NIGERIA’S foreign exchange reserves have surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025, the Central Bank of Nigeria announced on Tuesday.

CBN Governor, Olayemi Cardoso—represented by the Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi—said the reserves had reached a new high level, the first time the country has attained such a level since 2018.

Speaking in Abuja at the 20th Anniversary of the Monetary Policy Department, Cardoso said the reserves milestone reflected renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows.

“Foreign reserves have risen to $46.7bn as of November 14, 2025, providing 10.3 months of import cover in goods and services, supported by sustained inflows and renewed investor participation across various asset classes. This accretion reflects investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows,” Cardoso said.

He argued that the stronger reserve position was a key pillar behind the naira’s stabilisation, noting that the gap between the official and Bureau de Change windows had narrowed to below two per cent. According to him, the currency’s recovery has encouraged foreign participation in Nigeria’s fixed-income and money markets, with investors responding to clearer policy signals and tighter monetary conditions.

Cardoso said the reforms driving foreign-currency inflows had also translated into sustained disinflation. Headline inflation eased to 16.05 per cent in October 2025, from 34.6 per cent at its peak in November 2024.

He described the fall as “seven consecutive months of disinflation” and “the lowest in three years,” adding that core inflation was also beginning to soften. The governor said the broader improvement in Nigeria’s economic indicators had been recognised globally.

“All three top international ratings agencies upgraded Nigeria,” he noted, citing S&P Global Ratings, which recently revised the country’s outlook from stable to positive. He described Nigeria’s removal from the Financial Action Task Force Grey List as a further boost to international confidence, saying it demonstrated the country’s “full alignment with global standards”.

The event also provided Cardoso with an opportunity to reflect on two decades of monetary policy evolution. He credited the Monetary Policy Department with several major reforms, including the introduction of the Monetary Policy Rate in 2006, the adoption of the interest-rate corridor system, strengthened monetary policy analysis, improved communication, and the ongoing transition towards a full inflation-targeting regime.

According to him, the MPD has been central to the bank’s policy design and coordination, providing technical support to the Monetary Policy Committee and the Monetary Policy Technical Committee. He said recent years had been “transformative for the Nigerian economy”, backed by decisive reforms that restored macroeconomic confidence.

Cardoso urged the department to remain forward-looking, warning that global conditions remained volatile due to geopolitical tensions, commodity price swings, and structural imbalances. On the transition to inflation targeting, the governor said it was both a technical and strategic imperative designed to anchor expectations and strengthen policy transmission.

In his opening remarks, the CBN’s Director of the Monetary Policy Department, Dr Victor Oboh, said the country’s recent economic recovery had become strong enough for Nigerians to “see a brighter future” after years of instability.

Oboh said the past few years had offered the CBN “a natural experiment” in what happens when policy choices fail and when reforms begin to correct earlier mistakes. He recalled joining the bank in October 2023 at a time he described as one of the most fragile in recent history.

According to him, “when a central bank has an FX backlog, it really means the central bank is about to default on FX applications,” stressing that the situation he met was one of a system “completely mismanaged… trying different things in the past eight years that we all now know didn’t work.”

Oboh said the consequences were visible everywhere: high inflation, a wide parallel-market premium, and depleted net reserves. He contrasted that period with what he described as the gains of the present. Nigeria’s inflation rate, he said, had “slowed to 16 per cent” as of the latest report, signalling that the forces driving rapid price increases were beginning to ease.

He noted that the foreign exchange market had rebounded and that trust in the institution had been restored. Oboh, however, warned that key challenges remained, especially the need for better alignment of fiscal policies across federal and sub-national governments.

He said ongoing reforms would eventually activate new signalling channels, improve monetary policy effectiveness, and ensure clearer guidance for markets. But he stressed that inflation targeting “as just a word doesn’t matter” unless it is backed by real structural reforms and credible transmission mechanisms.

The Guest Lecturer, former Monetary Policy Committee member Prof Abdul-Ganiyu Garba, delivered an extensive review of economic thought, tracing the theories that shape policy choices and drive global economic activity.

The IMF Resident Representative for Nigeria, Dr Christian Ebeke, also addressed the gathering, reaffirming the Fund’s backing for Nigeria’s ongoing reforms and its commitment to continued technical support as the economy stabilises.

The PUNCH observed that Nigeria’s reserve surge comes less than two weeks after the Federal Government raised $2.35bn from international markets in its latest dual-tranche Eurobond issuance. The fresh external inflow, alongside stronger FX receipts, helped lift reserves to $46.7bn, the highest level since 2018.

