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NLC Issues Four-Week Ultimatum To Federal Government Over Ongoing ASUU Strike

NLC Considers Negotiation Of Minimum Wage

The Nigeria Labour Congress (NLC) has handed the Federal Government a four-week ultimatum to resolve all outstanding issues with the nation’s tertiary institution-based unions, including the Academic Staff Union of Universities (ASUU).

This decision followed an extensive meeting between the NLC leadership and heads of various academic unions held at the Congress headquarters in Abuja on Monday.

Speaking during an interactive session with labour correspondents, NLC President Joe Ajaero expressed strong dissatisfaction with the government’s handling of the education crisis, particularly its continued enforcement of the “no work, no pay” policy against ASUU members.

According to Ajaero, the NLC views the policy as a deliberate attempt to intimidate workers who are merely demanding the implementation of previous agreements. He warned that if the government fails to conclude all ongoing negotiations within the next four weeks, the Congress would mobilize a nationwide industrial action involving all affiliate unions.

“We have decided to give the Federal Government four weeks to finalise all negotiations in this sector,” Ajaero stated. “They have begun discussions with ASUU, but the issues in tertiary education go beyond one union. If, after four weeks, there is no resolution, the organs of the NLC will convene to take nationwide action involving all workers and unions.”

The NLC leader further condemned what he described as the government’s pattern of neglecting signed agreements, emphasizing that most strikes in Nigeria stem from the government’s failure to honor its commitments.

He added, “The so-called ‘no work, no pay’ will now be met with a corresponding principle — ‘no pay, no work.’ You cannot benefit from a crisis you created.”

Nigeria’s university system has once again been thrown into turmoil following ASUU’s latest nationwide strike, which has forced the closure of campuses across the country.

ASUU National President, Professor Chris Piwuna, declared the strike at a press briefing at the University of Abuja on Sunday, following the expiration of a 14-day ultimatum earlier issued to the Federal Government on September 28. The union cited unresolved issues concerning staff welfare, unpaid salaries, infrastructure decay, and the non-implementation of the 2009 ASUU-FGN agreement.

Negotiations between both parties have failed to produce a breakthrough, despite assurances from Minister of Education, Dr. Tunji Alausa, who recently stated that the discussions had reached their final phase. The government had reportedly released ₦50 billion for earned academic allowances and allocated ₦150 billion in the 2025 budget for university needs assessments to be disbursed in three tranches.

However, ASUU dismissed these measures as insufficient, insisting on the full implementation of the 2009 agreement, payment of three and a half months of withheld salaries, and the release of outstanding cooperative and union deductions. The union is also demanding protection from victimization, sustainable university funding, and the settlement of promotion arrears.

In response, the NLC reaffirmed its solidarity with ASUU and other tertiary education unions, pledging full support in their ongoing struggle for improved conditions in the education sector.

Ajaero emphasized that the Congress’s stance is rooted in justice and equity, warning that the labour movement would not tolerate any further attempts to undermine collective bargaining.

He stated, “The government must realize that education is the foundation of national development. Disregarding the welfare of lecturers and university workers is tantamount to undermining Nigeria’s future.”

The emergency meeting held by the NLC is expected to determine the next line of industrial action and establish a coordinated national response to the escalating crisis. Labour leaders have vowed to sustain pressure until the Federal Government demonstrates genuine commitment to addressing the grievances of Nigeria’s university workers and restoring stability to the higher education system.

Stanbic IBTC Pension Managers Champions Flexible Pension Options For Nigerians At Home And Abroad

Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its support for the National Pension Commission’s (PenCom) recent reforms aimed at enhancing flexibility, inclusion, and global access within Nigeria’s pension system.

The new regulatory guidelines introduce two distinct pension options, the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions, both designed to empower individuals to save for retirement in ways that reflect their evolving work patterns and income sources.

The Personal Pension Plan (PPP), formerly known as the Micro Pension Plan, allows self-employed individuals, and informal sector workers to build retirement savings at their own pace. It also enables 9-5 employees in the formal sector to make additional voluntary contributions beyond the mandatory scheme. Through the PPP, participants can contribute as they earn, make partial withdrawals (50%) after three months of initial deposit when needed, and enjoy flexible investment options suited to their financial goals. Contributions are tax-free after five years, and participants can choose between conservative and growth investment funds for better control of their savings.

Complementing this is the Foreign Currency (FCY) Pension Contributions framework, which enables Nigerians earning in foreign currency, both those living abroad and those residing in Nigeria, to make pension contributions in United States Dollars (USD). This structure allows contributors to safeguard their savings against currency depreciation and access a wider range of global investment opportunities such as Eurobonds, Global Depository Notes, and Exchange Traded Funds. Withdrawals can be made after six months from the contingent portion of the account, while long-term balances are preserved for retirement. Benefits are payable in USD or converted to Naira at the contributor’s request.

Speaking on the development, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, commended PenCom’s forward-thinking approach to broadening participation and accessibility in the pension industry. He said, “These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians. Stanbic IBTC Pension Managers will continue to help individuals, whether self-employed, salaried, or earning in foreign currency, take full advantage of these opportunities through expert guidance, transparent processes, and a seamless digital experience.

Olumide added, “The company’s focus is on promoting financial inclusion, trust, and lifelong retirement planning, ensuring that more Nigerians can participate in the pension system regardless of where or how they earn.”

With over two decades of leadership in the pension industry, Stanbic IBTC Pension Managers continues to align its service offerings with PenCom’s vision for a more inclusive, technology-driven, and globally competitive pension landscape.

Nigerian Stock Market Soars To ₦95 Trillion As Investor Confidence Rises

NGX Records N256bn Loss Last Week

The Nigerian Exchange (NGX) extended its bullish run on Monday as total market capitalization climbed to a historic ₦95 trillion, representing a ₦613 billion increase driven by renewed investor appetite for equities.

