Nigeria’s short-term benchmark interest rates closed Tuesday’s trading session on a mixed note, as significant liquidity inflows from matured Open Market Operations (OMO) bills strengthened cash levels in the financial system.
Data from AIICO Capital Limited showed that system liquidity opened at about ₦2.2 trillion, despite the Central Bank of Nigeria (CBN)’s recent liquidity mop-up operations, which have drained over ₦5.3 trillion from the market.
The surge in liquidity kept interbank rate movements constrained, with strong activity observed at the CBN’s standing deposit facility window as banks continued to manage excess cash positions.
Following the ₦481.3 billion inflow from OMO maturities, system liquidity settled at ₦2.153 trillion on Tuesday, reflecting a stable money market environment.
Consequently, Nigerian interbank rates remained largely unchanged, with overnight lending rates steady at 24.86%, mirroring last week’s trends. Funding costs saw minor adjustments, as the overnight rate dipped marginally by 3 basis points to 24.87%, while the Open Purchase Rate (OPR) remained fixed at 24.85%.
Market analysts noted that the funding cost is expected to maintain a similar trajectory in the short term, barring any significant liquidity changes or major funding activities.
In the Treasury Bills secondary market, performance was mixed across maturities. Short-term (1-month and 3-month) yields climbed by 11bps and 6bps respectively, while mid- to long-term (6-month and 12-month) rates dropped by 4bps and 7bps.
Despite these divergent movements, the average Nigerian Treasury Bills (NTB) yield inched up slightly by 0.5bps to 17.38%. This reflected sustained bullish sentiment and a resilient appetite for short-term government instruments among institutional investors.
The International Monetary Fund (IMF) has commended Nigeria for making significant progress in revenue mobilisation, improving transparency in foreign exchange (FX) management, and strengthening macroeconomic stability through sustained policy reforms.
Speaking during a press briefing on the Global Financial Stability Report at the ongoing IMF/World Bank Annual Meetings in Washington, D.C., the Fund’s officials said Nigeria’s economic trajectory is moving in a positive direction, citing improved policy coordination, fiscal discipline, and foreign reserve management as key stabilising factors.
The session featured Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department (MCM); Vamvakidis Athanasios, Deputy Director; and Jason Wu, Assistant Director. It was moderated by Meera Louis, IMF Communications Officer.
Stronger Policy Reforms and FX Transparency
According to the IMF, Nigeria’s transition toward a more flexible exchange rate regime and its renewed emphasis on FX transparency have enhanced market confidence and improved external balance. The Fund described these measures as “vital reforms” that align with efforts to strengthen the country’s resilience against global economic shocks.
“Nigeria has taken important steps to improve revenue collection and transparency in foreign exchange and reserve management,” an IMF official said. “The direction of travel appears to be positive.”
The Fund also noted that tighter monetary policy under the Central Bank of Nigeria (CBN) has begun to yield results. Headline inflation, which peaked at over 30% in 2024, has declined to about 23% as of September 2025, aided by liquidity control measures, higher interest rates, and improved FX supply.
Foreign reserves have similarly strengthened, rising to approximately $42 billion, supported by higher oil receipts and improved non-oil export performance.
IMF officials emphasised that exchange rate adjustments should be viewed as a natural buffer rather than a negative signal.
“A depreciating currency is not necessarily harmful,” the Fund explained. “It allows economies to restore balance and competitiveness, especially when external conditions tighten.”
This position reflects the IMF’s ongoing endorsement of Nigeria’s FX unification and transparency efforts, which began in mid-2024 and are now showing early signs of stabilisation.
While acknowledging Nigeria’s progress, the IMF warned that Sub-Saharan Africa remains vulnerable to volatile capital inflows, debt pressures, and external shocks.
Although the region has maintained moderate growth amid improved global financial conditions, the Fund cautioned that abrupt reversals of foreign investments could expose structural weaknesses, particularly in economies reliant on external financing.
It urged African countries, including Nigeria, to consolidate recent gains through sound fiscal and monetary management, debt transparency, and structural reforms aimed at boosting domestic revenue.
In a related announcement, the IMF raised Nigeria’s economic growth forecast for 2025 to 3.9%, up from an earlier projection of 3.4%, citing improved macroeconomic conditions, rising investor confidence, and stronger oil production.
The Fund also revised Nigeria’s 2026 growth outlook upward to 4.2%, while increasing its 2024 growth estimate to 4.1%, following a rebasing of the nation’s Gross Domestic Product (GDP). The new GDP structure captures wider economic activities, particularly from the informal and digital sectors.
“Since July, Nigeria’s exchange rate has appreciated, financial conditions have strengthened, and investor sentiment has improved,” the Fund stated. “These factors, combined with higher oil output and improved security around key installations, underpin the stronger growth outlook.”
The IMF’s upward revision positions Nigeria as one of Sub-Saharan Africa’s top-performing large economies, alongside Ethiopia and Kenya. The Fund credited Nigeria’s recovery to its ongoing fiscal reforms, including the Tax and Fiscal Policy Committee’s drive to expand the tax base, reduce leakages, and enhance non-oil revenue.
Analysts, however, note that sustaining growth will depend on continued policy discipline, diversification of export earnings, and maintaining investor confidence through exchange rate stability.
Sub-Saharan Africa’s Broader Landscape
Across the region, the IMF projects growth to average 3.7% in 2025, buoyed by reforms in key economies. Nonetheless, the Fund warned that resource-dependent and conflict-affected nations remain at risk, while low-income economies are struggling with widening income gaps and debt service burdens.
To close the gap with advanced economies, the IMF urged African governments to strengthen institutions, modernise tax systems, and prioritise debt sustainability through improved fiscal discipline.
“The reform momentum in countries like Nigeria is a positive signal,” the IMF said, “but sustaining this progress will require consistent policy implementation and political will.”
The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Ugoh Christogonus Onyewuchi, and his company, C-PAC Integrated Service Nigeria, before Justice Olubunmi Abike-Fadipe of the Special Offenses Court, Ikeja, over alleged involvement in a cyber-enabled theft exceeding ₦215.8 million.