Emirates Airlines and South African Airways have strengthened their nearly 30-year partnership with plans for a fully reciprocal codeshare agreement ahead of the festive travel rush.

The move, according to the airlines, is designed to expand connectivity for passengers and boost traffic across both airlines’ networks.

This was made known in a statement made available to The PUNCH   by South African Airways.

A codeshare agreement allows airlines to carry passengers for another airline under a business agreement.

When codeshares are exploited, it helps passengers get to their destinations on one single ticket, making connecting hassle-free for them.

The statement showed that under the enhanced arrangement, Emirates passengers will be able to book single-ticket itineraries with seamless baggage transfer from Johannesburg to three domestic destinations such as Cape Town, Durban and Gqeberha, as well as 13 additional points across Africa, including “Abidjan, Accra, Dar es Salaam, Kinshasa, Windhoek, Lagos, Lusaka, Harare, Lubumbashi, Victoria Falls and Mauritius.”

The statement noted that “the new agreement, signed during the 2025 Dubai Airshow, will also allow Emirates to tap deeper into feeder traffic from South Africa and the region, while strengthening long-haul flows from markets such as the UK and the US. It expands on an existing partnership through which SAA customers already access Emirates’ growing Dubai schedule, which is soon to reach 56 weekly flights and 68 onwards global destinations on an interline basis.

According to both carriers, more than 45,000 travellers have used the partnership since January.

The deal was formalised by Emirates Deputy President and Chief Commercial Officer, Adnan Kazim, and SAA’s Group Chief Executive Officer, Prof. John Lamola.

Kazim said the collaboration has been central to Emirates’ Africa strategy since 1997. “Our collaboration has created reliable connectivity for passengers to explore more of the globe with simplified, seamless travel. South Africa remains a cornerstone of our African network and one of the most consistently busy routes we serve.”

He added that both airlines will continue working to unlock benefits for their mutual customers.

Meanwhile, Lamola described the agreement as a milestone in the carriers’ 28-year partnership.

He said, “It reflects South African Airways’ commitment to delivering seamless connectivity for our customers and strengthening South Africa’s position as a key aviation hub.

“By expanding our collaboration, we are unlocking greater travel and trade opportunities across Africa and globally, ensuring that our passengers benefit from world-class service and convenience.”

Beyond the codeshare, the memorandum of understanding also outlines plans for deeper cooperation in loyalty programmes, cargo operations, and schedule coordination.

In a related development, Emirates confirmed it will introduce a third daily flight between Dubai and Cape Town starting 1 July 2026.

The airline said the new expansion will be operated with a Boeing 777, and the additional frequency will add more than 600 seats per day to South Africa’s top tourist destination.

The airline noted that demand on the Cape Town route has remained robust, with consistently high seat factors across its existing double-daily schedule. Inbound traffic from Gulf Cooperation Council countries continues to rise, while outbound demand remains strong for Europe and the US East Coast.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has in  the past 10 months given approval  to major field development plan valued at about $20 billion.

The Commission said the milestones reflect the stability and renewed confidence in Nigeria’s upstream sector.

The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, while speaking at the close of a two day capacity building for energy journalists in Lagos on Tuesday, reaffirmed the Commission’s determination to go through another round oil licensing round on December 1, 2025,.

The CCE, who was represented by Efe Bassey, Deputy Director, described the upcoming exercise as a defining moment for the industry promising that to be more transparent, competitive, and investor-friendly than the 2024 bid round.

The overall objective is to open new frontiers and unlocking fresh opportunities for both local and international players.

“Our expectation is that this licensing round will be a turning point for Nigeria’s oil and gas industry. Everyone willing to participate will have the opportunity. The process will meet global standards as we work toward achieving the national aspiration of adding one million barrels of oil per day to our production profile,” he added.

Komolafe stressed that the media plays a decisive role in shaping investor perception, cautioning that inaccurate or sensational reporting could discourage potential investments.

He therefore urged journalists to maintain factual, contextual, and development-oriented reporting, placing national interest at the forefront.

“The oil and gas sector is highly sensitive to perception. Your reporting can either reassure investors or deter them. I urge the fourth estate to centre national interest in your work, especially as we compete globally for energy investments,” he said.

He reaffirmed NUPRC’s commitment to transparency, noting that the Commission consistently publishes data and updates on its website, social media platforms, and quarterly magazine.