Trading data revealed that the All-Share Index advanced by 965.63 basis points or 0.65%, closing at an all-time high of 149,943.27 points. Consequently, the year-to-date (YTD) return of the market surged to 45%.

The uptrend was largely supported by strong buying interest in heavyweight and mid-tier stocks such as Eunisell, BUA Cement, FirstHoldco, and UBA, among others. Stockbrokers described investors’ sentiment as “positive yet cautious” as market participants await the release of companies’ Q3 2025 financial results.

In total, ₦26.68 billion worth of shares—approximately 408.97 million units—were exchanged across 31,287 deals, according to figures from Atlass Portfolio Limited.

FIDELITY Bank led in volume with 11.99% of total trades, followed by ACCESSCORP (10.28%), CHAMS (4.90%), NB (4.34%), and JAPAULGOLD (3.92%). GEREGU emerged as the top stock in value traded, accounting for 34.5% of the total market turnover.

Among top gainers, UNIONDICON rose by 10%, followed by Eunisell (+9.92%), SOVRENINS (+6.44%), BUACEMENT (+6.25%), ENAMELWA (+6.01%), and UACN (+5.19%).

On the downside, JULI topped the losers’ list with a -9.94% dip, trailed by DAARCOMM (-7.14%), CONOIL (-4.07%), VERITASKAP (-3.23%), CADBURY (-2.90%), and WEMABANK (-1.84%).

Despite the mixed breadth, sectoral performance leaned positive. The industrial sector rose by 2.34%, oil and gas climbed 0.65%, banking gained 0.48%, and consumer goods edged up 0.08%. However, the insurance sector slipped by 0.70%.

Nigeria’s FX Inflows Drop 33% As Investor Demand Remains Strong

Stears Africa FX Monitor Predicts Continued Naira Volatility

Foreign exchange (FX) inflows into Nigeria’s official market declined by about 33% week-on-week to $1.1 billion, according to a new market update released by Coronation Merchant Bank Limited.

The report, published on Monday by the bank’s research division, revealed that dollar inflows through the Nigerian Foreign Exchange Market (NFEM) fell from $1.64 billion the previous week to $1.10 billion, reflecting a temporary slowdown in foreign currency supply.

Despite the drop, the report highlighted that foreign portfolio investors (FPIs) continued to dominate the supply side of the market, accounting for 63.1% (approximately $694.9 million) of total inflows. Exporters contributed 15.3%, non-bank corporates 12.2%, the CBN 1.3%, while other sources made up 8.1%.

However, foreign direct investment (FDI) saw a dramatic decline, falling to just $0.20 million (0.01%) compared to $122.2 million (7.5%) recorded the previous week. Analysts say this sharp drop underscores investor caution toward long-term capital commitments, especially as Nigeria continues to adjust to new economic and regulatory reforms.

Coronation Merchant Bank noted that foreign investors’ confidence remains relatively strong despite short-term fluctuations, largely supporting the stability of the naira exchange rate at the official window.

Meanwhile, Nigeria’s external reserves rose slightly by 0.22% week-on-week (equivalent to $92.5 million) to $42.68 billion, buoyed by moderate inflows and reduced outflows.

“Barring any large external shocks or significant outflows, the official exchange rate is likely to remain stable within the current trading bands across FX segments this week,” the bank stated.

Analysts also noted that the decline in inflows may be linked to seasonal capital outflows, ongoing corporate dollar demand, and cautious investor sentiment ahead of year-end fiscal adjustments.

Despite these headwinds, experts say Nigeria’s FX market fundamentals remain relatively robust, supported by steady portfolio inflows, improved transparency at the Investors & Exporters (I&E) window, and the CBN’s continued intervention efforts.

Analysts Predict Stronger Naira As CBN’s Forex Injection Boosts Market Liquidity

Currency analysts and forex traders across leading investment and commercial banks have forecast a stronger performance for the naira this week, following renewed foreign exchange (FX) interventions by the Central Bank of Nigeria (CBN).

According to market reports, the naira is expected to trade between ₦1,450 and ₦1,460 per dollar at the official window, reflecting optimism that the local currency will recover some of the losses recorded in the previous week.

Forex traders attributed the market’s renewed momentum to the CBN’s active policy adjustments and increased year-end dollar inflows from both institutional investors and exporters.

Last week, the naira fluctuated sharply amid strong demand pressures from foreign portfolio investors (FPIs) and limited FX supply. The currency touched an intraday high of ₦1,479/$ before closing at ₦1,475.35/$, marking a ₦20.18 decline week-on-week.

Despite the depreciation, the CBN injected approximately $70 million into the market, which, coupled with improved liquidity in later sessions, helped stabilize trading activities. Meanwhile, Nigeria’s foreign reserves grew by $92.5 million to $42.68 billion, signaling enhanced external buffers.

Experts say the ongoing policy recalibration by the CBN and sustained offshore portfolio inflows are helping improve market confidence and liquidity. Local forex participation, oil export receipts, and renewed investor appetite continue to strengthen the FX market.

Anchoria Securities Limited, in its latest market report, stated:

“We anticipate continued near-term FX stability as the Central Bank fine-tunes its intervention policies and reinforces liquidity through targeted measures.”

In the global commodities market, Brent crude oil prices fell to $61.00 per barrel from $62.73, pressured by record U.S. production levels, larger crude inventories, and the International Energy Agency’s (IEA) forecast of a possible surplus by 2026. Weaker Chinese demand and easing geopolitical tensions—especially following reports of a potential Trump–Putin summit—also dampened market sentiment.

