On Monday, the naira climbed to a four-month peak of N1,518.88 per dollar in the official foreign exchange (FX) market. This increase was fueled by better liquidity and a decrease in demand for the U.S. dollar across various FX platforms.

The last time the naira traded at a stronger level was on March 14, 2025, when it closed at N1,517.93 per dollar.

By the close of trading on Monday, the local currency had appreciated by 0.74 percent, gaining N11.38 from Friday’s rate of N1,530.26 per dollar at the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).

In the parallel market, also known as the black market, the naira held steady at N1,545 per dollar, the same level it closed the previous week, reflecting relative calm despite fluctuating market dynamics.

The naira’s recovery came in spite of a decline in FX inflows last week. According to a report by Coronation Merchant Bank, total FX inflows fell to $749.8 million from $1.76 billion the previous week. Nevertheless, Foreign Portfolio Investors (FPIs) remained dominant, contributing 46.13 percent of total inflows for the eighth consecutive week, a trend seen as a reflection of sustained interest in Nigerian fixed-income assets.

Non-bank corporates followed with a 33.68 percent share of inflows, while exporters contributed 18.45 percent. Inflows from local individuals and international corporates were minimal, accounting for just 0.93 percent and 0.66 percent, respectively.

Despite the strong performance on Monday, the naira had depreciated by N1.70 or 0.11 percent week-on-week at the Nigerian Autonomous Foreign Exchange Market window last week, closing at N1,530.26 per dollar. The decline was largely due to a moderation in inflows, compounded by higher outflows from local sources including importers and non-bank corporates. In contrast, the parallel market appreciated by 0.97 percent over the week, closing at N1,545 per dollar.

Advertisement

In a further sign of stability, the CBN reported an increase in gross external reserves, which rose by $173.88 million or 0.47 percent to $37.36 billion as of July 10, 2025. This reversed the $138.30 million decline recorded in the prior week.

“We expect exchange rate pressures to remain contained over the long term, supported by sustained dollar liquidity from CBN interventions and strong foreign portfolio inflows. Additionally, the gradual resumption of international transactions on Naira debit cards as announced by some banks is unlikely to significantly disrupt market stability, given the sustained depth and participation in the official FX window,” analysts at Coronation Merchant Bank said.

In line with the improving FX landscape, more Deposit Money Banks (DMBs) have resumed international usage of naira-denominated cards, introducing varied daily and monthly spending limits. These banks include Providus Bank, First Bank of Nigeria, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank.

While some analysts believe that the reactivation of international Naira card services could add mild short-term pressure on the currency, others argue that any such impact will likely be offset by the ongoing FX reforms, enhanced liquidity, and a more transparent, market-reflective exchange rate system.

In a move to enhance accessibility and provide more flexibility for its customers, MultiChoice has recently launched innovative subscription plans for DStv and GOtv subscribers as part of the ‘Ka Weekie’ campaign.

This initiative introduces a range of new packages tailored specifically for those who favor a short-term payment approach, offering lower prices to make entertainment more affordable.

The revamped plans aim to cater to the diverse needs of subscribers, ensuring that they can enjoy quality television content without long-term commitments. With these newly designed offerings, MultiChoice seeks to attract a broader audience, making it easier for viewers to engage with their favorite shows and channels.

A recent announcement from the South African company revealed that approximately 243,000 Nigerians chose not to renew their subscriptions during the period from April to September 2024.

This significant decline in subscription renewals can be attributed to a notable deterioration in Nigeria’s macroeconomic conditions and overall consumer landscape, reflecting broader challenges such as inflation, currency fluctuations, and decreased purchasing power that have impacted the everyday lives of Nigerians.

MultiChoice Uganda PR and Communications Manager, Rinaldi Jamugisa, said the plan was part of the firm’s effort to align with customer needs.

The new plans reflect its commitment to delivering value while ensuring entertainment is accessible to everyone. He said that the short-term allows viewers the freedom to manage their subscriptions in line with their budgets and lifestyles.

Advertisement

MutiChoice includes the lowest plans DStv Lumba and GOtv Lite plans are the lowest price points, providing accessibility to users in Uganda.

According to him, the company understands that its subscribers need affordable and flexible options to keep up with their shows and programmes.

The packages in the new arrangement

The seven-day subscription packages cover a wide range of viewing plans and budgets.

The DStv weekly package includes the Lumba package, Access, Family Package, and Compact. Others are GOtv Lite Coats, Valuepack and Pack, GOtv Max, GOtv Supa, GOtv Supa Plus.