Komolafe, called for deeper collaboration between the Commission and the media, emphasising that both institutions must continue to uphold openness and accountability in the pursuit of Nigeria’s economic growth.

He reaffirmed the Commission’s commitment to transparency, accountability, and sustained investment growth in Nigeria’s oil and gas sector.

He underscored the critical role of the media in national development, noting that the 1999 Constitution empowers journalists to uphold government accountability through free and responsible reporting.

He said that the Petroleum Industry Act (PIA) aligns with this mandate by directing the Commission to publish reports, data, and statistics on upstream operations.

“At the heart of both our missions—as the First Estate of the Realm and as a regulatory institution—is a shared commitment to openness, accountability, and service to the Nigerian people,” he said.

“This workshop was conceived to give you deeper, behind-the-scenes insight into the Commission’s activities and the dynamics of the upstream petroleum industry.”

Komolafe noted that over the past two years, NUPRC experts from exploration, development, production, acreage management, community relations, and economic regulation have provided extensive briefings to promote a clearer public understanding of the sector.

A major highlight of his address was the Commission’s update on Nigeria’s upstream performance.

He acknowledged the global decline in investments in fossil fuels as countries accelerate energy transition strategies, but insisted that Nigeria continues to record steady progress despite these headwinds.

According to him, reforms implemented under the PIA—combined with the support of President Bola Tinubu’s administration—have strengthened regulatory clarity and boosted investor confidence. He disclosed that the number of oil rigs in Nigeria has risen to nearly 70, with over 40 rigs active, while the Commission has approved several final investment decisions worth billions of dollars.

The equities market began the week in the red as the All-Share Index of the Nigerian Exchange fell by 1.26 per cent to close at 145,159.77 points on Monday.

The decline wiped off about N1.17tn from investors’ wealth, dragging market capitalisation down to N92.3tn.

According to market data, the downturn was driven largely by heavy sell pressure on Dangote Cement, which fell by a maximum of 10 per cent, alongside declines in tier-1 banks including Zenith Bank (-1.64 per cent), Access Holdings (-3.26 per cent), and FBN Holdings (-2.76 per cent).

Despite the negative close, market breadth stood positive, with 28 gainers outperforming 24 losers. Sovereign Insurance (+9.97 per cent) led the gainers’ chart, while Dangote Cement and Enamelware, both down 10 per cent, topped the losers’ list.

Market activity normalised after last Friday’s unusually large turnover, driven by off-market crosses in Cornerstone Insurance. Total volume traded declined sharply by 92.1 per cent to 388.2 million units, while total value traded fell by 26.3 per cent to N31.1bn. Tantalizer emerged as the most traded stock by volume with 57.1 million units, while Aradel Holdings dominated the value chart with N21.5bn worth of trades, accounting for 69 per cent of total market value. Recall that Tantalizer on Friday announced the signing of a multi-million-dollar deal with a US-based firm for a period of five years to export premium prawns and shrimps.

Trading remained largely bearish across most sectors. The InHHHdustrial Goods Index led sector declines, down 4.48 per cent, primarily due to weakness in Dangote Cement.

The Oil & Gas Index fell by 1.18 per cent with losses in Oando and Aradel, while the Banking Index dropped 1.01 per cent. The Consumer Goods Index edged down 0.02 per cent. In contrast, the Insurance Index closed positively, rising 0.07 per cent, supported by gains in Sovereign Insurance.

Cowry Asset Management, in its daily market note, attributed Monday’s downturn to profit-taking activities among investors. The firm noted that the drop in market capitalisation occurred despite the listing of 1.96 billion ordinary shares of Chams Holding via private placement, underscoring the depth of the sell pressure.

The investment house added that trading patterns reflected heightened retail activity. Although total trading volume plunged 92.64 per cent to 360.6 million units and value dropped 26.88 per cent to N30.9bn, the number of deals rose 15.83 per cent to 27,975, indicating increased participation through smaller-sized transactions.

Meanwhile, the October inflation data released by the National Bureau of Statistics indicated that Nigeria’s inflation continued its deceleration, moderating to 16.1 per cent year-on-year in October, compared with 18.0 per cent in the prior month.

The Financial Services sector is now Nigeria’s top performer in governance maturity, with Zenith Bank, Stanbic IBTC Holdings, and Access Holdings leading in structured ESG integration.TTT

This was indicated in the 2025 IPMC ESG Ratings Report unveiled on Monday in Lagos.

According to the Corporate Governance Institute, ESG stands for Environmental, Social, and Governance. It is a framework used to evaluate a company’s sustainability and ethical impact.

