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Nigeria

Dollar to Naira Exchange Rate Today, October 1, 2025 — Parallel and Official Market Update

The Nigerian naira posted mixed moves on Wednesday, October 1, 2025, with slight gains in the parallel market offset by mild weakness in the official foreign exchange window. Parallel Market (Black Market) ₦1,500/$1 — naira strengthened from ₦1,505/$1 earlier in the week. ₦2,075/£1 — pound sterling rate. ₦1,665/€1 — euro rate. Traders linked the recovery to improved dollar inflows from diaspora remittances, independent supply channels, and seasonal trade receipts. However, demand pressures remain elevated, as corporates, students, and importers still depend heavily on the street market. Official Market (NFEM) ₦1,478/$1 — down slightly from ₦1,480.15 the prior day. ₦2,030.50/£1 — pound sterling rate. ₦1,620.45/€1 — euro rate. The official market remained cushioned by Central Bank of Nigeria (CBN) interventions, helping moderate volatility. Key Takeaway The spread between the official and parallel markets narrowed to ₦22, compared with about ₦25 earlier. […]

Abdulmumini Auwal SA October 1, 2025

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Nigeria

‘We’re Racing Against Time’: Full Text of President Tinubu’s 65th Independence Day Speech

President Bola Ahmed Tinubu on Tuesday addressed Nigerians to mark the country’s 65th Independence anniversary, delivering a wide-ranging speech that reflected on the nation’s past, outlined his administration’s economic and social reforms, and offered a message of hope for the future. Tinubu recalled the sacrifices of Nigeria’s founding fathers — including Herbert Macaulay, Nnamdi Azikiwe, Obafemi Awolowo, Ahmadu Bello, and Funmilayo Ransome-Kuti — who envisioned a strong, prosperous, and united Nigeria. He noted that, despite challenges such as civil war, dictatorship, and political crises, the country had made significant progress in education, healthcare, infrastructure, and economic growth since 1960. The president stressed that his administration inherited a near-collapsed economy but chose the “path of reform” over “business as usual.” He highlighted key policy moves, including ending fuel subsidies, unifying foreign exchange rates, and investing in infrastructure, agriculture, and social programmes. […]

Abdulmumini Auwal SA October 1, 2025

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Nigeria

Crude Oil Imports Hit Record High as Dangote Refinery Reshapes Nigeria’s Trade Flow

Nigeria’s crude oil imports surged by 26.5% in the first half of 2025, reaching 5,665,602 metric tons, compared to 4,478,413 metric tons in the same period of 2024, according to fresh data from the Nigerian Ports Authority (NPA). The rise has been largely attributed to the 650,000 barrels per day Dangote Petroleum Refinery, which has been sourcing crude oil from countries including the United States, Brazil, Angola, and Equatorial Guinea. Financial Vanguard’s quarterly analysis shows a mixed trend: Q1 2025: Imports dropped to 2,400,553 MT, down 30% from Q1 2024 (3,037,209 MT). Q2 2025: Imports spiked to 3,265,099 MT, a 126% increase compared to Q2 2024 (1,441,204 MT). The Dangote Refinery, which began refining diesel and aviation fuel in January 2024, has since become a key player in both domestic and global energy trade, exporting petroleum products while importing crude […]

Abdulmumini Auwal SA September 22, 2025

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Nigeria

Nigeria Respected Again, Economy Stable — Tinubu

President Bola Tinubu has declared that Nigeria’s economy is stabilising under his administration, insisting that the country is now “respected again” after years of neglect, corruption, and revenue leakages. The President made the remarks on Tuesday at the State House, Abuja, while receiving the Soun of Ogbomosho, Oba Ghandi Afolabi Laoye, Orumoge III, alongside ministers and senior government officials. Tinubu said his government’s tough but necessary decisions since May 2023 had ended the “bleeding” of public funds and restored discipline to the economy. “Thank you for recognising the bold steps we took from Day One. We know it was painful at first, but reforms are already making the economy stronger,” Tinubu said. He explained that years of fake financial records, smuggling, and corruption in the currency market had weakened the country, but recent reforms were reversing the trend. Highlighting progress, […]

Abdulmumini Auwal SA September 3, 2025

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Nigeria

Nigeria’s Oil Output Hits 1.7m Barrels Daily – NUPRC

Nigeria’s oil production has risen to its highest level in six months, averaging 1.71 million barrels per day (bpd) in July 2025, according to new data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission announced the figures on Thursday via its official X account, revealing that the total production included 1.507 million bpd of crude oil and 204,864 bpd of condensates. This represents an increase from 1.69 million bpd recorded in June 2025 and a significant improvement compared to 1.56 million bpd in July 2024 — a 9.9% year-on-year growth. NUPRC attributed the steady rise to enhanced security measures and improved operational efficiency across the upstream sector. “Even though Nigeria’s oil production has hit a six-month high with over 1.7 million barrels being produced daily, we at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are still exploring ways […]