Colin Asiimwe, MultiChoice’s head of marketing, disclosed that the new campaign is a response to consistent feedback from subscribers.

He noted that the campaign is designed for daily use and weekly earners, frequent travellers, and subscribers preferring on-demand viewing.

Advertisement

The company disclosed that the new packages are available through its MyDStv and MyGOtv apps or by dialling their USSD mobile phones with platforms such as MTN MoMo, Airtel, partner banks and selected agents nationwide.

MultiChoice hikes prices for Nigerians

The company’s image maker, Jamugisa, said users can switch back to monthly, quarterly, or annual plans by making a full payment or maintaining enough account credit.

He said the cost of any active weekly plan will be deducted from the new subscription.

The company recently hiked its subscription packages in Nigeria, which caused national outrage, leading to the Federal Competition and Consumer Protection (FCCPC) suing the firm.

The commission had directed MultiChoice to maintain the old rates pending investigations, an order the company disregarded.

MultiChoice reported losing almost four million subscribers in less than two years after increasing prices for DStv and GOtv.

Advertisement

The company told its shareholders to brace for challenging times due to macroeconomic headwinds.

Pay-per-view model could better empower consumers – Expert

As MultiChoice unveiled its new weekly subscription plans for DStv and GOtv under the “Ka Weekie” campaign, a technology law and policy expert has weighed in on what this means for consumers in low-income settings.

Dr. Ogochukwu Monye, who is also a digital consumer rights advocate, shared her perspective in an exclusive reaction to Legit.ng.

Reacting to a question on whether the weekly pay-TV option empowers consumers or merely conceals deeper affordability issues, Dr. Monye offered a measured endorsement of the new model.

“Ideally, I feel a pay-as-you-watch model is best,” she said, noting that such a structure would offer even greater flexibility to consumers.

However, she acknowledged the merits of MultiChoice’s latest offering.

Advertisement

“But the weekly is still a better deal than the current model,” she stated, describing it as a step in the right direction.

Further commenting on how such models could enhance consumer value, Dr. Monye added:

“They can also enable consumers to select specific channels in a basket and then pay per view.”

MultiChoice loses almost four million subscribers

MultiChoice, which operates GOtv and DStv, disclosed that its subscribers declined from 23 million to 19.3 million in almost 24 months.

According to reports, many subscriber losses happened outside its home country, South Africa.

In its operational update, the Pay-TV firm said it is preparing its financial results for Q1 2025.

Advertisement

The exchange rate closed the week with a mixed performance, as the naira recorded a slight depreciation in the official market but strengthened on the parallel (black) market, as reported by Nairametrics.

According to data published on the Central Bank of Nigeria (CBN) website, the official rate ended at N1,532/$1 on Friday, slightly depreciating from Thursday’s N1,531/$1.

The currency started the week at N1,529.5/$1 on Monday before weakening to N1,530/$1 on Tuesday.

At mid-week on Wednesday, it appreciated to N1,520/$1.

The week-on-week performance in the official market showed a slight depreciation of the naira, as it closed at N1,532/$1 this week, compared to N1,528.5/$1 last week.

In the parallel market, the naira appreciated, closing at N1,550/$1 on Friday—up from N1,555/$1 on Thursday. From Monday to Wednesday, the currency remained stable at N1,560/$1, according to Nairametrics’ market surveillance in Lagos.

Overall, the week-on-week performance in the parallel market showed an improvement, with the naira strengthening from last week’s closing rate of N1,580/$1 to N1,550/$1 this week.

Advertisement

Foreign reserves rise to $37.3 billion
According to the latest data from the CBN website, foreign reserves rose during the week to $37.3 billion on Wednesday. This was an increase from $37.28 billion on Tuesday and a further increase from Monday’s $37.127 billion.

Analysts attribute this to the striking of the US dollar in recent months.

Speaking with Nairametrics on Friday, Dr. Nasir Aminu, a Senior Lecturer in Economics and Finance and a Senior Fellow of Advanced Higher Education at the Cardiff Metropolitan University, said, “The naira hasn’t been volatile in the last few months. And there is a reason behind that, which is that America’s dollar has been shrinking. It shrunk this year by about 15% which tells you what you should know about Nigeria’s currency also.”

Nairametrics also understands that another major factor for the recent strengthening of the naira is due to a massive drop in demand for the dollar as more businesses switch to local inputs, relying less on importation.

Multiple sources in some of Nigeria’s banks who spoke to Nairametrics also cited a surge in dollar liquidity within the banking system as a major driver for the gains. “There is hardly any bank branch that you go to that you will not see dollars to collect if you wanted to buy,” one source stated.

