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WHAT IS IT like being a taxman in Africa? “A lot of sleepless nights,” says Yankuba Darboe, the Gambia’s top revenue official, describing the pressure to meet targets. Politicians across Africa are asking ever more of their tax collectors, with good reason. The biggest hole in public coffers is not money squandered or stolen, but that which is never collected in the first place.

Government revenues average about 17% of GDP in sub-Saharan Africa, according to the IMF. Nigeria has more than 300 times as many people as Luxembourg, but collects less tax. If Ethiopia shared out its tax revenues equally, each citizen would get around $80 a year. The government of the Democratic Republic of Congo is so penurious that its annual health spending per person could not buy a copy of this newspaper.

Governments once turned to aid and natural resources to stay afloat. Historically “we relied on oil,” says Babatunde Fowler, until last month the head of Nigeria’s Federal Inland Revenue Service. “Nobody took taxation seriously.” Lower oil prices are now forcing a rethink, he explains. So too are shifts in foreign aid. As a proportion of Africa’s income, aid flows have halved since the 1990s. Measured as dollars per person, they peaked in 2011 and then fell. Public debt has risen sharply.

Since the 1980s governments have followed an IMF-inspired recipe: slashing trade taxes, reducing top rates on personal and corporate income, and embracing value-added tax. Data from the OECD for 26 African countries show that over half of their tax revenues come from taxes on goods and services. Only a quarter comes from personal income tax and social-security contributions (about the same as in Latin America, but much less than in the rich world). From 2008 to 2017 the ratio of tax receipts to GDP rose by 1.5 percentage points, but in many countries this was offset by falls in non-tax revenues, such as fines, rents and royalties from resource extraction.

Large firms grumble that they are footing the bill. Just 6% of tax-paying firms generate 78% of receipts, according to the African Tax Administration Forum (ATAF), a club of taxmen. But that statistic gives only a partial picture. Analysis of corporate tax returns in Ethiopia by Giulia Mascagni of the International Centre for Tax and Development and Andualem Mengistu of the Ethiopian Development Research Institute reveals that small firms pay the highest effective rate, perhaps because they lack accountants to find gaps in the tax code. In many countries firms which are considered “informal”—because they are not registered, or do not pay income tax—still cough up for licence fees and market dues.

Ordinary Africans complain the system is rigged. Some 56% of those surveyed by Afrobarometer, a pollster, considered it “very likely” that a rich person could pay a bribe or use personal connections to dodge taxes. They are probably right. When Ugandan tax collectors examined records for 71 government officials in 2013/14, they found that just one had paid any personal income tax. Only 5% of directors at leading companies were paying income tax themselves.

Authorities try to manage such tax-dodging through dedicated units that focus on, say, wealthy individuals or large corporations. In Uganda officials built on their earlier research by drawing up a list of 117 rich folk, then meeting them personally. At the time only 13% were filing tax returns; a year later 78% were. One pastor on the list even started preaching about paying taxes. The taxmen also chased government agencies. “It’s a tax morale issue if you ask people to pay their tax and then the government is not paying its taxes,” says Doris Akol, the country’s top revenue official.

Technocratic tax talk often centres on such administrative reforms, which also include things like strengthening IT systems or adopting taxpayer identification numbers. Yet this package only goes so far. “It says build a good tax register, go to electronic filing, and so on,” says Logan Wort, the executive secretary of ATAF. “Those are all right. But you know what the problem in Africa is? It has signed away its tax base.”

One example is bilateral tax treaties. Originally intended to eliminate double taxation, and later to attract investment, their practical effect is to limit taxation of cross-border income, such as royalties or service fees. The IMF estimates that signing treaties with so-called “investment hubs”, like Mauritius, costs African countries an average of 15% of their corporate tax revenue without increasing investment. Some governments, such as Rwanda’s, have wisely renegotiated terms.

Governments also erode the tax base by dishing out generous exemptions. Estimates of “tax expenditures”, or deviations from usual tax rates, put the cost at up to 40% of revenues that African governments collect. Those figures include some sensible allowances, like tax relief on medicines, as well as questionable ones, such as tax holidays for investors. Most businesses say that tax breaks do not affect their decision to invest; in surveys, they tend to put greater weight on things like stability and roads, which a little extra tax might fund.