Conversely, gold prices surged by 4.87% to $4,202.10 per ounce, approaching record highs. The precious metal’s rally was driven by concerns over a potential U.S. government shutdown and expectations of imminent interest rate cuts.

Analysts project that while oil prices could remain subdued in the near term due to easing global risks, precious metals may continue to attract safe-haven demand, and industrial metals could firm up on growing manufacturing activity.

Troops Neutralise 17 Terrorists, Arrest 85 Suspects, Rescue 10 Kidnap Victims In Nationwide Operations

Nigerian Army Debunks Rumour Of Unpaid Salaries

Troops of the Nigerian Army have neutralised 17 terrorists, apprehended 85 criminal suspects, and rescued 10 kidnapped victims during a series of coordinated operations conducted across various theatres nationwide in the last 48 hours.

A credible military source at the Army Headquarters disclosed to the News Agency of Nigeria (NAN) that the operations were carried out under multiple ongoing campaigns, targeting insurgents, kidnappers, and other criminal networks undermining national security.

According to the source, those arrested include Boko Haram informants, logistics suppliers, terrorist collaborators, drug traffickers, and kidnappers. The rescued victims, he added, have been safely evacuated and are currently undergoing profiling and medical assessment.

In the North East, troops of Operation Hadin Kai sustained aggressive counter-terrorism offensives under Operations Desert Sanity IV and Diligent Search, engaging Boko Haram and ISWAP fighters in several encounters across Borno and Adamawa States.

Troops of 202 and 222 Battalions, who came under ambush around Goni Kurmi and Kashomri villages in Konduga Local Government Area of Borno State, reportedly fought gallantly, neutralising several terrorists.

Similarly, troops of the 195 Battalion, in collaboration with operatives of the Department of State Services (DSS), apprehended a notorious Boko Haram/ISWAP informant and ransom negotiator at the Customs IDP Camp in Jere Local Government Area. The suspect was tracked through monitored communications and financial transactions.

Troops also recovered an AK-47 rifle earlier stolen by terrorists, rescued two kidnapped escapees, and intercepted three key logistics suppliers conveying food and materials intended for ISWAP hideouts in Alagarno.

In Adamawa State, troops of 144 Battalion intercepted seven vehicles and nine motorcycles transporting 368 bags of cement suspected to be headed for insurgent enclaves in Madagali Local Government Area. Other units also foiled infiltration attempts around Buratai in Biu Local Government Area, with air support from the Nigerian Air Force (NAF).

Across the region, troops recovered over ₦4.7 million cash, six mobile phones, and two bicycles abandoned by fleeing insurgents along the Maiduguri–Damboa Road.

In the North West, troops under Operation Hadarin Daji and Operation Fatsan Yamma conducted clearance operations in Sokoto and Zamfara States, leading to the arrest of 69 suspected drug peddlers in Sokoto South Local Government Area and five terrorist collaborators in Gudu Local Government Area. Troops also rescued a civilian injured in a terrorist attack along the Faru–Bagabbuzi Road in Maradun Local Government Area of Zamfara.

In the North Central, troops of Operation Enduring Peace rescued one kidnapped victim in Dorowa, Barkin Ladi Local Government Area of Plateau State, while another raid in Rawaya Village, Gashish District, led to the recovery of two AK-47 rifles, one G3 rifle, one revolver pistol, six magazines, and over 1,200 rounds of ammunition.

Additionally, troops of Operation Whirl Stroke apprehended two suspected kidnappers in Idadu Town, Doma Local Government Area of Nasarawa State, and destroyed a terrorist camp at Gbagir, Ukum Local Government Area of Benue State, seizing mobile phones and customized vehicle plates.

In the South-South region, troops of Operation Delta Safe intensified operations against oil thieves, intercepting a wooden boat conveying 840 litres of illegally refined Dual Purpose Kerosene (DPK) at Omoku, Rivers State, and arresting one suspect. Another patrol in Ughelli North, Delta State, impounded a vehicle transporting 2,500 litres of illegal condensate.

Across all theatres, troops recovered no fewer than 15 assorted weapons, 21 magazines, and over 1,200 rounds of ammunition, alongside cash, vehicles, and logistics materials.

The Nigerian Army reaffirmed its commitment to maintaining operational momentum and denying terrorists and criminal elements freedom of action across the country.

The source commended the troops for their professionalism, courage, and resilience, noting that morale remains high across all formations and units.

Sultanate Council Urges Muslims To Watch For Jumadal Ula Crescent On Tuesday

The Sultanate Council in Sokoto has urged Muslims across Nigeria to look out for the new moon of Jumadal Ula 1447 AH on Tuesday, October 21, 2025, corresponding to the 29th day of Rabi’ul Assani 1447 AH.

This was contained in a statement issued on Monday by Professor Sambo Wali Junaidu, the Wazirin Sokoto and Chairman, Advisory Committee on Religious Affairs, Sultanate Council, Sokoto.

According to the statement, the sighting of the new moon marks the beginning of the new Islamic month and is a significant act of worship in the Muslim calendar.

“Muslims are enjoined to begin the search for the new moon on Tuesday evening and report any sighting to the nearest District or Village Head,” the statement read.

“Such reports should be communicated to His Eminence, Alhaji Muhammad Sa’ad Abubakar, the Sultan of Sokoto and President-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), for confirmation.”

Professor Junaidu further prayed for divine guidance as the faithful undertake this religious obligation.

“May Allah (SWT) assist us in the discharge of this important duty,” he added.

The sighting of the new moon of Jumadal Ula officially heralds the beginning of a new lunar month, which guides Islamic religious activities and observances globally.