Recently, Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have hinted at the possibility of mergers, acquisitions, and takeovers by their members to meet the new capital requirement set by the CBN as part of measures to sanitise the forex market.

In May 2024, the CBN increased the minimum share capital of Bureau De Change Operators to N2 billion for Tier 1 license and N500 million for Tier 2 license, as against the previous threshold of N35 million for a general license.

Advertisement

The Office of the Accountant-General of the Federation (OAGF) acknowledges recent concerns regarding the non-receipt of June salaries by certain civil servants and is currently taking measures to address these issues.

In a statement on Friday, Bawa Mokwa, director of press and public relations in the OAGF, said the salary delay was experienced by those whose accounts are domiciled with Zenith Bank.

“Upon investigation, it was discovered that the salary payments for employees across various Ministries, Departments, and Agencies (MDAs) were affected due to a technical network glitch in the bank,” the statement reads.

“The OAGF understands the anxiety and frustration this situation has caused, particularly given the importance of timely salary payments to the livelihoods and responsibilities of our valued public servants.

“We deeply regret the inconvenience this unfortunate incident has caused and wish to assure all affected employees that immediate steps have been taken to resolve the issue.”

Mokwa appealed to all federal public service staff affected by the development to remain calm, noting that efforts are underway to ensure that everyone receives their rightful salaries.

He said the OAGF is working closely with the relevant service providers and stakeholders to ensure the failed payments are reprocessed without further delay.

Advertisement

“Concrete steps have already been taken to isolate the problem, and arrangements are underway to reprocess the failed payments in the shortest possible time,” he said.

“The welfare of federal government employees remains a top priority of the OAGF.”

Mokwa said the office is also working to continue paying the outstanding four months’ arrears of the N35,000 wage award to all affected government workers after resolving the June salary delay.

He said the accountant-general remained fully committed to transparency, accountability, and efficiency in all payroll operations.

“We are open to continuous engagement with stakeholders to ensure sustained improvements in our service delivery. Your patience and understanding during this difficult time are highly appreciated,” he added.

Advertisement

The Nigerian Petroleum Products Marketers Association has revealed its intention to lower the price of premium motor spirit starting Monday, following the recent reduction in the fuel ex-depot price by Dangote Refinery.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST in an interview on Friday.

This comes as Dangote Refinery on Thursday slashed its ex-depot petrol price to N820 per litre from N840.

Reacting to the development, Maigandi said IPMAN members plan to follow in the footsteps of the 650,000 barrels-per-day refinery.

He noted IPMAN will be meeting on Monday to announce a downward revision of its petrol price.

“Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday,” Maigandi told DAILY POST.

According to DAILY POST, retail outlets in Abuja sell petrol between N905 per litre and N945 per litre as of Friday.

Advertisement

While the Nigerian National Petroleum Company Limited, NIPCO, AA Rano, Shema, and other retail outlets in Abuja dispense fuel at N910, MRS, AP Ardova, and other Dangote Refinery retail partners sell at N905 per litre.

Ranoil, Empire Energy, and Total Emadeb dispense fuel, as of Friday, in the nation’s capital between N920 and N945 per litre.

The Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has indicated that the process of revitalizing state-owned refineries is becoming increasingly complex.

On November 26, the NNPC said the Port Harcourt refinery had officially commenced crude oil processing, but the refinery shut down in May for maintenance.

The Warri and Kaduna refineries are, however, still undergoing rehabilitation.

In an interview with Bloomberg on Thursday, Ojulari said the NNPC is currently reassessing its refineries strategies and aims to finalise the review by year-end.

The NNPC boss spoke to Bloomberg on the sidelines of the 9th OPEC international seminar in Vienna, Austria.

“So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” he said.

“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.

Advertisement

“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”

Ojulari further said NNPC remains uncertain whether the review will result in the sale of the refineries.

“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.

‘OPERATING COST OF PRODUCTION IN UPSTREAM SECTOR ABOUT $20 PER BARREL’

Ojulari also said the operating cost of oil production in Nigeria ranges between $20 and $30 per barrel.

“For the cost of crude production, there’s a capital cost and there are the operating costs,” he said.

“The operating cost right now in Nigeria is hovering over $20 per barrel, which is quite high.

Advertisement

“Part of that is because of the investment we’ve had to make in terms of security of our pipelines, which as you know, today we have 100 percent availability of our pipelines. That came out of significant investment.

“So we believe with time, with stability, that cost will start going down, but for now it’s somewhere between $25 and $30 a barrel.”

Ojulari added that by the end of the year, the country plans to increase oil output to 1.9 million barrels per day (bpd).