How much more could African governments collect? The best estimates are that they lose revenues worth 2% of GDP through corporate-tax avoidance, of all kinds, and perhaps another 1-2% through individual wealth stashed offshore. The revenue forgone through tax expenditures is roughly 5% of GDP. It is neither feasible nor desirable to close all those gaps, so the realistic gains are smaller. Other measures, such as increasing compliance or expanding property taxes, could also add a few percentage points.

The IMF models the “tax capacity” of a country using variables such as average incomes, trade openness, and governance. On that basis it thinks that African governments could increase their revenues by 3-5% of GDP, which is more than they receive in aid (see chart). But in the past few years “there has been little progress,” says Papa N’Diaye of the IMF. The challenge is not starting tax reform, he adds, but sustaining it. Africa’s taxmen are in for a few more sleepless nights.

Nigeria’s gross external reserves rose to $48.54 billion on May 14, 2026, extending a month-long recovery that added over $527.297a million to the country’s foreign currency buffer in three weeks and reinforcing signs of improving external liquidity amid sustained reforms in the foreign exchange market.

Latest data from the Central Bank of Nigeria (CBN) showed that reserves increased steadily from $48.36 billion recorded on May 4 to $48.89 billion as of May 21, a 1.1 per cent rise, reflecting renewed dollar inflows into the economy and easing pressure on the nation’s external position.

On a month-on-month basis, reserves recorded an accretion of $377.715 million, bringing them to $48.53 billion as of April 21.

On a year-to-date basis, the reserves had risen by $3.326 billion from $45.565 billion on January 2 this year, a 6.8 per cent increase in the five-month period.

However, the reserves have risen by about $10.346 billion compared to the $38.544 billion recorded in the corresponding period of 2025, representing a year-on-year increase of roughly 26.8 per cent.

The sharp annual growth underscores the improvement in Nigeria’s external earnings profile over the past 12 months, supported by increased foreign portfolio inflows, higher diaspora remittances, improved oil export receipts and tighter monetary policy conditions that boosted investor appetite for naira assets.

Meanwhile, the value of the naira saw a slight depreciation last week as it declined by 0.8 per cent week on week to N1,366.82 to the dollar, as local demand offset offshore supply from Thursday’s OMO auction. In the forwards market, the naira rates depreciated by 0.2 per cent across the 1-month to N1,397.27, 3-month to N1,436.18, 6-month to N1,492.56 and 1-year to N1,605.18.

Analysts expect the naira to remain broadly stable in the near term, underpinned by resilient local and foreign inflows amid still-strong market confidence, Nigeria’s favourable external position, and sustained carry-trade appeal.

However, in the event of a re-escalation of the US-Iran conflict that triggers portfolio outflows, they expect the CBN to deploy measured foreign exchange interventions to limit excessive volatility.

Nigeria’s inflation rate has continued to cool, falling to 16.05 per cent in October from 18.02 per cent in September 2025. The inflation rate drop was largely driven by the monetary policy decisions and positive outcome of key reforms instituted by the Central Bank of Nigeria (CBN), which triggered continued FX stability, a spike in foreign reserves to $46.7 billion. CBN governor, Olayemi Cardoso, highlighted the positive impact of monetary policy decisions, including making the naira more competitive at international markets, and improving the investment climate for global investors.

The Central Bank of Nigeria (CBN) says structural reforms are beginning to filter through to the broader economy, helping to stabilise the naira, ease lending rates and moderate inflation numbers.

For the bank, the recent monetary policy actions reflect a deliberate strategy to restore macroeconomic stability after years of fiscal and external pressures.

These developments reflect the commitment and focus of the Bank’s leadership in restoring stability to the financial system, adding that lower lending rates are emerging as one of the tangible outcomes of the CBN’s policy trajectory.

The CBN said alignment of fiscal and monetary policies is indispensable at a time when technological innovation and digital finance are rapidly transforming the financial landscape.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained the benchmark interest rate at 27 per cent during the last meeting in Abuja.

