The Nigerian naira appreciated against the US dollar in the official foreign exchange market, driven by improved dollar supply and strong liquidity inflows.
According to figures released by the Central Bank of Nigeria (CBN) on Tuesday, the official spot exchange rate rose by 67 basis points to close at ₦1,448.2050 per dollar, reflecting a notable appreciation from the previous session.
During the trading day, the exchange rate fluctuated between ₦1,445.00 and ₦1,456.00 per dollar before settling at ₦1,448.2050. Market analysts attributed the gain to sustained foreign exchange inflows and moderated demand pressures.
Meanwhile, Nigeria’s external reserves held steady at $42.87 billion, despite ongoing discussions to increase external borrowing. The reserves figure comes as oil prices extended their decline for a third consecutive session due to geopolitical uncertainties and anticipated output adjustments by OPEC+.
Brent crude fell by 54 cents, or 0.83%, to $64.36 per barrel, while US West Texas Intermediate (WTI) dropped by $1.23, or 2.01%, to close at $60.08.
Similarly, gold prices weakened to a three-week low as fading optimism over US–China trade negotiations reduced demand for the metal. Spot gold fell by 1.09% to $3,954.91 per ounce, and US gold futures dipped by 1.06% to $3,970.24 per ounce.
In a market commentary, AIICO Capital projected a cautious outlook for the next trading session, noting that “oil prices are likely to remain under pressure due to oversupply concerns, while gold could see modest recovery supported by expectations of a softer US dollar and potential rate cuts.”
The naira gained further strength against the US dollar in the official market, closing at ₦1,444.42 per dollar on Wednesday, amid renewed foreign exchange inflows and expanding reserves.
Data from the Central Bank of Nigeria (CBN) revealed that the official rate appreciated from ₦1,448.2050 recorded the previous day. The spot rate peaked at ₦1,450.00 per dollar during intraday trading, reflecting sustained market activity and improved liquidity levels.
Analysts note that the naira’s appreciation signals reduced pressure on dollar supply as the market stabilises. The currency’s steady performance also coincides with an increase in Nigeria’s gross external reserves, which rose to $43.109 billion — the highest since 2019.
CBN data showed the latest figure represents a sharp improvement from the previously reported $48.862 billion before the data update pause, marking renewed confidence in Nigeria’s external position and financial stability.
Economists suggest that a stable reserves position could further strengthen the local currency’s resilience in the coming weeks, especially as the apex bank continues its policy reforms to attract foreign investment.
The Federal Government has announced the release of shortlisted candidates for the Computer-Based Test (CBT) in the ongoing recruitment exercise for four key paramilitary agencies under the Ministry of Interior.
This was disclosed in a statement issued on Wednesday in Abuja by the Secretary of the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB), retired Major General Abdulmalik Jubril.
According to the statement, the shortlisted candidates are those who applied to the Nigerian Correctional Service (NCoS), the Nigeria Immigration Service (NIS), the Federal Fire Service (FFS), and the Nigeria Security and Civil Defense Corps (NSCDC).
Jubril advised applicants to visit the Board’s official recruitment portal — https://recruitment.cdcfib.gov.ng — from Thursday, October 30, 2025, to confirm their selection status and obtain details of their CBT schedule.
“From Thursday, October 30, 2025, candidates are to check if they have been shortlisted for the next stage of the exercise, as well as the centers for the Computer-Based Test.” Shortlisted candidates should also take note of their venue, date, and time for the examination. The statement read. “
The Board warned applicants to disregard fake websites and ensure they access only the official recruitment portal to avoid being defrauded.
The News Agency of Nigeria (NAN) earlier reported that a total of 1,911,141 Nigerians applied for the Board’s recruitment exercise before the portal closed on Monday, August 11, 2025.
The release of the shortlist marks a major step in the federal government’s effort to strengthen national security and emergency response services through fresh recruitment across the paramilitary agencies.
The Chairman and Chief Executive Officer of Air Peace Limited, Allen Onyema, has lauded President Bola Ahmed Tinubu for the decisive policy interventions that enabled the airline’s successful launch of its Abuja–London Heathrow route and the consequent reduction of international airfares.
Speaking during an interview on ARISE News on Wednesday, Onyema said President Tinubu’s backing was instrumental in achieving the milestone, which has seen ticket prices on the Nigeria–London route drops from as high as $13,000 to about $3,000.
“I want to congratulate President Bola Ahmed Tinubu for pulling this off. This is a clear example of how government can pave the way for the private sector to thrive,” Onyema said. “No nation develops without empowering its private sector. It is the private sector that translates government vision into reality.”
The Air Peace boss commended the administration’s efforts in restoring fairness to Nigeria’s aviation market, noting that the president’s intervention compelled foreign airlines to reduce their fares significantly.
“President Tinubu did the right thing for this country. His intervention forced international carriers to cut their prices drastically — from $13,000 to as low as $3,000. Nigerians can now afford to fly again,” he added.
His remarks followed the successful commencement of Air Peace’s direct flight from the Nnamdi Azikiwe International Airport, Abuja, to London Heathrow Airport on Sunday — a first for any Nigerian airline.
