo Oladeji, said the aircraft crashed on the approach area of Runway 17. She noted that no fatalities were recorded.
According to the NSIB, airport emergency services were promptly activated and responded swiftly to the incident. There was no post-crash fire, and flight operations were not disrupted, as the runway remained active with other aircraft taking off safely after the crash.
The Bureau said arrangements are underway to recover and evacuate the aircraft from the crash site to enable a detailed examination of the wreckage. It added that investigation protocols have been officially activated in line with its statutory mandate.
Director-General of the NSIB, Capt. Alex Badeh Jr., expressed sympathy with the management of Skypower Express and relief that no lives were lost. He said the Bureau’s investigation team is already working with relevant authorities to secure the site and determine the cause of the accident.
The incident comes days after a private jet owned by Flybird Aviation crash-landed at the Mallam Aminu Kano International Airport, Kano, with 11 occupants narrowly escaping death. The aircraft, which was en route to Abuja, crash-landed while approaching the airport, prompting an emergency response that ensured the safe evacuation of passengers and crew.
The Ekiti State government has called on farmers to intensify efforts toward sustainable and environmentally friendly palm oil production.
The Commissioner for Agriculture and Food Security, Ebenezer Boluwade, made the call during the opening of a three-day training programme for smallholder farmers in Ado-Ekiti. He reaffirmed the government’s commitment to supporting palm oil production through policies and legal frameworks that encourage the planting of palm trees and enhance processing capacity across the state. Boluwade described sustainable palm oil production as crucial for boosting food security, creating jobs, and driving economic growth.
The training, sponsored by the Roundtable on Sustainable Palm Oil (RSPO), was organised in collaboration with the Ekiti Africa Sustainable Commodities Initiative and Propcom+ UK International Development. With the theme: “Enhancing Stakeholders’ Knowledge on RSPO Standards to Facilitate Responsible Production, Environmental Safeguards, Sustainable Land Use Planning, and Supply Chain Traceability in Ekiti State,” the workshop aims to deepen farmers’ understanding of global standards for sustainable palm oil production.
State Project Coordinator Dr. Yemi Akinyugha and Propcom+ team leader Mr. Abib Ibrahim emphasised the need for farmers to adopt environmentally protective practices. They noted that the training would equip participants with modern skills while exposing them to partnership opportunities with national and international development agencies.
The Ekiti State Chairman of the National Palm Production Association, Adebabo Oluwagbemigun, commended the initiative, describing it as timely and capable of increasing the state’s internally generated revenue. Resource persons guided participants through improved techniques and partnership models designed to strengthen palm oil production in Ekiti State and beyond.
