The naira appreciated to N1,600 per dollar in the parallel market yesterday, strengthening from N1,605 per dollar recorded last week. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira rose to N1,540 per dollar. Since May 29th, the naira has continued on an upward trajectory, gaining a total of N47 against the dollar in the official market. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,540 per dollar from N1,551 per dollar last Thursday, reflecting an N11 appreciation. As a result, the gap between the parallel market and NFEM rates widened to N60 per dollar, up from N54 the previous day.

The Nigerian government risks forfeiting $4 million from a World Bank loan after failing to meet key audit standards in major revenue-generating agencies like the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service. This was revealed in a World Bank restructuring paper dated June 2025. At an exchange rate of ₦1,568 to the dollar, the amount—approximately ₦6.2 billion—could have been used to address part of Nigeria’s infrastructure challenges. The fund was part of the $103 million Fiscal Governance and Institutions Project, a public financial management programme funded through a credit facility from the International Development Association. According to the report, the revenue assurance audit for FIRS and Customs covering the 2018–2021 financial years was deemed “not achieved,” as the submitted audit reports failed to meet international standards. The $4 million allocation was specifically earmarked for auditing the main income-generating agencies, including FIRS and the Nigeria Customs Service, over the four-year period. “These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.” Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds. “The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read. Further review reveals that \$4.5 million was linked to the unfinished Revenue Assurance and Billing System, while \$1 million was earmarked for the creation of a National Budget Portal. The document indicates that the Budget Office of the Federation, which was tasked with developing the portal, failed to provide any evidence of progress or completion. Additionally, \$900,000 in technical assistance funds remained unutilized and has now been cancelled.

Nigerians should anticipate major developments in the oil sector, as Aliko Dangote, President of the Dangote Group and founder of the Dangote Petroleum Refinery, has hinted at an imminent “major shakedown.” Speaking to journalists after President Bola Tinubu’s visit to his \$20 billion refinery in Lekki, Lagos, Dangote clarified that the planned move is not aimed at reducing fuel prices, but rather a comprehensive overhaul of the downstream sector. Pressed for details on what the “shakedown” entails, the industrialist declined to reveal specifics, saying only that the announcement would come soon. He said, “Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price, it will be the total overhaul of the downstream.” He added that the shake-up would prompt the refinery to go on a “massive trajectory.” “I told the President that he had not seen anything yet, we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” Dangote said. Furthermore, the businessman reaffirmed plans to list his refinery on the stock exchange this year, beginning with the fertiliser company. He also praised President Tinubu’s economic reforms, noting that they have created a more favourable climate for industrial development and long-term investments.

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in a cryptocurrency known as Punisher Coin, with the symbol \$PUN. In a statement issued on Sunday in Lagos, the SEC stated that the presale of the token lacks regulatory approval and bears the characteristics of a Ponzi scheme. The Commission also noted that the promoters of \$PUN are not registered to operate in any capacity within Nigeria’s capital market. The Commission said: “Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called PUNISHER COIN, also known as $PUN. “Of particular concern is an article by Daily Trust E-Paper titled: ‘Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink.’” SEC clarified that Punisher Coin and its promoters are neither registered nor approved to promote, launch, trade, or solicit investment from the Nigerian public. Preliminary investigations indicate Punisher Coin is a ‘meme coin’ — a type of digital asset often lacking tangible utility or a supporting project. Further findings confirm $PUN is indeed a meme coin, typically without real-world value, purpose, or technical foundation backing its existence. The value of such coins is usually driven by hype, social media trends, or promotional efforts by its creators and community. This makes them vulnerable to ‘pump and dump’ schemes — fraudulent tactics used to inflate and then crash a coin’s market price. In such schemes, promoters spread false hype, creating buying pressure, then sell off their holdings at the peak, leaving others with losses. After the promoters sell and stop hyping, the coin’s value usually plummets, causing unsuspecting investors to lose money rapidly. The SEC emphasized that the value of such coins is often driven by hype and deceptive claims rather than genuine substance, making them highly susceptible to price manipulation. As a result, the public is strongly advised to avoid participating in the presale of Punisher Coin, warning that any investment made is entirely at the investor’s own risk. The Commission also urged investors to thoroughly verify the authenticity of any digital asset, its promoters, and the platforms involved before committing any funds. Verification can be carried out through the SEC’s official portal: [https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators).

Beginning Sunday, June 8, 2025, Nigerians will face increased costs for driver’s licenses and vehicle number plates, following a new pricing framework approved by the Joint Tax Board (JTB). The JTB attributed the upward review to the integration of enhanced security features and rising production expenses. In a statement issued in May 2025, the board confirmed that the new rates will apply nationwide, and all licensing authorities have been instructed to implement the changes. Under the new structure, a standard motor vehicle driver’s license will cost ₦15,000 for three years and ₦21,000 for five years. Tricycle operators will pay ₦7,000 and ₦11,000 for the respective durations. Standard number plates for private and commercial vehicles will now cost ₦30,000. Fancy plates have surged to ₦400,000. Motorcycle owners will pay ₦12,000 for standard plates and ₦50,000 for the fancy version. This is not the first time fees have been revised. A similar adjustment was made in 2021, also citing security upgrades and production costs. According to the JTB, the latest fee changes are part of broader efforts to modernize vehicle identification and uphold national security, even as implementation costs are transferred to road users

