The numbers that matter now
Verified · LiveSource: NBS (CPI) · CBN (MPR, PMI and household surveys) · Stanbic IBTC / S&P Global PMI (Sep 2026) · Sep 2026
The read from our desk
Nigeria's activity numbers are still expanding, but margins are squeezed and credit is going to government. In September banks lent the Federal Government ₦6.36 trillion more and businesses ₦537.6 billion less, and at the 28 October auction the DMO rejected ₦1.84 trillion of Treasury bill bids. Inflation fell for a fourth month to 14.63% in September, while consumer sentiment dropped to −18.7. The naira recovered to ₦1,346.91 on 29 October from ₦1,370 a week earlier, but on thin turnover. A ₦70,000 monthly transport allowance for federal workers starts in November and runs six months. The live decisions are cash and FX: plan around your till rather than a loan, and buy known first-quarter dollars while the rate is calm.
What to watch in Nigeria
- →Naira: ₦1,346.91 on 29 October, four sessions of gains on turnover that fell to $54 million
- →Credit: ₦6.36 trillion more to government in September, ₦537.6 billion less to businesses
- →Households: a ₦70,000 monthly transport allowance for federal workers from November, for six months
- →Fuel: Dangote diesel up ₦40 to ₦1,840 as exports outrun domestic supply, while depot petrol fell
- →Rates: the CBN's last MPC of 2026 on 23 and 24 November, with the cash reserve ratio still at 45%
Key SME sectors
Retail, hospitality, professional services, agriculture, manufacturing, fintech.