US Manufacturing Expands Modestly in September as Dollar Softens on Fed Signals
The Flash US S&P Global Manufacturing PMI of 52 in September suggests continued (albeit modest) expansion in U.S. factory activity. Meanwhile, the U.S. dollar weakened against the euro as markets digested mixed signals from Federal Reserve officials on the direction of monetary policy.
UK Stocks Steady as Pound and Gilts Weaken on Rising Budget Deficit, BoE Holds Rates at 4%
UK stocks stabilised after a punishing week as concerns over the nation’s ballooning budget deficit and sliding pound and gilts weighed on sentiment. At the same time, the Bank of England held interest rates at 4%, choosing not to act despite mounting pressure from deteriorating fiscal metrics.
Euro Strengthens as Dollar Slips Amid Fed Caution
Over the past week, the euro gained ground against the U.S. dollar as softened expectations for Fed rate hikes weighed on the greenback. Meanwhile, ECB policy watchers flagged the central bank could deliver a “contingency cut” to curb an outsized euro rally.
CBN Cuts Interest Rate to 27%, Nigeria Posts Strongest Growth in Four Years
The Central Bank of Nigeria reduced its key lending rate by 50 basis points to 27% — its first rate cut since 2020 — citing easing inflation trends and a need to ease monetary conditions. Meanwhile, Nigeria’s economy expanded by 4.23% year-on-year in Q2 2025, its strongest growth in four years, driven by a rebound in oil output and steady gains in the non-oil sectors.
Sources: Punch Newspapers, Reuters
Nigeria Revenue Soars and CBN Steps In to Support Naira
Nigeria’s revenue in September 2025 jumped to ₦3.65 trillion, reflecting a steep increase in collection activity by the FIRS. Meanwhile, the Central Bank of Nigeria injected $150 million in foreign exchange intervention to bolster the naira and counter downward pressures.
Sources: Nairametrics, MarketForces Africa
BoG Set to Accept Digital Credit License Applications from November 3 as Big Rate Cut Stirs Mixed Sentiment
The Bank of Ghana will open applications for licensing digital credit service providers from November 3, 2025, formalising regulation in a sector it has now designated as a non-bank financial service. Meanwhile, its recent historic rate cut of 350 basis points to 21.5% faces scrutiny over tariff hikes, external shocks, and lingering banking sector risks.
Sources: BoG, MyJoyOnline
BCEAO Holds Rates Steady Amid Growth and Inflation Caution; UEMOA Governor Rejects Debt Crisis Fears
The BCEAO left its key rates unchanged, warning that inflationary pressures and external vulnerabilities continue to loom as threats to stability. Meanwhile, its governor asserted that UEMOA member states remain below the debt distress threshold (60-63 % of GDP), urging vigilance rather than alarm.
CEMAC Banks’ Liquidity Demand Soars Past BEAC Supply, Setting New Record
In the September 18 auction, commercial banks in the CEMAC region requested CFA 638.5 billion in liquidity, far exceeding the CFA 550 billion that BEAC offered.
Sources: Business in Cameroon
Oil rebounds on geopolitical risk and U.S. supply squeeze
Oil prices climbed this past week amid rising tensions in Europe and the Middle East, which revived fears of supply disruptions. At the same time, a dip in U.S. crude inventories added upward pressure to the rally.
Sources: OilPrice.com, OilPrice.com
Dangote Halts Gantry Sales as Subsidy Dispute with Marketers Escalates
Dangote Petroleum Refinery has suspended all self-collection gantry sales of petrol effective September 18, citing ongoing tensions with marketers. In parallel, the refinery firmly rejected the Depot and Petroleum Products Marketers Association of Nigeria’s (DAPPMAN) demand for a ₦1.5 trillion subsidy, stating it won’t absorb marketers’ logistics costs and will maintain pricing based on production plus regulated margins.
Sources: Daily Post Nigeria, Premium Times Nigeria
