Money market

Abuja, Oct. 18, 2025 – The Federation Account Allocation Committee (FAAC) has shared N2.103 trillion out of the federal revenue in September among the three tiers of government. The amount represents a 16 per cent increase over the N1.813 trillion revenue shared in August. The committee disclosed this in a communiqué issued at the end of its monthly meeting in October. It said the total gross revenue of N3.054 trillion was available in the month, from which the total deduction for cost of collection was N116.149 billion, while total transfers, …

  Lagos, Oct. 18, 2025 – The Nigerian currency, the Naira, appreciated at the official foreign exchange market on Friday, closing at N1,471.0000 to the dollar. The naira exchange rate at the market on Thursday was N1,474.0000 to the dollar. Bid rates quoted by dealers at the market on Friday ranged from N1,469 to N1,482 to the dollar. Meanwhile, the naira exchange rates at the black market in Lagos on Friday were between N1,485 and N1,495 to the dollar.

Washington, Oct. 2025 -The U.S. budget deficit shrank by $41 billion to $1.775 trillion in the 2025 fiscal year, despite a $118 billion increase in revenues from President Donald Trump’s tariffs, the Treasury Department reported on Thursday. The results for the year ended September 30, which include nearly nine months of Trump’s second term in the White House, compared to a $1.817 trillion deficit in fiscal 2024. It was the first time the annual deficit had fallen since 2022, when the unwinding of COVID-19 relief programs brought spending down. The …

Lagos, Oct. 16, 2025 – The Nigerian currency, the Naira, depreciated further at the official foreign exchange market on Thursday, closing at N1,474 to the dollar. The naira had closed at N1,472.5000 to the dollar at the market on Wednesday. The naira has been depreciating at the market since Monday, Oct. 13 when it depreciated to N1,460 from N1,458 to the dollar on Friday, Oct. 10, 2025. Bid rates quoted by dealers at the market on Thursday ranged from N1,464.4200 to N1,475.0000 to the dollar. Meanwhile, the naira exchange rates …

  Abuja, Oct. 17, 2025 – The Nigerian Education Loan Fund (NELFUND) has requested accredited institutions to collaborate with it to update their students’ records. It particularly requested these institutions to upload the details of all their students, both returning and newly admitted, on the NELFUND Student Verification Portal ahead of the official opening of the portal for the 2025/2026 academic session. Oseyemi Oluwatuyi, the NELFUND Spokesperson, said this in a statement on Thursday. The statement said the exercise is a proactive step to ensure seamless verification and loan application …

  Lagos, Oct. 16, 2025 – The National Pension Commission (PenCom) has assured that all Federal Government workers retiring between October and December this year will receive their pension benefits before Dec. 15. Omolola Oloworaran,  its Director-General, gave the assurance in Lagos on Wednesday during the opening of a two-day sensitisation workshop for employees and pension desk officers on the workings of the Contributory Pension Scheme (CPS). She said the commission was finalising arrangements for the payment of all outstanding pension liabilities under the CPS before the end of the …

  Lagos, Oct. 16, 2025 – The Nigerian currency, the Naira, remained stable at the official foreign exchange market on Wednesday, closing at N1,427.5 to the dollar. The currency has maintained that rate since Tuesday. Bid rates offered by dealers at the market on Wednesday ranged from N1,465 to N1,479 to the dollar. Meanwhile, the naira appreciated slightly at the black market in Lagos on wednesday to between N1, 485 and N1,495 to the dollar.

  Abuja, Oct. 15, 2035 – The European Union has approved a €190 (about N320.5bn) credit line to Nigeria to expand lending to farmers and agribusinesses through Nigerian commercial banks and development finance institutions. Bolaji Adeniyi, the Special Adviser to the Minister of Budget and Economic Planning, disclosed this in a statement. The statement said the facility, to be provided by the European Investment Bank (EIB), was announced during a bilateral meeting between senior EIB executives and a delegation from Nigeria the just concluded Global Gateway Forum in Brussels, Belgium. …

  Lagos, Oct. 14, 2025 – Fidelity Bank’s market leadership has been reaffirmed again as the tier-one lender bagged double honours at the BusinessDay Bank and Other Financial Institutions’(BAFI) Awards 2025. At the awards ceremony, which was held at the Lagos Continental Hotel, Victoria Island, Lagos on Saturday, Oc. 11, 2025, Fidelity Bank was presented with the awards for the “Best Bank for Export & Trade Finance” and “Most Innovative Bank of the Year”. Nneka Onyeali-Ikpe, the bank’s Chief Executive, who dedicated the Export and Trade Finance Award to its …