Buying Momentum In Undervalued Stocks Expected to Drive Gains In Nigerian Equities Market

Renewed investor appetite for undervalued stocks is expected to sustain a positive rally in the Nigerian Exchange (NGX) this week, as market sentiment remains upbeat following weeks of strong performance across major indices.

The local bourse extended its winning streak for the sixth consecutive week, buoyed by steady investor confidence and buying momentum. The NGX All-Share Index (ASI) advanced by 1.35% to close at 148,977.64 points, while market capitalization rose by 1.36% to ₦94.56 trillion.

These gains pushed the year-to-date (YTD) return to 44.74%, reflecting the cumulative value appreciation across several listed companies on the exchange.

According to a market update by Futureview Financial Limited, the week also witnessed structural changes on the NGX as the Alternative Securities Market (ASEM) Board was officially closed. Juli Plc transitioned to the Growth Board, while trading in Smart Products Nigeria Plc was suspended ahead of its planned delisting due to non-compliance with listing requirements.

Market breadth was largely positive, as four out of five key sectors closed in the green. In total, 52 equities recorded price appreciation during the week.

Top-performing stocks included Sovereign Trust Insurance Plc (+11.21%), Transnational Power Company Plc (+8.92%), SFS Real Estate Investment Trust (+9.88%), Stanbic IBTC Holdings Plc (+8.26%), Dangote Cement Plc (+4.35%), Lafarge Africa Plc (+4.27%), and BUA Foods Plc (+3.22%).

However, 41 equities closed in the red, led by UAC of Nigeria Plc (-8.53%), Nigerian Breweries Plc (-2.56%), United Capital Plc (-5.61%), Wema Bank Plc (-4.76%), and Oando Plc (-2.11%).

Trading volume and value showed moderate activity, with investors exchanging 2.42 billion shares worth ₦76.62 billion in 126,591 deals—slightly lower in value compared to the previous week’s ₦90.28 billion turnover from 2.29 billion shares traded in 138,177 deals.

The Financial Services sector dominated trading activity, accounting for 1.66 billion shares valued at ₦32.57 billion in 56,253 deals, representing 68.65% and 42.50% of total equity turnover volume and value, respectively.

The ICT sector followed with 184.88 million shares worth ₦8.66 billion in 11,500 deals, while the Services sector ranked third with 154.54 million shares valued at ₦1.07 billion across 5,975 deals.

Notably, the top three traded stocks—Consolidated Hallmark Holdings Plc, Fidelity Bank Plc, and Access Holdings Plc—jointly accounted for 618.55 million shares valued at ₦9.22 billion across 9,277 deals. These three securities represented 25.54% of total traded volume and 12.03% of market value for the week.

Comparatively, the number of gainers rose to 52 from 51 in the previous week, while 41 equities declined, matching last week’s tally. The count of unchanged stocks dropped slightly to 53 from 55 recorded earlier.

Analysts at Futureview Financial Limited noted that the overall market tone remains optimistic, underpinned by continued investor interest in fundamentally strong and undervalued stocks. The firm projects modest gains in the coming week, driven by anticipation of robust third-quarter (Q3) earnings and sustained liquidity inflows.

“The equities market is likely to maintain its upward trajectory next week, supported by bargain hunting in undervalued stocks and expectations of impressive Q3 results,” the report stated.

Market experts believe that as investors rotate portfolios and position ahead of the earnings season, renewed demand for growth and value stocks could further strengthen the NGX’s performance into year-end.

Crude Oil Prices Fall As Trump Signals Possible Tariff Reduction For China

Global oil prices retreated on Monday following remarks from United States President Donald Trump, who hinted at a potential tariff reduction for China ahead of a diplomatic visit to South Korea.

The softening stance from Washington officials regarding trade tensions between the two largest economies also contributed to the downward trend in crude prices. Brent crude futures slipped 0.8% to trade at $60.69 per barrel, down from the previous close of $61.21. Similarly, the U.S. benchmark, West Texas Intermediate (WTI), declined by 0.9% to $56.67 per barrel compared to $57.20 in the prior session.

This marks the continuation of last week’s losses, as market participants weighed the implications of weakening global demand and a growing supply surplus on price stability.

According to the latest Oil Market Report by the International Energy Agency (IEA), global oil demand is projected to grow by only 710,000 barrels per day (bpd) in 2025, reaching 103.84 million bpd—slightly below its previous forecast.

The agency attributed the downward revision to slower global economic growth and rapid advancements in electrification, both of which are curbing oil consumption. On the supply front, the IEA highlighted a widening global surplus, citing increased production from OPEC+ members and the United States as key drivers behind the recent price weakness.

Daniel Hynes, senior commodity strategist at the Australia and New Zealand Banking Group, noted that the uncertain trajectory of U.S.-China trade relations continues to cloud demand expectations. “The outlook for demand is complicated by the on-again, off-again trade tensions between the U.S. and China,” he said.

During a press briefing in Washington, President Trump stated that China had paid a “tremendous amount of money” in tariffs to the United States, but hinted at the possibility of easing some of the levies if Beijing made fresh trade concessions.

“We have a very good relationship with President Xi of China,” Trump told reporters. “They’re paying us a lot of money in tariffs—tremendous amounts. They’d probably like to have it be less, and we’ll work on that. But they have to give us something in return.”

Trump added that China currently faces record tariff levels, including a 20% duty on fentanyl-related imports and cumulative tariffs of up to 157% on select goods. However, he emphasized his willingness to consider reductions if progress is made during upcoming negotiations.

“I want to help China, not hurt China, but it can’t be a one-way street,” he said.

In another development, the U.S. president disclosed that Indian Prime Minister Narendra Modi had assured him that New Delhi would stop purchasing Russian crude oil. Trump warned that India could otherwise face steep tariffs, reiterating Washington’s opposition to Moscow’s energy exports.