In a statement issued through his aide, the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, described the flight as a landmark moment for Nigeria’s aviation sector.
“The flight took off this morning, Sunday, October 26, 2025, and is expected to arrive this evening in London, marking a major milestone for Nigeria’s aviation industry,” the statement read.
Onyema said the development has brought healthy competition to the industry, forcing international carriers to review their pricing structures.
“Even Britons on our flights are happy because competition has finally arrived. Air Peace has made flying affordable again,” he stated.
He revealed that the airline now operates 14 weekly flights between Nigeria and the United Kingdom, covering both Lagos–London Gatwick and Abuja–London Heathrow routes — a first in Nigeria’s aviation history.
“This is the first time a Nigerian carrier will operate both the Lagos–London Gatwick and Abuja–London Heathrow routes simultaneously,” Onyema said. “It has opened the corridor not just to Europe but to the world, allowing passengers to connect to America, Canada, and Asia through London at reduced costs.”
He stressed that even passengers who do not fly Air Peace are benefiting from lower fares across all airlines. “Air Peace cannot carry everyone, but at least Nigerians now have a choice,” he added.
Onyema also commended Keyamo for his commitment to implementing the president’s aviation vision, highlighting the restoration of international aircraft leasing options for Nigerian airlines after more than 15 years.
“I cannot stop praising Festus Keyamo. This administration has restored confidence in the sector. By signing the Cape Town Convention Practice Direction, Nigeria has attracted major global leasing companies once again,” he said.
The airline chief also applauded the government’s removal of the 4% Free On Board (FOB) levy on imported aircraft parts, describing it as a responsive policy that encourages investment.
“We are not asking for money — only for supportive policies. When we raised concerns about the levy, the president acted swiftly. That is what a listening government does,” he noted.
However, Onyema warned against what he described as a “pull-him-down” attitude among some individuals opposed to indigenous success stories.
“Destroying a company like Air Peace, which employs over 10,000 Nigerians, would hurt the nation. When people lose their jobs, insecurity rises,” he cautioned.
Reaffirming his commitment to national pride, Onyema said Air Peace’s success represents the collective achievement of Nigeria.
“Air Peace is not about Allen Onyema — it’s about Nigeria. Each time our aircraft flies the national flag into London, it showcases what Nigerians can accomplish when government and the private sector work hand in hand,” he said.
Earlier in June 2025, Minister Keyamo had disclosed that the landmark flight was the outcome of sustained diplomatic negotiations to enforce reciprocity in international air travel agreements. He explained that the breakthrough followed a letter dated August 1, 2024, from the Ministry of Aviation to the UK Secretary of State for Transport, Rt. Hon. Louise Haigh, seeking equitable treatment for Nigerian airlines.
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If you’re one of the many Nigerians using ChatGPT for work, study, or creativity, you might want to check your billing email. OpenAI, the company behind the world’s most popular AI chatbot, has quietly announced that its paid users in Nigeria will soon be charged more.
No, the company didn’t raise prices — the Nigerian government did. Starting November 1, 2025, OpenAI will begin collecting 7.5% Value Added Tax (VAT) from Nigerian users subscribed to ChatGPT Plus, its premium plan. That means the familiar $20 monthly bill (roughly ₦31,500) will now rise to about ₦33,862.50. It’s not a massive jump, but it’s enough to make users pause and think: “Wait — we’re taxing AI now?”
What’s Really Changing
OpenAI sent out notification emails to Nigerian subscribers in early October, explaining that VAT would now apply to all billable products and asking users to update their billing details — including their Tax Identification Number (TIN).
If this feels familiar, that’s because it is. Netflix, Apple, Google, Amazon, and Meta (yes, Facebook and Instagram’s parent company) have all introduced VAT charges for Nigerian users in recent years. In other words, OpenAI is simply joining the queue of global tech companies adapting to Nigeria’s evolving digital tax framework.
And honestly, this move was inevitable. As Nigeria’s economy becomes increasingly digital, tax regulators want a slice of the revenue flowing out of the country through foreign tech subscriptions.
So, Why Tax AI?
You might wonder — why would anyone tax a chatbot? It doesn’t sell movies or phones or deliver food. But under Nigerian law, digital services are now treated just like physical goods.
The Value Added Tax (Amendment) Act of 2020 extended VAT collection to “electronic, digital, and remote services.” Section 10 makes it clear that if a company outside Nigeria provides paid digital services used in Nigeria, it must collect VAT on behalf of the Federal Inland Revenue Service (FIRS). It’s not personal — it’s policy.
From a policy standpoint, the logic makes sense. Local Nigerian businesses already pay VAT on sales, while international platforms often didn’t. That imbalance meant foreign firms could undercut local ones. By enforcing VAT collection on platforms like ChatGPT, the government aims to level the playing field.
There’s also a global context here. Countries from the UK to Kenya have started taxing foreign digital platforms. As the digital economy expands, governments are trying to capture lost tax revenue — and Nigeria, with one of Africa’s largest tech user bases, isn’t sitting this one out.
