Author: Olu Anisere

Crude Oil Prices Edge Higher Ahead of OPEC+ Meeting Crude oil prices closed higher on Friday in the global commodity ahead of the Organisation of Petroleum Exporting Countries (OPEC) and allies members meeting on Sunday. The crude oil prices has been stemmed by expectation of supply glut and fluctuating demand with both side peppered by geopolitical risks linked to the Russia-Ukraine and rising tensions involving Iran, Saudi Arabia and Venezuela Brent crude traded at $60.74 per barrel, up 0.5% from last Friday’s close of $60.43. The US benchmark West Texas Intermediate (WTI) rose 0.7% to $57.29 per barrel, compared with…

Oil Glut: Analysts See Brent Dropping to $55 per Barrel in 2026 Brent crude is poised to end 2025 sharply lower than where it began, as mounting oversupply risks and a softening demand outlook raise the prospect that prices could test $55 per barrel in the first half of 2026, analysts say. Geopolitical risks stemming from conflicts in the Middle East and the Russia-Ukraine war provided support for oil prices through much of 2025. However, those risks were increasingly offset by concerns that US tariff policies could weigh on global growth, alongside easing tensions in the Middle East and renewed…

China’s Digital Yuan Action Plan to Take Effect Jan 1, 2026 China will roll out a comprehensive action plan for its digital yuan (e‑CNY) on 1 January 2026, aiming to boost its management, operation, and adoption. The plan, announced by People’s Bank of China (PBoC) Deputy Governor Lu Lei, outlines a measurement framework, management system, operational mechanisms, and an ecosystem to make the digital yuan more attractive to banks and individuals. Key points of the plan include interest‑bearing digital‑yuan balances to incentivize wider use, a proposed international digital‑yuan operations hub in Shanghai to expand global usage, continued pilot testing and expansion of the e‑CNY across…

Foreign Currency Inflow into Nigerian Market Sinks by 95% Total foreign currency inflows into the Nigerian currency market went down sharply by about 95%, a situation that explains the Central Bank’s persistent intervention to keep the naira stable. The Apex Bank has been funding foreign portfolio investors’ exit from the market as market participants rebalanced their fixed-interest securities portfolio ahead of the New Year. With FX sales to banks, and other authorised dealers, the foreign exchange market remained relatively stable, supporting the expectation that the naira will close the year strong.  The Naira strengthened across markets ahead of the Christmas…

Nigeria’s Tax Ombudsman Begins Operations Jan. 1—Official The Office of the Tax Ombudsman of Nigeria says it will commence full operations on Jan. 1, 2026 aimed at resolving tax-related issues. Mr Chukwudi Achife, the Chief Press Secretary to the Tax Ombudsman/Chief Executive Officer, disclosed this in statement on Monday in Enugu. Dr John Nwabueze was recently appointed by President Bola Tinubu as the pioneer Tax Ombudsman and Chief Executive of the Office of the Tax Ombudsman. Achife said that upon announcing Nwabueze as Ombudsman CEO, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, had stated that…

Naira Appreciates by N11 at Nigerian Foreign Exchange Market The naira appreciated against the US dollar as the Central Bank of Nigeria (CBN) continued to intervene in the official currency market to stabilise the rate. Supported by sustained FX intervention by the CBN, the naira appreciated against the US dollar in the Nigerian Foreign Exchange Market (NFEM), gaining ₦11.04 per US dollar at the close of session last week. During the week, the Naira traded in a range of ₦1,431.00 to ₦1,466.00 per US dollar, showing consistent appreciation across all three trading sessions. The spot rate strengthened after the authority…

FG Wipes Out $1.42 bn, N5.57 trn NNPC Debt in Bold Fiscal Reform President Bola Tinubu has approved the cancellation of a massive portion of the debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, wiping out about $1.42 billion and N5.57 trillion after a reconciliation of records between the two entities. The decision was contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November 2025 meeting of the Federation Account Allocation Committee (FAAC) . The write‑off follows a comprehensive review of NNPC’s outstanding obligations, which had been reported at $1,480,610,652.58 and N6,332,884,316,237.13…

NNPC to Activate $2.8bn AKK Gas Pipeline for Export in 2026 NNPC Limited would activate its $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline for export early in 2026, its Group CEO Bashir Ojulari said. The update followed a recent tour of the project by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, accompanied by Ojulari, and the Company’s Executive Vice President (Gas, Power, and New Energy), Olalekan Ogunleye. The AKK pipeline, first conceived in 2008, is central to Nigeria’s ambition to leverage its vast gas reserves for economic growth. Its completion could transform the north, where chronic power shortages and…

Atiku Warns Of Constitutional Breach over Tax Acts Gazetting Former Vice President of the Federal Republic of Nigeria, Atiku Abubakar, on Sunday warned of a constitutional breach over tax act gazetting. In a statement in Abuja, Abubakar said that the senate’s confirmation that the gazetted tax act differs from what was passed by the lawmakers raised constitutional concerns and questioned the integrity of Nigeria’s law-making process. Abubakar said that any law published in a form never passed by the parliament was not a law but a nullity. “Section 58 of the Constitution outlines law-making clearly, requiring passage by both chambers,…

CBN Delivers Inflation-Protected Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) delivered inflation-protected spot rates on Nigerian Treasury bills in 2025 despite a sustained reduction in headline inflation. The monetary policy authority rates pricing came in contrast to market expectation, and the surprise spot rates adjustment dislocated projections, an expectation that confused some economists. The CBN increased risk premium on Treasury bills amidst disinflation, and stability of the local currency signals a possible plan to print money, some analysts said, noting widening real interest rate. Nigeria, with a benchmark interest rate of 27% chasing a 14.45% consumer…