Since 2022, India has emerged as one of Russia’s largest oil buyers, capitalizing on discounted crude prices amid Western sanctions.

Meanwhile, European Union energy ministers are meeting in Luxembourg this week to finalize a collective strategy aimed at phasing out Russian gas imports, a move expected to significantly alter Europe’s energy landscape.

In the U.S., oilfield services firm Baker Hughes reported that the number of active oil rigs remained unchanged at 418 for the week ending October 17. The data shows that the country’s oil rig count has fallen by 64 units compared to the same period last year, underscoring slowing drilling activity despite stable production levels.

With global inventories rising and demand growth softening, analysts anticipate that oil prices may remain under pressure in the near term as markets await clarity on trade talks and the next steps in U.S.-China relations.

AWS Outage Disrupts Major Global Platforms, Snapchat, Canva, Zoom, Among Affected Services

Amazon Web Services (AWS), the cloud computing division of Amazon, suffered a significant service disruption on Monday, crippling access to several major digital platforms and applications worldwide, including Snapchat, Canva, Zoom, and Roblox.

According to a statement from the company, the outage originated from its US East Coast region, one of its largest operational zones. AWS explained that the disruption stemmed from an operational issue that affected multiple services and data centres, resulting in widespread downtime for numerous websites and apps dependent on its cloud infrastructure.

“Engineers were immediately engaged and are actively working on both mitigating the issue and fully understanding the root cause,” AWS said in an update posted on its service dashboard.

Data from Downdetector.com, a website that tracks online service interruptions, revealed that the outage impacted a range of high-profile platforms such as Snapchat, Zoom, Roblox, Clash Royale, MyFitnessPal, Life360, Fortnite, Canva, Duolingo, Signal, Slack, and Peloton.

Other major organisations affected include Coinbase, Epic Games, PlayStation Network, and the London Stock Exchange Group’s data services.

Confirming the link between AWS and the downtime, Aravind Srinivas, CEO of AI-powered search engine Perplexity, said on X (formerly Twitter):

“Perplexity is down right now. The root cause is an AWS issue. We’re working on resolving it.”

Similarly, Canva, which serves over 170 million monthly users globally, acknowledged the disruption on its official X page, stating:

“Our cloud provider is currently experiencing problems. It’s not the experience we want for you, and we’re working closely with them to help re-establish service. Thanks for your patience and understanding as we work to bring things back to normal.”

The company advised users to monitor canvastatus.com for updates.

As of the time of filing this report, there were no confirmed cases of the outage affecting Nigerian users.

Amazon Web Services remains the world’s leading cloud-computing provider, ahead of Microsoft’s Azure and Google Cloud. Its systems power vast segments of the digital economy — from social media and gaming to financial services and government operations.

AWS delivers on-demand computing power, data storage, networking, analytics, and artificial intelligence solutions over the internet, enabling companies to avoid the high costs of maintaining physical data centres.

Because of its widespread integration into modern digital infrastructure, even a brief disruption at AWS can send shockwaves across multiple industries and regions.

While the full scale of Monday’s outage remains unclear, preliminary reports indicate that millions of users globally experienced interruptions in accessing essential online services.

OMO And T-Bills Yields Decline Amid Strong Investor Appetite For Naira Assets

Yields on Nigerian Treasury Bills (T-Bills) and Open Market Operation (OMO) instruments declined in the secondary market last week, as investors continued to exhibit strong demand for naira-denominated assets amid sustained repricing activities.

Market participants anticipate that spot rates on upcoming short-term government instruments may adjust downward to reflect a marginal reduction in benchmark interest rates.

Analysts note that Nigeria’s real interest rate has now climbed to around 9%, largely due to a persistent slowdown in headline inflation. Meanwhile, excess liquidity within the financial system continues to influence subscription levels at Treasury and OMO bill auctions in the fourth quarter.

With subdued lending appetite, elevated credit risks, and narrowing margins, several banks have opted to channel excess liquidity into the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF). The preference for the 24.5% return on deposits at the SDF underscores the banking sector’s cautious short-term positioning and limited credit expansion.

Although recent CBN open market operations have helped to mop up surplus liquidity, deposit money banks are yet to face significant funding pressure.

In the secondary market, bullish sentiment dominated the T-Bills space throughout the week, as investors showed increased buying interest across short-, mid-, and long-term maturities. According to investment houses, average T-Bills yields fell by six basis points week-on-week to 17.39%, ahead of the scheduled ₦650 billion Treasury Bills auction on Wednesday.

However, the OMO market witnessed mixed trading, with mild selloffs at the mid- to long-end maturities—particularly on the 9-Dec and 17-Feb papers—causing the average OMO yield to rise by 105 basis points to 21.62%.

Both T-Bills and OMO markets opened the week quietly, despite healthy system liquidity. Early-week trading was largely muted, constrained by wide bid-ask spreads. By midweek, renewed demand for mid- and long-term papers helped ease yields slightly as investors rotated positions and booked profits.

Toward the end of the week, attention shifted to the CBN’s OMO auction, leading to mild sell pressure on long-dated instruments. The apex bank offered ₦600 billion worth of OMO bills across two mid-tenor papers, attracting robust demand. Total subscription reached ₦2.1 trillion—matching the total amount allotted.

Stop rates for the 193-day and 249-day OMO bills were set at 19.40% and 19.89%, respectively, indicating sustained investor confidence in short-term naira assets despite tightening global financial conditions.

Market analysts expect the strong interest in local currency instruments to persist, supported by moderating inflation, high real returns, and cautious liquidity management by the CBN.

