Nigerian Business News: Key Developments This Week
By Aboki Forex —
Rong Wei Neo and Gabriel Levin report on the latest moves shaping Nigeria's economy. The Central Bank has signalled a tighter monetary policy stance to curb inflation. Analysts expect another rate hike at the next MPC meeting.
In the oil sector, production numbers show a modest recovery. The country pumped 1.35 million barrels per day last month. This is still below the OPEC quota but marks an improvement from earlier in the year.
The naira traded flat against the dollar on the official window. Parallel market rates remained under pressure due to demand for hard currency. Traders are watching for any new FX interventions.
Telecom operators are pushing for a tariff adjustment. They cite rising operational costs and the need to sustain network investments. The regulator has not yet given a clear timeline for any approval.
Investors are also tracking the government's privatisation plans. The sale of stakes in five national assets is expected to attract foreign interest. More details are due in the coming weeks.