FG Rules Out Fuel Subsidy Return, Multiple Exchange Rates
FG maintains economic reforms, ruling out fuel subsidies and multiple exchange rates. Minister Oyedele targets 7% growth, warns AI could outpace job creation.
Category : Economy
NBS: Lagos, Imo, Ondo Top Food Inflation in September
Lagos recorded the highest annual food inflation at 34.4% in September 2026, followed by Imo (33.8%) and Ondo (31.5%), while Taraba saw a -7.5% decline.
Nigeria Inflation Drops to 14.63% in September, Food Prices Fall
Nigeria's headline inflation fell to 14.63% in September 2026 from 15.39% in August, as food inflation dropped month-on-month, according to the NBS.
Naira Gains Against Dollar at Official and Parallel Markets
The naira appreciated at both official and black market windows on October 14, 2026, with interbank turnover surging 426.9% to $490.855 million, while analysts expect relative stability.
Naira Falls Against Dollar, Pound; Gains on Euro
The naira depreciated by 90 kobo against the dollar at N1,332.09/$1 on October 12, while gaining N1.64 against the euro. Interbank FX turnover fell 77.7% to $36.24 million.
IMF urges Nigeria cash transfers as citizens suffer
IMF says Nigerians are suffering from cost of living, advises Tinubu's government to implement targeted cash transfers and temporary income support for vulnerable households.
FirstHoldCo Tops Zenith, GTCO as 5 Banks Report N2.29trn Profit
Five Nigerian banks posted a combined N2.29 trillion profit before tax in H1 2026. FirstHoldCo led with N653.5 billion, followed by Zenith Bank and GTCO, according to Daily Trust.
Tinubu Hails Lower Transport Fares, Shares New Prices for 3 States
President Tinubu announced transport fare reductions in Abuja, Enugu, and Borno, crediting CNG, electric, and hybrid investments, with fares dropping from N1,500 to N500 in Abuja.
Nigeria Diesel Price Surge 82.7%: UN Report
Nigeria recorded the world's steepest diesel price increase at 82.7%, and the fourth-largest petrol rise, according to UNCTAD. Disrupted energy shipments and higher crude prices are pushing up costs for businesses and households.
Petrol Cars Lose Majority as EV Sales Surge
Petrol-only cars fell to 49% of global new-vehicle sales in H1 2026, down 10% year-on-year, as fuel costs push buyers toward EVs and hybrids, data shows.
Dangote Group Forecasts Naira at N1,330/$ in Q4 2026
Dangote Group projects naira at N1,330 per dollar in Q4 2026, full-year average N1,385/$, citing rising reserves and lower fuel imports.
Naira Falls to N1,332.10/$ in Official Market, Gains N5 Parallel
Naira depreciated to N1,332.10 per dollar at NAFEM on Oct 8, 2026, but gained N5 in parallel market. FX turnover surged 350% to $326.12 million, reserves hit $54.98 billion.
Nigerian Bank Salaries: Entry-Level Pay at UBA, GTBank, Stanbic IBTC
Nigerian banks pay confirmed entry-level employees monthly salaries ranging from about ₦312,000 to over ₦514,000, with Standard Chartered and Stanbic IBTC leading the pack, according to Legit.ng research.
FG targets N1,350/litre petrol price ceiling to stabilise prices
The federal government is negotiating a N1,350 per litre petrol price ceiling at ex-gantry or landing-cost level to stabilise pump prices, with plans for a strategic fuel reserve, CNG expansion, and an excess profit tax on energy operators.
Naira Hits Two-Year High at N1,331.77/$ on Strong FX Supply
Naira appreciated to N1,331.77 per dollar in the official market on October 8, 2026, a two-year high, driven by autonomous FX inflows and rising external reserves, per CBN data.
Andrew Frankel: Bridget Moynahan's Husband's Life and Career
Andrew Frankel, co-CEO of Stuart Frankel & Co., is Bridget Moynahan's husband. He was born in 1974, has three sons, and an estimated net worth of $70-80 million.
Pesa expands into Australia with zero-fee transfers to Nigeria
Pesa has expanded into Australia, offering zero-transfer-fee money transfers from Australian dollars to Nigerian naira with upfront exchange rates for faster, transparent cross-border payments.
FMDA projects Nigeria Q3 current account surplus at $8.69bn
Nigeria’s current account surplus is projected to widen to $8.69bn in Q3 2026 from $7.54bn in Q2, driven by lower imports and elevated crude oil prices, according to FMDA.
Atiku Blasts Tinubu Over N56.13bn Ag Trade Deficit
Atiku Abubakar accuses President Tinubu of overseeing Nigeria's agricultural trade collapse, citing a swing from a ₦740.27bn surplus in H1 2025 to a ₦56.13bn deficit in H1 2026, and proposes production subsidies.
World Bank Compares Naira Depreciation Among African Currencies
The World Bank's October 2026 Africa Economic Update shows the naira weakened by up to 2.6% amid Middle East conflict, faring better than Ghana's cedi and other regional peers.
Nigeria 36th as Djibouti Tops Africa 2026 Salary Rankings
Djibouti leads Africa with $2,836 average monthly net salary in 2026; Nigeria ranks 36th at $140, per LiveGDP data.
CBN: Diaspora Remittances Hit $950m in July, Near $1bn Target
Nigerians abroad sent $950 million in remittances in July 2026, CBN says. The bank targets $1 billion monthly as FX reforms narrow the official-parallel gap.
Naira exchange rate: Dollar, euro, pound at N1,329, N1,510, N1,766
The naira trades at N1,329.16/$, N1,510.06/€, and N1,766.59/£ in the official market as of October 2, 2026, with the euro falling below N1,500 for the first time since April 2024.
CBN Survey: Businesses Expect Naira Gains, Confidence Up
CBN September survey shows businesses expect naira gains, with official rate at N1,327.08 and parallel market at N1,370-N1,390. Business Confidence Index hit 13.4 points.
FG Targets 2 Million Nigerians for Consumer Credit in 2027
The Federal Government plans to provide consumer credit to over 2 million Nigerians in 2027, with CREDICORP already facilitating N53.5 billion for 351,000 beneficiaries.
10 Cheaper Food Items in Nigeria as Prices Fall in September
Prices of 36 food items fell in Lagos markets in September 2026. Sweet potatoes, plantain, maize, pepper, garri, beans, and rice became cheaper, offering relief to households.
Atiku Faults Tinubu on Fuel Prices, Cites Germany Tax Cut
Atiku Abubakar criticises Tinubu's fuel policies as Germany cuts fuel taxes by €0.17 per litre, proposing local refining support to ease Nigerian hardship.
Ecobank Cuts Savings Rates After CBN MPR Adjustment
Ecobank Nigeria reduced interest rates on four naira savings products effective September 24, 2026, following the CBN's MPR reset to 23%. All Savings Account dropped from 7.95% to 6.90% per annum.
Tinubu Borrows $11.36bn as Nigeria’s Debt Hits N166.79trn
Nigeria’s external debt rose from $43.16bn in June 2023 to $54.52bn by June 2026, a 26% increase, as Tinubu’s government borrowed $11.36bn, DMO data shows.
Iran's Rial Hits Record Low of 2.5 Million Per Dollar
Iran's rial plunged to a record low of over 2.5 million per dollar, deepening economic strain amid war and sanctions, just 27 days after its previous low.
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