Monday Moneying: The Biggest Financial Stories this Week (14th – 21st July, 2025)

Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, delivered straight to your inbox every Monday.

In this week’s episode…

Naira Expected to Strengthen to ₦1,450/$1 by Year-End Amid Economic Rebound

The Rundown
CBN Monetary Policy Committee member Murtala Sagagi has projected that the naira will appreciate to ₦1,450/$1 by December 2025, citing improving economic fundamentals and investor confidence. This comes as the currency shows signs of stabilizing amid ongoing reforms and coordinated monetary-fiscal efforts.

The Details

• CBN MPC member Murtala Sagagi forecasts the naira to strengthen to ₦1,450/$1 by year-end, from its current level of around ₦1,535.50/$1.
• He attributes the projection to positive economic assessments by agencies like JP Morgan and Fitch, and growing investor confidence in Nigeria’s reforms.
• Sagagi emphasized the importance of coordinated fiscal support to translate inflation control into tangible growth and job creation.
• Fellow MPC member Mustapha Akinkunmi highlighted progress from 2024’s exchange rate reforms and monetary tightening, though he warned of lingering risks.
• The naira has lost about 70% of its value since the 2023 forex liberalization but has recently begun stabilizing, nearing the official target of ₦1,500/$1 set by President Tinubu.

GTCO Breaks Records as First Banking Stock to Cross ₦100 on Nigerian Exchange

The Rundown

GTCO has become the first banking stock on the Nigerian Exchange (NGX) to cross the N100 mark, hitting a new milestone driven by investor confidence and solid earnings. The stock’s surge follows GTCO’s dual listing on the London and Nigerian exchanges, as well as strong Q1 results. This development highlights renewed momentum in the banking sector, with the NGX Banking Index up over 22% in July.

The Details

• GTCO stock broke the N100 barrier on July 16, 2025 — a first among NGX-listed banks.
• The rally follows its dual listing: 2.29 billion shares on the LSE (July 9) and 2.28 billion on the NGX (July 10).
• Q1 2025 results showed pre-tax profit of N300.4 billion, with 41% growth in both interest and fee income.
• GTCO has cleared all regulatory forbearance, boosting its profile amid stricter CBN directives.
• CEO Segun Agbaje projects a 15% dividend yield and 25% ROE, affirming the group’s strong growth outlook.

Lagos Will Make History as First African City to Host Electric Powerboat Race This October

The Rundown
Lagos is set to become the first African city to host the E1 Championship, the world’s premier all-electric powerboat race, on October 4–5, 2025. Governor Babajide Sanwo-Olu announced the milestone following his visit to Monaco, framing it as a step forward for innovation, clean energy, and Lagos’ global visibility.

The Details

• Lagos will host the E1 Championship in October 2025, marking the first time the electric powerboat series will take place on African waters.
• The race promotes zero-emission mobility and sustainability through cutting-edge marine technology and electric propulsion.
• Governor Sanwo-Olu described the event as a symbol of Lagos’ commitment to clean energy, innovation, and global engagement in marine transportation.
• The announcement followed Sanwo-Olu’s visit to Monaco, where he witnessed the championship firsthand and confirmed Lagos’ readiness to host.
• The event will position Lagos on the global stage, offering a chance to showcase its culture, dynamism, and sustainability vision to an international audience.

Dangote Refinery Halts Discounted Fuel Scheme After Exposing Diversion Racket

The Rundown

Dangote Refinery has suspended its discounted fuel supply program after uncovering a fraudulent scheme involving some marketers. The marketers were reportedly reselling discounted diesel at higher prices, undermining the refinery’s efforts to ease fuel costs. The company is now reviewing its distribution strategy to prevent future abuses.

The Details

• Dangote Refinery had been supplying diesel at a discounted price of N1,200/litre to select marketers.
• Investigations revealed some marketers were diverting the product and reselling at inflated market rates.
• This prompted an immediate halt to the discount scheme to protect the integrity of the supply chain.
• The company described the actions as “economic sabotage” and warned of legal action against offenders.
• A new supply framework is being considered to ensure transparency and targeted impact.