Gold prices in Nigeria have dipped to approximately N180,000 per gram, driven by the strengthening naira and a hawkish stance from the US Federal Reserve. Local gold prices, which typically include a 5% to 10% premium over spot rates, are heavily influenced by the USD/NGN exchange rate. While global gold prices remain pressured by a stronger US dollar and rising bond yields—compounded by geopolitical tensions in the Middle East—the domestic price remains a key hedge for Nigerian investors protecting against currency volatility. Traders are now awaiting FOMC meeting minutes for further guidance on US interest rate policy.

The Federal Government has launched the 2026 oil and gas licensing round, placing 40 blocks across land, shallow, and deepwater terrains up for competitive bidding. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the initiative, which has received presidential approval, aims to attract global capital into the nation’s upstream sector. The regulator emphasized a focus on transparency, requiring all bidders to disclose beneficial ownership, and pledging to publish full evaluation results. This follows the 2025 round, which saw 31 companies successfully bid for 37 blocks.

Saudi Arabia has updated its family visa regulations to allow eligible skilled expatriate workers to process entry visas for their families simultaneously with their own work visa applications. Previously, expatriates were required to complete their personal visa process before initiating applications for dependants. The Ministry of Interior noted that this change aims to improve the quality of life for skilled professionals, though standard residency finalization procedures remain mandatory upon arrival. Eligible dependants include spouses, sons under 25, and unmarried daughters.

The World Bank has raised its 2026 economic growth forecast for Sub-Saharan Africa to 4.3%, even as it warns that poverty rates remain persistently high. Despite the improved growth outlook, per capita GDP growth is projected at a modest 1.8%, with 47.8% of the population expected to remain in poverty this year. The bank noted that economic gains are failing to translate into improved living standards, as population growth continues to outpace modest income increases, leaving many households vulnerable to climate shocks and high debt costs.

In a separate development, the Economic Commission for Africa and the United Nations Population Fund have launched a new digital platform to monitor the African Union’s demographic dividend roadmap. This initiative aims to help member states improve data collection and track progress across health, education, employment, and youth empowerment to better leverage the continent’s rapidly growing workforce.

Internet service provider Spectranet has announced a series of service enhancements in commemoration of Customer Service Week 2026. The company has launched a redesigned website to improve account management and is accelerating the rollout of its Home Fiber network to provide faster, more reliable connectivity for Nigerian households. According to Chief Operating Officer Sumit Gambhir, these upgrades form part of a long-term strategy to prioritize network reliability and seamless customer interaction. Spectranet is also offering promotional data incentives to mark the occasion.

A Federal High Court in Lagos is set to rule on a landmark case filed by Dangote Petroleum Refinery against the Federal Government’s policy of issuing and renewing fuel import licenses. Dangote Refinery argues that continued imports of Premium Motor Spirit, diesel, and jet fuel undermine domestic refining capacity and violate the Petroleum Industry Act, which prioritizes local production. The Nigerian National Petroleum Corporation Limited, however, maintains that imports are necessary to ensure supply security and stabilize prices. Meanwhile, reports indicate that Dangote Refinery has ceased selling petrol to marketers who also engage in imports, citing concerns over product blending and quality control. The court proceedings remain a critical test for Nigeria’s evolving fuel supply regime.

Commercial banks reduced their overnight deposits with the Central Bank of Nigeria (CBN) via the Standing Deposit Facility (SDF) by N941.85 billion to N3.76 trillion as of October 7, 2026. This marks the largest single-day decline since September 30, bringing balances below the N4 trillion mark for the first time in recent sessions. The movement reflects significant shifts in banking system liquidity following the Monetary Policy Committee’s decision to lower the Monetary Policy Rate to 23% in late September.

The Central Bank of Nigeria’s September Business Expectations report identifies multiple taxation, insecurity, and high interest rates as the primary constraints hindering business operations. Multiple taxation topped the list with an index of 67.1 points. Despite these challenges, the overall Business Confidence Index remained positive at 13.4 points. Businesses expressed optimism regarding future activity, particularly in the electricity, gas, water, and agriculture sectors, and anticipate a potential appreciation of the naira, even as borrowing costs remain a significant concern.

Nigerian banks have significantly strengthened their market positions in the 2026 African Banker Top 100 ranking, following a successful industry-wide recapitalisation. The combined Tier 1 capital of Nigerian lenders in the ranking surged by 48 percent to $15.2 billion, outpacing growth in other major African regions.

United Bank for Africa (UBA) led the charge, climbing five places to 15th, while Access Holdings recorded the highest capital growth on the continent at 60.9 percent. Other notable movers included GTBank and Stanbic IBTC, which jumped 35 places. This capital expansion, supported by CBN reforms that saw banks raise over N4.65 trillion, has restored the continental influence of Nigerian lenders, positioning them to better finance infrastructure and intra-African trade. Continent-wide, Tier 1 capital among the top 100 banks reached $155 billion, a nine-year high.

Ghana’s annual inflation rate climbed to 5.2% in September, marking a second consecutive monthly increase, up from 5% in August. The uptick, driven primarily by services and domestically produced goods, suggests that the previous disinflationary trend has lost momentum. This development reinforces expectations that the Bank of Ghana will maintain its policy rate at 14% to curb persistent price pressures. In contrast, Nigeria’s inflation rate saw a slight decline to 15.39% in August, highlighting divergent economic trends within the region.

