Bitcoin surged to an all-time high in early Asian trading on Thursday, breaking past $124,000 as optimism grew over supportive US policies and strong performances in American stock markets. The digital currency smashed its previous record from July, momentarily touching $124,500 before easing slightly. On Wall Street, the S&P 500 and Nasdaq indices both set fresh records this week, closing higher on Wednesday and adding momentum to bitcoin’s rally. Much of the cryptocurrency’s recent momentum has been attributed to regulatory shifts under US President Donald Trump, who has long championed the crypto industry. “The crypto market is enjoying a period of highly favorable fundamentals,” said a senior market analyst at XS.com, Samer Hasn. “President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed,” he added. Hasn further noted that Trump may seek to “accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions, given his and his family’s growing involvement in the sector.” In addition, major corporations — including Trump’s media group and Elon Musk’s Tesla — are joining the wave of large-scale bitcoin purchases, further boosting market confidence.

The naira yesterday weakened in the parallel market, falling to ₦1,560 per dollar from ₦1,555 on Tuesday. However, it strengthened in the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,535.4 per dollar. According to Central Bank of Nigeria (CBN) data, the official rate improved from ₦1,536.8 per dollar on Tuesday, reflecting a ₦1.4 gain. As a result, the gap between the parallel market and NFEM rates widened to ₦24.6 per dollar, up from ₦18.2 per dollar the previous day.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a notable drop in the nation’s fuel consumption for June 2025, with total fuel evacuation falling to 1.44 billion litres. According to a statement issued on Wednesday by the NMDPRA’s Director of Public Affairs, George Ene-Ita, daily fuel consumption in June averaged **48 million litres**, correcting earlier reports that had placed the figure lower, at 38.94 million litres. He explained that the exact total for the month was **1,440,768,129 litres**, marking a **16.42% decline** from May’s 1,768,812,804 litres — a shortfall of more than 290 million litres. This, he noted, translates to a daily average of **48,025,604 litres**, calculated by dividing the monthly total by 30 days. Breaking down the figures, the report showed that *Automobile Gas Oil* (AGO), commonly known as diesel, recorded a marginal supply increase of **1.73%**, rising to 432.18 million litres in June from 424.83 million litres in May. However, diesel distribution (truck-out) fell sharply by **23.23%**, dropping from 552.35 million litres in May to 424.06 million litres in June. For *Household Kerosene* (HHK), both supply and distribution fell by **13%**, from almost nine million litres in May to 7.79 million litres in June. The steepest drop came in *automotive gasoline* supply, which plunged by **nearly 48%**, from 72.36 million litres in May to 37.66 million litres in June, while distribution dropped by **16.54%** in the same period. The report also detailed truck-out volumes to various states. Lagos topped the list with 205.66 million litres, followed by Ogun (88.69 million litres), the Federal Capital Territory (77.51 million litres), and Oyo (72.81 million litres). According to the NMDPRA, the decline in overall supply and distribution reflects persistent challenges in Nigeria’s midstream and downstream petroleum sectors, with a direct impact on national fuel consumption patterns. The authority, however, assured that it is working with relevant stakeholders to strengthen the distribution network and ensure uninterrupted supply of petroleum products nationwide.

The Naira yesterday strengthened to N1,555 per dollar in the parallel market, up from N1,560 per dollar on Monday. In the Nigerian Foreign Exchange Market (NFEM), the local currency also appreciated to N1,536.8 per dollar. According to data from the Central Bank of Nigeria (CBN), the NFEM exchange rate declined from N1,538.4 per dollar on Monday to N1,536.8, reflecting a N2.2 gain for the Naira. As a result, the gap between the parallel market rate and the NFEM rate narrowed to N18.2 per dollar, compared to N21.6 per dollar at the start of the week.