FGN Bond Yields Climb As Investors Rebalance Portfolios Ahead Of Q4 Supply

FGN Bond For Jan. 2021 Oversubscribed

Yields on Federal Government of Nigeria (FGN) bonds advanced in the secondary market last week, driven by investor portfolio adjustments and renewed sell pressures following the release of the Q4 2025 bond issuance calendar.

Market data showed that benchmark bond yields now hover below 16%, remaining under the annual inflation rate of 18.02%. This yield-inflation gap highlights ongoing repricing activity among institutional investors.

Significant selloffs were recorded across the mid- and long-term segments of the curve, particularly on local bonds maturing in 2033 and 2049. The yield on the 2033 paper climbed by 11 basis points, while the 2049 maturity rose by 10 basis points. Similarly, the June 2033 bonds saw a 7-basis-point increase due to intensified sell pressure.

Investor sentiment shifted shortly after the Debt Management Office (DMO) unveiled its Q4 issuance plan, which showed an expanded offer range of ₦120 billion to ₦150 billion—up from ₦100 billion in the previous quarter. This development prompted investors to rebalance portfolios to align with the upcoming supply and pricing expectations.

According to analysts at Cowry Asset Management Limited, the initial selloff stemmed from reactions to the softer-than-expected inflation data for September, which came in at 18.02% year-on-year. The lower inflation reading triggered profit-taking and repricing across several bond maturities.

However, the tone of the fixed-income market turned positive midweek as bargain hunters took advantage of higher yields, particularly in the 2030s segment. Renewed demand drove moderate recovery, reflecting improved investor confidence in the medium-term outlook of the Nigerian debt market.

By the close of trading, the average yield on benchmark FGN bonds declined by one basis point to 15.97%, signifying a return to bullish sentiment after early-week selloffs. Analysts attribute this rebound to rising optimism over moderating inflation, fiscal stability, and expectations of future monetary policy easing.

Financial market experts predict that the positive momentum in both domestic and international debt markets will continue in the coming weeks as investors reallocate funds in response to improving macroeconomic indicators.

Disinflation remains a critical factor shaping bond pricing, with analysts projecting further yield compression as investor appetite for naira assets deepens and liquidity conditions stay robust.

Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s headline inflation eased for the sixth consecutive month, dropping to 18.02% in September 2025 from 20.12% in August. The sustained decline, driven by broad-based reductions in food and core inflation components, has enhanced investor sentiment in the fixed-income space.

Market participants expect yields to remain pressured in the near term, especially on long-dated maturities, as investors continue to take advantage of the lower inflation outlook and potential rate cuts by the Central Bank of Nigeria (CBN).

In its latest outlook, Cowry Research noted that while the yield curve may remain inverted in the short term, a gradual normalization is likely as the spread between short- and long-term maturities narrows, creating new opportunities for investors positioning ahead of 2026.

UK’s Clean Energy Drive To Create 400,000 Jobs By 2030

The United Kingdom’s clean energy transition is set to create more than 400,000 new jobs by 2030, according to a government report released on Sunday by the Department for Energy Security and Net Zero.

The report, first cited by Bloomberg, projects that the decarbonisation plan will generate employment across multiple sectors — including nuclear energy, renewables, carbon capture, and energy efficiency — with trades such as plumbing, carpentry, electrical work, and welding expected to see the highest demand.

The East of England is expected to benefit significantly from the construction of the Sizewell C nuclear facility on the Suffolk coast, which is projected to create around 10,000 jobs at peak construction.

In Scotland and the North East, carbon capture and storage projects could support an estimated 35,000 jobs, while London’s clean energy workforce is forecast to more than double by the end of the decade, employing up to 25,000 people directly in the sector.

The report notes that meeting the labour demand of the clean energy transition will require a substantial skills upgrade. By 2030, the number of plumbers and carpenters will need to double, while the number of welders must triple compared to 2023 levels.

To close the skills gap, the government has pledged increased funding for vocational training and technical education, as part of a national strategy to ensure British workers benefit from the green jobs boom.

Energy Secretary Ed Miliband said the government’s focus is to equip British citizens for these opportunities. Speaking on Sky News on Sunday, he stated:

“We will do everything we can to make sure these jobs go to workers from Britain. The question people ask is, ‘Where will the good jobs of the future come from?’ This is the answer: clean energy jobs — in nuclear, offshore wind, and carbon capture.”

According to Miliband, about 20,000 workers will be trained under the new initiative to prepare for employment in clean energy industries.

Despite the optimism, some analysts have warned that the government’s projections may be overly ambitious, pointing to potential labour shortages and the risk of increased reliance on foreign workers with specialised skills. Such dependence, experts caution, could raise project costs and delay implementation timelines.

Nevertheless, the Labour government insists that the green transition remains central to its economic renewal strategy, positioning clean energy as both an environmental imperative and a key source of employment.

Earlier, Nairametrics reported that the UK government had committed a record £3 billion to skills development — an initiative aimed at reducing dependence on foreign labour while creating 120,000 training opportunities in high-demand sectors such as construction, engineering, digital technology, and health care.

The government’s broader objective is to achieve a net-zero energy system by 2050, with substantial progress expected by 2030 through investments in nuclear power, offshore wind, and carbon capture technologies.

NUC Approves Reintroduction Of Management Courses At FUNAAB

The National Universities Commission (NUC) has granted approval for the reintroduction of management degree programmes at the Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State.

The development followed a successful Resource Assessment Visit conducted by the NUC to evaluate the university’s readiness to run the proposed programmes.

According to a statement issued on Monday by the Acting Head of Public Relations at FUNAAB, Mr. Olasunkanmi Olajide, the approval was conveyed in a letter dated 17 October 2025, signed by Abubakar M. Girei, Acting Director of Academic Planning, on behalf of the NUC Executive Secretary, Professor Abdullahi Ribadu.