According to court filings, the case stems from a major financial breach involving over ₦8.56 billion fraudulently withdrawn from accounts domiciled in a commercial bank through unauthorised access to its computer and server systems. The EFCC alleges that Onyewuchi retained ₦215.8 million of the stolen funds, which were traced to his company’s account — C-PAC Integrated Service Nigeria, account number 5080158271.
Charges and Allegations
The defendants were arraigned on Monday, October 13, 2025, on a two-count charge bordering on stealing and retention of proceeds of criminal conduct.
The first count accuses Onyewuchi and his company of retaining control of ₦215.8 million, described as part of the larger ₦8.56 billion illegally siphoned from bank accounts through server manipulation. The second count alleges dishonest conversion of the same amount for personal use.
Prosecutors argue that the transactions were conducted with the intent to conceal the illicit origin of the funds — a pattern consistent with recent cases of bank server compromises and internal collusion in Nigeria’s financial system.
Court Proceedings and Bail Conditions
Onyewuchi pleaded not guilty to all charges. Prosecution counsel, M.K. Bashir, requested that the court set a trial date and remand the defendant pending the conclusion of the case.
Defence counsel, G.D. Innocent, however, appealed to the court to allow his client to continue benefiting from an existing bail granted during the court’s vacation period by Justice I.O. Idowu.
Justice Abike-Fadipe upheld the earlier bail conditions but ordered that the defendant be remanded in a correctional facility pending the perfection of his bail. The case was adjourned to December 17 and 18, 2025, for the commencement of the trial.
Data from the Financial Institutions Training Center (FITC) indicates that Nigerian banks recorded ₦59.3 billion in attempted and successful fraud cases between 2019 and 2024 — with electronic channel breaches (internet banking, mobile apps, and internal IT systems) accounting for more than 70% of the total.
The alleged ₦8.5 billion server breach linked to Onyewuchi represents one of the largest digital theft cases in recent years, underscoring the growing sophistication of financial cybercrime and the urgent need for stronger cybersecurity protocols within Nigeria’s banking sector.
Industry analysts note that as banks deepen digital integration, the EFCC and Central Bank of Nigeria (CBN) face increasing pressure to enforce stricter data protection frameworks and ensure real-time monitoring of internal financial transactions to prevent insider-assisted fraud.
The EFCC has vowed to pursue the matter “to its logical conclusion,” affirming its commitment to combating technology-driven financial crimes that threaten the country’s economic stability.
If convicted, Onyewuchi faces potential penalties under Section 333 of the Criminal Law of Lagos State, 2015, which prescribes imprisonment for the offence of stealing, alongside forfeiture of proceeds derived from criminal activity.
Nigeria’s economic reform drive appears to be yielding tangible results, with the Central Bank Governor, Mr. Yemi Cardoso, declaring that the Naira has become “more competitive globally” following months of monetary tightening and structural adjustments aimed at restoring stability and investor confidence.
Speaking at a G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington on Tuesday, Cardoso said that recent fiscal and monetary interventions have helped cushion the economy against external shocks, stabilise the exchange rate, and improve trade performance.
“We were able to create resilience and buffers against potential shocks,” he said. “Those who closely monitor Nigeria’s economy have expressed increased confidence, and while oil remains our most vulnerable commodity, the overall impact of global fluctuations has been relatively modest.”
For the first time in several years, Nigeria is recording a positive balance of trade, a shift Cardoso attributes to the improved competitiveness of the Naira.
“Now, we have a more competitive currency,” he explained. “As a result, we are experiencing a positive trade balance, estimated at 6% of GDP, which we expect to sustain in the medium term.”
According to CBN data, the value of non-oil exports grew by over 20% in Q2 2025, driven by solid performance in agriculture and manufacturing, while import volumes declined marginally due to tighter foreign exchange management and increased domestic sourcing. Economists view this as an early sign that Nigeria’s trade structure is becoming more self-reliant and diversified.
“The ongoing reforms have encouraged local production and discouraged import dependency,” Cardoso noted. “This aligns with the government’s broader agenda to restructure the economy towards productivity and export-driven growth.”
As of Wednesday, the Naira traded at ₦1,463 to the U.S. dollar — marking its strongest performance in over six months. The local currency appreciated steadily throughout September, closing at ₦1,478/$1 at month’s end compared to ₦1,527.9/$1 at the start of the month.
Daily data from the FMDQ Exchange shows that between September 15 and 29, the Naira gained approximately 3% against the dollar, maintaining an average rate below ₦1,500/$1 for the last two weeks of the month. Analysts say this stability reflects improved dollar liquidity from oil receipts, foreign portfolio inflows, and the Central Bank’s tighter monetary policy stance.
The CBN has implemented several measures since mid-2024, including unifying exchange rate windows, tightening foreign exchange compliance, and introducing new market-based interventions to restore transparency and investor trust.
Nigeria’s Growing Role in Global Financial Governance
Cardoso also highlighted Nigeria’s active role in shaping global economic policy within the Group of 24 (G24), commending the bloc’s increased influence under Argentina’s leadership.
“The G24 has secured a stronger, more effective seat at the Bretton Woods institutions,” he said. “Our collective voice is now more prominent in global financial governance, and that represents a major milestone.”
He added that Nigeria’s participation in the G24 offers a platform to advocate for equitable international financial reforms and improved representation for developing economies.
With inflation easing to 22.7% in September and foreign reserves rebounding to $41.6 billion, analysts say Nigeria’s macroeconomic indicators are gradually improving. However, challenges remain — including high debt servicing costs and sluggish non-oil revenue growth.
“Nigeria is completely restructuring its economy. A competitive currency and sustained policy discipline are helping drive that transformation.”
The Nigerian naira weakened further against the US dollar for the second consecutive day, closing at ₦1,463 per dollar at the official foreign exchange window on Tuesday, as dollar demand continued to mount across the market.
Increased foreign exchange (FX) demand — particularly from importers and investors — exerted downward pressure on the naira, even as the Central Bank of Nigeria (CBN) maintained strong intervention capacity.