The central bank, however, adjusted the standing facility corridor around the MPR at +50/-450 basis points, and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks (DMBs) at 45 per cent, merchant banks at 16 per cent, and 75 per cent for non-TSA public sector deposits as well as kept the Liquidity Ratio unchanged at 30 per cent.

Addressing journalists after the two-day meeting of the Monetary Policy Committee (MPC) – the last for 2025 – CBN Governor, Mr. Olayemi Cardoso, said the committee’s decision was underpinned by the need to sustain the progress made so far towards achieving low and stable inflation.

The MPC also reaffirmed its commitment to a data-driven assessment of developments and outlook to guide future policy decisions.

Already, the National Bureau of Statistics (NBS) said that in October 2025, Inflation reduced to 16.05 per cent from 18.02 per cent in September 2025. This was contained in the Consumer Price Index (CPI) Report of October.

NBS said, “In October 2025, the Headline inflation rate eased to 16.05 per cent relative to the September 2025 headline inflation rate of 18.02 per cent.”

On a year-on-year basis, NBS said the Headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88 per cent).

The report said this shows that the Headline inflation rate (year-on-year basis) decreased in October 2025 compared to the same month in the preceding year (i.e., October 2024), though with a different base year, November 2009 = 100.

NBS added, “On a month-on-month basis, the Headline inflation rate in October 2025 was 0.93 per cent, which was 0.21 per cent higher than the rate recorded in September 2025 (0.72 per cent).

“This means that in October 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2025.”

The ongoing moderation in the inflation rate, rising competitiveness of the naira and growth in foreign reserves all point to a positive phase in Nigeria’s economic position.

The International Monetary Fund (IMF) relied on these indicators to project a 3.9 per cent growth for Nigeria in 2025, as well as expanded stability in the FX markets.

The FX reforms, instituted by the Olayemi Cardoso-led Central Bank of Nigeria (CBN), new policies instituted by the Federal Government to boost local production, reduce forex demand pressure, and lessen domestic prices have been instrumental to macroeconomic stability.

The expectations are that the apex bank sustains the forex reforms while the fiscal authority strengthens efforts at enhancing FX earnings, especially from gas, oil and non-oil exports.

The naira has achieved a notable milestone, strengthening by 3.5 per cent against the U.S. dollar over the past ten months, reaching N1,450/$ at the parallel market. This recovery, though modest, signals a crucial shift, driven by coordinated adjustments to fiscal and monetary policies by the Federal Ministry of Finance and the Central Bank of Nigeria (CBN).

The start of the year saw the Naira trading at around N1,555/$. However, a brief period of instability saw the rate slip to a high of N1,597/$ by the end of April. The subsequent six months were marked by intense policy intervention. The naira briefly firmed up at N1,475/$ in October 2025 at the official market before settling at N1,500/$ at the parallel market yesterday, marking a 3.5 per cent gain from the January starting point.

CBN Governor Yemi Cardoso says naira is turning the corner, and becoming more competitive in the international markets.

He said Nigeria’s economy has been fully restructured and is now resilient, with huge buffers against global risks.

He spoke during the Intergovernmental Group of Twenty-Four (G-24) press briefing at the ongoing IMF/World Bank Annual Meetings in Washington DC, US.

Cardoso, who is the leader of the Nigeria delegation at the meetings, said the naira, has equally emerged as a competitive currency, with the economy witnessing positive trade balances and large businesses moving from imports to export of locally produced goods and commodities.

According to him, the positive economic indicators have combined to create resilient and strong buffers, keeping the economy in great shapes.

Speaking on the impact of the trade tariffs on the domestic economy, the CBN boss, said the tariffs are less of problems for the country.

“And for us again, oil is basically the only commodity that was so exposed to the tariffs, and the impact of that was relatively modest. We now have a more competitive currency with the results that, for once, we have a situation where we have a positive balance of trade surplus, and we expect it to be six per cent in GDP for some time,” he said.

“So basically, what is happening is a complete restructuring of the economy, where we are encouraging people to go into domestic production, and, of course, discouraging imports,” he added.