How It Affects Users in Nigeria
Let’s be clear: free ChatGPT users won’t feel a thing. The free version stays exactly as it is — no charges, no taxes. But if you’re on ChatGPT Plus, you’ll start noticing the slightly higher bill in your next renewal cycle. For many Nigerians — freelancers, content creators, coders, and students — ChatGPT has quietly become an essential work companion.
So, an extra ₦2,300 a month might sting a little. Still, there’s a silver lining. Paying VAT also means OpenAI will issue more transparent, tax-compliant invoices. That’s great news for registered businesses and freelancers who need proper receipts for accounting or tax deductions. So while the cost increases, the process becomes cleaner.
A Small Change With a Bigger Meaning
At first glance, this may look like just another tax. But step back a bit — it’s actually a glimpse into how Nigeria’s economy is adapting to a digital-first world.
For years, global tech companies earned millions in Nigeria without directly contributing to public revenue. Now, the FIRS wants its share — and honestly, it’s not an unreasonable demand. If people use a product here, why shouldn’t the government earn from it?
There’s also the symbolism. Taxing something as intangible as AI signals that Nigeria’s tax system is maturing. It’s not just about oil or imported goods anymore; it’s about digital tools, software, and the online services that shape our daily lives.
And while no one enjoys paying more, these small policy changes often lay the groundwork for larger economic reforms. Who knows — maybe someday, those extra few naira will fund better digital infrastructure or education. (We can hope, right?)
What You Should Do Now
If you’re already a ChatGPT Plus subscriber, here’s what’s worth noting:
You don’t need to resubscribe. VAT will be automatically added to your next payment.
Check your billing email for the updated invoice breakdown.
Add your TIN (if you have one) in your OpenAI billing settings for proper record-keeping.
VAT applies from November 1, 2025 — not before.
For casual users, this is a good time to reflect on whether the Plus plan truly fits your needs. The premium tier offers faster performance, access to GPT-4, and priority use during peak hours. But if you only use ChatGPT for the occasional email draft or creative prompt, the free version might still serve you just fine.
Zooming Out: What This Means for the Future
Beyond the numbers, this move tells a broader story. It’s about how the lines between technology, economics, and governance are blurring. AI is no longer just a buzzword — it’s infrastructure. And like all infrastructure, it’s entering the realm of regulation, taxation, and public accountability.
For professionals and businesses, this shift is a reminder: as the digital economy expands, compliance will matter more than ever. Whether you’re a startup using foreign software tools or a freelancer billing international clients, taxes are now part of the conversation.
And for the average user, it’s one more sign that AI isn’t some faraway concept anymore. It’s here, it’s taxable, and it’s shaping the way we live and work in Nigeria. So yes, your ChatGPT subscription just got a little pricier — but it also just became a little more “real.”
The Federal Inland Revenue Service (FIRS) has directed banks, stockbrokers, and other financial institutions to begin deducting a 10 per cent withholding tax (WHT) on interest earned from short-term securities, signalling a major policy shift aimed at broadening Nigeria’s tax base.
According to a circular released by the agency, the new measure applies to treasury bills, corporate bonds, promissory notes, and bills of exchange, with the tax to be deducted at the point of payment. This replaces the previous exemption regime designed to stimulate investor participation in Nigeria’s financial markets.
Scope and Exemptions
While the directive affects a wide range of short-term investment instruments, interest earned on Federal Government bonds will remain exempt from the tax.
FIRS clarified that investors will be granted tax credits for the amounts withheld, except in cases where the deduction constitutes a final tax. The new policy is expected to alter investor appetite, particularly among those drawn to short-term instruments for their liquidity and competitive returns.
Compliance and Enforcement
FIRS Executive Chairman, Zacch Adedeji, emphasised the importance of strict compliance, warning that defaulters would face penalties in line with tax laws.
“All relevant interest-payers are required to comply with this circular to avoid penalties and interest as stipulated in the tax law,” Adedeji stated.
The circular, which was addressed to banks, discount houses, stockbrokers, corporate bond issuers, primary dealer market makers, financial institutions, and government agencies, reinforces provisions under Sections 78(1) and 81(1) of the Companies Income Tax Act (CITA), as amended, as well as the 2024 Withholding Tax Regulations.
FIRS, however, did not provide projections for the expected revenue inflow from the policy.
Understanding Withholding Tax
Withholding tax is a form of advance tax deducted at source from specific payments to individuals or companies. The payer is responsible for remitting the deducted amount to the tax authority on behalf of the recipient.
According to FIRS, the applicable WHT rates are as follows:
Rents on properties – 10%
Dividends or company profits – 10%
Interest on bank deposits or securities – 10%
Royalties – 5%
The agency noted that the new measure aligns with its broader objective of improving compliance, strengthening domestic revenue mobilisation, and ensuring fairness in the tax system.
Investor Reactions and Implications
Analysts say the introduction of the 10% withholding tax could reshape Nigeria’s short-term investment landscape, potentially affecting demand for instruments such as treasury bills and corporate notes.
Market watchers, however, note that the move could also help diversify government revenue sources amid fiscal pressures, while encouraging more sustainable investment behaviours among market participants.
The directive underscores FIRS’s continuing drive to enhance tax transparency and accountability, while ensuring that both corporate and individual taxpayers meet their statutory obligations under Nigeria’s evolving fiscal framework.
