A New Era for Nigeria’s Downstream FX Market

From financing imports to funding domestic refining Nigeria’s downstream petroleum market is undergoing a structural transformation driven by Dangote Refinery’s expansion. At an estimated throughput of 700,000 barrels per day, the refinery is projected to produce 46.75 million litres of PMS daily, meeting about 87% of Nigeria’s estimated demand, while generating exportable surpluses of diesel […]

FMDA Pre-MPC Analysis-July 2026

Pre-MPC Analysis-July 2026 The global economic outlook has weakened further since the May MPC meeting as geopolitical tensions continue to weigh on growth prospects. In its July 2026 World Economic Outlook (WEO) Update, the IMF revised global growth downward to 3.0% in 2026 from 3.1% projected in April, while maintaining its 2027 forecast at 3.4%. […]

Primary Market Watch: Treasury Bills

CBN to offer N700 billion Treasury Bills on Wednesday The Central Bank of Nigeria (CBN), on behalf of the Federal Government, will conduct a N700 billion Treasury bills auction on Wednesday, 8 July 2026, comprising N100 billion in 91-day bills, N100 billion in 182-day bills and N500 billion in 364-day bills. Against N269.36 billion of […]

Understanding CBN’s IMTO directive and what It changes in the FX market

SummaryThe recent directive by the Central Bank of Nigeria (CBN) on International Money Transfer Operators (IMTOs) represents a forward-looking structural reform designed to enhance transparency, efficiency, and coordination within Nigeria’s foreign exchange (FX) market. IMTOs, including global operators such as Western Union and MoneyGram, play a vital role in facilitating diaspora remittances into Nigeria, serving […]