Nigeria’s foreign-exchange market daily turnover has reached $500 million, while spreads between official and parallel markets have narrowed to less than 2%. The CBN Governor, Olayemi Cardoso disclosed this during the 303rd Monetary Policy Committee (MPC) meeting, the final MPC session for 2025 held in Abuja. CBN Governor Olayemi Cardoso revealed that Twelve months ago, …
By Lukman Otunuga Despite the shortened holiday week, November could end with a bang due to a lineup of high-impact events. In Nigeria, the CBN could cut rates as much as 100 basis points on Tuesday as inflationary pressures cool. Annual inflation fell to 16.05% in October 2025, its softest level since March 2022. …
Despite recording a marginal increase in crude oil production in October, Nigeria has, however, failed to meet its OPEC production quota for the third consecutive month. Nigeria recorded 1.401 million barrels per day (bpd) in October, slightly up from 1.39 million bpd in September 2025. This is according to the Organisation of Petroleum Exporting Countries …
There is a strong expectation that the Central Bank of Nigeria (CBN) will cut the benchmark interest rate when its 12-member committee meets for its 2-day Monetary Policy Committee (MPC) meeting starting on Monday, November 24. The anticipation for another rate cut is reflective of recent positive developments in the domestic and global macroeconomic conditions. …
The Nigerian naira closed the week on a negative note as it further depreciated at the official foreign exchange market on Friday, November 21. The Central Bank of Nigeria (CBN) foreign exchange data indicated that the naira exchanged for N1,456.72 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Friday. This reflects a N4.59 …
Global coffee prices fell sharply on Friday after U.S. President Donald Trump removed 40% tariffs on Brazilian agricultural products, including coffee and cocoa, responding to rising American consumer concerns over high food costs. U.S. retail coffee prices surged 40% year-on-year in September, partly due to tariffs, contributing to a decline in Trump’s approval ratings. This …
Nigeria has officially stepped onto the global stage as a strategic hub for rare earth minerals with the groundbreaking of Hasetins Group’s US$400 million rare earth and critical metals processing plant in Uke Karu Local Government Area, Nasarawa State. Set to become Africa’s largest hybrid rare earth facility, the plant will double Nigeria’s existing production …
The naira recorded a significant drop on Wednesday, November 19, at the official foreign exchange market despite a surge in Nigeria’s foreign reserves in recent times. The Central Bank of Nigeria’s exchange rate data indicated that the naira depreciated to ₦1,454.19 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, against the ₦1,447.43 …
The Federation Account Allocation Committee (FAAC) stated that it has allocated N2.094 trillion to the three tiers of government as the Federation Allocation for October. It was disclosed at its November 2025 meeting, chaired by the Accountant-General of the Federation, Shamsudeen Ogunjimi, according to a statement signed by the Director of Information and Public Relations …
China imported no soybeans from the United States for the second consecutive month in October, even as its overall soybean imports rose to a monthly record driven by massive purchases from South America. Data released Thursday by the General Administration of Customs showed U.S. soybean imports dropped to zero, compared to 541,434 metric tons in …
