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Naira Unfazed By US Rate Hike; Dollar weakens

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By Lukman Otunuga, Research Analyst at FXTM,

The Naira remained flat against the Dollar today despite the Federal Reserve surprising markets with a hawkish US interest rate increase yesterday evening.

It is becoming clear that the Naira’s stability is the product of repeated intervention by the Central Bank of Nigeria. While the local currency’s resilience looks encouraging, falling Oil prices are seen complicating the CBN’s effort to defend the Naira. With heavily depressed Oil prices denting government revenues and reducing foreign exchange reserves, the local currency remains vulnerable ahead of the new year.

Hawkish Fed hike crush hopes of Santa rally

The last shred of hope over the possibility of a Santa Clause rally was crushed by the Federal Reserve’s hawkish rate hike on Wednesday.

Global equity markets were under intense selling pressure after the Fed sounded less dovish than expected. Although a rate hike in December was already heavily priced in by markets, investors who were looking for a ‘one and done’ statement were highly disappointed after the Fed flagged ‘some further gradual increases’ on rates are still on the cards. While the lower revision of the dot plot from three to two rate hikes in 2019 offered a dovish touch, the overall tone of the statement coupled with Fed Reserve Chair Jerome Powell’s press conference were hawkish.

Market players were looking for reassurance from the Fed as the year slowly comes to an end, but it seems that that opposite has been achieved with uncertainty in the air.  With the Federal Reserve leaving the doors open to further rate hikes despite turbulent market conditions, market sentiment is poised to remain cautious for the rest of 2018. Powell’s hawkish comments during his press conference compounded to the uncertainty and confusion, especially when considering how he was dovish some weeks ago.

In regards to the technical picture, the Dollar Index is seen attacking 96.00 if bears are able to break below 96.40.

Commodity spotlight – Gold

Gold prices were thrown onto a rollercoaster ride mid-week after the Federal Reserve’s less dovish than expected tone caught investors by surprise.

Buying sentiment towards the Dollar initially received a boost following the interest rate hike but gains were later surrendered thanks to growth concerns. With risk aversion boosting appetite for safe-haven assets and the Dollar struggling to benefit, Gold has the potential to shine into 2019. Focusing on the technical picture, the yellow metal is bullish on the daily charts as there have been consistently higher highs and higher lows. A decisive breakout above $1,250.70 is seen opening a path towards $1,260.

 


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Nigeria Treats Religious Violence as Attack on State – NSA Ribadu

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National Security Adviser Nuhu Ribadu has said the federal government considers religious violence an attack on the Nigerian state, stressing that the protection of all citizens, regardless of faith, is non-negotiable.

Nigeria Treats Religious Violence as Attack on State – NSA Ribadu

According to presidential spokesperson Bayo Onanuga, Ribadu made the remarks in Abuja at the close of a US–Nigeria Joint Working Group session.

“Nigeria is a deeply plural society, and the protection of all citizens, Christians, Muslims, and those of other beliefs, is non-negotiable,” Ribadu said.
“Violence framed along religious lines is treated as an attack on the Nigerian state itself.”

In a follow-up post on X, Ribadu said the joint working group has recorded “tangible operational gains” in the fight against terrorism.

The working group was set up following Nigeria’s designation as a Country of Particular Concern (CPC) by US President Donald Trump, a label that often triggers policy actions aimed at ending severe violations of religious freedom.

At the meeting, Ribadu led Nigeria’s delegation, which included representatives from 10 ministries and agencies, while the US delegation, made up of eight federal agencies, was led by Allison Hooker, US under-secretary of state.

Ribadu said Nigeria-US security cooperation has moved from dialogue to action, resulting in the disruption of terrorist networks and transnational criminal groups. He also praised the US for supplying drones, helicopters, platforms, spare parts, and other support systems over the past five years.

Speaking at the session, Hooker said the US was committed to expanding its partnership with Nigeria, particularly on deterring violence against Christian communities.