Nigeria’s First Lady, Senator Oluremi Tinubu, has reaffirmed the nation’s determination to eliminate tuberculosis (TB) by 2030, emphasising that the sustainability of Nigeria’s TB response must be anchored on domestic capacity rather than external assistance.
Speaking as the Special Guest of Honour at the 39th Stop TB Partnership Board Meeting held in Manila, the Philippines, Mrs Tinubu said the Federal Government is intensifying efforts to reduce donor dependence, strengthen health systems, and ensure that progress toward ending TB remains on track despite global challenges.
Addressing more than 180 delegates from 47 countries, the First Lady noted that Nigeria has maintained strong performance in its TB response despite temporary reductions in donor support.
“In 2025, Nigeria recorded no decline in the number of people diagnosed and treated for tuberculosis. This stands as a testament to the power of country ownership and the unwavering commitment of Nigerians driving this response forward, even in the face of uncertainty,” she stated.
Mrs Tinubu highlighted that sustained leadership, community engagement, and coordinated national efforts remain central to Nigeria’s TB control strategy. She stressed that the fight against TB must begin at the grassroots level, as the disease continues to pose a global public health threat.
“Tuberculosis remains the world’s deadliest infectious disease and a threat to everyone because it is airborne. It claims about 1.3 million lives every year,” she said.
The First Lady expressed concern that Nigeria is among the eight countries responsible for two-thirds of global TB cases, with an estimated 479,000 Nigerians developing the disease and over 150,000 dying from it in 2023.
“These are not just statistics, they represent mothers, fathers, sons, and daughters whose lives compel us to act with urgency and compassion,” she added.
Mrs Tinubu, who serves as both a Global and National Stop TB Champion, commended the Federal Ministry of Health and Social Welfare, the Stop TB Partnership, and other stakeholders for expanding access to testing, diagnosis, and treatment, as well as integrating TB services into primary healthcare systems nationwide.
The Chair of the Stop TB Partnership Board and Secretary of Health of the Philippines, Teodoro Herbosa, also addressed the forum, describing TB as not only a public health issue but a major development challenge. He called for greater use of artificial intelligence and digital technologies in TB detection and treatment.
“The digital transformation of TB care must be pursued and sustained,” Herbosa urged.
In her remarks, the Executive Director of the Stop TB Partnership, Dr Lucica Ditiu, underscored the importance of robust data systems and domestic ownership in achieving global TB elimination goals.
She revealed that within just two months, across five countries, newly deployed grant facilities enabled screening for 8,000 people, diagnosis of 5,000, and preventive treatment for 3,000.
Dr Ditiu stressed that stronger political commitment, resilient health systems, and the active engagement of civil society, communities, and TB survivors are vital to sustaining progress.
Also present at the event was Nigeria’s Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, who reaffirmed the country’s dedication to building on recent gains and mobilising domestic resources for TB control.
The 38th edition of the Stop TB Partnership Board Meeting was previously hosted by Nigeria in Abuja in 2024.
The European Union (EU) Delegation to Nigeria and ECOWAS, in collaboration with the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and the National Institute for Pharmaceutical Research and Development (NIPRD), is set to host a high-level Nigeria–EU Health Investment Forum on October 30, 2025.
Themed “Made in Nigeria. Made for Health,” the forum aims to accelerate industrialisation, strengthen regulatory frameworks, and catalyse sustainable investments in Nigeria’s healthcare and pharmaceutical sectors. The event will take place at the Bola Ahmed Tinubu International Conference Centre in Abuja.
According to the organisers, the forum will bring together senior government officials, private sector leaders, development partners, and investors to explore strategies that will enhance local manufacturing, boost healthcare delivery, and promote Nigeria’s role as a regional hub for pharmaceutical innovation.
EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, described the initiative as a milestone in advancing health sovereignty and local production across West Africa.
“This forum brings together government, industry, research, and investors to turn ambition into action for health sovereignty and local production. Through the Global Gateway, the EU and Team Europe are investing in people, systems, and innovation to transform how health products are made, distributed, and accessed across Nigeria and the ECOWAS region,” Mignot stated.
He reaffirmed the EU’s commitment to building a healthier and more self-reliant Africa, adding that the forum would serve as a platform to formalise new partnerships, foster sustainable investments, and strengthen Nigeria’s health security.
Director-General of NIPRD, Dr Obi Adigwe, said the forum underscores Nigeria’s readiness to lead Africa’s health manufacturing revolution.
“It will connect policy, innovation, and investment while showcasing NIPRD’s role in promoting evidence-based research that supports local pharmaceutical production. Our vision is to make ‘Made in Nigeria, Made for Health’ a reality with lasting impact across the country and the continent,” Adigwe said.
He added that the collaboration between the EU, PVAC, and NIPRD would transform Nigeria’s research outcomes into viable industrial solutions, ensuring equitable access to safe, affordable, and high-quality medicines.
The National Coordinator of PVAC, Dr Abdu Mukhtar, also highlighted the initiative as a major step toward unlocking private sector participation in the healthcare value chain.