Abdulmumini Auwal SA August 28, 2025

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Economy

Cooking Gas Price Surge Squeezes Nigerians for Fifth Consecutive Month

For the fifth straight month, Nigerians are facing relentless increases in cooking gas prices, straining household budgets and forcing many to make difficult choices about how — and how often — they cook. “I used to refill my 12.5kg cylinder for about ₦15,000 last year. Now, it’s over ₦21,000,” lamented Blessing Johnson, a 38-year-old tailor and mother of three in Warri, Delta State. “Sometimes I stretch it for two months by cooking less often, or I switch to kerosene. But kerosene is also expensive. It’s like we’re being squeezed from every side.” According to the National Bureau of Statistics (NBS), the average cost of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) rose by 1.92% in June 2025, from ₦8,167.43 in May to ₦8,323.95. While the month-to-month increase appears modest, the year-on-year figure tells a harsher story: prices have […]

Abdulmumini Auwal SA August 12, 2025

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Finance

CBN Holds Rates at 27.5% for Third Straight Meeting as Inflation Cools

CBN Maintains Hawkish Stance as Inflation Shows Mixed Signals The Central Bank of Nigeria (CBN) kept its key policy rate unchanged at 27.5% for the third consecutive meeting, adopting a cautious approach as inflation shows tentative signs of cooling. Key Decisions:✔ MPR held at 27.5% (unanimous 12-0 MPC vote)✔ CRR maintained at 50% for banks, 16% for merchant banks✔ Liquidity ratio steady at 30%✔ Asymmetric corridor unchanged at +500/-100bps "This pause sustains our disinflation momentum while containing price pressures," said CBN Governor Olayemi Cardoso. Inflation Breakdown: The Good and Bad News 📉 Headline Inflation:• June: 22.22% (down from 22.97% in May)• Driver: Cheaper energy (cooking gas, diesel, charcoal) 📈 Underlying Pressures:• Monthly inflation rose to 1.68% (from 1.53%)• Core inflation jumped to 22.76% (services, housing costs)• Food inflation remains stubbornly high Why the CBN Is Walking a Tightrope 🔍 The Delicate Balance:✅ Progress: 3-month disinflation trend validates tight policy⚠️ Risks: Rising month-on-month and core inflation🎯 Long-game: CBN targets single-digit inflation eventually "Energy price moderation helped, but services and housing […]

Ahmad July 23, 2025

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Finance

SERAP Sues NNPC Over Missing ₦500bn Oil Money: “Account for 2024 Shortfall Now!

Transparency watchdog SERAP has filed a high-stakes lawsuit against NNPC Limited, demanding accountability for ₦500 billion in missing oil revenues from late 2024. The move follows explosive World Bank reports showing NNPC remitted only ₦600bn of ₦1.1tn earned October-December 2024. ⚖️ Lawsuit Breakdown In *Suit No: FHC/L/MSC/553/2025* (Lagos Federal High Court), SERAP seeks: Court Order: Force NNPC to disclose whereabouts of unremitted ₦500bn Corruption Probe: Invite anti-graft agencies to investigate/recover funds Prosecutions: Identify and punish responsible officials Immediate Remittance: Return funds to Federation Account NNPC’s Controversial Defense: "FOI Act doesn’t apply to us" – Afe Babalola & Co (NNPC’s lawyers) SERAP’s Counterargument: "Supreme Court already ruled FOI Act covers ALL public records – including NNPC’s." 💰 Why This Matters SERAP argues this missing money: 📉 Worsens Nigeria’s debt crisis and deficit spending 🚫 Denies states/local governments critical allocations 🏥 Deprives citizens of essential services amid cost-of-living crisis ⚖️ Violates Constitution (Sections 13 & 15) and UN Anti-Corruption […]

Ahmad June 2, 2025

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Locations

Amaechi Backs Tinubu’s Policies But Slams Leaders: “Gains Go to Private Pockets, Not Nigerians!”

Former Minister Rotimi Amaechi delivered a sharp message at his 60th birthday in Abuja. He revealed he would have pursued similar policies to President Bola Tinubu if he led Nigeria. But he issued a major warning: ordinary Nigerians aren’t feeling the benefits. Amaechi’s Core Critique: Where’s the Public Good?Amaechi didn’t mince words: "The failure is that the gains of those policies are in their private pockets." He claims the intended results of reforms like subsidy removal enrich private individuals, not the masses. His question hit hard: *"We paid 4-5 trillion Naira in subsidies – where is that money now? If it went into the economy, people wouldn’t be complaining."* The Root Problem: Sharing vs. BuildingThe ex-Rivers Governor pinpointed a deeper issue in Nigerian politics. "Our politicians lack capitalist ideas," he stated. "Elites only fight about sharing resources, not creating them." He argued this "sharing mentality" blocks real progress that could help […]

Ahmad June 1, 2025

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