At the global level, the US dollar appreciated against major currencies as investors sought safety amid renewed concerns over a potential U.S. government shutdown.
Official data from the CBN showed that the naira depreciated by 39 basis points to close at ₦1,463.23/$, trading within the range of ₦1,457 to ₦1,474 during the day’s session. Similarly, the parallel market rate moved in tandem, reflecting consistent demand pressures.
Despite the depreciation, Nigeria’s external reserves continued their upward trend, rising by $43 million to $42.63 billion as of October 13, 2025 — a sign of healthy FX buffers to stabilise market volatility.
Analysts predict that the naira is likely to remain around current levels, supported by the resilience of external reserves and cautious CBN intervention.
Meanwhile, global commodity markets remained volatile. Brent crude futures fell 1.39% to $62.44 per barrel, while U.S. West Texas Intermediate (WTI) slipped 0.56% to $58.74 per barrel after the International Energy Agency (IEA) warned of a potential oil glut in 2026.
Conversely, gold prices surged to a new all-time high above $4,100 per ounce, as investors shifted toward safe-haven assets amid heightened U.S.-China trade tensions and expectations of an upcoming rate cut by the U.S. Federal Reserve. Spot gold rose 0.52% to $4,149.82/oz, while gold futures gained 0.47% to $4,165.10/oz.
Experts from AIICO Capital Limited said sentiment in the financial markets is expected to remain cautious, with investors likely to maintain preference for safe-haven assets as global uncertainties persist.
The Federal Government of Nigeria has concluded plans to issue a ₦4 trillion sovereign bond aimed at clearing verified debts owed to power generation companies (GenCos) and gas suppliers, marking a major intervention in the electricity sector.
This was revealed by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, in a statement signed by her media aide, Senan Murray, and released in Abuja.
According to Murray, the decision followed a strategic meeting between senior government officials and executives of power generation companies to finalise modalities for the settlement of outstanding arrears.
The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Power, Chief Bayo Adelabu; and Mrs. Verheijen.
Verheijen explained that the new debt settlement framework will involve bilateral negotiations to agree on final payment structures that balance fiscal constraints with the financial realities of the power sector.
“This intervention represents the most significant fiscal step in more than a decade to resolve a debt overhang that has hindered investment, weakened utilities, and disrupted reliable power delivery,” Murray stated.
He added that the initiative aligns with President Bola Tinubu’s reform agenda and the Federal Executive Council’s approval to address long-standing liquidity bottlenecks in the power industry while attracting large-scale private sector investments.
Verheijen emphasized that the Federal Government is focused on creating an enabling environment for power sector growth through grid modernization, improved distribution efficiency, and expansion of embedded generation capacity.
She added that the plan will also target reducing metering gaps, aligning tariffs with cost-reflective levels, improving subsidy targeting for vulnerable groups, and restoring investor and regulatory confidence.
Minister Wale Edun noted that the reforms go beyond debt clearance, saying they are designed to “rebuild the fundamentals of the power sector so it works for investors, citizens, and future generations.”
He highlighted that the reforms will also promote renewable energy adoption, harness domestic gas as a transition fuel, and develop local technical expertise to achieve long-term energy security.
Industry stakeholders, including Mr. Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power, and Mr. Kola Adesina, Group Managing Director of Sahara Power Group, commended the initiative, describing it as a credible step toward stabilizing the electricity market and boosting investor confidence.
The Presidential Power Sector Debt Reduction Plan is being jointly implemented by the Federal Ministries of Finance and Power, alongside the Office of the Special Adviser to the President on Energy and the Nigerian Bulk Electricity Trading (NBET) Plc.
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 1485.00 per $1 on Wednesday, October 15th , 2025. The naira traded as high as 1457.00 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 ₦1504 and buy at ₦1485 on Tuesday 14th 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
₦1505
Buying Rate
₦1485
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1474
Lowest Rate
₦1457
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Names Of Forex Policy Defaulters Will Be Published, Banks Tell Customers
The Nigerian banking index slipped by 37 basis points on Tuesday as institutional investors executed significant block trades off the Nigerian Exchange (NGX) platform, dampening sentiment across financial stocks.
Despite a generally positive trend in the broader market, the banking sector underperformed due to sell-offs in major financial institutions such as FCMB, UBA, and ACCESSCORP, according to trading data from the NGX.
FIDELITYBANK led the volume chart with 50.90 million shares, followed by CHAMS (37.36 million), TANTALIZER (36.69 million), and ACCESSCORP (30.15 million).
In terms of value, MTN Nigeria (₦2.46 billion), Dangote Cement (₦2.34 billion), Lafarge Africa (₦2.26 billion), and Zenith Bank (₦1.21 billion) dominated trading activity.
Noteworthy block transactions included:
FIDELITYBANK: 45 million shares traded at ₦20.05–₦20.10 per share, worth ₦926 million.
Dangote Cement: Two block trades totaling 999 million shares at ₦585.60 per share, valued at ₦585 million.
ACCESSCORP: 5 million shares traded at ₦26.00 per share, worth ₦130 million.
Sectoral analysis showed mixed results. The Insurance Index (+1.01%) led the gainers, buoyed by WAPIC (+6.45%) and AIICO (+1.78%). The Industrial Goods (+0.30%) and Consumer Goods (+0.10%) sectors also recorded slight upticks, driven by BUACEMENT (+0.63%) and INTBREW (+3.57%).
However, the Banking Index (-0.37%) and Oil & Gas Index (-0.09%) ended the day in the red as sell-side activity weighed on investor sentiment.
Analysts say that while block transactions can temporarily distort market dynamics, the broader equity outlook remains positive given continued rotation of capital from fixed-income instruments into equities.
The naira extended its losing streak on Tuesday, depreciating by 0.39% to close at ₦1,463.23 per dollar at the official foreign exchange market, amid sustained demand for the U.S. dollar and renewed strength of the greenback globally.
According to updated figures from the Central Bank of Nigeria (CBN), the spot exchange rate weakened to ₦1,474 per dollar, marking an ₦11 depreciation from Monday’s ₦1,463 close.