“Through this collaboration with the EU and NIPRD, we are creating the conditions for large-scale private investment, expanding domestic manufacturing, and harnessing the economic potential of Nigeria’s health sector. This initiative will drive growth, innovation, and employment,” Mukhtar stated.
During the forum, participants are expected to sign key agreements under the Team Europe Initiative on Manufacturing and Access to Vaccines, Medicines, and Health Technologies in Africa (MAV+), as well as a regional accord to be implemented by the West Africa Health Organisation (WAHO) under the Team Europe Sexual and Reproductive Health and Rights (SRHR) Flagship.
These agreements will seek to harmonise SRHR policies, expand access to essential health products, and strengthen accountability mechanisms across West Africa.
In addition, PVAC, Bayer AG, and Chromedix Pharmaceuticals Ltd. are expected to announce a strategic partnership aimed at positioning Nigeria as a continental centre for pharmaceutical manufacturing, innovation, and health sovereignty.
The one-day event will feature high-level policy showcases, deal-signing sessions, and panel discussions centred on sustainability, resilience, and equitable access to healthcare — reinforcing Nigeria’s commitment to building a stronger and more self-reliant health system.
The Chairman of the National Population Commission (NPC), Hon. Nasir Isa Kwarra, has formally concluded his five-year tenure, handing over the leadership of the Commission to the Federal Commissioner representing Niger State, Muhammad Dattijo, who will serve in an acting capacity pending the swearing-in of the substantive Chairman, Hon. Aminu Yusuf, by President Bola Tinubu.
The brief but symbolic handover ceremony, held on Tuesday at the NPC Headquarters in Abuja, was attended by Federal Commissioners, the Director-General, Directors, and staff of the Commission.
In a statement issued by the Commission on Wednesday, Kwarra expressed gratitude to the management and staff for their cooperation and support throughout his tenure.
The statement read in part, “Hon. Kwarra expressed appreciation to the Federal Commissioners, Management, and Staff of the NPC for their unwavering support and dedication throughout his five-year tenure. He highlighted the Commission’s progress in strengthening data collection systems, digitising the Civil Registration and Vital Statistics (CRVS) system, and advancing preparations for the forthcoming National Population and Housing Census.”
Kwarra attributed the Commission’s achievements to teamwork, professionalism, and a shared commitment to national development.
The event featured tributes, emotional farewells, the signing of official handover notes, and a presentation of a farewell gift to the outgoing Chairman.
Appointed in 2020 by former President Muhammadu Buhari, Kwarra’s leadership coincided with one of the most critical phases in the Commission’s history — the build-up to Nigeria’s first population and housing census in nearly two decades. The last national census was conducted in 2006.
During his tenure, the Commission recorded significant milestones in digital mapping and enumeration area demarcation, introducing technological innovations aimed at modernising census operations and enhancing data accuracy.
Although the census initially scheduled for 2023 was postponed due to the transition of government, stakeholders have expressed optimism that the incoming substantive Chairman will consolidate on the gains recorded and steer the Commission toward completing the long-awaited national census, a vital exercise for evidence-based planning and equitable development across Nigeria.
salary of a woman. euro banknotes in hands on a green background. Income of women in European countries
The euro continued its upward momentum against the US dollar on Wednesday, climbing to $1.1653 as traders increased bets on an imminent rate cut from the US Federal Reserve.
The EUR/USD pair rose for the fifth consecutive session, marking its longest rally in several months. Although the pair briefly surpassed $1.1665, it struggled to maintain the momentum, hovering just below that level as dollar selling intensified across global markets.
The US dollar traded mixed against major G10 currencies as investors reacted to cautious remarks from Japanese officials regarding exchange rate movements. The greenback’s recent retreat followed a weeklong rally against the yen, which ended after a positive meeting between US President Donald Trump and Japan’s Prime Minister Takaichi.
European traders are now anticipating the European Central Bank’s (ECB) upcoming rate decision, along with Germany’s flash inflation report, third-quarter GDP data, and labor market figures scheduled for October 30.
Elsewhere, GBP/USD traded lower, approaching 1.3250 as investors awaited the Bank of England’s consumer credit data and financial statistics. The USD/JPY pair fell to multi-day lows of 151.70, while Japan’s consumer confidence report is expected to provide further direction.
In commodities, West Texas Intermediate (WTI) crude slipped below $60 per barrel, and gold prices retreated to a four-week low near $3,870 per ounce, with silver making a mild recovery from five-week lows.
Market analysts widely expect the Federal Reserve to cut interest rates by 25 basis points after weaker-than-expected September Non-Farm Payrolls data, which showed job growth of only 95,000. With core inflation now easing to 2.8%, the Fed appears justified in adopting a more dovish stance.
“This scenario mirrors the Fed’s 2019 policy pivot that triggered prolonged dollar weakness,” analysts at Marc to Market noted. They added that traders might consider positioning for further dollar declines, with potential breaks below the 98.50 support level on the US Dollar Index (DXY).
As the ECB decision approaches, implied volatility in EUR/USD options remains elevated, with the pair testing its 100-day moving average. Analysts believe the dollar’s softness could persist, while a dovish Fed tone may lend short-term support to precious metals.
