Broadcasting
Nigeria Week Ahead: CBN Rate Decision, Inflation & Oil in Focus
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.
A major shake‑up rocks viewers and subscribers of DSTV/GOTV as many channels are set to shut down and be removed on January 1, 2026.
The trigger for the upcoming shut‑down is a breakdown in negotiations between the owners of multiple global channels and the pay‑TV operator.
As of December 2025, the deal between Warner Bros. Discovery (WBD) and DStv/GOtv has expired and the two parties have not reached a renewal agreement.
Without a new carriage/distribution agreement, the channels belonging to WBD risk being pulled off the DStv/GOtv line‑up.
This is the most significant content cutback the service has seen in years.
The affected channels are:
Discovery Channel
TLC
Cartoonito
Cartoon Network
CNN International
Food Network
The Travel Channel
TNT
Investigation Discovery
Real Time
HGTV
Discovery Family
Paramount Africa is officially shutting down at the end of December 2025, drawing the curtain on more than two decades of operations in South Africa and Nigeria.
The company, which once reached over 100 million viewers across 52 African territories, confirmed it will close its doors as part of a massive global restructuring at its parent company, Paramount Global.
This is the same Paramount Africa behind channels like BET, MTV, MTV Base, Comedy Central, Nickelodeon, and more.
Its digital footprint has also been significant, with millions of monthly page views, social media engagements, and content partnerships across Africa.
But despite that scale, rising costs and a global strategic reset have caught up with the business.
Paramount’s retrenchment has been building for months.
Earlier this year, plans to launch a standalone Paramount+ app in South Africa were quietly shelved.
Then in August, the company said its content would remain available only via DStv and Showmax.
And last month, MultiChoice confirmed that BET Africa and MTV Base will disappear from DStv and GOtv on January 1, 2026, as Paramount Africa winds down entirely.
The shutdown is tied to aggressive cost-cutting after Paramount’s merger with Skydance. The company is targeting a 15% reduction in global staff and $3 billion in savings.
International divisions, including Africa, have taken the hardest hit as the business pivots away from linear TV and doubles down on a more streamlined streaming-first model.
At the same time, the global media landscape is being shaken by Warner Bros. Discovery’s chaotic auction. Netflix, Paramount, and Comcast have all submitted fresh bids for WBD, with some offers reportedly focusing on the studios-and-streaming division, home to HBO, HBO Max, DC, and Warner Bros. Pictures.
Analysts say the crown jewel bundle could go for as much as $70 billion, a deal that would reshape Hollywood and accelerate the decline of traditional TV.
DStv subscribers may lose access to 12 major Warner Bros. Discovery (WBD) channels, including CNN International, Discovery Channel, TLC, and Cartoon Network, from Jan. 1, 2026, if MultiChoice and WBD fail to conclude a new distribution agreement.
DStv
MultiChoice, now owned by Canal+, issued a notice to customers on Monday, warning that its current carriage deal with WBD will expire on Dec. 31, 2025, and negotiations to renew the contract remain inconclusive.
“While discussions between the parties continue, no agreement has been reached at this stage. If this remains unchanged, several Warner Bros. Discovery channels may no longer be available on DStv from Jan. 1, 2026,” the company said.
The channels at risk include Discovery Channel, CNN International, TLC, Discovery Family, Real Time, TNT Africa, Food Network, HGTV, Investigation Discovery, Cartoon Network, Cartoonito, and Travel Channel.
The development comes amid subscriber losses for MultiChoice, which has shed 2.8 million active linear subscribers over the last two financial years.
This includes 1.2 million customers lost in 2025 alone, representing an 8 per cent decline across South Africa and the rest of Africa.
In Nigeria, MultiChoice has lost 1.4 million subscribers in the past two years, largely due to repeated subscription price increases, according to Nairametrics.
The broadcaster is also set to lose additional content in the coming months. Paramount Africa will discontinue BET Africa and MTV Base from Jan. 1, 2026, while CBS Reality and CBS Justice will cease operations on Dec. 31, 2025.
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