The naira appreciated to N1,620 per dollar in the parallel market yesterday, up from N1,625 per dollar on Monday. However, it depreciated in the Nigerian Foreign Exchange Market (NFEM), weakening to N1,598.69 per dollar. According to data from FMDQ, the naira's exchange rate in the NFEM slightly declined from N1,597 per dollar on Monday, marking a depreciation of N1.69. As a result, the gap between the parallel market and NFEM rates narrowed to N21.31 per dollar, down from N28 per dollar on Monday.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has affirmed that the Nigerian economy is stable. He made this known during a press briefing following the conclusion of the Bank’s 300th Monetary Policy Committee meeting on Tuesday. According to Cardoso, investor confidence in the Nigerian economy has significantly improved over the past eighteen months. Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth. “What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

The Monetary Policy Committee of the Central Bank of Nigeria has maintained the country's interest rate at 27.50 percent. CBN Governor Olayemi Cardoso announced this during a press briefing on Tuesday following the 300th MPC meeting held in Abuja. “The committee unanimously agreed to retain MPR at 27.50 percent,” he stated. Cardoso further stated that the MPC resolved to keep the Cash Reserve Ratio (CRR) at 50 percent for commercial banks and 16 percent for mortgage banks. The Liquidity Ratio (LR) remains at 30 percent, while the asymmetric corridor around the Monetary Policy Rate (MPR) is retained at +500/-100 basis points. All other monetary policy parameters were also left unchanged. He explained that the committee’s decision to pause interest rate hikes was influenced by a decline in Nigeria’s inflation rate, which eased to 23.7 percent in April. The National Bureau of Statistics reported last week that the country’s consumer price index showed a drop in inflation to 23.7 percent.

The Central Bank of Nigeria (CBN) has debunked circulating social media claims alleging that Fidelity Bank is bankrupt. In a statement released on Monday, the apex bank’s acting spokesperson, Hakama Sidi Ali, reaffirmed the stability and resilience of Nigeria’s banking sector, assuring the public that it remains safe and sound. The clarification follows reports suggesting that Fidelity Bank is facing bankruptcy after the Supreme Court ordered it to pay N225 billion in damages to Sagecom Concept Limited. However, the CBN described these reports as misleading, urging the public to disregard sensational and unverified claims. “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution. “The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds. “The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. “These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system. “We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system. The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. “It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement reads.

Despite global crude oil price fluctuations, Dangote Petroleum Refinery & Petrochemicals has consistently reduced the price of Premium Motor Spirit (PMS), popularly known as petrol. In a statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, the company said its commitment to price stability reflects a strong dedication to supporting Nigeria’s economy and easing the burden on consumers. Dangote emphasized that the move highlights its resolve to deliver affordable, reliable, and high-quality petroleum products while maintaining operational efficiency and sustainability. The company stated, “Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally produced goods and services. “By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians. “We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians.” The company assures all stakeholders—consumers, partners, and the government—of its continuous dedication to operational excellence and national service. “Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work.”

President Bola Tinubu has approved all necessary regulatory licences for the Kolmani Integrated Development Project, a multibillion-dollar oil exploration venture situated between Bauchi and Gombe states. This was revealed by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the groundbreaking ceremony for the permanent site of the Bauchi Oil and Gas Academy in Alkaleri Local Government Area. In a statement released on Sunday by his Special Adviser on Media and Communication, Nneamaka Okafor, Lokpobiri stated that the approvals align with the government’s drive to boost oil production by leveraging all available hydrocarbon assets nationwide. He said, “The imperative to activate all available oil platforms for increased production led President Bola Tinubu to grant approvals for the issuance of all critical regulatory licences for the Kolmani Integrated Development Projects.” Lokpobiri noted that the administration was committed to leveraging the full potential of Nigeria’s energy resources to drive industrial growth, create jobs and boost national revenue. “Mr President is intentional about transforming our energy landscape into one that fuels industrial growth, creates jobs and enhances national revenue,” he stated. Commending Bauchi State for aligning with the Federal Government’s energy goals, the minister said the establishment of the oil and gas academy demonstrated the state’s commitment to building local capacity for the sector. “With this academy, Bauchi is making a strategic contribution to the development of the human capital needed to drive our sector forward,” he added.