In the parallel market, the naira further declined to ₦1,490 per dollar, signaling persistent demand pressures despite the CBN’s intervention. Intraday trading at the official window saw rates fluctuate between ₦1,467 and ₦1,474, underscoring market volatility.
Globally, the dollar index (DXY) continued its rebound, gaining nearly 3% since mid-September after recovering from its weakest level in over three years.
Last week, both official and parallel market rates for the naira had strengthened following improved foreign inflows and CBN’s continued intervention efforts. The local currency gained 1.02% week-on-week at the official market, closing at ₦1,455 per dollar, while parallel market rates improved to ₦1,465 per dollar, narrowing the spread between both markets to just ₦10.68.
A report by Coronation Merchant Bank Limited revealed that total FX inflows at the official window reached US$835.60 million in the reviewed week, slightly below the US$1.18 billion recorded previously.
Foreign portfolio investors accounted for the largest share of inflows at 31% (US$259.11 million), followed by exporters (20.3%), foreign direct investors (19.9%), and non-bank corporates (8.9%). The CBN supplied 14.89% of total inflows, while other sources contributed 12.2%.
The bank’s research arm noted, “We anticipate the naira will maintain a relatively stable outlook this week across FX segments, supported by steady CBN liquidity interventions and healthy foreign inflows, barring any unexpected macroeconomic disruptions.”
The Nigerian Exchange (NGX) extended its upward momentum on Tuesday as the All-Share Index (ASI) inched higher by 0.06%, reflecting a mild rally driven by renewed investor interest in select blue-chip and mid-cap stocks.
Despite the moderate pace, the market’s performance pushed the year-to-date return to 43.6%, reinforcing bullish sentiment among market participants. The positive outing was supported mainly by bargain hunting across insurance, industrial, and consumer goods stocks.
At the close of trading, the NGX All-Share Index gained 89.41 basis points to settle at a fresh record high of 147,806.82 points, while market capitalization advanced by ₦56.74 billion, closing at ₦93.82 trillion.
The top gainers of the day included REGALINS (+8.82%), PRESTIGE (+6.71%), WAPIC (+6.45%), LEGENDINT (+5.45%), and CWG (+4.74%), showing increased investor appetite for insurance and tech-related equities. On the flip side, AUSTINLAZ (-7.90%), FIDSON (-6.67%), and DEAPCAP (-6.67%) were among the worst performers.
Although the market stayed positive, trading activity slowed as total volume and value dipped by 57.39% and 37.73%, respectively. According to data from Atlass Portfolio Limited, investors exchanged 262.45 million shares worth ₦8.27 billion across 16,693 deals.
FIDELITYBANK maintained its lead on the activity chart, accounting for 10.35% of total trades, followed by CHAMS (7.59%), TANTALIZER (7.46%), ACCESSCORP (6.13%), and SOVRENINS (4.42%).
In value terms, MTNN topped the trading chart with 14.23% of total market value. Other heavyweights that influenced the day’s rally included INTBREW (+3.57%), alongside 17 additional gainers.
Out of all listed equities, 36 recorded losses, resulting in a negative market breadth with 23 gainers and 36 losers. Sectoral performance, however, painted a mixed picture — the Insurance (+1.01%), Industrial (+0.30%), and Consumer Goods (+0.10%) sectors closed higher, while Banking (-0.37%) and Oil & Gas (-0.09%) sectors declined due to sell pressures.
Analysts believe the continued migration of funds from the fixed-income space into equities underscores growing investor confidence in the Nigerian stock market despite short-term volatility.
Nigeria’s lingering fuel supply crisis deepened this week as petrol prices inched closer to ₦1,000 per litre across major cities, sparking outrage among motorists and raising fears of another inflationary surge.
Petroleum marketers have blamed the steep rise on supply bottlenecks and disruptions at the Dangote Petroleum Refinery, which has slowed production amid reports of internal restructuring and technical hiccups.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members were already making arrangements to commence independent petrol importation.
According to Ukadike, this move could reintroduce competition into the market and potentially drive down prices if alternative imports arrive at lower costs than Dangote’s supply.
“Some DAPPMAN members have applied for import permits. Once their landing cost is cheaper, prices will come down naturally because the market will favour the lowest offer,” Ukadike said.
Currently, petrol retails between ₦920 and ₦955 per litre across most urban centres, while some filling stations in Abuja, Lagos, and Sokoto are charging as high as ₦1,000 per litre depending on the location and brand.
This price spike comes despite expectations that the Dangote refinery’s logistics-free distribution model would lower pump prices to ₦841 per litre in the South-West and ₦851 in the North-Central and South-South regions.
However, the anticipated reduction has not materialised. Instead, retail prices have climbed, with many filling stations citing limited supply and increased ex-depot costs.
In the Federal Capital Territory, NNPC retail outlets in Gwarinpa and Lugbe sold petrol at ₦955 per litre, while similar outlets in Lagos recorded prices between ₦920 and ₦940. Motorists in Edo, Rivers, and Oyo states paid between ₦900 and ₦1,000 per litre amid long queues and panic buying.
The Independent Petroleum Marketers Association of Nigeria has accused depot owners of exploiting the supply gap to inflate ex-depot prices. IPMAN President, Abubakar Shettima, alleged that depots hiked prices from an average of ₦830 to ₦890 after Dangote temporarily halted loading operations.
According to data from Petroleumprice.com, major depots like Matrix, Fynefield, and Liquid Bulk sold petrol at ₦900 per litre as of Tuesday, while RainOil, Pinnacle, and Aiteo charged between ₦878 and ₦895.
Consequently, retail outlets adjusted their pump prices to reflect the higher landing cost, with NNPC stations in Lagos and Ogun now selling at ₦928 — a ₦50 increase from August’s ₦870.
Speaking on the development, NNPC spokesperson Andy Odeh explained that the retail arm had no choice but to adjust its prices to match new ex-depot rates.
“When depot prices rise, retail outlets adjust accordingly. It’s a reflection of market dynamics,” he said.
