General News
Nigeria Week Ahead: Naira, PMI’s and Inflation in Focus

By Lukman Otunuga, Senior Research Analyst at FXTM
The past few weeks have not been kind to the Naira.
Foreign exchange shortages, rising inflation, and lower oil prices offered nothing but pain to the emerging market currency. Losses were accelerated by demand for foreign exchange currency’s outweighing any additional inflows from exporters. According to Bloomberg, the Naira spot rate is down over 4% against the dollar today, trading around N393.33 while on the parallel markets, the Naira has weakened to N480.
Given the list of negative themes threatening to sabotage Nigeria’s economic recovery, the outlook for the Naira remains clouded by uncertainty. According to Bloomberg estimates, prices are seen falling as much as 10% in 2021. Although authorities have threatened to halt the banking services of exporters in an effort to boost supplies of foreign exchange, the local currency remains under the mercy of multiple exchange rates and untamed inflation. The latest rise in the country’s short-term debt and a weaker Naira rate to sell Dollars to investors are likely to raise expectations around another devaluation, marking the third one in less than 12 months.
On the data front, all eyes will be on the manufacturing and non-manufacturing PMI figures for January. The Central Bank of Nigeria composite PMI for the manufacturing sector edged down to 49.6 in December of 2020 with markets forecasting a slight dip in January. For the non-manufacturing, the PMI is seen decreasing to 45.0 after hitting 45.7 in December. While these economic reports are significant and may offer insight into the health of Africa’s largest economy, all eyes will be on the OPEC monthly report and latest inflation figures.
Oil prices hit $60 per barrel this morning, levels not seen since February 2020. The commodity is deriving strength from renewed US fiscal hopes and optimism around global economic growth stimulating demand. The OPEC monthly report on Thursday could provide fresh insight into oils outlook, especially If the report signals a faster recovery in global demand. Given how a handsome chunk of Nigeria’s foreign exchange earnings and government revenues are sourced from oil sales, such an outcome may boost investor sentiment towards the country.
Let’s not forget about inflation. Inflationary pressures remain a thorn in the Central Bank of Nigeria’s side. In fact, untamed inflation has forced the central bank to leave interest rates unchanged at 11.5%. Consumer prices soared for a 16th straight month to 15.75% in December of 2020 – its highest rate since November 2017. Although the country’s borders have been re-opened to trade, inflation is still forecast to surpass 16% in January 2021.
Outside of Nigeria, it will be another busy week for global markets with earnings from the likes of Twitter, Uber & Disney, economic data from major economies and speeches by financial heavyweights in focus.
General News
PalmPay Supports Nigeria Police Force National Cybercrime Centre 2025 Cybersecurity Awareness Walk

PalmPay, a Nigerian leading digital banking platform, supported the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) during its Cybersecurity Awareness Walk held in Abuja as part of activities marking the 2025 Cybersecurity Awareness Month.

Themed “Secure Our World,” the event brought together key stakeholders from law enforcement, regulatory bodies, and the private sector to promote public awareness on cybersecurity, financial fraud prevention, and safe online practices.
PalmPay joined other participants in advocating for stronger public vigilance and safer digital engagement, reaffirming its commitment to supporting national efforts that enhance cybersecurity and consumer protection.
Speaking during the event, PalmPay’s Managing Director, Mr Chika Reginald Nwosu, commended the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) for its efforts in combating cybercrime and protecting consumers. He emphasised the need for continued collaboration across sectors to build a safe and secure payment ecosystem for all Nigerians.
“We commend the NPF-NCCC for its proactive leadership in driving cybersecurity awareness,” said Nwosu. “At PalmPay, we are committed to supporting initiatives that promote digital safety and foster trust in Nigeria’s growing digital economy.”
At the event, PalmPay was commended for its outstanding efforts in strengthening regulatory engagement and advancing consumer protection initiatives across the fintech industry.
The partnership underscores PalmPay’s ongoing commitment to promoting cybersecurity awareness, consumer protection, and fraud prevention as part of its mission to create a safer digital financial ecosystem in Nigeria.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
General News
Fidelity Bank Salutes Air Peace for Flying Nigeria’s Flag to Heathrow

Fidelity Bank Plc has congratulated Air Peace on the successful launch of its maiden direct flight from Lagos to London Heathrow, describing the milestone as a significant achievement for Nigeria’s aviation sector and a testament to the power of indigenous partnerships.

The commendation was delivered by Dr. Nneka Onyeali-Ikpe, managing director of Fidelity Bank, during a special event held in Lagos to celebrate the airline’s expansion into the European market.
“This is not just a win for Air Peace, but a win for Nigeria,” Onyeali-Ikpe said. “It reflects the strength of home-grown businesses and the impact of strategic financial support in enabling national champions to thrive on the global stage.”
Nigeria CommunicationsWeek reports that Fidelity Bank has played a pivotal role in Air Peace’s growth, providing early financial backing and advisory services that helped the airline become the largest carrier in West Africa. The bank continues to support Air Peace through payment processing and other financial services
The launch of the London route marks a new chapter for Air Peace, which now joins a select group of African airlines operating direct flights to Heathrow.
The development is expected to boost tourism, trade, and connectivity between Nigeria and the United Kingdom.
Speaking at the event, Allen Onyema, Chairman of Air Peace, expressed gratitude to Fidelity Bank for its unwavering support and reaffirmed the airline’s commitment to excellence and service.
“This partnership has been instrumental in our journey,” Onyema said. “We are proud to fly the Nigerian flag across international skies.”
Industry stakeholders present at the event praised the collaboration between the two companies as a model for sustainable business growth and national development.
General News
After MultiChoice Buyout, Canal+ Eyes Full Ownership of Showmax

Canal+, French media giant, is reportedly eyeing the full takeover of Showmax, the African streaming platform jointly owned with MultiChoice Group.

This followed its recent push to expand across the continent’s digital entertainment market.
The move comes after Canal+ completed its acquisition of MultiChoice to strengthening its hold on Africa’s pay-TV and streaming ecosystem.
With Showmax being a key growth asset under the partnership, industry analysts say a full takeover could give Canal+ end-to-end control of content production, distribution, and subscription revenue in multiple markets.
The acquisition would also align with Canal+’s broader strategy to rival global streaming giants such as Netflix and Amazon Prime Video by leveraging African content demand and localized storytelling.
According to RipplesNigeria, Ayo Balogun, Media and Telecoms Analyst, CardinalStone Partners, while reacting to the move, said: “Canal+’s full acquisition of Showmax would mark a decisive step in consolidating Africa’s digital media value chain.
“With MultiChoice now under its control, Canal+ can fully integrate content, distribution, and streaming into a single monetizable ecosystem—something we’ve not seen before on this scale in Africa.”
Thandiwe Mokoena, Senior Media Strategist, Johannesburg, added: “This move gives Canal+ strategic dominance in both the pay-TV and OTT spaces. It positions them not only as a regional player but also as a continental gatekeeper for premium African content. The competitive pressure on Netflix and Amazon Prime Video in Africa will rise sharply if this takeover goes through.”
Financial markets are closely watching how the potential consolidation could reshape Africa’s media landscape, particularly in terms of valuation, competition law, and licensing rights.
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