“And I think we were very fortunate, because a lot of the things that were needed to have been done, we did them much earlier, and as a result of that, we’re able to create resilience and buffers against potential shocks,” he stated.

The Director-General, the West African Institute for Financial and Economic Management (WAIFEM) Dr. Baba Musa, has called on government to ensure that 3.9 per cent growth for Nigeria in 2025 translate to decent jobs, rising incomes, improved productivity, and broader social welfare.

In his report presented at the recently concluded 2025 IMF/World Bank Annual Meetings in Washington DC, titled: “Nigeria’s Economic Outlook at a Turning Point”, he said as Nigeria moves further into 2025, Nigeria’s economic story is one of resilience, renewal, and strategic recalibration.

Musa, who is also the President, Nigerian Economic Society, said Nigeria’s economic trajectory is increasingly encouraging with the International Monetary Fund (IMF) projecting real Gross Domestic Product (GDP) growth of 3.9 per cent in 2025, up from 3.5 per cent in 2024, with further acceleration to 4.2 per cent in 2026.

Musa said Nigeria in 2025 is at a critical inflection point, cautiously optimistic yet structurally fragile.

“Gains in growth, inflation moderation, and investment confidence mark important progress, but the work is far from complete. To sustain the recovery, Nigeria must maintain macroeconomic stability, deepen structural reforms, and ensure that growth translates into tangible improvements for citizens. Achieving this requires collaboration among government, private sector, civil society, and development partners,” he said.

According to him, by committing to policy consistency, human capital investment, and inclusive growth, Nigeria can consolidate its recovery and emerge as a more competitive, resilient, and equitable economy in the years ahead.

“Globally, economies are grappling with slowing growth, projected at 2.7% in 2025 by the IMF for advanced economies, and heightened geopolitical risks that affect trade and investment. Against this backdrop, Nigeria has demonstrated remarkable determination. Domestically, inflationary pressures, infrastructure deficits, and unemployment persist, yet they now represent policy frontiers rather than defining constraints,” he said.

Musa said recent policy measures, ranging from fiscal consolidation to targeted monetary adjustments, have laid the groundwork for a sustainable growth trajectory.

“The real test, however, lies not only in achieving stability but in ensuring that it translates into tangible socio-economic outcomes: decent jobs, rising incomes, improved productivity, and broader social welfare. If Nigeria deepens reforms, invests strategically in human capital, and leverages its structural advantages, the country can achieve not only recovery but inclusive and durable economic transformation,” he said.

He said the growth for Nigeria is underpinned by stronger oil production following operational improvements and policy reforms in the petroleum sector.

“Recovery in services, particularly telecommunications, financial services, and transport, reflecting resilient domestic demand. Improved agricultural output, thanks to favorable weather patterns and government support for mechanization and inputs,” he said.

He said the recent GDP rebasing has also given a more accurate reflection of the economy, capturing growth in high-potential sectors such as digital services, modular refining, and the creative industries. This expanded view highlights opportunities for job creation, innovation, and revenue generation that were previously underappreciated.

According to him, inflation remains elevated but is gradually moderating. “Headline inflation declined to 18.02 per cent in September 2025, down from 20.12 per cent in August, reflecting improved food supply, seasonal harvests, and targeted interventions in the energy market. The Central Bank of Nigeria’s interest rate cut, the first since 2020, signals a nuanced policy shift: a deliberate effort to balance price stability with growth and employment objectives. This approach is consistent with modern macroeconomic management, where inflation targeting is tempered by the need to stimulate investment and production in key sectors,” he said.

“Investor sentiment is improving, illustrated by Shell’s approval of the HI Offshore Gas Project, expected to supply 350 million standard cubic feet of gas per day to Nigeria LNG. Economically, such projects deliver multiplier effects: they stimulate domestic suppliers, create high-skill and semi-skilled jobs, and strengthen Nigeria’s position as a reliable energy hub in Africa. They also enhance balance of payments stability, by promoting export-oriented production,” he said.

The CBN under Cardoso is cultivating multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users.

From moves to improve diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain.