Despite recent profit-taking, gold’s dip could present buying opportunities for long-term investors anticipating renewed upside once monetary policy eases further.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to the Bank of America to prioritize investments in Nigeria’s upstream oil and gas industry to drive growth, expand production, and strengthen the country’s energy capacity.
This call was made by the Commission Chief Executive, Mr. Gbenga Komolafe, during a strategic meeting in Abuja with Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America.
According to a statement released on Tuesday by the Head of Media and Strategic Communications, Mr. Eniola Akinkuotu, Komolafe said the engagement aligns with Section 6(h) of the Petroleum Industry Act (PIA) 2021, which mandates the Commission to promote an enabling environment for upstream investment and enhance Nigerian content participation.
Komolafe emphasized that although Nigeria has recorded progress in oil production over the past year, funding remains a critical barrier to achieving optimal output.
“Nigeria possesses vast hydrocarbon resources, and our goal is to maximize production levels. However, adequate funding is essential to realize that vision. We are, therefore, exploring opportunities for collaboration with the Bank of America to support our expansion objectives,” Komolafe stated.
Responding, Ezenwa commended Komolafe’s leadership and noted that the recent rise in Nigeria’s crude output reflects the impact of NUPRC’s reforms and strategic initiatives.
“I am impressed by the Commission’s achievements, especially the improvement in production levels, which has renewed investor interest in Nigeria’s upstream sector. The Bank of America remains committed to supporting these efforts,” Ezenwa affirmed.
Komolafe reiterated that strengthening partnerships with global financial institutions such as the Bank of America is crucial for sustaining growth and ensuring Nigeria remains competitive in the global energy landscape.
Amazon has confirmed plans to cut approximately 14,000 jobs within its global corporate division as part of a strategic restructuring to streamline operations and capitalize on emerging opportunities in artificial intelligence (AI).
The e-commerce and cloud computing giant disclosed the move on Tuesday, emphasizing the need to become “leaner and more efficient” to accelerate innovation and adapt to rapid industry transformation driven by AI technology.
Beth Galetti, Amazon’s Senior Vice President, explained in a company-wide memo that the layoffs aim to strengthen the organization by redirecting resources toward its most promising initiatives. “We’re ensuring that we invest where it matters most — in the areas that will define the future for our customers and our business,” she said.
Galetti acknowledged the company’s recent strong performance — Amazon’s Q2 results surpassed Wall Street expectations with a 13% year-over-year increase in sales to $167.7 billion. However, she stressed that the restructuring is necessary because AI represents “the most transformative technology since the internet,” enabling faster innovation and operational agility.
“To stay ahead, we must operate more nimbly, with fewer layers and stronger ownership,” she added.
According to Amazon, employees affected by the layoffs will receive transition support, including severance packages and assistance in finding alternative roles within the company.
Amazon employs more than 1.5 million people globally, including around 350,000 in corporate roles. While the company did not specify how many UK-based employees would be affected, the cuts are expected to impact several regions.
The move continues a pattern of workforce reductions in Amazon’s corporate sector, following previous rounds in 2022 that saw about 27,000 employees laid off. The company, like many in the tech industry, had expanded aggressively during the pandemic to meet surging demand for e-commerce and digital services.
Since then, CEO Andy Jassy has prioritized cost optimization while investing heavily in AI-driven systems to enhance efficiency. Jassy earlier hinted that AI advancements would inevitably reshape Amazon’s workforce.
“We’ll need fewer people performing some existing tasks and more people working on emerging technologies,” he said in June.
Industry analysts have noted that the restructuring could influence other major technology firms. Ben Barringer, a technology analyst at Quilter Cheviot, remarked that “AI’s growing capabilities are leading to inevitable job displacement, particularly in software development,” and predicted that companies like Amazon would continue realigning their talent structures to stay competitive.
Amazon will release its quarterly financial results on Thursday, which investors will closely monitor for insight into the company’s next phase of AI integration and its long-term cost-saving strategy.
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 $1 on Wednesday, October 29th , 2025. The naira traded as high as 1445.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1495 and buy at ₦1480 on Tuesday 28th October, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1495
Buying Rate
₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1456
Lowest Rate
₦1445
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Nigeria’s local currency appreciated further against the US dollar on Tuesday, supported by strong dollar supply and renewed investor confidence in the foreign exchange market.
Official data from the Central Bank of Nigeria (CBN) showed that the naira gained 67 basis points to close at ₦1,448.2050/$, compared to the previous session’s level. The exchange rate fluctuated between ₦1,445/$ and ₦1,456/$ before settling at ₦1,448/$ at the close of trading.
The appreciation comes as external reserves remain stable at $42.87 billion, even as the government prepares for additional foreign borrowing to strengthen fiscal buffers.
In the commodities market, oil prices continued to slide for a third straight session as traders assessed the potential impact of new US sanctions on Russia’s top oil producers and a possible OPEC+ output increase. Brent crude dropped by $0.54 to $64.36 per barrel, while West Texas Intermediate (WTI) fell by $1.23 to $60.08 per barrel.
Gold prices also dipped, falling to a three-week low as optimism around US-China trade talks eroded its safe-haven appeal. Spot gold slid by 1.09% to $3,954.91 per ounce, while US gold futures fell by 1.06% to $3,970.24 per ounce.
