As the new week unfolds, several significant business developments will shape Nigeria’s economic landscape from February 17 to February 21.
Here are the major stories to follow:
CBN Schedules MPC Meeting for February 19
The Central Bank of Nigeria (CBN) has rescheduled its 299th Monetary Policy Committee (MPC) meeting to February 19-20, shifting from the previously planned dates of February 17-18.
At its last session on November 25-26, 2024, the committee raised the Monetary Policy Rate (MPR) to 27.50% from 27.25%, impacting interest rates across the country.
National Assembly Approves 2025 Budget with N719bn Increase
On February 13, the House of Representatives passed the 2025 national budget, totaling N54.9 trillion.
The Senate also approved the appropriation bill, increasing the budget estimates by N719.5 billion.
Abubakar Bichi, chairman of the Appropriation Committee, presented the final budget report before its passage.
CBN Revises ATM Withdrawal Fees
The CBN has announced an adjustment in Automated Teller Machine (ATM) transaction charges, set to take effect from March 1.
According to a circular signed by John Onojah, Acting Director of Financial Policy and Regulation, the changes are aimed at addressing rising operational costs and improving banking efficiency.
Keystone Bank Remains Stable, CBN Assures Customers
On February 14, the CBN reassured customers that Keystone Bank remains financially stable and fully operational, despite the federal government’s recent takeover.
In a statement, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized that the bank’s performance would be closely monitored.
TCN Refutes Reports of National Grid Collapse
The Transmission Company of Nigeria (TCN) has denied claims that the national electricity grid collapsed twice in 2025.
In a statement on its X handle, TCN clarified that while a tripping incident occurred on February 12, affecting power supply in Abuja, Lagos, and Osogbo, there was no total grid collapse.
The incident was linked to maintenance work on the Benin-Egbin 330kV transmission line and an unexpected outage on the Omotosho-Ikeja West 330kV line.
Customs Halts Implementation of 4% FOB Levy on Imports
The Nigeria Customs Service (NCS) has temporarily suspended the 4% free-on-board (FOB) levy on imports.
Assistant Comptroller Abdullahi Maiwasa stated on February 11 that the decision allows for further stakeholder consultations.
The move follows discussions with Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Nigeria Achieves OPEC Crude Oil Production Target
For the first time since its 2024 quota was set, Nigeria met the Organisation of Petroleum Exporting Countries (OPEC) crude oil production target, averaging 1.53 million barrels per day (bpd) in January.
OPEC had assigned Nigeria a production quota of 1.5 million bpd during its ministerial meeting on November 30, 2023.
The country had struggled to meet this target for over a year but saw improvements as the quota was extended into 2026.
Stay tuned for updates as these economic developments unfold.