Based on the report, the three banks recorded the highest levels of structured sustainability integration, board-level oversight, and transparent ESG reporting, even as the sector continues to lag in key climate-risk disclosures required under IFRS S2.

“The sector demonstrates the strongest governance maturity, with near-universal disclosure of board composition, risk management policies, and audit procedures. However, only 12 per cent disclose financed emissions or climate-related credit exposures, creating a major blind spot under TCFD and IFRS S2 principles. Progressive banks are beginning to adopt green-lending frameworks, but without a harmonised taxonomy or verification.

“The Financial Services sector demonstrates Nigeria’s highest ESG integration maturity, with clear evidence of governance discipline and structured sustainability reporting. Leading institutions such as Zenith Bank Plc, Stanbic IBTC Holdings Plc, and Access Holdings Plc show measurable progress in embedding ESG principles into corporate strategy, risk oversight, and disclosure,” said the report.

The report revealed that Zenith Bank got an overall ESG score of 39 per cent with a balanced Environmental (14 per cent), Social (18 per cent), and Governance (39 per cent) performance. Following was Stanbic IBTC Holdings with an overall ESG score of 34 per cent, as it showed strong alignment with ISSB principles through sustainability-linked finance and transparent governance reporting. Access Holdings Plc got an overall ESG score of 32 per cent, with the report saying that Access integrates ESG at the enterprise level, linking it to lending criteria and customer engagement.

The report added that banks and other financial institutions exhibit the highest governance disclosure levels among Nigerian corporates, with their board independence and audit transparency aligning closely with guidelines of the Nigerian Exchange Limited and the Securities and Exchange Commission.

“However, financed emissions, a critical component under IFRS S2, are disclosed by only two institutions (= 12 per cent), and none have external assurance of climate-risk data. Social disclosures (employee training, customer protection, and financial inclusion) are improving, while gender diversity at the senior management level remains below 25 per cent. Environmental aspects are emerging mainly through green-lending frameworks and participation in climate-finance initiatives.

“The sector is policy-strong but evidence-light; reporting frameworks exist, but assurance and Scope 3 accounting must evolve for Nigeria’s financial sector to achieve regional parity with Kenya and South Africa. Investor implications: ESG-linked lending and green bonds remain nascent, representing near-term growth opportunities. Financed-emission disclosure is absent, creating blind spots for climate-risk pricing. Institutions aligning early with ISSB S1/S2 and CBN Sustainable Banking updates are likely to enjoy lower borrowing costs and stronger international credibility.”

Speaking at the launch of the report, the Chairman of IPMC Nigeria, Mr Robert Ade-Odiachi, explained that the organisation’s ESG Ratings Report is based on extensive data collection, including repeated requests to companies and the use of publicly available information when firms fail to provide disclosures. He stressed that many Nigerian companies do not publish enough data, making accurate ESG assessments difficult.

He noted that Nigeria ranks third in Africa, behind Kenya and South Africa, with an ESG performance level of about 32 per cent, which he described as low. He argued that poor ESG compliance reflects weak governance and ultimately leads to lower returns on investment.

The chairman emphasised that strong ESG performance is crucial for attracting foreign direct investment, which he said is essential for long-term economic growth. He explained that foreign direct investors offer cheaper, longer-term capital but require strong ESG governance, unlike portfolio investors who are less concerned about sustainability.

“Our objective is to raise these issues and let everybody see that and how we can carry out a remedial action where we are so low with compliance. What are the consequences of being low in compliance? We are talking about sustainability. We are talking about growth. We are talking about profits. We are talking about returns on investment. We are talking about all kinds of things. And if you are low in the ESG rating, it shows that you are not being properly managed. Your governance is low. And certainly, if your governance is low, your returns on investment, and stuff like that would be low as well.

“Now we are looking at the destination for investments. ESG has become one of the critical factors that investors and funders use as well. So, wealth managers and everybody are thinking about where long-term capital should go. We have portfolio investors coming in. Those ones don’t care about what you do. Don’t care about how sustainable you are. So long as there is a guarantee that they are getting their money out where they want to do, they will continue to come. Those will not help us grow our economy. Those will not help us build our one million trillion-dollar economy. The people who would enable us to grow sustainably are foreign direct investors. And those ones pay a lot of attention to critical issues like ESG and how you govern yourself, and the kind of returns you produce, and how sustainably profitable you are. So you see a situation where they come in with cheaper,” he said.