Olajide disclosed that the approved programmes include B.Sc. Accounting, B.Sc. Banking and Finance, B.Sc. Business Administration, and B.Sc. Economics, alongside a newly introduced M.Sc. in Agroecology.

He noted that the approval marks a major milestone in the university’s academic expansion, as the programmes were delisted in the 2017/2018 academic session following a Federal Government directive restricting management sciences in specialised agricultural institutions.

It would be recalled that in 2018, the then Minister of Education, Mallam Adamu Adamu, directed agricultural universities to focus strictly on their core mandate, leading to the suspension of management courses previously offered by FUNAAB.

However, with the new approval, the university will resume admissions into the reintroduced programmes under the College of Entrepreneurial and Development Studies (COLENDS) for the 2025/2026 academic session. The college, formerly known as the College of Management Sciences (COLMAS), was renamed in 2021 to reflect FUNAAB’s broader vision of promoting entrepreneurship and development-focused education.

Reacting to the development, the Students’ Union Government (SUG) of FUNAAB expressed delight, recalling its earlier appeal in 2021 for the reinstatement of the management programmes.

The SUG President, Comrade Michael Oloyede, had at the time urged the Federal Government to reconsider its stance, arguing that management science courses complemented agricultural training by integrating business and financial management skills — a practice consistent with global educational standards.

The reinstated college comprises five departments — Accounting, Banking and Finance, Business Administration, Economics, and Entrepreneurial Studies — all of which previously held full accreditation from the NUC.

Global Stocks Rebound As China–US Trade Tensions Ease

Global equity markets rallied on Monday following conciliatory remarks from former US President Donald Trump that helped calm renewed tensions between Washington and Beijing. The softer tone lifted investor confidence across Asia and Europe, with Tokyo stocks hitting a record high amid signs of political stability in Japan.

The rebound came as data showed China’s economy expanded in line with expectations during the third quarter, helping sustain the positive momentum from Wall Street, where all three major indices recovered from last week’s losses.

Market sentiment had faltered earlier after a flare-up in trade hostilities, when Trump threatened to impose 100 per cent tariffs on Chinese goods in response to Beijing’s new restrictions on rare earth exports. The threats prompted retaliatory measures and uncertainty over a planned meeting between Trump and Chinese President Xi Jinping.

However, tensions appeared to ease over the weekend as both sides agreed to resume high-level talks. According to Chinese state media, Vice Premier He Lifeng and US Treasury Secretary Scott Bessent held “candid, in-depth, and constructive exchanges,” with plans for another round of negotiations “as soon as possible.”

Hours earlier, Trump told Fox News he would meet Xi at the upcoming APEC summit, describing the proposed 100 per cent tariff as “not sustainable.”

Asian markets responded positively to the developments. Hong Kong’s Hang Seng Index jumped over 2 per cent, while Shanghai’s Composite Index closed higher after China’s GDP data showed moderate but stable growth — its slowest pace in a year, yet within market forecasts.

Tokyo’s Nikkei 225 led regional gains, soaring more than 3 per cent to a record high after Japan’s ruling party announced a coalition deal paving the way for Sanae Takaichi to become the country’s first female prime minister. The move restored investor confidence following political uncertainty that had unsettled markets the previous week.

Elsewhere, major indices in Sydney, Seoul, Wellington, Taipei, Mumbai, Bangkok, and Manila also advanced, alongside early gains in London, Paris, and Frankfurt.

Chris Weston of Pepperstone noted that markets were now “priced for a positive, or at least less-bad, outcome,” with expectations that China would relax its export restrictions, enabling Washington to extend the current 30 per cent tariff truce beyond its November 10 deadline.

Investor sentiment was further buoyed by a recovery in US regional bank stocks on Friday after steep declines a day earlier. Zions Bancorp and Western Alliance Bancorporation led the rebound, easing fears of broader financial sector contagion.

Key market figures (as of 0715 GMT):

Tokyo – Nikkei 225: Up 3.4% at 49,185.50 (close)

Hong Kong – Hang Seng Index: Up 2.3% at 25,838.94

Shanghai – Composite: Up 0.6% at 3,863.89 (close)

London – FTSE 100: Up 0.3% at 9,382.39

Currencies:

Euro/Dollar: $1.1664 (down from $1.1670 Friday)

Pound/Dollar: $1.3423 (down from $1.3433)

Dollar/Yen: 150.59 yen (up from 150.50 yen)

Euro/Pound: 86.87 pence (down from 86.88 pence)

Commodities:

WTI Crude: Down 0.9% at $57.01 per barrel

Brent Crude: Down 0.9% at $60.77 per barrel

New York – Dow Jones Industrial Average: Up 0.5% at 46,190.61 (close)

Police Disperse #Releasennamdikanunow Protesters After Regrouping In Abuja

Security operatives on Monday dispersed demonstrators calling for the release of the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, after they regrouped in the Utako area of Abuja.

The protesters, made up of civil rights activists and members of pro-democracy groups under the banner of the #ReleaseNnamdiKanuNow campaign, had earlier clashed with police officers near the Transcorp Hilton in Maitama, where several rounds of tear gas were fired to disperse them.

Following the initial confrontation, the protesters regrouped at Utako, chanting solidarity songs and displaying banners demanding that the Federal Government comply with the 2022 Court of Appeal judgment which discharged and acquitted Kanu.

However, armed operatives again moved in, firing tear gas canisters to disperse the crowd. The incident caused panic among commuters and traders in the area, forcing many to flee for safety.

Security presence has since been heightened across the Federal Capital Territory, with combined teams of soldiers, police officers, and operatives of the Department of State Services (DSS) stationed at strategic points including Eagle Square, the Federal Secretariat, and the Three Arms Zone.

