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Nigeria Foreign Reserves Fall in November; Markets on Standby

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By Lukman Otunuga, Senior Research Analyst at FXTM,

The Naira may struggle to maintain stability against the Dollar after Nigeria’s foreign exchange reserves decreased to $39.83 billion in November from $40.55 billion in October of 2019.

Falling foreign reserves could complicate the Central Bank of Nigeria’s efforts in defending the Naira against domestic and external risks. Further signs of reserves declining is likely to trigger speculation around the Naira depreciating which could translate to rising inflationary pressures. Given how inflation is already at a 17-month high at 11.61%, the CBN is seen standing pat on interest rates in the short to medium term.

Markets in wait-and-see mode amid trade uncertainty

Another week, another record high for US stock markets despite renewed uncertainty and mixed messages from the US-China trade front.

Global equity bulls were initially inspired by positive US economic data mid-week as third quarter GDP growth and durable goods orders exceeded market expectations, but trade woes lingered in the background. The fiery optimism revolving around a “phase one” deal between the United States and China was quelled after Donald Trump signed a bill backing Hong Kong protesters. Given the complex and intricate relationship between Hong Kong and China, this move by Washington will certainly raise concerns over the possibility of a US-China trade deal.

This negative sentiment is already being reflected Asian markets on Friday with regional shares retreating as the month comes to an end. With China threatening that it would take “firm countermeasures” against the United States, investors may start questioning whether the “phase one” trade deal will be signed in 2019. Until there is fresh clarity and direction on the progress of US-China trade talks, markets may enter a wait-and-see mode as the year slowly comes to an end.

Sterling outlook influenced by polls

Buying sentiment towards the British Pound received and explosive boost mid-week after a closely watched poll projected a Conservative election victory.

A Boris Johnson win may signal the end of a lengthy Brexit deadlock with the UK possibly leaving the European Union before the January 31 2020 deadline. Such a market friendly outcome has the potential the push the GBPUSD above 1.3000 and beyond. Alternatively, if the general elections results in a hung parliament and Brexit remains in limbo, the uncertainty is likely to weaken Sterling against every single G10 currency.

Dollar supported by positive US data

Encouraging economic data from the largest economy in the world continues to support the Greenback.

Sentiment towards the US economy has received a boost after third quarter economic growth and durable goods orders both exceeded market expectations. With the data surprise reducing market expectations over the Federal Reserve cutting interest rates anytime soon, the Dollar is poised to push higher.

In regards to the technical picture, the Dollar Index is trading around 98.35 as of writing. An intraday breakout above 98.50 should encourage a move towards 99.00 and beyond.

Commodity spotlight – Gold

Gold is on track to end November shedding almost 4%, its worst monthly decline since November 2016.

Explosive levels of optimism over US-China trade talks, positive economic data from the United States and the Federal Reserve hinting a pause in cutting interest rates reduced appetite for Gold. Although bulls have lost the battle this month, the war still rages on. Given how the next tariff deadline falls on December 15th where additional U.S levies on Chinese exports will go into effect, Gold has the potential to shine as the year slowly comes to an end.

Escalating trade tensions are poised to rekindle fears over slowing global growth and speculation around central banks across the world easing monetary policy. The return of risk aversion and expectations over lower interest rates should turbocharge buying sentiment towards Gold which has gained roughly 13.50% year-to-date (YTD).

Focusing on the technical picture, the precious metal is attempting to rebound on the daily timeframe. A breakout above $1459 should encourage move higher towards $1463 and $1475.

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General News

NITDA Reacts as Firm Petitions over Deployment of Fake PCs

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National Information Technology Development Agency (NITDA) has reaffirmed its commitment to promoting indigenous technology operators, dismissing allegations that it encouraged the deployment of fake locally made personal computers.

NITDA Reacts as Firm Petitions over Deployment of Fake PCs

Responding to accusations from the Certified Computer Manufacturers of Nigeria (CCMON) regarding the alleged spread of counterfeit locally produced PCs, NITDA stressed that it limits government IT contract registration to firms with at least 51 percent Nigerian ownership.

The agency stressed that it aligns with the Federal Executive Council–approved “Renewed Hope Nigeria First Policy” of May 2025, which prioritises Nigerian-made goods and mandates foreign procurements only when no local alternative exists.

NITDA said it is also investing in talent development through its Office for Nigerian Digital Innovation (ONDI), supporting startups, SMEs, and training public servants to meet global standards.

Addressing the “SpeedStar PC saga,” NITDA clarified that the project in question dates back to 2019, and any hardware faults after six years of use cannot be attributed to the agency.

Meanwhile, Beta Computers makers of the SpeedStar PC and a founding member of CCMON has petitioned the Ministry of Communications, Innovation and Digital Economy over the alleged deployment of counterfeit SpeedStar units by NITDA contractors.

In an April 3, 2025 petition, Will Anyaegbunam, managing director, Beta Computers’  accused certain contractors of sabotaging presidential directives on patronising locally made computers.

He claimed that despite repeated requests since August 2024, NITDA has refused to reveal the identity of the contractor linked to counterfeit SpeedStars supplied to an institution in northern Nigeria.

