Iran war: Expert forecasts Strait of Hormuz blockade effects on Africa
An expert has warned that any closure of the Strait of Hormuz due to the ongoing Iran war could have serious consequences for Africa. Ronald Mlalazi said the route handles a large portion of global oil shipments, making it critical for many African economies. He explained that beyond fuel, the route also supplies fertilisers, gas, […]
Philippines declares national emergency over Middle East war following fuel crisis
The Philippines has declared a national emergency following a worsening fuel crisis linked to the ongoing conflict in the Middle East. Authorities say the situation has begun to affect daily life and economic activities. Government officials explained that disruptions in global oil supply have led to rising fuel prices and shortages. The crisis is largely […]
Fuel price hike: Experts, CSOs divided on subsidy as Nigerians face worsening hardship
Rising fuel prices in Nigeria have sparked fresh debate, with experts and civil society groups divided on whether the government should reintroduce subsidies or provide relief measures. The increase has worsened economic hardship for many citizens. The price surge is linked to global oil market disruptions caused by tensions involving Iran, the United States, and […]
Naira extends significant appreciation against US dollar
The Naira continued its rally against the US dollar at the official foreign exchange market on Monday. Data from the Central Bank of Nigeria showed the naira strengthened to N1,357.77 per dollar, up from N1,366.23 on Friday. This represents a gain of N8.46 against the dollar at the official rate. Meanwhile, the black market showed […]
PENGASSAN opens talks with FG over executive order 9
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has opened talks with the federal government to clarify issues in Executive Order 9 (EO9) and protect the interests of oil and gas workers. The union warned that any misstep in implementing the order could destabilize the sector and impact the broader economy. PENGASSAN […]
Naira records first depreciation against US Dollar in 2026
The Nigerian naira has recorded its first drop against the United States dollar in 2026, ending weeks of relative stability in the official foreign exchange market. The currency weakened slightly on the back of increased dollar demand from importers and businesses, putting pressure on supply at the Central Bank of Nigeria’s official window. Market analysts […]
Naira Records Second Straight Appreciation Against US Dollar
Nigeria’s currency, the naira, has recorded a second consecutive day of improvement against the United States dollar in the official foreign exchange market. This positive movement suggests a slight return of confidence and improved liquidity in the forex space. Market watchers say the appreciation is linked to increased dollar supply and recent monetary policies aimed […]
Naira records highest depreciation against US dollar as foreign reserves decline
The Nigerian naira has recorded its highest depreciation against the United States dollar, raising fresh concerns about the country’s economic stability. The sharp fall is coming at a time when Nigeria’s foreign reserves are declining, limiting the Central Bank’s ability to defend the local currency in the foreign exchange market. Market watchers say the drop […]
Naira records first appreciation against US dollar as foreign reserves hit $46.7bn
The Nigerian naira has recorded its first major appreciation against the US dollar in months, following a boost in the country’s foreign reserves. According to recent data, Nigeria’s reserves have climbed to $46.7 billion, giving the currency some much-needed support in the foreign exchange market. Analysts say this improvement signals a positive shift in market […]
Why Nigerians are not feeling inflation drop – Economists
Economists have explained why many Nigerians are not experiencing any real relief despite recent reports showing a slight drop in the country’s inflation rate. According to experts, the decline is mostly “statistical,” meaning it does not translate into immediate price reductions in the market. They noted that the cost of food, transportation, electricity, and rent […]