“Today, we are here to discuss how we can work together to deter violence against Christian communities, prioritising counter-terrorism, insecurity, investigation of attacks, and holding perpetrators accountable,” she said.

She added that efforts would focus on reducing killings, forced displacement, and abductions of Christians, especially in Nigeria’s north-central states


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PalmPay User Shares Experience on Fintech Apps to Trust in Nigeria

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For many Nigerians, fintech apps are judged by one simple question: Can I trust the platform? For Happiness, a young Nigerian entrepreneur, the answer manifested in the most defining moments of her life.

Trust Built Through Everyday Use

In 2025, Happiness relied on PalmPay to run her business, from receiving customer payments, paying vendors, and managing daily transactions. During PalmPay’s Hustle Grant Campaign, she joined thousands of small business owners hoping to win the N500,000 funding.

While she didn’t make the shortlist, the campaign gave her business something just as valuable: visibility. New customers discovered her brand, enquiries increased, and sales followed.

PalmPay didn’t just host a campaign; it created an ecosystem where small businesses could be seen and supported.

Just days later, Happiness’ life changed. On August 30, 2025, she lost her father. With this loss came challenges, especially payments. They tried transferring money through regular banks but were met with declined transactions. Happiness suggested using her PalmPay account and it was successful.

In a moment defined by loss and urgency, PalmPay cut through the chaos, proving that reliability isn’t a feature, it’s a lifeline. Happiness’ relationship with PalmPay didn’t stop at transactions. Through other management tools on the app, she learned to build discipline around her finances.

More Than an App, a Financial Partner

Beyond transactions, PalmPay’s tools helped Happiness build better money habits and financial discipline. Today, the brand continues to reward reliability through initiatives like its ongoing Premier Cool campaign, reinforcing a simple message: consistency should come with value.

The idea is simple: Purchase a bar of soap and stand a chance to get ₦10,000cash and other cash benefits.

It’s PalmPay’s way of saying that smart money habits deserve real value in return.

Why PalmPay Earns Trust

Life doesn’t give warnings before it tests you. When it does, you need a platform that doesn’t just usually work but always works.

For many users, PalmPay proves to be more than a payment app. It is a trusted partner powering ambitions, supporting users through defining life moments, while helping them bank smartly.

When it mattered most, PalmPay worked. To watch the full testimonial visit: @palmpayapp_ng


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Nigerians Target Self-Improvement, Business Startups in 2026 Google Data

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Google Search data from the first two weeks of 2026 reveals Nigerians are prioritising ambition, self-growth, and entrepreneurial ventures as they embrace the new year with renewed drive for personal and professional excellence.

Nigerians Target Self-Improvement, Business Startups in 2026 Google Data

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The data shows a 40 per cent spike in searches related to self-improvement and “becoming better”, reflecting a nationwide shift from mere resolutions to actionable plans across boardrooms, classrooms, and homes. Entrepreneurship leads the charge, with “how to start a business” topping “how to start” queries after an 80 per cent surge, alongside rising interest in blogging, podcasting, and YouTube channels to foster economic opportunities.

Personal development dominates, as searches for “how to be a better person” rose 20 per cent, extending to relationships with queries on becoming better lovers, partners, husbands, wives, and listeners. Health resolutions gain traction, with 40 per cent increases in “how to eat healthy”, “healthy diet”, and “how to meditate” underscoring commitments to physical vitality and mental wellness.

Skill mastery captivates diverse audiences, from “how to improve English” and communication skills to enhancing memory, credit scores, and even handwriting, while leisure pursuits spike in “how to get better at” chess, singing, running, Fortnite, and soccer. Top searches include “how to improve communication skills”, “how to be a better listener”, and entrepreneurial starters like “how to start a podcast”, painting a portrait of a nation honing edges for success.

Taiwo Kola-Ogunlade, Communications and Public Affairs Manager for West Africa at Google, described the trends as a “powerful reflection of Nigeria’s collective ambition”, affirming the company’s dedication to tools like Search and Gemini for guiding Nigerians toward prosperity


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