Business
Naira records massive depreciation against dollar weekly at official market

The Naira recorded a massive drop against the dollar at the official foreign exchange market from March 14 to 21, 2025.
Analysis of the Central Bank of Nigeria’s exchange data showed that it lost N18.96 weekly.
This comes as the Naira depreciated to N1,536.89 against the dollar on Friday from N1,517.93 traded last week.
Meanwhile, at the black market, the Naira gained N10 in the week under review. The Naira closed at N1,580 per dollar on Friday, a gain from N1,590, its traded last week.
The data from both official and parallel foreign exchange markets showed that the Nigerian Naira has continued to fluctuate against other currencies.
Business
Save the Consumers Condemns MultiChoice’s Price Discriminations Between Nigerian and South African Subscribers
South African subscribers benefit from reduced pricing, such as the “Add Movies” bolt-on slashed by 38% to R49, alongside additional channels and enhanced streaming features.

Save the Consumers, a Nigerian non-governmental organisation committed to defending consumer rights, strongly condemns the recent 21 percent price increase imposed by MultiChoice Nigeria on its DStv and GOtv services.
In a comparisons of the subscriptions price being paid by subscribers in Nigeria and South Africa, Save the Consumers, juxtaposed that the MultiChoice’s price adjustments in Nigeria was in stark contrast to the company’s decision to reduce prices by up to 38% and enhance value for its South African subscribers during the same period.
Dr. Aliyu Ilias , the Executive Director of Save the Consumers, argued that the action was not only insensitive and exploitative, but also blatantly discriminatory.
He said noted that less than a year after the May 2024 price hike in Nigeria, the new increase openly defies a directive from the Federal Competition and Consumer Protection Commission (FCCPC) to suspend all price adjustments pending the conclusion of ongoing investigations.
The statement reads:”It reflects MultiChoice’s clear disregard for both Nigerian consumers and regulatory authority. Even more troubling is the company’s simultaneous enhancement of service offerings and reduction of prices for South African customers.
In South Africa, MultiChoice has lowered fees on various products, added new channels, and introduced features that improve the user experience, all while acknowledging the financial pressures faced by South African households.
This double standard, lowering prices at home while increasing them in Nigeria, amounts to economic discrimination and reinforces long-standing concerns about MultiChoice’s exploitative approach toward the Nigerian market.
It is indefensible for MultiChoice to cite inflation in Nigeria as justification for the hike while offering consumer-friendly pricing in South Africa.
This reflects a disturbing double standard, with Nigerian consumers continuing to suffer under a near-monopolistic market structure that MultiChoice exploits with impunity.
While MultiChoice claims the price hike is necessary to deliver “world-class content,” Nigerian subscribers still face persistent challenges that remain unaddressed despite repeated complaints.
These include repetitive content, frequent service disruptions, and poor value for money.
Rather than resolving these issues, MultiChoice has chosen to penalise its loyal Nigerian customers with higher prices, once again proving that profit, not service or fairness, is its primary motivation.
Meanwhile, South African subscribers benefit from reduced pricing, such as the “Add Movies” bolt-on slashed by 38% to R49, alongside additional channels and enhanced streaming features.
MultiChoice CEO Byron Du Plessis’s justification that these changes are due to “financial pressures faced by households” further demonstrates the company’s hypocritical and disingenuous treatment of Nigerian consumers, who are themselves grappling with a severe cost-of-living crisis.
MultiChoice’s dominance in Nigeria’s pay-TV sector, enabled by a lack of effective competition, has emboldened its monopolistic practices.
The ease with which it increases prices without fear of losing market share highlights the urgent need for regulatory intervention. Nigerian consumers are effectively held captive in a market where choice is limited and abuse is rampant.
The National Broadcasting Commission (NBC) must take decisive steps to foster genuine competition in the pay-TV sector and dismantle MultiChoice’s stranglehold on the market.
We call on Nigerian consumers to explore alternative platforms and consider boycotting DStv and GOtv until MultiChoice demonstrates genuine respect for their rights.
Save the Consumers demands the immediate reversal of the March 2025 price hike, compensation for subscribers affected by repeated, unjustified price increases and service deficiencies, and full compliance with the FCCPC’s directive.
We urge the FCCPC to initiate legal proceedings against MultiChoice for its defiance of regulatory orders and its disregard for consumer welfare.
A transparent investigation into its pricing model, service quality, and compliance with Nigerian competition and consumer protection laws is essential.
We call on Nigerian consumers to explore alternative platforms and consider boycotting DStv and GOtv until MultiChoice demonstrates genuine respect for their rights.
MultiChoice’s discriminatory pricing, rewarding South African subscribers with lower costs and better services while exploiting Nigerians, is a glaring example of unchecked corporate greed. Save the Consumers stands firmly with Nigerian subscribers in rejecting this injustice and calls on all stakeholders to hold MultiChoice accountable.
The Nigerian market deserves dignity, not exploitation. No company should be allowed to operate above the law or treat Nigerian consumers as second-class subscribers.”
Business
Affordable Places to Live as a Remote Worker in Lagos by Dennis Isong