Meanwhile, reports indicate that Dangote Refinery recently paused sales to independent marketers, further tightening supply. Industry sources attribute the slowdown to maintenance activities and the fallout from the mass dismissal of over 800 engineers.
IPMAN’s Ukadike confirmed that ongoing internal reorganisation at the refinery and labour-related disruptions had caused “temporary supply delays,” allowing private depot operators to take advantage of the situation.
“This is a reflective market — once suppliers raise prices, retailers follow suit. The issue is not the exchange rate anymore but production and distribution challenges,” Ukadike explained.
The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed in its daily bulletin that the refinery had restricted gantry loading since last Thursday, serving only its own and MRS trucks.
Similarly, the CEO of PetroleumPrice.ng, Jeremiah Olatide, revealed that Dangote’s limited loading has affected private depots, forcing them to suspend sales or hike prices.
“The refinery is only loading its own trucks and those of MRS. Private marketers have not been able to lift products for days,” Olatide said.
He added that the refinery’s crude supply shortages and workforce reduction had exacerbated the crisis, warning that the situation mirrors the earlier nationwide gas shortage.
“There’s clearly a supply problem — depots are scrambling for limited stock and have begun raising prices again,” he cautioned.
In Sokoto State, residents reported fresh hikes, with pump prices rising from ₦930 to between ₦1,000 and ₦1,050 per litre. Many NNPC stations in the metropolis have remained shut for days, worsening the scarcity. A motorist in Sokoto, who joined a long queue at an AA Rano station, said he had to borrow money just to refuel.
“I heard it’s ₦992 per litre in Lagos. Nobody knows how much we’ll pay next week. I had to borrow money from my wife to fill my tank,” he lamented.
With petrol prices edging towards ₦1,000, economists warn of another inflationary wave that could destabilise transportation, food, and manufacturing sectors. Nigerians, meanwhile, await assurances of stable supply from the country’s 650,000-barrels-per-day refinery — once heralded as the solution to decades of fuel dependency.
Repeated attempts to contact Dangote Group spokesperson, Anthony Chiejina, were unsuccessful as calls and messages remained unanswered.
Interswitch TechConnect 5.0 train successfully made its latest stop in Abuja, following an impactful kickoff in Enugu, as the series continues to advance conversations around innovation, collaboration, and compliance across Nigeria’s digital payments landscape.
Organised by Interswitch, one of Africa’s leading integrated payments and digital commerce companies, the event convened financial institutions, regulators, fintech innovators, and ecosystem players to explore emerging opportunities within the evolving digital payments ecosystem.
Held at The Wells Carlton, Asokoro, and themed “United Frontiers: Growth Powered by Innovation, Collaboration and Compliance,” the Abuja edition featured thought-provoking discussions on how technology and regulation are jointly shaping the future of financial services in Nigeria.
Speaking at the event, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), reaffirmed Interswitch’s commitment to enabling an ecosystem that empowers businesses and drives economic inclusion through technology.
“At Interswitch, we believe that collaboration and compliance are not opposing forces but essential catalysts for growth,” Lawal said. “Through platforms like TechConnect, we continue to engage stakeholders across regions to exchange ideas, strengthen partnerships, and collectively unlock new possibilities for Nigeria’s digital economy. The energy and turnout in Abuja reaffirm that the future of financial innovation in Africa is not just promising, it’s already taking shape.”
Delivering the keynote address, Dr. Eddy Bassey Orok, Executive Secretary, National Association of Microfinance Banks (NAMB), emphasised the need to harmonise innovation with compliance to build a resilient and inclusive financial ecosystem capable of driving sustainable growth.
“Innovation and regulation are not opposing forces; they are twin engines driving Nigeria’s financial evolution. No single player can transform Africa’s digital future alone. True progress comes when innovation, regulation, and partnership move in harmony, creating a financial ecosystem that is resilient, inclusive, and built on trust,” he said.
The day’s conversations also featured a dynamic panel session themed “Policy, Innovation, and Partnerships: Aligning for Scalable Growth,” moderated by Obiora Ezika, Business Development Manager at Interswitch. The session brought together industry leaders including Tunji Ashiru, Vice President, Government Relations and Regulatory Affairs, Interswitch; Adedeji Owonibi, Founder, Convexity Technologies; Tayo Odukoya, Managing Director/CEO, Paysure Technologies; Sula Bello, Founder, ThriveAgric; and Tina Olaore, Head, Digital Banking, Interswitch. Together, they explored how public-private partnerships, forward-thinking regulation, and innovative solutions can drive scalable growth within Nigeria’s payments ecosystem, while deepening financial inclusion and fostering trust across stakeholders.
A compelling fireside chat on “The Role of Innovation and Regulation in Shaping the Future Payment Ecosystem” further underscored the importance of synergy between policymakers and innovators in scaling Nigeria’s digital economy and extending financial access to underserved segments.
Attendees were also treated to product demo showcases where Interswitch unveiled some of its latest payment and digital solutions designed to enhance efficiency, security, and user experience across multiple sectors. The event concluded with an awards presentation recognising outstanding partners and key contributors within the ecosystem.
The Abuja engagement marks the second leg of the TechConnect 5.0 tour, with a highly anticipated grand finale set for November 11, 2025, in Lagos, at the Federal Palace Hotel and Casino, Victoria Island. As Interswitch continues its nationwide engagement, the series remains a testament to the company’s mission to drive sustainable growth through technology-driven innovation and collaboration.
COVID-19: NITDA Cautions Nigerians on Fraudulent Websites
Nigerian companies anticipate the highest rates of fraud in Sub-Saharan Africa next year. Half (50%) expect to face external fraud and 41% anticipate insider fraud to impact their businesses.*
The threat of violence toward company executives has jumped in the last two years according to 33% of security chiefs. Global institutional investors share this concern. Seven in 10 (68%) say the contributions of senior executives to strategic decision-making, leadership and innovation represents 30% or more of the value of the companies they invest in.
In response to rising threats, more security chiefs in Nigeria (90%) than anywhere else in the world say their physical security budget will increase in the next year (81% regional average, 66% global average).
