U.S. Jobs Growth Beats Expectations Amid Signs of Weakening; Major Banks Quietly Embrace Bitcoin
The U.S. economy added 64,000 nonfarm payrolls in November, exceeding the roughly 50,000 jobs economists had expected, though unemployment rose to about 4.6%, underscoring continued labor market softening after a government shutdown delayed data releases. At the same time, industry commentary from prominent crypto figures suggests that most of the largest U.S. banks have quietly begun integrating Bitcoin-related services, including offering Bitcoin-backed loans or building crypto products, despite previously denying such strategies publicly—a shift indicating deeper institutional engagement with digital assets within traditional finance.
Sources: FXStreet, CryptoSlate
UK Eases Inflation, Eyes Rate Cut as Crypto Regulation Timeline Extended
UK consumer price inflation slowed to 3.2% in November, below expectations, reinforcing market bets that the Bank of England will cut interest rates at its Thursday decision to support a cooling economy and ease price pressures. Meanwhile, the UK government announced that formal regulation of cryptoassets will begin in October 2027, aiming to bring digital assets under a clearer regulatory framework and enhance consumer protection by extending existing financial rules to the sector.
Euro Near Yearly Peaks as ECB Poised to Hold, Euro-Zone Growth Ends Year Modestly
The euro has been trading near its highest levels of the year against the U.S. dollar, buoyed by weakness in the U.S. dollar and expectations that the European Central Bank will keep interest rates unchanged at its upcoming policy meeting, with markets focusing on the ECB’s economic projections and potential future rate path. Meanwhile, data show that European economies finished 2025 with modest but resilient growth, avoiding a downturn despite sluggish business activity and cautious consumer spending, helping underpin investor confidence ahead of the ECB decision.
CBN Forex Reform: Traders Anticipate More BDC Approvals as Mortgage Banks Lose Licences & PoS Rules Tighten
Forex operators are optimistic that the Central Bank of Nigeria (CBN) will issue additional Bureau De Change (BDC) licences beyond the 82 recently approved, noting that many more applicants have met the stricter capital and compliance requirements but are yet to receive final authorisation. Traders expect further approvals in the coming weeks as the apex bank continues its effort to formalise and stabilise the retail FX market. In parallel, the CBN has revoked the licences of two mortgage banks for regulatory non-compliance and directed PoS terminal providers to connect systems to both NIBSS and UPSL to improve payment infrastructure reliability. These moves reflect broader supervisory tightening across Nigeria’s financial sector to boost transparency and operational standards.
Sources: Nairametrics, Punch, TheNation
Senate Lowers Oil Benchmark, Approves N54.46tn Budget as Bank FX Gains Slide to Three-Year Low
Nigeria’s National Assembly approved a N54.46 trillion 2025 federal budget, revising the oil price benchmark lower amid global crude prices persistently trading below the previous $75 per barrel assumption that underpinned earlier fiscal planning—a reflection of continued pressures on oil revenue projections. (Budget context: federal budget based on a $75 benchmark; actual global prices have lingered significantly below that level, widening revenue gaps). Meanwhile, Nigeria’s biggest commercial banks recorded their lowest foreign exchange (FX) gains in three years, with combined revaluation gains dropping sharply as currency market volatility subsided and previous windfall-driven earnings faded, prompting lenders to pivot toward core banking operations and new revenue channels.
Sources: Punch, BusinessDay
Ghana’s Digital Payments Boom and BoG Scales Back FX Sales for December
Mobile money transactions in Ghana surpassed GH¢3.01 trillion in 2024, a near 57 % rise from the previous year, underscoring rapidly growing digital payments usage, with activity remaining strong into 2025 as consumers and businesses increasingly use mobile wallets for everyday transactions. At the same time, the Bank of Ghana has cut its December 2025 foreign exchange (FX) sales target to about $800 million after selling roughly $1 billion in November under its revised FX Intermediation Programme, a move the central bank says reflects easing FX demand during the festive season and a market-driven adjustment to its operations framework.
WAEMU Sees Stronger Market Activity and Rebounding Reserves Boost External Position
Activity in the West African Economic and Monetary Union’s interbank FX market jumped about 21% in October 2025, reflecting increased transactions and improved liquidity conditions across regional banks compared with the prior month. At the same time, WAEMU’s foreign exchange reserves rebounded to roughly $33 billion by end-October 2025, lifting import cover to around six months from about 3.8 months the year before, as stronger export earnings and renewed market access bolstered the region’s external buffers.
Sources: FinancialArik, EcofinAgency
Oil Prices Slide on Oversupply and Peace Hopes, but Spike on Geopolitical Tensions
Global oil benchmarks suffered a weekly decline of around 4%, as persistent oversupply concerns and optimism over a potential Russia-Ukraine peace deal—which could ease sanctions and reintroduce more crude into markets—kept prices under pressure and pushed both Brent and WTI toward multi-year lows. However, recent geopolitical developments, including reports of possible new U.S. sanctions on Russia’s energy sector and moves toward a blockade of Venezuelan oil tankers, have sparked short-term price upticks, reflecting how supply-side risks continue to inject volatility despite the broader bearish backdrop.
Nigeria’s Trade and Energy Sector Sees Record Non-Oil Exports, Fuel Price War and Shake-Up in Oil Regulators
Nigeria’s non-oil exports surged to a record ₦9.2 trillion in the first nine months of 2025, up 48 % from the same period in 2024, reflecting stronger competitiveness after the 2023 naira adjustment and signaling diversification gains even as oil remains dominant. Meanwhile, the petrol market is marked by intense price competition between Dangote and importers, intensifying pressure on pricing dynamics in the downstream sector amid broader trade and supply challenges. At the same time, CEOs of the NMDPRA and NUPRC—Farouk Ahmed and Gbenga Komolafe resigned amid disputes linked to the Dangote refinery and regulatory enforcement, with President Tinubu moving to appoint their successors as industry tensions rise.
Sources: Nairametrics, Punch, BusinessTimes
