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Nigeria Week Ahead: CBN Rate Decision, Inflation & Oil in Focus

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By Lukman Otunuga, Senior Research Analyst at FXTM,

The combination of mounting geopolitical risk and Fed rate expectations rocked global financial markets last week. Volatility is likely to intensify over the next few days as investors not only focus on these key themes but top-tier economic reports from across the globe among other high-risk events.

In Nigeria, the CBN’s recent removal of FX restrictions on 43 items sparked some optimism as dollar supply surged. This development offered an opportunity for the Naira to fight and was also welcomed by the IMF which acknowledged the series of reforms aimed at fixing Nigeria’s economy.

Nevertheless, inflation remains piping hot in Africa’s largest economy while interest rates are currently at their highest levels since the monetary policy rate was adopted in 2006. It is worth keeping in mind that, the inflation menace continues to draw strength from the removal of fuel subsidies, devaluation of the official Naira and security issues in food production regions. Given how inflation is projected to jump in September to 27.1%, the CBN is likely to raise interest rates at its policy meeting this week for the fifth consecutive time. This vicious cycle of rising inflation and interest rates certainly presents a risk to Nigeria’s fragile economy. The question is whether the central bank will move ahead with a 25bp hike or opt for a larger move to tame inflation.

Volatile week ahead for USD?

Dollar volatility could be the name of the game this week due to key US economic data and speeches by a host of Fed officials.

After receiving a boost from stronger-than-expected US inflation data, dollar bulls could switch into higher gear if the incoming economic releases support the case for another Fed hike in 2023. The US Empire manufacturing will be in focus on Monday, with key US retail sales and industrial production figures published on Tuesday and US initial jobless claims on Thursday. These reports will be complemented by speeches from various Fed officials including Fed chair Jerome Powell.

If US economic data miss expectations and Fed officials reiterate their dovish remarks, this could hit the dollar as bets rise over the Fed pausing hikes for the rest of 2023. A strong set of economic releases may fuel speculation around the Fed raising rates one more time this year – boosting the dollar as a result.

Commodity Spotlight – Oil

Oil prices ended last week gaining over 7% thanks to mounting geopolitical risks.

The global commodity has the potential to extend gains due to escalating tensions in the Middle East, home to almost a third of global oil supply. Bulls are likely to draw additional strength from the U.S. tightening its sanctions against Russian crude exports. Supply concerns remain rife with growing concerns over the conflict between Israel and Hamas spreading through the region, resulting in major disruptions in an already tight market.

While oil is likely to remain supported by supply-side factors, the demand side of the equation may create headwinds down the road – especially when factoring global recession fears. Looking at the technical picture, Brent bulls have a steep hill to climb before heading anywhere near $100. But the daily close above $90 last Friday could be the first signs of bulls reclaiming lost territory.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Glo-sponsored African Voices Features Star Author, Chimamanda Adichie

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CNN African Voices Changemakers this week beams its light on celebrated author, Chimamanda Ngozi Adichie. The 30-minute magazine programme is sponsored by telecommunications company, Globacom.

The author was engaged by the show’s anchor, Larry Madowo, at Nsukka, where she spent her childhood at the same staff quarters of the University of Nigeria, where the legend of literature, Chinua Achebe, lived.

Arguably Africa’s most prolific contemporary writer, Adichie’s compelling story of grit and talent promises to inspire the audience, as it does her readers across the globe. The special package premieres on Saturday, September 20, 2025, at 11:00 a.m., with rebroadcasts on Sunday, September 21, at 3:30 a.m. and 6:00 p.m.; Monday, September 22, at 3:00 a.m. and 5:45 p.m.; as well as the following weekend, Saturday, September 27, at 7:30 a.m. and 11:00 a.m.; Sunday, September 28, at 3:30 a.m. and 6:00 p.m.; and Monday, September 29, at 3:00 a.m. and 5:45 p.m.

Her narratives, beginning with Purple Hibiscus, query stereotypes, re-evaluate identities, and honour African traditions. Her two prose offerings, Half of a Yellow Sun and Americanah, as well as Dream Count, the new one in the works, confirm her deep interests in the values that make Africa and its traditions and cultures unique and relevant in a fast-evolving world. Her books also accentuate feminism, heritage, and authenticity.