• Actual pump price hits N1,202.7/litre
• Over 90 licensed marketers abandon petrol import as deregulation flops
• Truck drivers may suspend operations as diesel rises to N1,400/litre
• Price control unsettles Dangote, other local refineries

Notwithstanding denials from government, Nigeria is paying about N907.5 billion subsidy on premium motor spirit (PMS) otherwise called petrol monthly as the depreciation of the naira has pushed the actual cost of litre of fuel to N1,202.7.

Owing to unresolved price differential, over 90 marketers, who were licensed to import petroleum products into the country have been unable to bring in any products almost nine months after President Bola Tinubu announced the deregulation of the downstream segment of the petroleum industry.

Amid these concerns, the Nigerian Association of Road Transport Owners (NARTO), which distributes petroleum products across the country, told The Guardian yesterday that they have concluded plans to down tools as they demand double of the existing transportation allowance, which is ordinarily meant to be determined by market forces.

As the price of diesel moves upward to about N1,400 per litre, NARTO said the cost of diesel from Lagos to Abuja has jumped to N1.4 million compared to the N600,000 it was mid-last year.

With the resumption of the Port-Harcourt Refinery yet to materialise, there are indications that the price control by the government despite deregulation would frustrate Dangote Refinery and others who are now relying on imported crude oil for processing.

As of the fifth week of the year, when the crude oil price was around $78 per barrel, PMS Eurobob delivered to West Africa was $820.27 per tonne. There are 1000 litres in every tonne, which brings the landing price of petrol per litre in Nigeria to $0.8. Going by the official exchange rate of N1,503.4 to a dollar, the landing price of a litre of PMS should cost N1,202.7. Without other transportation fragments and marketers’ margin, the Federal Government is currently paying about N585.5 subsidy on every litre of petrol.

With the country’s daily consumption dropping from about 65 million litres per day to about 50 million litres, the N585.5 per litre subsidy would be N29.28 billion per day and about N907.5 billion monthly.

Across most West African countries, the price of petrol now hovers between N2,000 and N1,400. Yesterday in Cameroon, a litre of PMS was N2,011; in the Benin Republic, it was N1,633. In Togo, it was N1,680 per litre while it sold for N1,500 per litre in Ghana. It was N2,080 in Mali and N2,042 in Burkina Faso.

Coming at a time when the International Monetary Fund (IMF) is asking Tinubu to remove petrol and electricity subsidies, a confirmation of the position of The Guardian and stakeholders that the government is paying subsidies, marketers, who spoke yesterday, said a crisis is looming in the downstream segment of the petroleum industry.

At his inauguration in May 2023, Tinubu, who met the pump price at N195 per litre, announced that the market had been deregulated even before he settled down for governance. Two days later, NNPC increased the end-users’ price to between N488 per litre in Lagos as the lowest and the price then peaked at N557 per litre in some parts of the northern region. NNPC later increased the price to N617 per litre.

In mid-August, Tinubu stated that despite the deregulation of the downstream market, the pump price would remain unchanged, as there are no immediate plans to raise fuel prices.

As at the last week of August, PMS was trading for $1,030.11 per metric tonne at the international market compared with the $859.25 it traded around July when NNPC increased the pump price to an average of N617 per litre. As of the first week of February 2024, while the price came down to $820 per ton, naira had witnessed a free fall that pushed the price of the commodities to about two times of its subsidised cost.

Without any budgetary allocation in the 2023 appropriation, the Nigerian National Petroleum Company Limited (NNPCL) has been the sole importer. Generating over 80 per cent of the foreign exchange, NNPCL imports the products at preferred exchange rate and retails to other marketers.

The expenses, that were not covered by budgetary allocation, are recorded as under-recovery in NNPC’s books.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Shettima, said most of his members who are licensed can import and sell at the current rate.

According to him, the government should create a level playing field and provide foreign exchange at the same level the NNPC is accessing it.

“We have not imported a litre since we got licenses,” Shettima said, adding that “only NNPC is importing”.

Last year, the Chief Executive Officer of the Nigerian Midstream Downstream Petroleum Regulatory Authority, Farouk Ahmed, noted that the federal government was considering options that would sustainably address the concerns of the sector and offered 90 licenses for the marketer to import products.