Dangote Petroleum Refinery has slashed the ex-depot (gantry) price of Premium Motor Spirit (PMS), popularly known as petrol, by N30, from N850 to N820 per litre, effective August 12, 2025. The company’s spokesman, Anthony Chijiena, announced this in a statement on Tuesday, noting that the 650,000-barrel-per-day facility remains committed to national development and will ensure a steady and uninterrupted supply of petroleum products. “In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena. The refinery is also gearing up to begin direct fuel distribution nationwide, a move expected to prompt marketers to lower pump prices in the coming days. As of Tuesday evening, retail fuel prices in Abuja ranged between N885 and N970 per litre.

The naira yesterday strengthened in the parallel market, rising to ₦1,560 per dollar from ₦1,565 per dollar recorded last Friday. However, it weakened in the Nigerian Foreign Exchange Market (NFEM), sliding to ₦1,538.4 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate fell from ₦1,534.9 to ₦1,538.4 per dollar over the weekend, reflecting a ₦3.5 depreciation. As a result, the gap between the parallel market rate and the NFEM rate narrowed to ₦21.6 per dollar, down from ₦30.1 per dollar last weekend.

The Nigerian Export Promotion Council (NEPC) has reported that Nigeria’s non-oil exports for the first half of 2025 reached a value of \$3.225 billion. The Director-General of the council, Mrs. Nonye Ayeni, made this disclosure in Abuja on Sunday while presenting the 2025 Half-Year Non-Oil Export Performance Report to the media. Ayeni explained that the report was designed to provide a detailed overview of the council’s achievements, challenges, and future prospects. “I am pleased to inform you that non-oil products exported in the first half of 2025 were valued at 3.225 billion dollars. “This shows an increase of 19.59 per cent as against the sum of 2.696 billion dollars recorded for the first half of the year 2024. “The volume also increased to 4.04 million metric tonnes, compared to the 3,83 million metric tonnes for the same period of 2024,” she said. The DG recalled that in April, non-oil exports in the first quarter of 2025 had already hit \$1.791 billion, a 24.75 percent rise from the \$1.436 billion recorded in the first quarter of 2024. She added that the export volume grew to 2.416 million metric tonnes, representing a 24.3 percent increase over the 1.937 million metric tonnes recorded in the same period of 2024. Ayeni noted that 236 distinct products were exported in the first half of 2025 — up 16.83 percent from the 202 products exported in the first half of 2024. These included agricultural commodities, extractive industry goods, as well as manufactured and semi-processed products. “However, it is pertinent to state that the non-oil export of Nigerian products is gradually diversifying from traditional agriculture exports to semi-manufactured products,” she said. According to data from Pre-shipment Inspection Agents (PIAs), cocoa beans topped the list of the 20 most exported products in the first half of 2025, accounting for 34.88 percent of total export value compared to 23.18 percent in the same period of 2024. “Urea/fertiliser came second with 17.65 per cent as against 13.78 per cent for the first half of 2024,” she added. Ayeni highlighted that the African Continental Free Trade Area (AfCFTA) has expanded market access and provided tariff relief for Nigerian exporters. She further mentioned the council’s various export intervention initiatives, such as training in quality standards, packaging, labeling, export documentation, and certifications. “During the period under review, the council also facilitated market access and market linkage programmes for our exporting companies, thereby giving their products more visibility in the global market. “The growth in value-added exports improved earnings, as more exporters are now imbuing the culture of value addition to their products. “The rising demand from emerging economies, such as India, Brazil, Vietnam and Africa have, however, increased Nigeria’s non-oil export volumes and diversity,” she said. She reaffirmed the council’s resolve to collaborate with the Ministry of Industry, Trade, and Investment and other key stakeholders to sustain this positive trend by boosting both the volume and value of Nigeria’s non-oil exports. These efforts, she noted, are in line with the Renewed Hope Agenda of President Bola Tinubu’s administration and the ministry’s policy direction.

