The Central Bank of Nigeria (CBN) reported 13,117 Bank Verification Numbers (BVNs) linked to fraud in 2025, as total BVN registrations rose to 67.82 million. Over the same period, outstanding consumer credit fell 19.89% year on year to N3.78 trillion, with personal loans shrinking sharply while retail loans climbed 63.77%. The figures point to tighter anti-fraud and credit-risk controls that are pushing commercial banks to narrow access to personal lending.

As of July 29, the landed cost of imported petrol in Nigeria rose to N1,223.32 per litre, above the Dangote refinery’s retail price of N1,215 per litre. The increase was driven by Brent crude averaging $90 per barrel and the naira weakening to an average of N1,367.03 per dollar. European diesel was priced at $1,246.54 per metric tonne on the international market. The price inversion underscores pressure on import costs and strengthens the economics of domestic refining in markets that rely on crude imports.

Several petrol depots in Nigeria’s main distribution hubs—Lagos, Port Harcourt and Warri—cut ex-depot prices on July 27 by N5 to N25 per litre. Optima reduced its rate from N1,270 to N1,245 per litre, while Bulk Strategic lowered its price from N1,260 to N1,250. Over the same period, NNPC retail outlets increased pump prices, with Lagos moving from N1,118 to N1,300 per litre. The divergence points to easing costs at the wholesale end while retail price transmission remains delayed or influenced by policy.