Lagos is not the cheapest city to live in, but with the right information, you can find an affordable place that suits your needs as a remote worker.
If you have ever tried working remotely in Lagos without proper planning, you already know how fast your data subscription disappears.
It’s like your WiFi is fasting and praying for deliverance! And let’s not even talk about the rent—some landlords think they are renting out properties in Banana Island when, in reality, it’s more like “Plantain Village.”
Lagos is a great city for remote workers, but choosing the right area to live in can make all the difference.
You need a place that is affordable, safe, and has stable electricity and internet access. Here are some top locations that fit these criteria without draining your bank account.
1. Ogudu
Ogudu is one of the hidden gems in Lagos. It offers a mix of affordability, security, and accessibility.
The cost of renting a mini-flat (self-contained apartment) in Ogudu ranges from ₦500,000 to ₦1,200,000 per year. The roads are relatively good, and you have easy access to the Third Mainland Bridge, making it easy to get to the Island if needed. Internet service is also strong, with providers like MTN, Airtel, and Spectranet delivering good speed.
2. Abule Egba
Abule Egba has improved significantly in recent years. With the new flyover bridge and better road networks, commuting to other parts of Lagos is much easier.
The area is budget-friendly, with mini-flats going for ₦300,000 to ₦700,000 per year.
There are supermarkets, restaurants, and co-working spaces nearby if you ever need to step out of your home office. Power supply is also fairly stable compared to some other places in Lagos.
3. Gbagada
Gbagada is a sweet spot for remote workers looking for a calm environment that is still close to the business districts.
The rent is slightly higher than in Abule Egba, with mini-flats ranging from ₦700,000 to ₦1,500,000 per year. But the extra cost comes with benefits—better security, less traffic stress, and more reliable power supply. Plus, you get quick access to Ikeja, Victoria Island, and Lekki if work ever demands physical meetings.
4. Ikorodu (Some Parts)
Ikorodu is not just for people who love long-distance travel. Some areas like Agric, Ogolonto, and Ebute are fast developing, with better road networks and growing commercial activities.
You can get a decent mini-flat for ₦250,000 to ₦600,000 per year. The internet connection is not bad if you go with reliable providers. The only downside? If you need to be on the Island regularly, the commute might test your patience.
5. Oshodi-Isolo
Oshodi has changed from the chaotic reputation it had in the past. The Isolo side, in particular, is a solid choice for remote workers. Rent prices are between ₦400,000 and ₦900,000 per year for a mini-flat. There’s good access to transport, markets, and a variety of restaurants. The area is also well-connected to Ikeja and Surulere, making movement easy.
6. Mowe & Ibafo (Bordering Lagos and Ogun State) If you don’t mind living slightly outside Lagos,
Mowe and Ibafo are excellent options. They are along the Lagos-Ibadan expressway, and many professionals are moving there due to lower rent and better housing options. You can get a decent apartment for ₦200,000 to ₦500,000 per year.
The internet connection is getting better, especially with fiber-optic expansion. If you are a remote worker who values peace and space, this might be the best place for you.
Things to Consider Before Choosing a Place
• Power Supply: Lagos has unpredictable electricity, so areas with better supply should be a priority. Places like Gbagada and Ogudu tend to have more stable power. • Internet Connection: Check which provider has the best network in the area.
• Transport & Accessibility: If you need to move around frequently, consider areas with good road networks and less traffic congestion.
• Budget: Don’t just look at rent; consider other costs like service charges, security levies, and water supply.
Lagos is not the cheapest city to live in, but with the right information, you can find an affordable place that suits your needs as a remote worker.
Whether you choose Ogudu for convenience, Abule Egba for affordability, or Mowe for peace and quiet, there is a perfect spot for you.
Just remember, wherever you settle, invest in an inverter or a backup power source—because even in the best areas, NEPA will always remind you that they are in charge!
Dennis Isong and team.
+2348164741041
+2348028667565
+2348164741041
Business
Naira-for-crude crisis: Petrol imports rise to 154m litres weekly

Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, are expected to berth at seaports along the nation’s borders between Monday, March 17, and Sunday, March 23.
According to a document from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
The landing cost of imported PMS dropped to N797 per litre.
It also comes amidst the suspension of the sales of petroleum products in naira by the Dangote Petroleum Refinery following a stalled renegotiation of the naira-for-crude deal with the Nigerian National Petroleum Company Limited.
Domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders to achieve energy security in-country.
He said some persons were aggrieved by the continuous reduction in petrol prices by the Dangote refinery and only used monopolistic talks to bring back importation as an alternative.
True to this fact, the continuous importation of refined products has persisted despite improving local capacity.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently stated that the country’s three operational refineries contribute less than 50 per cent of the nation’s daily petrol consumption, with the shortfall being filled with imported products.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
The first shipment carrying 20,000 metric tonnes of PMS allocated to the West African Port Services berthed at the Dangote terminal on Monday, March 17, 2025, at 4:03 pm.
On the same day, two vessels conveying 20,000 metric tonnes respectively berthed at the Tincan and Calabar seaports.
This was followed by the arrival of a 20,000 metric-tonne Watson vessel on Thursday, March 20, at 3:18 pm. It berthed at the Ecomarine terminal and was handled by a Kach maritime agent.
Similarly, a Binta Saleh ship was scheduled to berth at the Tincan port in Lagos carrying 5,000 metric tonnes of imported petrol on Friday, March 21 at midnight.
On Saturday, March 22, at 11:06 am, another vessel carrying 15,000 metric tonnes of fuel will berth at the Calabar port. It was assigned to Peak Shipping as its agent.
At the same port, a vessel carrying 15,000 metric tonnes of fuel will arrive at the Eco marine terminal on Sunday at 5:10 pm. This means the seven vessels should bring in 115,000 metric tonnes.
Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 154.22 million litres of petrol.
Meanwhile, depot owners have continued to effect an increase in the loading cost of petrol and other refined petroleum products at their depots.
An analysis of data revealed petrol price movements at loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, and MEN depot effected an increase to N860 per litre despite not making sales the previous day.
Pinnacle Depot made a similar price change from N835 to N860 per litre, while Aiteo and Nipco changed their prices to N856 and N860 per litre, respectively, from N835.
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