According to AIICO Capital, “Market sentiment remains cautious, with oil prices under pressure from oversupply expectations while gold may see modest recovery amid potential US interest rate cuts.”
The Federal Government has called on Nigeria’s 36 states to assume greater responsibility for power generation, transmission, and distribution, as part of efforts to resolve the nation’s persistent electricity crisis.
Speaking at the Nigeria Energy Leadership Summit in Lagos, Minister of Power Adebayo Adelabu said the Electricity Act 2023 has paved the way for states to create their own power markets and regulatory systems, ending decades of over-centralisation in the energy sector.
“Centralised power management cannot work for a country as vast as Nigeria,” Adelabu said. “The 2023 Act devolves regulatory powers to the states, enables subnational markets, promotes competition, and invites private sector participation across the value chain.”
Adelabu explained that the new framework empowers state governments to establish electricity generation and distribution companies while collaborating with private investors. He noted that 15 states have already secured regulatory autonomy, with Enugu State becoming the first to fully operationalise its independent electricity market through the Enugu Electricity Regulatory Commission.
He urged other states to follow suit, emphasising that “no federal ministry can manage stable electricity from Abuja for every state.” He encouraged governors to challenge Distribution Companies (DisCos) and the Transmission Company of Nigeria (TCN) to improve grid performance and service delivery.
The minister also underscored the need for massive private sector investment, noting that government funding alone cannot sustain the power sector. “Education, health, defence, and aviation all compete for limited resources. The private sector must lead the transformation,” he said.
Adelabu added that the government’s reform agenda focuses on infrastructure upgrades, renewable energy integration, local content, and regulatory efficiency — all aimed at achieving reliable and affordable power across Nigeria.
At the summit, representatives of several states reaffirmed their readiness to participate. Enugu’s electricity regulator, Chijioke Okonkwo, said the state’s policies are investor-friendly and open to partnerships for mini-grid and off-grid projects. Lagos State’s Commissioner for Energy, Biodun Ogunleye, and Katsina Deputy Governor, Faruk Lawal-Jobe, also announced similar commitments.
Adelabu disclosed that the sector’s revenue rose by 70% to ₦1.7 trillion in 2024, with expectations to exceed ₦2 trillion in 2025, thanks to ongoing tariff reforms and private participation.
He pointed to international models such as South Africa’s $25 billion grid expansion plan as examples Nigeria could emulate. “Our fundamentals are improving, and we are open to partnerships that can unlock over 10GW of stranded capacity,” he said.
Analysts believe that if Nigerian states embrace their new regulatory powers, it could transform the energy landscape, decentralise grid dependence, and expand electricity access nationwide.
Nigeria’s subnational governments could collectively earn over ₦4 trillion annually beginning in 2026, following the full implementation of the new Value Added Tax (VAT) reforms, according to Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Speaking at the launch of the BudgIT State of States 2025 Report in Abuja, Oyedele revealed that the revised VAT allocation formula would increase states’ share of the tax revenue to 55%, significantly boosting their fiscal autonomy.
“With the VAT reforms set to take effect in 2026, states’ earnings could exceed ₦4 trillion. The critical question is whether this revenue will be spent or invested productively,” Oyedele stated during his keynote address at the event, which marked BudgIT’s 10th anniversary.
He noted that while Nigeria’s recent reforms have doubled Federation Account Allocation Committee (FAAC) disbursements — from ₦5.4 trillion in 2023 to ₦11.4 trillion in 2024 — many households are yet to feel the benefits due to rising living costs. “States are earning more than ever, but ordinary Nigerians still have less disposable income,” he said.
The fiscal expert urged state governments to channel the new revenues into projects that deliver tangible social and economic benefits. The BudgIT report showed that 21 states still depend on federal allocations for over 70% of their total income, a situation Oyedele described as unsustainable.
However, some states have made impressive progress. Enugu achieved a 381% increase in internally generated revenue (IGR), while Bayelsa recorded a 174% rise. Oyedele noted that new tax measures — including the transfer of electronic money transfer levies to states and tax exemptions for state bonds — would reduce borrowing costs and strengthen fiscal resilience.
He added that capital expenditure has, for the first time in years, overtaken recurrent spending, although budget execution in critical sectors like education and health remains weak. “States spent less than ₦7,000 per person on education and ₦3,500 on health,” he said.
Meanwhile, Central Bank of Nigeria (CBN) Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, urged states to sustain fiscal discipline and transparency. He called for full digitisation of revenue systems, adoption of the Treasury Single Account (TSA), and improved budget implementation to achieve 80% or higher efficiency in health and education.
According to Abdullahi, Nigeria’s fiscal structure had been weighed down by multiple exchange rates, deficit financing through Ways and Means, and dwindling reserves. He assured that the CBN’s ongoing reforms aim to restore macroeconomic stability and encourage responsible state-level governance.
The BudgIT Co-founder, Oluseun Onigbinde, reaffirmed the report’s purpose as a “mirror of governance,” saying it helps states assess performance and improve transparency. “Transparency is now a competitive advantage among states,” he added.