The Federal Government has stepped up talks with the Japan International Cooperation Agency (JICA) to expedite the rollout of a ¥15 billion (approximately \$110 million) emergency loan aimed at enhancing food security nationwide. This was revealed in a statement issued on Wednesday by the Federal Ministry of Finance and the Coordinating Ministry of the Economy following a high-level meeting involving Finance Minister Wale Edun, Agriculture and Food Security Minister Senator Abubakar Kyari, and senior JICA officials. “The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, today met with senior representatives of the Japan International Cooperation Agency to advance the implementation of the Food Security Emergency Loan Support Programme,” the statement read. The \$110 million facility is intended to strengthen Nigeria’s food production systems and bolster resilience against ongoing global supply disruptions and rising domestic inflation, according to the ministry. “The JPY 15bn facility (approximately $110m) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges,” the ministry added. With the rainy season already underway, the ministers stressed the urgency of executing key components of the programme to ensure timely support for farmers and rural communities. “Both ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities,” it stated. JICA, in response, reaffirmed its commitment to the programme but requested formal clarification on proposed implementation changes. It was agreed that production activities would proceed immediately under the current framework, while other components such as aggregation and financing would be reviewed in line with the original loan terms. “JICA welcomed the government’s commitment to delivery and requested formal clarification on proposed implementation adjustments. “It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components, such as aggregation and financing, would be reviewed in line with the original loan agreement,” the statement read. The development comes just days after President Bola Tinubu wrote to the National Assembly seeking approval for a fresh external borrowing plan of $21.5bn under the 2025–2026 borrowing framework. In addition to the $21.5bn request, the President also seeks the legislature’s nod for the ¥15bn loan and a €51m grant to support key development initiatives. According to the letter submitted to the National Assembly, Tinubu explained that the facilities are aimed at generating employment, promoting skill acquisition, fostering entrepreneurship, reducing poverty, and improving food security. Meanwhile, data from the Debt Management Office indicates that as of December 2024, Nigeria’s debt to JICA stood at \$53.31 million, accounting for 0.88% of the country’s total bilateral debt and 0.12% of its overall external debt. With the approval of the new food security loan, Nigeria’s total debt to JICA would increase to \$163.31 million.

The naira appreciated yesterday, strengthening to N1,615 per dollar in the parallel market, up from N1,620 per dollar on Tuesday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira gained value, trading at N1,564 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,579 to N1,564 per dollar, reflecting a N15 appreciation. As a result, the gap between the parallel market and the NFEM rate widened to N51 per dollar, compared to N41 per dollar the previous day.

Streaming giant Netflix has increased its subscription prices in Nigeria for the third time in under a year, marking its first hike for 2025. According to updates seen on the company’s website by WAFFI TV, the new pricing structure affects all subscription tiers. Under the new rates, the Premium plan now costs ₦8,500 monthly, up from ₦7,000. The Standard plan has risen to ₦6,500 from ₦5,500, while the Basic plan now stands at ₦4,000, up from ₦3,500. The Mobile plan increased to ₦2,500, previously ₦2,200. The last two price hikes occurred in April and July 2024. This development comes as Nigerians grapple with soaring living costs, a weakening naira, and record inflation. It also follows a recent move by telecom operators in Nigeria who raised tariffs by up to 50 per cent. Similarly, MultiChoice, the parent company of DStv and GOtv, introduced new pricing effective March 1, 2025. The DStv Compact bouquet jumped from ₦15,700 to ₦19,000 — a 25 per cent increase. Compact Plus rose from ₦25,000 to ₦30,000, while the Premium package climbed from ₦37,000 to ₦44,500. GOtv prices also saw significant increases. The Jinja package moved from ₦3,600 to ₦3,900; Jolli from ₦4,850 to ₦5,800; Max rose to ₦8,500 from ₦7,200; Supa went up to ₦11,400 from ₦9,600; and Supa Plus increased to ₦16,800 from ₦15,700. As of now, Netflix has not issued an official statement regarding the latest price adjustments in Nigeria.

The naira depreciated to N1,620 per dollar in the parallel market yesterday, down from N1,610 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to N1,579 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate strengthened slightly, moving from N1,580 to N1,579 per dollar — a N1 gain for the naira. As a result, the gap between the parallel market and NFEM rates widened to N41 per dollar, compared to N30 per dollar the previous day.

President of Dangote Refinery, Aliko Dangote, has announced that the refinery’s recent price cuts have brought Nigeria’s petrol price to 55 percent below the average pump price across West Africa. He made this known in a statement on Sunday following a visit by a high-level delegation led by Dr. Omar Touray, President of the ECOWAS Commission. Dangote noted that Nigerians are already benefiting from local refining, with significantly lower petrol prices compared to neighboring countries. He also emphasized the urgent need for West African nations to shift from fuel importation to local production. “In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. “But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 percent of what others in the region are paying for petrol,” he stated. On his part, Touray lauded Dangote for the trust reposed on the continent by building the refinery.