Ade-Odiachi also called on regulators to strengthen compliance with ESG reporting, saying, “Now we have regulators everywhere. We have ESG institutions in all the state governments. But the question is, what are they doing? What is the SEC doing beyond putting out a code or a guideline? What is the Stock Exchange doing? What is the Financial Reporting Council doing? What is CBN doing with the banks? What is MAN doing with the manufacturing companies? What is LASEPA, the Lagos State Environmental Protection Agency, what are they doing with the manufacturing people who pollute the environment?

“Go to Carbon Data CDP. It’s the Carbon Data Project. They don’t have information about Nigeria. Go to Sustainalytics. All of these rating agencies don’t have information about Nigeria. S&P have just started deciding whether they want to have an office in Abuja or in Nigeria. So a lot of these people don’t have information. And this is what is critical to moving investable funds, moving critical investments that we need in Nigeria. If these people don’t know, there are funds at four per cent or 3–5 basis points below the normal market rates. So that is where we should target. So, the people that we are directing our report to are the regulators. They are to see that we are not where we should be because they are not actively regulating in these areas.”

The Business Manager of IPMC, Abimbola Gbenjo, in his opening remarks, said, “This report is a reflection of collaboration, and we are grateful to third-party reviewers, corporate institutions who engaged with our process, and the experts who reviewed our methodology. We are grateful also to our ecosystem partners, who continue to champion the importance of sustainability in Nigeria. As we begin today’s programme, I encourage us all to approach this moment with a sense of possibility.

“ESG is not just shaping global markets; it is shaping how businesses operate, how investors allocate capital, and how societies hold institutions accountable. Nigeria, in particular, being the largest country by population in sub-Saharan Africa, has a critical role to play in that transformation, and IPMC is proud to contribute to that future.”

Dangote Petroleum Refinery has dismissed claims that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff, insisting the adjustment was driven solely by its own downward review of Premium Motor Spirit (petrol) prices.

The company said it had reduced its gantry and coastal prices on November 6, well before marketers altered pump rates, adding that linking the market changes to the tariff controversy was “misleading” and “inconsistent with the facts.”

In a statement issued by the company on Monday, the refinery clarified that marketers’ decision to lower pump prices followed its downward review of PMS gantry and coastal prices.

It described the circulating reports as “misleading” and “deliberately crafted to confuse the public,” warning that ongoing attempts to misrepresent market realities were unhelpful to the downstream sector.

The statement read, “The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff.

“This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6. The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public.”

According to the company, it had reduced its PMS gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre, a 5.6 per cent cut, a development widely reported across major media platforms well before marketers adjusted pump prices.

“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false,” the statement read. “President Bola Tinubu had approved the tariff for implementation since October 21. Despite its non-implementation, we proceeded to lower our PMS prices purely as part of our commitment to easing the burden on Nigerian consumers.”

It added, “To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.

“These changes were publicly announced across major media platforms, including, but not limited to, The PUNCH, Vanguard, The Cable, Daily Trust, The Sun, The Wall Street Journal, and Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.”

The Federal Government had earlier approved a 15 per cent import duty on petrol, a move that sparked pushback from independent marketers who warned that such a levy would raise pump prices. The suspension of the tariff last week led some commentators to attribute the price drop seen at filling stations to the policy reversal.

But Dangote refinery said such claims were inaccurate and amounted to an attempt by “speculative importers” to distort market dynamics.

The $20bn facility noted that since beginning operations, it had reduced fuel prices more than seven times, often absorbing logistics costs to ensure nationwide uniform pricing during festive periods.

The company added that its entry into the market had helped end the perennial “ember month” scarcity, a recurring problem often tied to distribution constraints, import delays, and hoarding.

“Contrary to insinuations, imported products, many of which do not meet acceptable standards, are being sold at higher pump prices than our internationally bench­marked products,” the refinery said.

It warned that the influx of lower-quality imported fuel amounted to “dumping,” a practice it said had previously contributed to the collapse of major industries, including Nigeria’s textile sector.

Dangote stressed that it remained unfazed by short-term policy changes or the activities of opportunistic traders who “enter and exit the market at will,” noting that its long-term investment in the energy sector signalled a commitment beyond quick gains.

“We will continue to operate with integrity, transparency, and an unwavering focus on energy security. Our goal remains to supply Nigerians with high-quality, competitively priced petroleum products,” the company said.

The refinery urged marketers and stakeholders to rely on verified information to avoid misinforming the public and destabilising the emerging domestically driven fuel supply system.