The British pound extended its losses against the US dollar on Tuesday, dipping to $1.325, its weakest level in three months, amid renewed concerns over the United Kingdom’s fiscal outlook and expectations of a Bank of England (BoE) rate cut.
Market analysts said the decline was primarily driven by speculation that the BoE could begin monetary easing as early as next week. The GBP/USD exchange rate fell more than 0.5% after the Office for Budget Responsibility (OBR) hinted at plans to revise productivity forecasts downward — a move that could deepen the UK’s fiscal gap.
The sterling slipped below the 1.3300 mark for the first time since October, while traders looked ahead to the BoE’s policy meeting slated for November 6. Current market pricing reflects roughly a 68% probability of a 25 basis-point rate cut in December, according to overnight swaps data.
Although the pound’s weakness has persisted, expectations of a US Federal Reserve rate cut this week have limited further downside pressure. The CME FedWatch Tool now indicates a 70% chance of a Fed rate reduction following a weaker-than-expected US jobs report earlier this month.
Currency analysts note that the evolving fiscal and monetary landscape in both the UK and the US could set the stage for heightened volatility in the coming weeks. “Traders are eyeing opportunities through straddles or strangles on GBP/USD ahead of the Fed and BoE decisions,” an FX strategist said, recalling similar conditions during the UK’s fiscal turmoil in late 2022.
The OBR’s planned downgrade of productivity growth by 0.3 percentage points could open a £20 billion gap in public finances, compounding fiscal pressures already weighing on the economy.
Meanwhile, the US Dollar Index (DXY) weakened after the latest US Consumer Price Index (CPI) report came in softer than expected and following a preliminary trade agreement between the US and China. The DXY fell to a three-day low near 98.70, rebounding slightly above 99.00 before stabilising within a tight 15-tick range.
Despite near-term consolidation, analysts suggest that dollar positioning remains constructive. However, with both the BoE and the Fed on the cusp of rate cuts, FX markets could face another round of sharp re-pricing across major currencies.
The Nigerian Exchange (NGX) closed on a bearish note on Tuesday as widespread profit-taking wiped off ₦91 billion from investors’ wealth, reflecting persistent weak sentiment in the equities market.
The overall market capitalisation of listed equities fell from ₦98.698 trillion to ₦98.607 trillion, representing a 0.09% decline. Similarly, the All-Share Index (ASI) dipped by 132.95 points to close at 155,363.20, compared to 155,496.15 points recorded on Monday.
The downturn was mainly attributed to sell-offs in McNicholas, Lasaco Assurance, Livestock Feeds, John Holt, Ikeja Hotel, and 31 other declining stocks, which dragged the market further into negative territory.
Market breadth remained negative, with 36 laggards outpacing 30 advancers. McNicholas led the losers’ chart with an 8.81% dip to close at ₦3 per share, followed by Lasaco Assurance, which declined by 8.62% to ₦2.65. Livestock Feeds and John Holt both shed 7.69%, closing at ₦7.20 and ₦6 respectively, while Ikeja Hotel lost 7.32% to settle at ₦19.
Conversely, Sovereign Trust Insurance topped the gainers’ chart, appreciating by 9.88% to ₦4.45, while Aso Savings rose by 9.72% to ₦0.79. Berger Paints increased by 9.25% to ₦42.50, Wapic Insurance climbed 6.90% to ₦3.10, and AIICO Insurance gained 6.13% to ₦3.98.
Despite improved turnover, trading activity was subdued as deals fell short of the previous session’s volume. Investors traded 525.4 million shares valued at ₦25.4 billion in 32,430 deals, compared to 503 million shares worth ₦24.9 billion across 39,972 deals on Monday.
Sovereign Trust Insurance emerged as the most actively traded stock, accounting for 42.6 million shares valued at ₦187.3 million. Fidelity Bank followed with 41.9 million shares worth ₦797.2 million, while FBN Holdings exchanged 37.7 million shares worth ₦1.19 billion. Zenith Bank and Stanbic IBTC also saw heavy trades, with 28.1 million shares worth ₦1.8 billion and 27.5 million shares valued at ₦3.03 billion respectively.
The Nigerian naira strengthened further against the US dollar on Tuesday, buoyed by strong foreign inflows and reduced FX pressure in the official market.
According to updated market data, the naira appreciated by 0.32% to close at ₦1,448.21/$ at the Nigerian Foreign Exchange Market (NFEM), up from ₦1,452.79/$ the previous day. In the parallel market, the local currency also gained 0.03%, exchanging at ₦1,491/$, showing sustained demand for the naira across both official and informal segments.
Data from the Central Bank of Nigeria (CBN) revealed that the naira touched an intraday high of ₦1,456/$, while some transactions were executed as low as ₦1,445/$, reflecting improved dollar supply.
Analysts attribute the positive movement to increased FX inflows from foreign portfolio investors taking new positions in Nigerian assets. The supply side of the market recorded $1.37 billion in total inflows — a 25% rise week-on-week.
Nigeria’s oil sector has also contributed to the currency’s stability, as improved crude production boosts foreign exchange receipts and strengthens external reserves. The latest data shows that the country’s reserves remained steady at $42.865 billion as of Tuesday.