Nigeria’s 9mobile on Friday announced its transformation into **T2**, positioning itself as a digital-first telecom operator committed to innovation and enhanced customer experience. Chief Executive Officer Obafemi Banigbe emphasised that the change represented a strategic overhaul rather than a mere name swap. “We are no longer who we were; we are becoming something greater, more ambitious, and more in tune with the future,” he said during the launch in Lagos. The event drew notable attendees, including the Minister of Communications and Digital Economy, Dr. Bosun Tijani, alongside other key industry stakeholders. T2 outlined plans to evolve into a fully digital operator, leveraging cloud infrastructure, artificial intelligence, and advanced analytics to deliver tailored products and speedier service rollouts. This strategy aims to cater to Nigeria’s rapidly expanding community of startups, creatives, and remote workers, who increasingly demand agile and accessible digital solutions. Banigbe acknowledged past struggles but stressed their role in building resilience. “Our challenges are reminders, not defeats,” he stated, reiterating the company’s renewed commitment to making customer experience central to its operations. The CEO expressed gratitude to regulators, shareholders, partners, and staff, dedicating the rebranding to “every Nigerian dreaming of something better,” and called on the nation to “reimagine, rebuild and relaunch.” The rebranding follows a landmark three-year national roaming agreement signed in July with MTN Nigeria, the country’s largest telecom provider. Approved by the Nigerian Communications Commission, the deal allows T2 customers to access MTN’s extensive network across the country, improving coverage and service quality, especially in underserved regions. The partnership reflects a growing trend of collaboration among Nigerian telecom operators seeking to optimise resources in a highly competitive market. 9mobile’s journey began in 2008 as **Etisalat Nigeria**, a joint venture between UAE-based Etisalat Group, Mubadala Development Company, and Nigerian investors. The company quickly gained market share by pioneering 3G and later 4G LTE services, appealing to Nigeria’s youth and growing its subscriber base to over 15 million by 2012. However, a combination of regulatory hurdles, financial strain, and intense competition eventually eroded its market position. By 2017, debts of around \$1.2 billion forced Etisalat Group’s exit. The company subsequently restructured, rebranding as 9mobile, with Teleology Holdings Limited acquiring a controlling stake in late 2018.

The naira strengthened in the parallel market today, rising to ₦1,565 per dollar from ₦1,570 per dollar on Thursday. In the Nigerian Foreign Exchange Market (NFEM), the currency also appreciated to ₦1,534.9 per dollar. Data from the Central Bank of Nigeria (CBN) showed the official rate edged up from ₦1,535 per dollar on Thursday, reflecting a one-kobo gain. As a result, the gap between the parallel market and NFEM rates narrowed to ₦30.1 per dollar from ₦35 per dollar the previous day. Over the course of the week, however, the naira still recorded a depreciation of ₦1.1 in the official market and ₦10 in the parallel market against the U.S. dollar.

The Dangote Petroleum Refinery has resumed sales of Premium Motor Spirit (PMS), commonly called petrol, after a one-week suspension, introducing a new ex-depot price of N850 per litre, up from N820. This N30 hike, representing a 3.66 per cent increase, has sparked concerns over a potential rise in pump prices nationwide. According to data from petroleumprice.ng, the new rate took effect on Thursday as loading operations restarted at the 650,000-barrels-per-day facility in the Lekki Free Trade Zone, Lagos. Last week it was reported an abrupt halt in petrol sales at the multi-billion-dollar plant, a move that unsettled the downstream market and triggered price volatility. In an internal notice titled *“Important Update on DPRP Collection Account for PMS”*, the refinery had directed marketers to suspend all payments for petrol loading, effectively freezing allocations pending further updates. With operations now back online, the ex-depot price has risen to N850, signalling a possible increase in pump prices across the country in the coming days. Though no official public statement has been issued on the increment, industry sources link it to fluctuations in global crude oil prices. Dangote Refinery is said to source about half of its crude feedstock from the United States, making it susceptible to international market shifts. Despite the upward adjustment in petrol pricing, the refinery has maintained its competitive diesel rates, selling Automotive Gas Oil at N990 per litre to bulk buyers — still below the N1,030 average charged by private depots in Lagos and other parts of the country. The PUNCH