WAFFI TV | Business

Naira Appreciates To N1,590/$ In Parallel Market

The Naira strengthened to N1,590 per dollar in the parallel market yesterday, up from N1,600 per dollar last weekend. However, it weakened to N1,549 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,549 per dollar from N1,548 per dollar last Friday, reflecting a N1 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N41 per dollar from N52 per dollar last weekend.

3/18/2025, 7:13:39 AM

Nigeria’s Inflation Dropped To 23.18% In February~ NBS

Nigeria’s inflation rate fell for the second consecutive month in February, sparking optimism that price pressures may have peaked and could continue easing. The National Bureau of Statistics (NBS), in its latest report released on Monday, revealed that the country’s headline inflation dropped to 23.18% in February 2025, down from 24.48% in January—a 1.30% decline within the month. Year-on-year, inflation fell by 8.52 percentage points from the 31.70% recorded in February 2024. The NBS noted that although the figures were calculated using a different base year, the decline indicates a significant slowdown in price increases compared to the previous year. Meanwhile, the month-on-month inflation rate for February stood at 2.04%, reflecting the rate of price increases within the month. The NBS noted, “In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48 per cent. “Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30 per cent compared to the January 2025 Headline inflation rate. “On a year-on-year basis, the Headline inflation rate was 8.52 per cent lower than the rate recorded in February 2024 (31.70 per cent). This shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100. “Furthermore, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04 per cent.” Although prices continue to rise, the slowdown indicates a gradual relief from inflationary pressures in the economy. The decline in inflation follows the Central Bank of Nigeria’s efforts to curb price surges through monetary tightening and forex stabilization measures. In 2024, inflation soared to record levels due to currency depreciation, high transportation costs, and supply chain disruptions.

3/17/2025, 6:03:59 PM

Nigeria’s $1.1bn Loan Request May Be Granted Soon~ W’Bank

The World Bank could approve $1.13 billion in loans for Nigeria before the end of March 2025 to bolster economic resilience, health security, and education reforms. According to the World Bank’s website, three key projects for Nigeria are currently in the negotiation phase, with approval dates scheduled for this month. One of these projects, the Accelerating Nutrition Results in Nigeria 2.0 programme, is valued at $80 million and is expected to be approved by March 31, 2025. The initiative aims to improve nutrition outcomes, particularly for vulnerable groups, by expanding access to essential dietary support and combating malnutrition. Another project under negotiation is the Community Action for Resilience and Economic Stimulus Programme, which carries a commitment value of $500 million and is slated for approval by March 24, 2025. This initiative focuses on strengthening economic resilience through community-driven economic stimulus efforts. Additionally, the HOPE for Quality Basic Education for All programme, with proposed funding of $552.2 million, is expected to secure approval by March 31, 2025. The programme seeks to enhance basic education by addressing infrastructure gaps, improving teacher training, and expanding educational access nationwide. The potential approval of these loans comes as Nigeria grapples with economic pressures, including foreign exchange liquidity challenges, fiscal deficits, and rising debt service obligations.

3/17/2025, 8:57:16 AM

Global Crude Oil Price Tumbles Below $70 Per Barrel Amid Trade War

Global crude oil prices fell on Thursday, with Brent futures dropping $1.07 (1.5%) to settle at $69.88 per barrel, while U.S. West Texas Intermediate crude declined by $1.13 (1.7%) to $66.55 per barrel. The decline follows an International Energy Agency (IEA) report predicting that global oil supply could exceed demand by 600,000 barrels per day in 2025. The agency also revised its forecast for global oil demand growth downward by 70,000 barrels per day, now estimating an increase of just 1.03 million bpd. Market concerns were further exacerbated by worsening macroeconomic conditions and rising trade tensions. On Thursday, former U.S. President Donald Trump threatened a 200% tariff on wine, cognac, and other alcohol imports from Europe, fueling fears of heightened trade barriers. The escalating trade war comes amid ongoing uncertainty surrounding a proposed Russia-Ukraine ceasefire, involving U.S., Russian, and Ukrainian authorities.

3/14/2025, 9:04:53 AM

Shell Nigeria Gets New Name After Complete Acquisition By Renaissance

Shell Petroleum Development Company of Nigeria Limited (SPDC) has been renamed Renaissance Africa Energy Company Limited after 46 years of operations in Nigeria. The change follows the full acquisition of Shell by Renaissance, a consortium of Nigerian oil firms, in a $2.4 billion deal. Company spokesperson Tony Okonedo stated, "Going forward, SPDC will be renamed Renaissance Africa Energy Company Limited." Reacting to the acquisition, the Managing Director/CEO of Renaissance praised the Nigerian government for approving the deal. “We are extremely proud to have completed this strategic acquisition. “The Renaissance’s vision is to be “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner. “We and our shareholder companies are therefore pleased that the federal government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” he said.