These are key findings from the World Security Report, commissioned by Allied Universal®, the world’s leading security and facility services provider and its international business, G4S.
2,352 chief security officers (CSOs) in 31 countries at medium and large, global companies with total revenue exceeding $25 trillion took part in the research. 58 security chiefs from Nigeria and 174 in total from Sub-Saharan Africa were surveyed. The report also incorporates the crucial perspectives of 200 global institutional investors managing over $1 trillion in assets.
Reinforcing the prevalence of financial motivated threats, economic instability is expected to surge in Nigeria next year with nearly half of security chiefs (47%) predicting it to be a security-impacting hazard. This is up from 40% last year.
The top driver of intentional insider threats is financial dissatisfaction (low pay, lack of bonuses or incentives) more than half of security chiefs say (55%). This is higher than anywhere else in the world alongside Kenya (36% global average).
“Financial pressures mean fraud is pervasive in everyday life and some individuals can be easily exploited. But Nigeria also has plenty of opportunities and many businesses want to operate here, giving careful consideration to how they can best protect their people and operations. Real-time information and intelligence gathering is essential, particularly as the risks differ depending on which part of the country you are in,” said Jonas Ahl, managing director of G4S Nigeria.
Nearly a third of businesses view civil unrest as a top hazard for the coming year. Typically this translates into protests and demonstrations which are predicted to impact 17% of companies, well above the global average of 10%.
Nigeria will also face a growing threat from activist groups, with 86% of security chiefs saying they increasingly pose a physical security risk to corporate facilities and executives – higher than anywhere else in the region (78% regional average, 77% global average).
“Consistent with the 2023 findings, fraud is the dominating internal and external threat across the region which can be tied back to economic instability. Despite these challenges, there are plenty of opportunities across the region and it is encouraging to see the planned investment in smart security infrastructure and AI-powered video surveillance,” said Christo Terblanche, regional president of G4S in Africa.
*The anticipated global and regional average for external fraud next year is 30% and 40%. Last year, 45% of companies in Nigeria experienced this threat.
World Security Report 2025 – further key findings for Nigeria:
Top 3 measures to mitigate the threat of violence to company executives
62% say enhanced security procedures (i.e. Enhanced background checks, on site firearms or explosives screening) (62% regional average and global average 49%)
53% say risk assessment for leaders (i.e. Pre-event assessments, travel risk management) (59% regional average and global average 45%)
52% say monitoring online threats (i.e. social media, dark web, etc.) ( 60% regional average and global average 44%)
Threats and hazards
36% say theft of company physical property is the second top external threat expected next year (31% regional average and 28% global average)
38% say policy violations is the second top internal threat expected next year(36% regional average and 27% global average).
76% say geopolitical tension will compromise the security of our supply chain over the next 12 months (77% regional average and 78% global average).
More than half of investors say fraud is both the internal (59%) and external (53%) security incident they think it’s most important for companies they invest in to prepare for.
Priorities
69% say enhancing physical security is a budget priority for the next 12 months e.g., barriers, surveillance, access control (60% regional average and 43% global average)
53% say improving threat detection to prevent security incidents is their priority for improvement (49% regional average and 33% global average)
90% agree physical security should have a higher strategic priority within their business – highest in the region (85% regional average and 82% global average)
Cutting-edge technologies classified as crucial for operations over the next two years:
59% say smart security infrastructure for buildings and public spaces (58% regional average and 38% global average)
48% say AI-powered intrusion detection and perimeter security (43% regional average and 44 % global average)
48% say AI-assisted threat intelligence and automated incident response (45% regional average and 40% global average)
The Nigeria Customs Service (NCS) has partnered with the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to strengthen the country’s anti-money laundering framework and improve coordination among security and financial intelligence agencies.
Declaring open a two-day capacity-building workshop in Lagos on Tuesday, the Assistant Comptroller-General of Customs, Zone A, Mohammed Babandede, who represented the Comptroller-General of Customs, Bashir Adewale Adeniyi, said the training was designed to enhance collaboration in tackling money laundering and terrorism financing.
Babandede noted that inter-agency collaboration remains a key policy focus of the Comptroller-General’s administration, adding that such partnerships have contributed significantly to national security efforts.
He explained that participants were drawn from the NCS, EFCC, Department of State Services (DSS), Nigerian Immigration Service (NIS), and NFIU, reflecting a joint commitment to combating financial crimes.
“The selection of participants was deliberate, focusing on officers from airports and land borders where the movement of cash and human traffic is high. The training will enable participants to exchange ideas and develop actionable outcomes,” Babandede said.
He reiterated the Customs Service’s role in securing Nigeria’s borders against illicit financial flows and called on participants to apply the knowledge gained in their respective commands.
Also speaking, the Deputy General Manager, Currency Operations Department, Murtala Muhammed International Airport, Eworitse Maryesther who represented the NFIU, commended the Customs Service for its proactive collaboration. He disclosed that recent joint efforts led to the detection of suspicious cash movements, including a case involving over $6 million at the Lagos airport.
Eworitse added that the NFIU had deployed currency declaration kiosks at international terminals and intensified public awareness campaigns to remind travellers of the requirement to declare cash above $10,000.
In his remarks, the EFCC Head of Investigations, Lagos Zonal Command, Shehu Muhammad, said effective collaboration between agencies was critical to dismantling complex financial crime networks.
“The Customs Service plays a lead role in the currency declaration regime, while the EFCC handles investigations and prosecutions. Strengthening inter-agency synergy will improve our effectiveness,” Muhammad said.
Similarly, the Assistant Comptroller of Customs in charge of the Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) Unit, Salih Masoud, highlighted the importance of continuous training to deepen understanding of financial regulations and intelligence sharing.
Masoud noted that 20 officers were selected from airports, seaports, land borders, and patrol units to ensure comprehensive coverage and representation.
The two-day workshop, jointly organised by the NCS and NFIU, aims to strengthen inter-agency cooperation, improve compliance with financial laws, and enhance Nigeria’s resilience against money laundering and terrorism financing.
