Author: Julius Alagbe

U.S Dollar Declines on “Potential Fed Chair’ Comment The US dollar weakened against trading pairs in the forex market as expectations that the Federal Reserve will axe rates next week increased and ‘potential Fed Chair comment’ by President Donald Trump. The European single currency, the euro, the British pound, and Japanese Yen climbed against the greenback as the market sold off US dollar ahead of the Fed meeting. The dollar index weakness accelerated after President Donald Trump signalled that Kevin Hassett, his National Economic Council director, is now the clear frontrunner to replace Jerome Powell. In reaction, forex traders have…

Naira Value Depreciates as U.S Dollar Supply Tightens The naira gave up value against the dominant US dollar as FX supply weakened versus rising demand for the greenback at the official window. Reflecting the FX shortage, the naira depreciated further at the informal currency market amidst expectations that remittances from Nigerians abroad ahead of Yuletide will strengthen inflows. The spot FX rate at the official window depreciated by 0.16% to N1,447.65 per dollar. In the parallel market, the naira lost 18 basis points to close at N1460 per dollar. The exchange rates direction reflect softer currency sentiment and renewed pressure…

Nigeria to Host African Petroleum Regulators The African Petroleum Regulators Forum (AFRIPERF) has unanimously adopted Nigeria as its official headquarters and also elected the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, as chairman of the Forum. Before the endorsement, Engineer Komolafe was the interim chairman of AFRIPERF. The decision was announced at the inaugural executive committee meeting of the Forum, which took place virtually on December 2, 2025. Senior Manager of International Relations at the NUPRC, Eyoanwan Ndiyo-Aiyetan, also emerged as secretary of AFRIPERF. According to a statement by the Commission, it said the development…

CBN Removes Cash Deposit Limits, Raises Withdrawal Threshold The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000. The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department. Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns. According to her, it will also curb money laundering risks associated with heavy reliance on cash. She said that the cash-related…

Crude Oil Prices Increase over U.S. Demand Optimism Crude oil prices increase in the global commodity market on Wednesday on the back of U.S. demand optimism following a sharp decline in inventories. The price reflects tentative progress in Russia-Ukraine peace discussions, limiting upward price movements by easing supply concerns. International benchmark Brent crude was trading at $62.46 per barrel, up 0.1% from the previous close of $62.34. US benchmark West Texas Intermediate (WTI) also increased by about 0.1% to $58.59, compared to $58.51 in the prior session. The American Petroleum Institute (API) estimated that US commercial crude stockpiles fell by…

Developing Countries Pay Out $741bn in Principal, Interest Developing countries paid out $741 billion more in principal and interest on their external debt than they received in new financing between 2022 and 2024—the largest gap in at least 50 years, according to the World Bank’s latest International Debt Report released today. Still, most countries gained some breathing room on their debt last year as interest rates peaked and bond markets opened up again. That enabled many countries to stave off the risk of default by restructuring their debt. In all, developing countries restructured $90 billion in external debt in 2024,…

Naira Rises on FX Supply Boost, Foreign Reserves Hit $44.67bn The naira rose against the US dollar at the Nigerian foreign exchange market (NFEM) on Tuesday as demand and supply pressures eased following $186.6 billion in FX supply by the Apex Bank last week. The spot fx rate appreciated by 0.21% to ₦1,445.39/$ at the official window and strengthened significantly by 1.12% to ₦1,458/$ in the parallel market. The exchange rates direction reflect improved currency sentiment and reduced pressure across both the regulated official segment and the informal foreign exchange market. The Central Bank of Nigeria (CBN) fx update showed…

Mali Recovers $1.2bn in Arrears From Miners Mali’s Economy and Finance Minister, Alousséni Sanou, said the country recovered 761 billion CFA francs ($1.2 billion) in arrears from mining companies following a sweeping audit. He said the recovery marks one of the country’s biggest clawbacks from its extractive sector. The military-led government launched an audit of the country’s mining sector in early 2023 that uncovered massive shortfalls and paved the way for a new mining code. The new mining law raised royalties, boosted state stakes in mining companies and scrapped stability clauses. A recovery commission was set up after an audit…

Delta Earmarks N75bn for Projects in 25 LGAs The Delta Government says it is injecting the sum of N75 billion for road projects across the 25 local government areas of the state. The State Commissioner for Works (Rural and Riverine Roads), Mr Charles Aniagwu disclosed this during the ministry’s 2026 budget defence meeting with the State House of Assembly Committee on Works. Aniagwu said,” The sum of N3 billion has been earmarked for each of the 25 local government areas across the state. ”This allocation is aimed at accelerating the execution of vital road projects, ensuring equitable distribution of roads…

BoI Disbursed Over N1.27trn to 14 Sectors in 2024 The Bank of Industry (BoI) has disbursed more than ₦1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024. The Chief Executive Officer of BoI, Dr Olasupo Olusi, disclosed this during the 10th Nigeria Energy Forum (NEF) Day 2 edition held virtually on Tuesday in Lagos. Olusi was represented by the Executive Director, Public Sector and Intervention Programme, BoI, Ms Mabel Ndagi. He said the bank during the period supported more than 900,000 jobs. He noted that BoI had been at the forefront of Nigeria’s industrial transformation, supporting enterprises…