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has stated that its members can only source Premium Motor Spirit (petrol) from the Dangote Petroleum Refinery, as the Nigerian National Petroleum Company Limited’s refineries are not yet fully capable of producing petrol, but rather naphtha. DAPPMAN’s Executive Secretary, Olufemi Adewole, made this known in a discussion with our correspondent on Sunday. He affirmed that the association’s members are prepared to lift products from the Dangote refinery, which he described as the only functional petrol-producing facility in the country. He added that marketers would consider importing the product only if local supply becomes unavailable. However, he noted that the Dangote refinery has not yet agreed to sell petrol in bulk to DAPPMAN members. Adewole further explained that the marketers would not approach the Port Harcourt or Warri refineries for petrol, as those facilities are currently focused on producing naphtha and are not yet fully operational for petrol output. “The NNPC refineries, both the revamped Port Harcourt and Warri, are not yet optimally producing PMS; they are producing naphtha. Our members will not go to them for now. “But where we can get the product is Dangote refinery and we are willing to work with Dangote refinery, we are willing to buy from Dangote refinery, but if we don’t get the product from Dangote refinery, the PIA allows us to import which is what we’ll go for,” Adewole said. He maintained that the in-country production of PMS should be ramped up to give marketers more sources of getting the product. He clarified that it was not the primary will of the depot owners to import, saying they would rather buy locally and sell to Nigerians, but the opportunities are limited. “In-country production should be ramped up because we need to have more sources of getting the product. It is not the primary will of the depot owners to import; we would rather buy locally and sell to Nigerians, but the opportunities are limited,” he stated. However, he argued that the Dangote refinery prefers a selective approach that chooses a few marketers and deals with them, stressing that it prefers the gantry supply. As depot owners, Adewole said the association loves to buy in bulk, up to 25 metric tonnes. He stressed that if the portal is open and members are allowed to load their vessels, it will be easier for them to patronise the Dangote refinery. “Dangote refinery, in this context, prefers a selective approach that chooses a few marketers and deals through them, and it prefers the gantry supply. But we are depot owners. We pick in bulk. We are picking 15 – 25 metric tonnes. So, if the portal is open and we are allowed to load our vessels, then it’s a lot easier for us,” he posited. Adewole noted that his members have depots all over Nigeria, and they are ready to pick PMS and diesel from the Dangote refinery, expressing doubts about whether or not the refinery is ready to sell to them. According to him, talks are still ongoing with Dangote, but members want the best price without being shortchanged. “We have depots all over the country, spread all over the coastal areas. So, all these depots are ready and willing to pick from Dangote. But is Dangote ready and willing? We’ve had several meetings with Dangote Refinery at the highest level of their management. We’re still talking with them. So, it’s not yet closed, but we want a situation in which we can pick from the refinery at the best possible price without being shortchanged,” he explained. He spoke further that the aim of DAPPMAN is to ensure it gives customers in all parts of the country quality products at the best price, no matter where the product legitimately comes from. The PUNCH

The Naira closed the trading week on a positive trajectory, posting a bullish finish on Friday at the official foreign exchange market. It appreciated to N1,598.72 per U.S. Dollar, marking a modest gain and signaling ongoing efforts to stabilize the local currency. Data from the Central Bank of Nigeria’s official website showed that the Naira strengthened by N0.60k on Friday, representing a 0.03 per cent appreciation from the N1,599.32 rate recorded at Thursday’s close. Earlier in the week, the Naira demonstrated resilience, gaining ground during both Tuesday and Wednesday sessions. On Tuesday, it appreciated by 0.02 per cent, followed by a stronger 0.21 per cent gain on Wednesday. These midweek improvements were seen as signs of renewed investor confidence and increased Dollar supply in the market. However, the momentum was briefly interrupted on Thursday, as the Naira slipped by N2.62 — a 0.16 per cent decline — due to a spike in Dollar demand from importers and other market players. Despite Thursday’s setback, the week ended on a positive note, with the Naira showing signs of gradual recovery and improving stability. Analysts remain focused on the Central Bank’s policy direction, particularly measures aimed at boosting Dollar liquidity and managing demand-side pressures. Going forward, the Naira’s performance is expected to hinge on consistent supply inflows and prevailing investor sentiment within the broader economic environment.

Nigeria’s headline inflation rate dropped to 23.71 percent in April 2025, down by 0.52 percentage points from 24.23 percent in March. This was revealed in the latest Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS). The report also indicated a 0.53 percentage point drop in the food inflation rate, which fell to 21.26 percent in April from 21.79 percent in March. The decline was linked to lower prices of key staple foods such as maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans. According to the NBS: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.” “On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100.” The report further noted that the food inflation rate on a year-on-year basis stood at 21.26% in April 2025, marking a 19.27 percentage point reduction compared to 40.53% in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations. On a month-on-month basis, food inflation was recorded at 2.06% in April 2025, a slight drop of 0.12% from 2.18% in March 2025. “The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added. The easing of both headline and food inflation is seen as a positive development for consumers, although economic analysts have called for sustained policy measures to ensure price stability in the coming months

The Ijaw People’s Development Initiative (IPDI), a prominent Niger Delta advocacy group, has congratulated Ken Etete of Century Group, Dr. Mike Adenuga of Conoil, Mr. Bayo Ojulari of NNPCL, and Mr. Wale Tinubu of Oando Plc for the historic international export of the Obodo blend crude. In a statement signed by its National President, Comrade Ozobo Austin, and made available to newsmen on Thursday, IPDI expressed pride in the role played by Etete and other industry leaders in advancing Nigeria's energy sector. The group noted that Etete, a proud son of the Niger Delta, has not only contributed significantly to peacebuilding efforts in the region through numerous initiatives and investments but is also actively driving economic growth in line with the Renewed Hope Agenda of President Bola Tinubu. The statement highlighted that in the past, indigenous companies contributed less than 120,000 barrels per day to Nigeria’s oil production, owning only 6% of the daily output despite holding over 30% of production licences. Today, however, that narrative has shifted. According to IPDI, Nigerian firms have grown into strong players in the industry, boasting the financial strength and technical capacity to independently own and operate upstream assets or engage in strategic partnerships. The group credited this remarkable progress to the hard work and professionalism of indigenous operators, which has resulted in more than a 100% increase in Nigeria’s local oil production share. Century Group’s successful offtake from its FPSO *Tamara Tokoni*, they added, is further proof of Nigeria’s potential to establish one of the world’s most valuable and competitive domestic upstream industries. "As Ijaw people, we are proud that a Niger Deltan is not only fostering peace in the region but is also adding immense value to the national economy, in alignment with Mr. President’s Renewed Hope vision," the statement concluded.