Every successful business in Nigeria starts with an idea — sometimes born in traffic, during a power outage, or over a cup of steaming suya peppered to perfection. But ideas alone don’t build empires. Names do. Logos do. Reputation does. And when those things start to gain value, you suddenly realize something — they need protection. Real, legal, enforceable protection.
Let’s keep it simple. A trademark is basically your business’s identity card. It can be your brand name, logo, slogan, symbol, or even a sound — anything that makes your product or service stand out in the crowd.
When you trademark something, you’re telling the world, “This right here? It’s mine. You can’t copy it, imitate it, or confuse customers with something similar.” And in a country like Nigeria, where small and medium enterprises (SMEs) are mushrooming across every sector — from fintech to fashion — that’s a big deal.
Just think about how many “Jumia-sounding” or “Paystack-like” startups pop up every year. Without a trademark, there’s nothing stopping another business from riding on your brand’s credibility.
Here’s the thing: competition in Nigeria is brutal. If you’ve ever walked through Balogun Market or scrolled through Instagram business pages, you’ll see dozens of brands selling similar products — same fonts, same names, same packaging. Sometimes it’s innocent imitation; sometimes it’s flat-out brand theft.
A trademark gives you the legal right to challenge that. You can stop anyone from using your brand identity without your permission. You can sue for damages. You can even prevent imported goods that infringe your mark from entering the country through the Nigerian Customs Service.
But it’s not just about litigation or intimidation — it’s also about value. Trademarks build trust with customers and investors. If your business ever scales, expands internationally, or gets acquired, a registered trademark can significantly increase your valuation. Imagine pitching your startup to an investor and saying, “We own our brand name — legally.” That statement alone can turn heads.
The Registration Process — Not as Scary as It Sounds
Now, let’s break this down without the usual legal jargon.
Conduct a search. You start by checking whether your proposed name or logo is already taken. A lawyer or accredited trademark agent can help with this.
File an application. If the coast is clear, you file your trademark application with the Registry.
Examination. The Registry reviews your application to ensure it meets legal requirements.
Publication. If approved, your trademark is published in the Trademarks Journal, inviting the public to object (if they have valid reasons).
Certification. If no one objects within two months, you receive your registration certificate. Congratulations — your brand is officially protected.
And yes, the process takes time — often 6 to 12 months — but it’s worth every bit of patience.
What Happens If You Don’t Register?
Honestly, this is where many Nigerian entrepreneurs make their first big mistake. They assume that using a brand name automatically gives them ownership. It doesn’t.
In fact, without registration, someone else could trademark your brand name first — and legally stop you from using it. Imagine spending years building “GlamGoddess Hair” only to wake up one morning and discover another company has trademarked it. The emotional and financial cost of rebranding can be devastating. It’s like losing your identity mid-conversation.
Protecting Beyond Nigeria — Because the World Is Watching
Let’s say your fashion brand starts trending across Africa or your app gains traction in the diaspora. You’ll want protection beyond Nigeria’s borders. Good news: Nigeria is a member of the World Intellectual Property Organization (WIPO), meaning you can register your trademark internationally through the Madrid System. That gives you coverage in over 120 countries with a single application. It’s not just about being ambitious — it’s about being ready. Global competition doesn’t wait for you to catch up.
A Word on Enforcement: Paper Protection Isn’t Enough
Registering a trademark is only the first step. Enforcing it is where things get real. You have to monitor the market — both online and offline — for potential infringers. Social media, especially, is a minefield. A quick scroll through Instagram or TikTok can reveal dozens of copycats using similar names or logos.
In those cases, a “cease and desist” letter from your lawyer often does the trick. But if it doesn’t, you can take legal action. Nigerian courts have become increasingly responsive to intellectual property cases, especially in Lagos, Abuja, and Port Harcourt. Still, prevention is better than litigation. Keep an eye out, educate your customers, and remind them of your official brand identity.
The Cost of Playing It Safe
You might be wondering, “How much does all this cost?” The fees vary depending on your lawyer or agent, but on average, registering a trademark in Nigeria costs between ₦100,000 and ₦250,000. That’s less than what many businesses spend on monthly social media ads — yet it offers far greater long-term value. Think of it as paying for peace of mind. You’re not just buying a certificate; you’re buying control over your brand’s future.
The Bottom Line
Your business name is more than just a label — it’s a promise, a reputation, and sometimes, your life’s work. Don’t leave it hanging unprotected in a marketplace as competitive as Nigeria’s.
Whether you’re running a tech startup in Yaba, a logistics company in Port Harcourt, or a food brand in Abuja, registering a trademark is one of the smartest decisions you can make. Because in business, names carry weight — and ownership carries power.
President Bola Ahmed Tinubu has formally requested the Senate’s approval for the appointment of Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC).
The request was conveyed in an official letter addressed to the Senate and read aloud by the Senate President, Godswill Akpabio, during Tuesday’s plenary session. The letter also contained several other presidential communications seeking legislative confirmation for various appointments.
President Tinubu’s nomination of Professor Amupitan follows constitutional provisions outlined in the 1999 Constitution of the Federal Republic of Nigeria, which mandates Senate confirmation for appointments to key federal institutions.
According to reports from the Nigerian Television Authority (NTA), the Senate has subsequently referred the President’s request to the Committee of the Whole for legislative consideration and screening.
Further updates regarding the Senate’s deliberations and the confirmation process are expected in the coming days.
Yields on Federal Government of Nigeria (FGN) bonds remained below the 16% threshold in the secondary market, reflecting investors’ restrained appetite amid mixed signals in the fixed-income landscape.
The bond market has been treading cautiously following the recent interest rate cut by monetary authorities, which has encouraged some investors to shift towards riskier assets. Despite sufficient liquidity across the financial system, bargain hunting has stayed muted, underscoring a conservative stance among traders dealing in sovereign debt instruments.
Analysts say the flexibility granted to pension fund administrators in portfolio management could potentially redirect focus away from low-yield bonds, affecting trading dynamics in the medium term.
