Author: Ogooluwa Aremu

Naira Weakens Against US Dollar, Spot Rate Settles at N1,366 The naira weakened against the US dollar at the official window on Thursday, depreciating by ₦7.77 to close at ₦1,366.05/US$ compared with ₦1,358.28/US$ previously reported by the Central Bank. The exchange rate came under slight pressure as requisition for international payments eclipsed dollar volume at the supply side, slightly reversing the recent trend. Based on data from the CBN, Fx largely traded within the low and high bands of ₦1,361.80/US$ and ₦1,380.00/US$ respectively, in the absence of currency intervention. Broadstreet expects the Naira to continue trading in line with prevailing…

N2.4bn Fraud: Ex-NEXIM Bank MD Robert Orya Jailed for 490 Years The Federal High Court in Abuja has sentenced the former Managing Director (MD) of the Nigeria Export-Import Bank (NEXIM), Robert Orya, to 490 years’ imprisonment following his conviction in a ₦2.4 billion fraud case. In a statement shared via its official X handle on Thursday, the Economic and Financial Crimes Commission (EFCC) confirmed the development. Justice F.E. Messiri of the Abuja High Court has sentenced former NEXIM MD Robert Orya, who served from 2011 to 2016, to 10 years’ imprisonment for each of the 49 counts brought against him…

Deregulation, FX Reforms Save Nigeria N6trn Fuel Import Losses– NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the cumulative impact of full downstream deregulation and forex reforms has saved Nigeria over N6 trillion in fuel import losses. Mr Saidu Mohammed, Chief Executive, NMDPRA, who made this known at the ongoing Nigeria International Energy Summit (NIES) 2026, in Abuja, said this was in first nine months of 2025. Delivering a keynote address at the Mid/Downstream Transformation Debate with the theme ”Driving Nigeria’s Downstream Renaissance: Regulation, Investment, and Market Confidence”, Mohammed attributed much of the sector’s progress being witnessed…

Brent, WTI Fall as Crude Oil Market Pressures Ease Brent, U.S West Texas Intermediate (WTI) fell in the global commodity market on Thursday as supply risks fade due to U.S -Iran ongoing diplomatic talks. Prices edged lower as confirmation of upcoming US-Iran talks helped calm geopolitical nerves, though losses were capped by a sharper-than-expected draw in US crude inventories linked to extreme winter weather. Brent crude traded at $67.75 per barrel, down 0.9% from the previous close of $68.35. US benchmark West Texas Intermediate (WTI) declined 0.8% to $63.50 per barrel, compared with $64.03 in the prior session. Markets took…

British oil giant Shell recorded its lowest quarterly profit in almost five years on Thursday, due to adverse tax adjustments

State-Owned Refineries Shut due to Monumental Losses  –Ojulari The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the state-owned refineries were shut down after internal reviews revealed that they were operating at “monumental losses” and destroying value for the country. Mr Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd., said this in a Fireside Chat on Securing Nigeria’s Energy Future at the ongoing Nigeria International Energy Summit (NIES 2026) on Wednesday in Abuja. Speaking during an interactive session, Ojulari said that his leadership team moved swiftly to understand the state of the refineries amid public outrage over years of heavy…

Naira Gains Against U.S. Dollar, Spot Rate Prints at N1,358 The naira sustained its rally against the US dollar on Wednesday in the official market as supply levels sufficiently covered international payment requisitions at the Central Bank FX window. The spot rate printed at N1358 per dollar, its multi-period high exchange rate position since the FX reforms, and the channel check showed the exchange rate appreciated at the informal currency segment. According to the latest reviews, the market now anticipates the local currency exchange rate to appreciate to N1300- N1,350 per dollar in the first quarter of 2026. The market…

Nigerian banks will continue to face asset quality challenges following the total forbearance shutdown by the Central Bank in 2025, S&P acknowledged in a new report.

Fitch Rates Shell Petroleum B.V. ‘AA-‘ with Stable Outlook Fitch Ratings has assigned Shell Petroleum B.V. (SPBV) a Long-Term Issuer Default Rating (IDR) of ‘AA-‘ with a Stable Outlook. Fitch has also affirmed Shell plc’s Long-Term IDR at ‘AA- Shell was accorded a stable rating outlook and Short-Term IDR at ‘F1+’, following the update of its Corporate Rating Criteria and the Sector Navigators – Addendum to the Corporate Rating Criteria dated 9 January 2026. Fitch said the Long-Term IDR for SPBV is equalised with Shell’s, in line with the ratings agency’s Parent and Subsidiary Linkage (PSL) Rating Criteria. Shell’s Long-Term…

South Africa Joins Afreximbank, Unveils $8bn Financial Intervention The Republic of South Africa has today officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), Africa’s leading Multilateral Financial Institution, marking the formal entry of one of Africa’s largest economies into the Bank’s membership, heralding deeper financial sovereignty. The accession follows the South African Parliament’s historic approval of the accession in 2025, cementing a strategic partnership between Africa’s leading multilateral Bank and the continent’s industrial powerhouse. South Africa becomes the 54th state to accede to the Bank’s Establishment Agreement, which constitutes a historic milestone as the two partners…