Business
BREAKING: Nigeria september inflation rate increases
The Nigeria inflation rate has increased above the September 2024 rate.
The Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%.
Recall that Nigeria’s headline inflation rate dropped to 32.15 per cent for the month of August 2024, according to the latest data from the National Bureau of Statistics.
This represents a 1.25% percentage point decrease from the 33.4 per cent recorded in July 2024 and the second consecutive monthly slowdown in inflation after easing in the previous month.
The NBS, in its Consumer Price Index report posted on its website on Monday, signals a slower pace in the increase of the average price level compared to the previous month.
Details later…..
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
Business
Naira Exchange Rates, Friday September 25
Black Market Rates
₦1382DOLLAR (USD)
₦1855POUND (GBP)
₦1545EURO (EUR)
1000 DOLLAR (CAD)
₦70 RAND (ZAR)
370DIRHAM (AED)
190YUAN (CNY)
₦100G.CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
Official CBN Exchange Rates
DOLLAR (USD)₦1328.67
POUND (GBP)₦1758.36
EURO (EUR)₦1511.63
SWISS FRANC (CHF)₦1605.45
JAPANESE YEN (JPN)₦8.38
CFA FRANC (XOF)₦2.31
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03
CHINESE YUAN (CNY)₦197.92
SAUDI RIYAL (SAR)₦353.86
SOUTH AFRICAN RAND (ZAR)₦81.09
Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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