Globacom’s continued collaboration with African Voices has further given credence to the programme’s celebration of the African essence, its excellence, talents, creativity, and originality.


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MultiChoice Starts Reorganising Operations to Enable Canal Plus Takeover

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MultiChoice’s plans to reorganise its operations in preparation for its deal with French media giant Canal+ have become unconditional.

MultiChoice Starts Reorganising Operations to Enable Canal Plus Takeover

According to Multichoice, the implementation of the various steps of the process will now start.

“As previously advised, the reorganisation is to be undertaken in order to enable the implementation of Canal+’s Mandatory Offer for Multichoice, and forms part of the conditions imposed by the South African Competition Tribunal when approving the Mandatory Offer,” it said.

The mandatory offer is Canal+’s move to acquire all the issued ordinary shares of MCG not already owned by the group, excluding treasury shares, from MCG shareholders for a consideration of R125.00 per share, payable in cash.

The South African Competition Tribunal approved the proposed transaction, subject to agreed conditions, in July 2025.

As the parties previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments.

The package supports the participation of firms controlled by Historically Disadvantaged Persons (HDPs) and Small, Micro and Medium Enterprises in the audio-visual industry in South Africa.

This package will also maintain funding for local South African general entertainment and sports content.

The reorganisation process will see Multichoice adopt a takeover structure, which will ensure it meets the requirements of all applicable laws, such as restrictions on foreign ownership and control of South African broadcasting licences.

The structure includes Multichoice (Pty) Ltd (previously referred to as ‘LicenceCo’), which contracts with South African subscribers, being carved out of the Multichoice Group and becoming independent.

The Multichoice/Canal+ group would own 49% of this company, with 20% voting rights, aligning with regulatory restrictions on foreign control of licences.

The rest of the control of LicenceCo will be held by various groups, including Phuthuma Nathi Investments Limited, 13th Ave Investments Proprietary Limited, Identity Partners Itai Consortium Proprietary Limited (IPIC) and the Multichoice Workers Trust.

These groups entered into several transaction agreements on 1 August to achieve this.

Under the agreements, the groups will subscribe to various classes of shares in LicenceCo, giving different economic and voting interests.

The group said that an updated timetable for the offer will be published once the implementation of the reorganisation has been concluded.

 

 


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MultiChoice Nigeria Joins NECLive 2025 as Official Sponsor to Propel Africa’s Creative Enterprise

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MultiChoice Nigeria has confirmed its participation as an official sponsor of NECLive 2025, the premier conference dedicated to advancing Africa’s creative enterprise. The event is set to take place on Friday, November 28, 2025, at the Landmark Centre in Lagos.

As a leading entertainment company behind platforms such as DStv, GOtv, Showmax, and Africa Magic, MultiChoice Nigeria’s involvement strengthens NECLive’s position as a major industry gathering where visionary creatives and industry leaders converge. The partnership supports the 2025 conference theme, “Powering Africa Through Creative Enterprise,” reflecting MultiChoice’s dedication to showcasing authentic African stories and fostering sustainable growth within the continent’s creative and entertainment sectors.

John Ugbe, CEO of West Africa, MultiChoice, emphasized the company’s commitment to enriching the lives of professionals in Africa’s creative industries and expressed excitement about deepening relationships with stakeholders across West Africa and beyond.

Ayeni Adekunle, NECLive Convener, highlighted the significance of MultiChoice’s sponsorship, noting that their platforms have been instrumental in demonstrating the economic impact of creative enterprise in Africa. This collaboration will enhance networking opportunities and provide creatives unprecedented access to insights from MultiChoice Nigeria’s leadership.

NECLive 2025 is expected to reach over 10 million viewers globally through various platforms including DStv and GOtv. The event, organized by Netng, BHM, and ID Africa with Huce Valeris as production partner, will be hosted by popular media personalities Tee A and Bolanle Olukanni. Since its inception in 2013, NECLive has engaged over 100,000 participants, 500+ industry leaders, and more than 100 million viewers, solidifying its role as Africa’s foremost creative and entertainment industry platform .


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