• The higher cost of shipments could make China cut imports of West African oil to the lowest in seven months in November while South Korean imports from West Africa will reach an 11-year high as American sanctions hit Iranian crude supplies. It is however expected that West African loadings to Asia will fall to about 2.33 million barrels per day this month, equivalent to 70 percent of total exports from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, Reuters calculations show, compared to October’s 2.52 million bpd. There was a drop in the demand of Nigerian and Angolan crude from Asian refiners, which tend to be favoured by Chinese buyers, over the course of October and early November, as higher shipping costs made the trip uneconomical.
  • Nigeria’s unions have given the FG a final deadline to fully implement the ₦30,000 new national minimum wage. The president of the Trade Union Congress, Bobboi Kaigama, warned that on no account should there be any reduction in the amount agreed by the Tripartite Committee as contained in the report to the President. Kaigama maintained that the full implementation of wage should not go beyond December this year as any further delay in its passage would lead to “devastating consequences”.
  • Nigeria’s Senate has queried the decision of the FG to reduce the $8.1 billion fine imposed on MTN to $800 million, and demanded a detailed report from the CBN on what transpired between the regulator and the telecommunication firm on the fine. The Senate also condemned CBN’s failure to implement its (Senate) resolutions on the alleged illegal repatriation of $14 billion by MTN before the regulator conducted another investigation into the alleged infraction.
  • Central banks around the world have been asked to consider issuing digital currencies as they make transactions safer. Speaking in Singapore, the head of the IMF, Christine Lagarde, said the consideration may be a role for the state to supply money to the digital economy, suggesting its clear advantage including immediate, safe, cheap and potentially semi-anonymous payments. Early this year, the CBN had cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies that are not legal tender in the country.