“NNPC has assured of supply and also the marketers have expressed their concerns about the availability of foreign exchange to enable them to import.

“We as regulators continue to say the market is open for everyone. We have issued licenses to all those who have applied to over 90 marketing companies.

“We have given them access to all the required support that they needed to ensure there is a constant supply of petrol products in the country,” Ahmed said.

President of NARTO, Othman Yusuf, said transportation of petroleum products across the country is under threat and would be suspended as the environment is no longer favourable.

“We are about to make a decision. So many of our people have parked their trucks and a lot more are going to park their trucks.

“As an association, we are going to decide to order everybody to park their trucks. The amount they were paying us before deregulation is still the amount they are paying. It is practically impossible to operate because the price of diesel that we buy today at N1,400 was just N600 per litre last year when the market was deregulated,” Othman said.

According to him, the cost of one tyre which was about N70,000 is now N250,0000 while batteries and other spare parts have also skyrocketed in the face of bad roads.
Yusuf noted that the cost of transporting a litre of petrol from Lagos to Abuja, which is N31 per litre of fuel, can no longer cover the full price of diesel.

Yusuf said 1,000 litres of diesel is needed from Lagos to Abuja and amounts to about N1.4 million while the transportation fragment of a 40,000-capacity tanker amounts to N1.24 million.

Apart from other associated costs, such as vehicle maintenance cost, the truckers need an extra N160,000 just to cover the cost of diesel alone.

“We have to park because nobody is interested in addressing the plight of our members. That is why we have no option than to park our trucks so that we can all come to a drawing board,” Yusuf said.

A customer counts out payment from a bundle of Naira banknotes inside a market in Lagos, Nigeria, on Friday, April 22, 2022. Choked supply chains, partly due to Russia’s invasion of Ukraine, and an almost 100% increase in gasoline prices this year, are placing upward price pressures on Africa’s largest economy. Photographer: Damilola Onafuwa/Bloomberg , Bloomberg

(Bloomberg) -- Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America.

Three indicators -- the widely-used black-market rate, the central bank’s real effective exchange rate, and “our own currency fair value analysis” -- shows the naira is 20% overvalued, economist Tatonga Rusike said in a note to clients on Tuesday. “We see scope for it to weaken by an equivalent amount over the next six-nine months, taking it to as high as 520 per USD,” Rusike said.

While the naira will come under increasing pressure “due to limited government external borrowing,” devaluation is unlikely to happen until after the February 2023 presidential elections, the bank said.

Africa’s largest economy operates a multiple exchange regime dominated by a tightly controlled official exchange rate and a parallel market where the currency is freely traded. The naira exchanged at 440.95 to the dollar in the official spot market as of 12.15 pm and about 731.46 in the parallel market, according to @naira_rates, a Twitter account that tracks the black market.

The official rate has depreciated by less than 10% since December 2021 even as the parallel rate is down by nearly a third within the same period, widening the gap to almost 70%, BofA analysis show. “The greater the disparity with the official market, the higher the likelihood of increasing excess demand for foreign currency on the parallel market,” the bank said.

The Food Beverage and Tobacco Senior Staff Association (FOBTOB) has lamented that employers in the sector are finding it difficult to import raw materials for production due to unavailability of foreign exchange (forex).

President of FOBTOB, Jimoh Oyibo, who said this during the union’s 44th anniversary, recently, urged the Federal Government to save the sector from total collapse.

He lamented that the issue of forex scarcity has affected the industry so much that it is affecting and slowing down production.

He gave instances of some big employers in the sector, like Ragolis Water, located in Ikorodu that has shut down operations due to forex unavailability.

The FOBTOB president said that it was painful that manufacturers, who sustain the economy could not get forex, but the dollar is in the hands of individuals, mostly politicians, who use it at their conventions and other political activities.

He noted that sourcing forex from black market, which most of the companies are now doing for survival, having been left with no other choice is not sustainable.

“It is unfortunate that such things are playing out. Yet, we have a government. Sourcing from black market reduces the profit margin of the manufacturers and what that means is that they will not be able to meet up with their overheads,” he said.

Oyibo said the government should live up to its responsibility and ensure that forex is made available to manufacturers and not party jamborees.

