Trending Nigeria News Today:
Date: July 2025 (latest update)
1. Nigerian Naira Gaining Momentum
Nigeria's currency is recovering. The naira recently strengthened to ₦1,525/USD on the official market and on the parallel market to about ₦1,567/USD—up from last week's ₦1,535. Experts attribute this to both Central Bank intervention and increased foreign investment in high-yielding government bonds. Estimates say it will hit the government's target of ₦1,500/USD soon (reuters.com).
Key takeaways:
- CBN support and sovereign bond demand have raised foreign exchange inflows.
- Markets expect further appreciation with positive sentiment among investors.
2. IMF Seeks Budget Recalibration on Account of Falling Oil Prices
The International Monetary Fund suggests that Nigeria should alter its 2025 budget, citing an imbalance between the budgeted oil price ($75/barrel) and actuality (~$68/barrel). Economic growth is expected to be 3.4% in 2025, but inflation is high. The IMF recommends:
- Cutting fuel subsidies,
- Increasing cash transfers to alleviate poverty,
- Tight monetary policy with positive real interest rates (reuters.com, reuters.com).
What it means:
- Fiscal restraint can curb inflation and protect public finances.
- Higher social protection nets are needed to address rising food poverty.
3. New Opposition Coalition Forms Ahead of 2027 Elections
There is a large-scale political realignment with major opposition stakeholders like Atiku Abubakar and Peter Obi joining the Africa Democratic Congress to contest President Tinubu's All Progressives Congress (APC) in the 2027 polls. The union aims to turn around the dominance of the ruling party, evoking mounting concern for democratic space (reuters.com, apnews.com).
Why it matters:
- Seeks to redefine national politics and democratize the electoral process.
- Records overall displeasure with dominant economic and governance issues.
What to Watch This Week
- Currency Direction: Will the naira sustain its recent upturn amid global market uncertainty?
- Budget Reforms: Will the government be able to push through IMF-recommended reforms?
- Political Landscape: Will the new opposition bloc find momentum towards 2027?
Final Insight
Nigeria is at a crucial economic and political juncture—from a recovering currency and IMF-led fiscal consolidations to a shift in opposition cohesion. The consequences of these trends could define the country's trajectory next year.