Anyaegbunam further alleged possible collusion within the agency and vowed to pursue legal action to protect the brand’s equity, which has been trademarked since 1996.

Beta Computers has also filed a Freedom of Information request to obtain the names of all contractors who supplied SpeedStar PCs to Gombe State University and other institutions since 2019.

 

 

 


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Airtel Nigeria Launches ‘Airtel Assist’ on WhatsApp

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Airtel Nigeria has taken another bold step in its digital transformation and quality of service drive with the launch of Airtel Assist, a WhatsApp-based self-service chatbot designed to offer real-time support to millions of the network’s customers.

Built to meet the growing needs of today’s digital consumer, Airtel Assist provides round the clock full-service experience that allows customers to check balances, buy airtime or data, make secure payments, troubleshoot issues, and access personalised assistance all from the convenience of WhatsApp.

At the core of this innovation is Airtel Nigeria’s commitment to putting people first, ensuring customer experiences are faster, more intuitive, and deeply personalised.

Speaking on the launch, Airtel Nigeria CEO, Dinesh Balsingh, said, “This is Airtel meeting Nigerians exactly where they are, on platforms they trust and use every day.

With Airtel Assist, we are adapting technology at the personal level. It’s fast, secure, and always available, designed to serve real people with real needs, in real time. As a company with a constant focus on customer satisfaction, this is one of the ways we make customer care more accessible.”

The new chatbot highlights Airtel’s continued integration of AI-powered tools to scale service delivery, reduce wait times, and maintain secure customer interactions, solidifying its position as a customer-first, innovation-led brand in Nigeria’s telecom landscape.

It also demonstrates the company’s clear ambition to lead innovation in Nigeria’s telecom sector by adopting tools that are secure, scalable, and inclusive.

To emphasize this perspective, Ismail Adeshina, Director of Marketing at Airtel Nigeria, noted that Airtel Assist was developed with both convenience and empathy in mind.

Ismail said, “Everything about Airtel Assist is designed to simplify and enhance the way our customers engage with us. Whether it’s to check data balance in the middle of a conversation, buying data while commuting, or resolving issues after hours, Airtel Assist is always available, right there on their phones.”

Meanwhile, the product’s intuitive design and ease of use is a demonstration of adaptive technology, adapted for the nuances of local consumers, added Oyebowale Akideinde, Head of Digital Products & Innovation.

“With Airtel Assist, we’re unlocking a human way to connect on one of Nigeria’s favourite digital platforms: WhatsApp! You can now recharge, check balances, and get help instantly,” he said. He also noted that all Airtel subscribers may activate Airtel Assist by sending a WhatsApp message to +2348028800000 or clicking https://wa.me/2348028800000.

By bridging the gap between digital sophistication and everyday convenience, Airtel Nigeria is setting a new benchmark in customer care, one that puts the power of self-service, choice, and real-time resolution into the hands of every user.


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Cyber Attack Hits Customs Platform, Disrupts Clearance Operations

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Reported cyber attack on the Information Communication Technology (ICT) platform of the Nigeria Customs Service (NCS) has caused significant disruptions to cargo clearance operations at ports across the country.

Cyber Attack Hits Customs Platform, Disrupts Clearance Operations

Licensed Customs agents are already counting their losses to demurrage charges on their consignments as a result of the disruption.

Confirming the development, Mr. Maiwada Abdullahi, spokesman and assistant comptroller of Customs, told Vanguard that the attack occurred sometime ago, adding however, that the system has been restored.

He stated: “Yes, our platform was attacked some time ago, but it has been rectified and is now fully operational. We have strengthened our systems to ensure that cybercriminals will find it much more difficult to penetrate in the future.”

Regarding potential compensation, Abdullahi disclosed that discussions are ongoing with several stakeholders on the matter and hinted at possible relief measures for importers whose goods were delayed during the system outage.

Reacting to the development, Mr. Lucky Amiwero, president, National Council of Managing Directors of Licensed Customs Agents, (NCMDLCA), said that there is a default in the new B’Odogwu home grown ICT platform being promoted by the Customs.

Amiwero also said that the same glitch being experienced also occurred before the B’Odogwu initiative.

He, however, lampooned the Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, (NACCIMA), for their docile stand against happenings at the Port.

He stated: “The government needs to overhaul the newly introduced B’Odogwu ICT platform, there are defects that needs to be corrected.

“The same defects that was experienced during the era of West Blue before Ngozi Okonjo Eweala who was the Finance Minister at that time intervened, is the same issue currently affecting the B’Odogwu system.

“The glitch has resulted to huge demurrage, huge storage charges, distortion in business plan and high cost of clearance.

“Manufacturers Association, Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) are all there doing nothing. They cannot even react to the situation. All they do is to hold conferences.

“These groups ought to be at the Vanguard of protest against these anomalies rocking the port industry but they chose to keep quiet as if all is well.”

Similarly, Mr. Olawale Odu, an importer and licensed Customs agent, said that the government through the Nigeria Customs Service should engage terminal operators and shipping companies to find a way to assuage the losses to importers by granting them waivers.

 

 


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