Ghana’s annual inflation rate climbed to 5.2 percent in September, marking its second consecutive monthly increase, up from 5.0 percent in August. Data from the Ghana Statistical Service indicates that while food inflation rose to 4.0 percent, non-food inflation—which accounts for nearly two-thirds of the total—eased to 6.2 percent. Government Statistician Alhassan Iddrisu noted that price pressures are increasingly driven by domestic goods and services rather than imported costs. Despite the uptick, inflation remains significantly lower than levels recorded a year ago.

Afri Invoice, a Nigerian SaaS fintech firm, has launched a tiered subscription structure to facilitate business adoption of digital invoicing in alignment with Nigeria’s evolving electronic tax framework. The new plans—ranging from Beginners to Premium Corporate—are designed to help businesses of all sizes automate transaction records, improve financial compliance, and integrate with the Nigeria Revenue Service’s digital systems. According to CEO Mark Odenore, the initiative aims to simplify the transition from manual to digital processes, ensuring companies can meet the documentation requirements necessitated by the Nigeria Tax Administration Act 2025.

South Africa’s private-sector activity contracted in September, with the S&P Global Purchasing Managers’ Index (PMI) falling to 49.0 from 50.5 in August. This marks the lowest reading of 2026, driven by a combination of weak domestic demand, rising fuel costs, and intensified supply chain bottlenecks, particularly at the Port of Durban. While new orders declined at their fastest rate in over two years, firms remain cautiously optimistic about the year ahead, pinning hopes on future demand growth and a resolution to ongoing logistics challenges.

Lagos State will host an energy summit on November 10 and 11, 2026, to review private sector participation in the state’s electricity market. The event focuses on the impact of the Lagos State Electricity Law 2024 and aims to attract further investment across the generation, transmission, and distribution value chain. Several private power projects are already underway, including initiatives by Fenchurch Power Limited, Elektron Energy Development, and Sahara Power Enterprises Group, as the state seeks to expand its decentralized power capacity.

Sterling Financial Holdings Plc resumes trading on the Nigerian Exchange today, October 7, following a 10-day suspension for a share capital reconstruction. The exercise, which consolidated every 10 existing ordinary shares into one, was approved by shareholders during the company’s June Annual General Meeting. With the reconciliation process completed by the Central Securities Clearing System and Pace Registrars, the firm’s outstanding shares have been reduced from approximately 68.5 billion to 6.85 billion. The adjustment is designed to reset the share structure without altering the underlying economic value of shareholders’ holdings.

Dangote Petroleum Refinery & Petrochemicals FZE has opened nearly 20% of its $1.6 billion initial public offering (IPO) to East African investors. The company is seeking to raise approximately $300.4 million through the sale of 729 million Global Depositary Receipts (GDRs) in Kenya and Uganda.

Regulators in both countries have cleared the offer, with applications in Kenya expected to close on October 13. The GDRs are planned for listing on the Nairobi Securities Exchange. In Uganda, the offer is restricted to high-net-worth and professional investors. This expansion marks a significant step in Dangote’s strategy to broaden its investor base across the continent, alongside its plans for a new refinery facility in Kenya.

Guaranty Trust Holding Company Plc (GTCO) has reported a significant shift in its asset allocation, with investment in government securities now outpacing lending to customers. As of June 2026, customer deposits reached N13.97 trillion, yet the loan-to-deposit ratio fell to 22.5 percent, as the bank increasingly favors securities over traditional lending. Consequently, income from government securities hit N382.9 billion, surpassing the N347.9 billion generated from customer loans. Despite this, GTCO’s profit before tax remained nearly flat at N603 billion, while profit after tax declined by 7.8 percent to N414.2 billion, weighed down by rising costs and a higher effective tax rate. Returns on equity for the period also slipped to 24.9 percent.

UK-based and FCA-regulated payments provider, Tranzypay, has launched operations aimed at streamlining the 7.3 billion pound UK-Nigeria trade corridor. The firm promises same-day settlement to mitigate the inefficiencies often caused by correspondent banking, hidden FX costs, and complex documentation requirements. By leveraging its dual-market expertise and regulatory compliance standards, Tranzypay seeks to reduce delays for businesses managing cross-border flows between naira and pound sterling.

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to fostering innovation within the fintech and digital asset space, emphasizing that its regulatory efforts are designed to ensure market stability rather than stifle operations. During the second Bi-Annual Regulator/FinTech Clinic in Abuja, SEC Director-General Emomotimi Agama encouraged operators to adopt clear registration pathways while adhering to the Investments and Securities Act 2025.

SEC officials highlighted that common hurdles for firm registration include inadequate risk governance, insufficient capital, and weak compliance plans. The Commission reiterated that its Approval-in-Principle remains a supervisory tool to assess governance and investor protection. Furthermore, the Nigerian Financial Intelligence Unit (NFIU) urged operators to strengthen anti-money laundering measures, noting that investment fraud remains a significant area of concern. The SEC continues to refine its oversight, having recently raised capital requirements for digital asset exchanges and custodians to two billion naira.