Global Macroeconomic Review
The U.S. economy in October 2025 presented a mixed picture, as moderate labor market gains contrasted with signs of cooling demand. Private payrolls rose by 42,000 jobs, marking a rebound after two months of contraction, though overall hiring momentum remained weak. The unemployment rate held near 4.3%, and jobless claims edged lower, but labor participation and wage growth showed little improvement, highlighting a softer employment backdrop…
Domestic Macroeconomic Review
Nigeria Extends Inflation Cooling Trend Amid Strengthened Currency and Bumper Harvest
Nigeria economy in continued its resiliency mode, with headline inflation easing for the sixth consecutive months amid energy price stability and stable naira value. Notably, In September 2025, the Nigeria headline inflation easing for the sixth straight month to 18.02% y/y (vs. 20.12% in August and a 2025 average of 22.3%), well below expectation, supported by a sustained slowdown in monthly inflation to 0.72% from 0.74% in August…
Market Update
The naira strengthened across market segments in October 2025, appreciating 3.6% to ₦1,421.73/USD on improved FX inflows, investor confidence, and CBN interventions, while external reserves rose to $43.2 billion. Ample liquidity of about ₦2.9 trillion kept funding costs stable, supporting bullish sentiment in fixed income markets. Treasury bill yields fell to 17.48%, and FGN bond yields eased 51bps to 15.82% amid softer inflation. Eurobond yields also declined 43bps to 7.37% on renewed global investor demand. The equities market extended its rally, with the NGX All-Share Index gaining 8% to 154,126.45 points, supported by strong earnings and FX stability.