On the introduction of excise duty on carbonated drinks, despite, the plea by the unions, the labour leader said the present administration has failed not only workers but Nigerians as the effects of the increase cut across several stakeholders.

“The duty affects our members who are now producing at a loss, but despite this, our employers have been magnanimous as we didn’t witness any redundancy.

“What we did was to advise our employers in those companies to push up the volume to make up, but our fear now is the technology being employed,” he said.

He reasoned that the workers could not afford to lose jobs now with the current inflation that has eroded even the present earnings of the workers: “This government has failed us from day one.

At the beginning we felt help had come. All of us should rise up to bring a government with human face.

“The fact that there’s no consequence for corrupt practices is what led us to this level. The leadership will need to change, so that at the end of the day things will be ok for our industry and our country,” he said.

Nigerian naira traded at N581 per dollar on Friday at the parallel section of the foreign exchange market.

Bureaux De Change operators (BDCs), popularly known as “abokis”, who spoke to TheCable in Lagos, said one dollar exchanged for N581 at the street market.

The traders put the buying price of the dollar at N575 and the selling price at N581, leaving a N6 profit margin.

Since the suspension of trading information by abokiFX — citizens have resorted to street traders for the current parallel market rates of the local currency.

A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.

But the Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine Nigeria’s naira/dollar exchange.

Meanwhile, the naira appreciated by 0.04 percent at the official market to close at N416.50 on Thursday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.

Further checks by TheCable showed that the euro has weakened against the naira amid low demand for the currency as worries increased over the impact of the escalating Russia-Ukraine war.

The euro is the official currency of 19 of the 27 member states of the European Union (EU).

Street traders across forex markets in Lagos who spoke to TheCable quoted the rate at N600/€1, depreciating by N20 or 3.2 percent from the N620/€1 it traded last week.

A BDC trader told TheCable that no one is buying euro for now since the start of Russia’s invasion of Ukraine.

On the apex bank’s website, the local currency closed at N459.6/€1 at the official market on Thursday.

MELBOURNE/SINGAPORE (Reuters) - Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States.

U.S. West Texas Intermediate (WTI) crude CLc1 futures edged up 16 cents, or 0.4%, to $40.45 a barrel by 0805 GMT, while Brent crude LCOc1 futures rose 9 cents, or 0.2%, to $42.49.

Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.

â€œA viable vaccine is unequivocally game-changing for oil - a market where half of demand comes from moving people and things around,â€ JP Morgan said in a note

â€œBut as we have written previously, oil is a spot asset that must first clear current supply and demand imbalances before one-to-two-year out prices can rise.â€

Rystad Energy said lockdowns in Europe could result in the loss of a further 1 million barrels per day of oil demand by the end of this year.

â€œThe fast-tracking of multiple vaccines doesnâ€™t mitigate the risk that many U.S. states will have to return to some form of lockdown this autumn/winter,â€ Rystad Energyâ€™s head of oil markets Bjornar Tonhaugen said.

U.S. oil inventory numbers are due on Tuesday from the American Petroleum Institute, and on Wednesday from the Energy Information Administration.

Five analysts polled by Reuters estimated, on average, that U.S. crude stockpiles fell by 1.3 million barrels in the week to Nov. 6.

Tuesdayâ€™s oil price decline was tempered by comments from Saudi Arabiaâ€™s energy minister, who said on Monday the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, could tweak their supply cut pact if demand slumps before the vaccine is available.

OPEC+ agreed to cut supply by 7.7 million barrels per day from August through December and then ease the cut to 5.7 million bpd from January.

â€œIf the oil market continues to rally between now and the OPEC+ meeting at the end of the month, it could prove self-defeating, as some members may grow more reluctant to roll over current cuts into next year, leaving the market vulnerable over the first quarter of next year,â€ ING economists said in a note.

Reporting by Sonali Paul and Seng Li Peng; Editing by Kenneth Maxwell and Kim Coghill

LONDON (Reuters) - Sterling advanced on Tuesday thanks to a deepening dollar rout though concerns of a second wave of virus infections and a central bank policy meeting later this week capped gains.