3/14/2025, 7:22:50 AM

Nigeria Spends $817.4m On Debt Servicing In Two Months

Nigeria spent $817.4 million (approximately N1.26 trillion) on debt servicing in the first two months of 2025, marking a 3.12% decline from the $843.73 million spent in the same period of 2024. According to the Central Bank of Nigeria’s (CBN) International Payments Report, the government allocated $540.7 million in January 2025 and $276.7 million in February 2025 for debt obligations. A breakdown of 2024 figures shows that Nigeria spent a total of $3.81 billion (about N5.9 trillion) on debt servicing. This comes as the Federal Government unveiled its largest national budget in 65 years—N54.99 trillion for 2025—representing a 56.89% increase from the N35.05 trillion budgeted in 2024 (which included a supplementary N6.2 trillion). President Bola Tinubu dubbed it the “Budget of Restoration,” aimed at economic stabilization and growth. Debt servicing was allocated N16.3 trillion in the 2025 budget, reflecting a 95% increase from the N8.25 trillion in 2024. Meanwhile, data shows that Nigeria’s foreign trade in Letters of Credit (LC) payments fell by 0.55% year-on-year (YoY) to $160 million in the first two months of 2025 from $160.9 million in the same period of 2024. LC payments—an indicator of a country’s creditworthiness—can also reflect fluctuations in import trade volume. For 2024, LC payments stood at $801.06 million, a 39% YoY decline from $1.32 billion in 2023.

3/13/2025, 11:27:13 AM

Naira Down To N1,585/$ In Parallel Market

The Naira weakened yesterday, falling to N1,585 per dollar in the parallel market from N1,565 on Tuesday. Likewise, it depreciated to N1,546 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,546 per dollar from N1,537 on Tuesday, reflecting a N9 decline in value. As a result, the gap between the parallel market and NFEM rates widened to N39 per dollar from N37 on Tuesday.

3/13/2025, 7:15:36 AM

Fuel Landing Cost Drops To N774.82, Below Dangote’s Ex Depot Price

The landing cost of premium motor spirit (PMS) has fallen to N774.82 per litre, making it cheaper than Dangote Refinery’s ex-depot price of N825 per litre. According to the latest Competency Centre Daily Energy Data from the Major Energies Marketers Association of Nigeria (MEMAN) released on Tuesday, estimated import parity into tanks has dropped by 16.5% (N152.56), down from N927.48 per litre recorded on February 21, 2025. This decline follows a continued drop in global oil prices. Brent Crude fell to $70 per barrel, while US WTI dropped to $66.70 as of Wednesday, March 12, 2025, compared to $76 and $69 in February. The lower crude prices have driven fuel import costs down to N774.82 per litre, raising the possibility of retail prices falling further to around N800 per litre—down from the current N860 and N880 per litre in Lagos and Abuja. Earlier in March and February, the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery had reduced their retail petrol prices to N860 and N880 per litre in these cities. The latest drop in landing costs is expected to intensify the price war between Dangote Refinery, NNPC, and fuel importers.

3/12/2025, 9:34:39 AM

EFCC Exposes 58 Ponzi Schemes Targeting Nigerians (Full List)

The Economic and Financial Crimes Commission (EFCC) has exposed 58 fraudulent companies running illegal investment schemes that have defrauded Nigerians of their hard-earned money. These firms, falsely posing as legitimate investment platforms, were not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). The EFCC obtained this information from separate correspondences with both regulatory agencies. According to a statement issued on Tuesday by Dele Oyewale, EFCC’s Head of Media and Publicity, several of these companies have already been taken to court. Five have been convicted, while another five have pleaded guilty and await a review of facts. The remaining cases are pending arraignment. This crackdown is part of the EFCC’s ongoing efforts to clean up Nigeria’s financial sector and protect the public from fraudulent operators. The Commission reaffirmed its commitment to monitoring economic activities and leveraging its anti-corruption mandate to foster economic stability. The EFCC released the full list of the 58 identified companies, including: - Wales Kingdom Capital - Bethseida Group of Companies - AQM Capital Limited - Titan Multibusiness Investment Limited - Brickwall Global Investment Limited - Farmforte Limited & Agro Partnership Tech - Green Eagles Agribusiness Solution Limited - Richfield Multiconcepts Limited - Forte Asset Management Limited - Biss Networks Nigeria Limited Other companies implicated include: - Jadek Agro Connect Limited - Oxford International Group - MBA Trading & Capital Investment Limited - Farm4Me Agriculture Limited - Cititrust Credit Limited - Chinmark Homes & Shelters Limited - Ovaioza Farm Produce Storage Limited - Crowd One Investment - Barrick Gold Mining Company The EFCC urged Nigerians to remain vigilant and verify the legitimacy of investment platforms before committing their funds.

3/12/2025, 7:20:17 AM

Naira Rises To N1,565/$ In Parallel Market

The Naira strengthened to N1,565 per dollar in the parallel market yesterday, up from N1,570 per dollar on Monday. However, it weakened to N1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate climbed to N1,537 per dollar from N1,528 per dollar on Monday, reflecting a N9 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N37 per dollar from N42 per dollar on Monday.

3/12/2025, 7:05:53 AM

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