With inflation data expected later this week, activity within the federal government bond space remained subdued. The short end of the curve dipped slightly by one basis point (-1bp), while the overall average yield across the curve held steady at 15.98%.
Conversely, the Treasury bills market displayed mild bullish sentiment, particularly across the short (-2bps) and mid (-2bps) segments, pulling the average yield down marginally by one basis point to 17.39%.
Across benchmark bonds, yields expanded slightly at the mid segment (+1bp) due to profit-taking on the JUL-2034 instrument but remained flat at both the short and long ends of the curve.
Fixed-income investors continue to show measured optimism toward naira-denominated assets, concentrating on short- and mid-tenor maturities. The Debt Management Office (DMO) has published its Q4 2025 bond issuance calendar, featuring reopenings of the AUG 2030 and JAN 2032 papers.
For now, the average benchmark yield remains stable at 15.98%. Market analysts anticipate that investor sentiment will likely stay cautious in the near term as inflation and interest rate expectations continue to shape trading strategies.
Global oil prices fell on Tuesday as easing tensions in the Middle East and renewed concerns over trade frictions between the United States and China weighed on market sentiment.
Brent crude futures declined by 0.7%, trading at $62.68 per barrel compared to Monday’s close of $63.18, while West Texas Intermediate (WTI) crude dropped 0.8% to $58.70 from $59.21.
The downturn came after U.S. President Donald Trump threatened to impose steeper tariffs on Chinese imports in retaliation for Beijing’s export restrictions on rare earth materials. The proposed 100% tariff, set to take effect on November 1, would double existing duties.
Although Trump later downplayed trade concerns—stating that there was “nothing to worry about” and expressing confidence in a resolution—investor caution persisted. U.S. Vice President JD Vance added that Washington remains open to dialogue if China “acts reasonably,” though he cautioned that the U.S. still holds “many more cards to play.”
Despite the more diplomatic tone, uncertainty surrounding trade talks between the two largest economies continues to cloud global demand forecasts.
Adding further pressure, geopolitical risks in the Middle East have eased. Monday’s Sharm el-Sheikh Peace Summit in Egypt, attended by key regional and global leaders, focused on reinforcing the Gaza ceasefire and fostering stability across the region.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) held steady its projections for global oil demand growth in both 2025 and 2026, citing consistent consumption patterns in its latest oil market report.
Traders now await the International Energy Agency’s (IEA) upcoming market report, expected later Tuesday, which could provide fresh insight into global supply-demand balances amid persistent volatility.
Yields on Nigerian Treasury Bills (NTBs) recorded a marginal decline this week as cautious trading dominated the fixed-income market ahead of the country’s latest inflation report. Market data showed that the average yield slipped by 1 basis point to settle at 17.39% in the secondary market.
Although liquidity conditions remained relatively tight, the market displayed a slightly bullish tone, supported by bargain-hunting activities across selected maturities. Traders said investors were reacting to recent spot rate adjustments observed in the mid and long segments of the yield curve, while mixed investor sentiment limited the intensity of demand.
Analysts noted that expectations of continued disinflation, driven by relative stability in food prices and the exchange rate, have supported mild optimism in the fixed-income space. However, they warned that recent strike actions, which disrupted oil production and reduced government revenue, could slow economic recovery and affect market direction.
Market liquidity fell further to ₦2 trillion following a series of open market operations (OMO) that withdrew about ₦5.32 billion from the system last week. This tightening in liquidity exerted mild bearish pressure on select fixed-income instruments, though overall sentiment remained steady.
In the NT-Bills market, trading patterns were mixed. Yields declined on the 18-Jun-26 and 08-Oct-26 maturities, while slight upticks were recorded on the 23-Jul-26 and 20-Aug-26 papers.
Across the yield curve, the short and mid segments contracted by 2 bps and 3 bps, respectively—largely driven by demand for the 87-day and 178-day maturities, both of which fell 3 bps. Conversely, the long end of the curve inched up by 1 bp, reflecting sell pressure on the 283-day-to-maturity bill, which climbed 13 bps.
A similar pattern was observed in the OMO segment, where the average yield fell by 7 bps to 20.5%, suggesting renewed investor interest in short-term debt instruments despite limited liquidity.
With inflation data expected later in the week, traders anticipate that the market will remain cautious as investors reassess real yield positions amid evolving macroeconomic indicators.
Nigeria’s interbank money market witnessed mixed movements this week as a decline in liquidity surplus reshaped short-term funding dynamics across the financial system. According to investment analysts, market liquidity opened the week at a relatively solid ₦2.03 trillion, though notably lower than previous levels.
The available liquidity was buoyed by inflows totaling ₦29.18 billion from the Federal Government’s 2033 Sukuk bond coupon payments. Additionally, commercial banks continued to place excess cash at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF), which currently offers a rate of 24.5%.
This activity comes amid the backdrop of reduced yields on Nigerian Treasury Bills (NTBs) following the CBN’s recent interest rate adjustment, which has moderated returns across different tenors.
In the interbank space, overnight lending rates remained stable at 24.86% after last week’s auctions and maturities. Meanwhile, medium-term rates experienced mild corrections, with the 1-month, 3-month, and 6-month maturities falling by 10 basis points (bps), 18 bps, and 25 bps, respectively.
Funding costs presented a mixed picture, as the overnight rate dropped slightly by 7 bps to 24.90%, while the Open Purchase Rate (OPR) held steady at 24.85%.
On the Treasury Bills secondary market, yields advanced across most maturities on Monday, with the 1-month, 3-month, 6-month, and 12-month papers climbing by 12 bps, 28 bps, 0.5 bps, and 5 bps, respectively, according to data from Cowry Asset Management Limited.
Despite these yield increases, the average NT-Bills yield edged down by a marginal 1 bp to 17.39%, reflecting ongoing investor optimism and sustained buying pressure in the secondary market.
Looking ahead, analysts project that liquidity conditions may improve due to an anticipated inflow of ₦481.33 billion from an upcoming OMO maturity. However, they cautioned that any potential liquidity mop-up operation by the apex bank could dampen the expected moderation in funding costs.