At the Berger roundabout, a large contingent of soldiers was also sighted with a gun truck mounted at the location.

Dollar To Naira Exchange Rate Today, October 20, 2025

Dollar To Naira Exchange Rate Today (Thur. July. 20, 2023)

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 Monday, October 20th , 2025. The naira traded as high as 1469.00 to the dollar at the investors and exporters (I&E) window on Sunday.

How much is a dollar to naira today in the black market?

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 ₦1500 and buy at ₦1480 on Sunday 19th 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₦1500
Buying Rate₦1480

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1482
Lowest Rate₦1469

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Naira Weakens Despite CBN’s Double FX Interventions

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The Nigerian naira ended the week weaker against the U.S. dollar, despite two separate foreign exchange interventions by the Central Bank of Nigeria (CBN) aimed at stabilising the market.

According to CBN data, the naira closed at ₦1,475.35 per dollar on Friday, depreciating by ₦4.32 or 0.29% compared with Thursday’s ₦1,471.02. The week saw consistent declines across most trading sessions, underscoring sustained pressure in the FX market.

The local currency opened the week at ₦1,457.51 on Monday and progressively weakened to ₦1,463.23 on Tuesday and ₦1,473.29 on Wednesday before recording a brief rebound on Thursday.

Analysts attributed the fluctuations to surging demand for foreign exchange amid limited liquidity inflows, noting that such conditions continue to weigh on the naira’s short-term performance.

TrustBanc Financial Group Limited reported that the CBN sold $70 million in FX interventions on Tuesday and Thursday to authorised dealer banks in an effort to bolster supply and narrow the market spread.

By week’s end, the naira had depreciated by ₦20.18 in the official market and ₦5 in the parallel market, closing at ₦1,490 per dollar. Consequently, the gap between both markets widened to 0.99%.

Despite the currency pressure, Nigeria’s external reserves increased by $92.5 million to $42.68 billion, supported by steady crude oil production, which averaged 1.46 million barrels per day over the past nine months.

In the commodities market, Brent crude prices declined to $61 per barrel amid U.S. inventory builds and IEA forecasts of a 2026 surplus. Meanwhile, gold prices climbed 4.87% to $4,202.10 per ounce, driven by investor concerns over a potential U.S. government shutdown and expectations of future interest rate cuts.

Market analysts predict continued naira volatility in the short term but remain optimistic that sustained reforms and reserve growth could support medium-term stability.

CBN: Nigeria’s Reserves Now Provide 11 Months Import Cover

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the nation’s ongoing economic reforms are showing tangible results, revealing that Nigeria’s external reserves now provide 11 months of import cover.

Speaking in Washington, D.C., at the close of the IMF/World Bank Annual Meetings, Cardoso stated that recent fiscal and monetary measures have placed Nigeria on a trajectory of economic stability, inclusiveness, and innovation-led growth.

He said the Nigerian delegation’s active participation in the meetings reinforced the country’s credibility and commitment to fiscal discipline, earning the confidence of international investors and development partners.

“This has been a forward-looking and positive week for Nigeria,” Cardoso said. “Despite global economic volatility, our engagements reaffirmed that Nigeria is on the right path toward macroeconomic stability, policy consistency, and inclusive development.”

According to the apex bank chief, the results of these reforms are becoming visible across key indicators, including inflation, exchange rate performance, and investor confidence.

He highlighted that headline inflation has declined for six consecutive months, dropping to 18.02% in September from 20.12% in August — the lowest level in three years. Core and food inflation also fell during the same period, aided by tighter monetary policy, exchange rate unification, and improved market transparency.

Cardoso disclosed that Nigeria’s foreign reserves now exceed $43 billion, providing for 11 months of import cover — a key sign of economic resilience.

“The naira continues to strengthen, and the gap between the official and parallel market rates has narrowed to less than two percent,” he said, attributing the stability to rising capital inflows, increased diaspora remittances, and growing investor participation.

He reaffirmed the CBN’s commitment to sustaining reform momentum, boosting investor confidence, and ensuring that Nigeria remains an attractive destination for global investment.

CBN To Offer N650 Billion Treasury Bills Amid Rate Adjustment

The Central Bank of Nigeria (CBN) is set to offer ₦650 billion worth of Nigerian Treasury Bills (NTBs) for subscription in its upcoming primary market auction next week, as the market anticipates lower short-term borrowing costs.

The offering follows the Monetary Policy Committee’s (MPC) decision in September to cut the benchmark interest rate by 50 basis points, signaling a more accommodative stance.

According to auction details released by the apex bank, the CBN will issue ₦100 billion each for 91-day and 182-day maturities, and ₦450 billion for 364-day Treasury bills.

Market analysts expect yields to ease slightly in response to the improved inflation outlook, with real interest rates rising to 8.98% and investors showing strong demand for longer tenors.

In its fourth-quarter auction calendar, the CBN had previously raised ₦570 billion across similar maturities, while also reducing spot rates on mid-to-long term notes to reflect changing liquidity conditions.

During last week’s auction, the CBN offered ₦600 billion in Open Market Operation (OMO) bills with 193-day and 249-day tenors, attracting an impressive ₦2.12 trillion in total bids—fully allotted at stop rates of 19.40% and 19.89%, respectively.

In the secondary market, bullish activity persisted as investors maintained strong interest in Treasury Bills, driving average yields 6 basis points lower to 17.39% week-on-week.

However, mild sell-offs on certain OMO maturities—particularly the 9-Dec and 17-Feb notes—pushed average OMO yields up by 105 basis points to 21.62%.

Analysts project that the upcoming auction could see similar levels of demand as investors continue to seek attractive returns in the fixed-income space amid moderating inflation and stable monetary policy outlook.

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