The pound has reversed nearly all the losses sustained against the dollar in the wake of the pandemic-fueled selloff in March and April and was rising on Tuesday towards a five-month high hit last week versus the greenback.

Sterling’s recovery has been impressive in recent weeks. It registered its biggest monthly rise in more than a decade in July even though prospects of a breakthrough in Brexit negotiations with Europe before a December deadline remain elusive.

“I think it’s more a case of the dollar giving back some of the gains we’ve seen over the last couple of trading sessions,” said Lee Hardman, a currency strategist at MUFG in London.

“That downward pressure on the dollar is resuming partly because of the (Federal Reserve Bank’s) response to the coronavirus.”

On Tuesday, the pound rose 0.05% to $1.3085 against the dollar and strengthened 0.12% against the European Union’s common currency to 90.09 pence.

Signs that dollar weakness have been the major driver of pound gains can be seen from the performance of the British currency versus the euro and the Japanese yen.

While it has strengthened nearly 15% versus the greenback since the March lows, it has risen less than 6% against the euro and less than 12% versus the yen in the same period.

British Prime Minister Boris Johnson said last week he would postpone the next stage of lockdown easing for at least two weeks due to a pick-up in COVID-19 infection rates.

In the United States, Democrats in the U.S. Congress and White House negotiators are in talks on a new coronavirus relief bill after a deadline was missed on Friday to extend enhanced unemployment payments during the pandemic.

Any delay in unveiling more stimulus measures would fuel another round of selling in risky assets and drag the pound lower.

Investors are also awaiting the Bank of England’s policy meeting on Thursday where money markets are already pricing in the prospects of negative interest rates by early next year.

NEW YORK (Reuters) - The dollar slumped to its lowest in nearly two years on Thursday, as investors continued to sell the greenback on expectations a surge in coronavirus cases will make it difficult for the U.S. economy to outperform its peers.

By contrast, the euro rose to its highest since early October 2018 after breaching the technically important $1.16 level on Wednesday and was up for a fifth straight day against the dollar, still basking in the glow of the European recovery fund approved earlier this week.

“Speculators are pretty underweight a lot of the G10 currencies so there is room for this momentum move to keep going,” said Erik Nelson, currency strategist at Wells Fargo Securities in New York.

“The biggest risk that it stops and the dollar starts to regain its legs is equities, if the equity rally really starts to falter and we see a big move lower then all of a sudden dollar strength is going to come back very quickly.”

A rise in U.S. jobless claims last week, for the first time in four months, also added to pressure on the dollar, as a persistent increase in COVID-19 cases has put an apparent recovery in the labor market on stall speed and dampened consumer demand.

U.S. coronavirus cases topped 4 million on Thursday, with over 2,600 new cases every hour on average, the highest rate in the world, according to a Reuters tally.

In afternoon trading, the dollar index was down 0.3% at 94.725 =USD, after hitting its lowest since late September 2018. It has lost nearly 8% since its March 20 peak, when a global dollar funding crunch saw a surge in demand. The index is down 1.3% on the week and on pace for its fifth straight weekly decline.

The dollar briefly strengthened after U.S. Treasury Secretary Steven Mnuchin said the U.S. government will protect the stability of the currency. White House officials and U.S. Senate Republican leaders also continued to work towards a proposal for a new round of aid to buttress the economy.

The U.S. currency was also down 0.46% against the Swiss franc at 0.9252 franc CHF=EBS. Earlier it dropped to a more than four-month low.

The euro EUR=EBS was up 0.34% at $1.1609, hitting a fresh 21-month high of $1.1601 hit earlier on Wednesday.

The Australian dollar AUD=D3 retreated from a 15-month peak against the greenback to around US$0.7107, down 0.46%, while the New Zealand dollar NZD=D3 fell 0.41% to US$0.6636, below Wednesday's six-month top of US$0.6678.

Elsewhere, China's offshore yuan recovered losses somewhat from an earlier slide against the U.S. dollar, which was last down 0.1% at 7.0113 yuan CNH=EBS.

China said the U.S. move on Tuesday to close its Houston consulate this week had “severely harmed” relations and warned it “must” retaliate, without further details.

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