What are you saving for this December? Here’s how to prepare
When you think about saving for December, what comes to mind?
For some, it is Christmas shopping: clothes and shoes, groceries, gifts and other things to get ready for the season. There may also be home expenses, travel costs or things you have been meaning to buy before the year ends. Then there are concerts, dinners, outings and other plans that come with the season.
Your list may look completely different. You may not have any of these on it. But if there are things you want to and will spend on this December, it helps to know what they could cost before the season gets busy.
Don’t leave all your December spending until December
By November or December, some of the things you planned to buy may already cost more than they did a few months earlier.
By December, food, transport and other expenses can put even more pressure on your budget as demand rises and more people start shopping, travelling and making plans at the same time.
Even things that seemed affordable months earlier can cost more by the time you are ready to pay for them.
That is why planning ahead can make a difference.
Start with what you already know
You don’t need to predict exactly how much you will spend. That is almost impossible.
Start with the expenses you already expect.
Think about:
Christmas: food, groceries, clothes, gifts and decorations.
Family: travel, hosting, contributions and other commitments.
Home: repairs, renovations, furniture, kitchen items or appliances.
Personal: clothes, beauty, and anything else you want to do for yourself.
Enjoyment: outings, events or whatever “Detty December” means to you.
Write them down and give each one an estimate.
Then add a little room for price changes and unexpected expenses.
The goal isn’t to create a perfect December budget. It is to get a realistic idea of what your festive season could cost. And remember, all of these may not matter to you. Choose the things that are a priority for you.
Turn the list into a savings target
Once you know what you are saving for, the next step is making the number less intimidating.
If your December plans will cost ₦500,000, you don’t have to think of it as, “I need to find ₦500,000.”
You can think of it as:
How much can I put away each week or month between now and December?
And if the amount you need to save feels too high, you have time to make decisions. You can change the plan, prioritize some expenses or start buying certain items earlier if they are affordable.
The important thing is that you are making those decisions before the spending begins.
Make saving for December a little easier
If you’ve already started saving for December, keep going. If you haven’t, you can still start working towards your target with the Detty December Savings Challenge.
With up to 12% p.a. and a 5% bonus on interest, the challenge gives you a way to build towards the money you want to have ready for the festive season.
Whatever your December looks like, give it a savings goal.
December spending should not come as a surprise. The more you prepare for the things you already know you want to spend on, the easier it can be to enjoy the season without putting unnecessary pressure on your regular income.
The ember months start tomorrow. Which means December will be here before you know it. Start saving ahead today.
NOW TO THE NEWS
Naira Strengthens to ₦1,337/$ as FX Turnover Falls 49%
The naira strengthened by 0.96% over the week to close at ₦1,337/$ at the Nigerian Foreign Exchange Market (NFEM) on August 28, compared with ₦1,349.99/$ at the previous trading session on August 24.
Meanwhile, NFEM turnover fell 48.7% week-on-week to $2.71 billion, down from about $5.28 billion recorded between August 17 and 21. The highest trading activity during the week was recorded on August 26 and 27, with transactions of $913.76 million and $1.06 billion respectively.
In the parallel market, the naira also strengthened slightly, moving to ₦1,403/$ on Friday from ₦1,407/$ on Thursday.
The naira’s gains came during a week when Nigeria’s foreign exchange reserves crossed $53 billion, reaching $53.11 billion as of August 24, their highest level in more than 17 years. The increase in reserves provides the CBN with a stronger external liquidity position and can improve market confidence in Nigeria’s ability to meet foreign exchange obligations.
CBN Pulls ₦4.72 Trillion from Banking System Through OMO Auctions in Two Days
The CBN withdrew a combined ₦4.72 trillion from the banking system through four Open Market Operations (OMO) auctions held between August 26 and 27, 2026. The auctions attracted ₦8.62 trillion in investor subscriptions, more than four times the ₦2 trillion offered, reflecting strong demand for CBN securities.
The four instruments, with maturities ranging from 96 to 152 days, cleared at yields between 19.32% and 19.90%. The 152 day OMO recorded the lowest yield at 19.32%, while the 97 day instrument recorded the highest at 19.90%. The 132 day and 152 day instruments accounted for the bulk of subscriptions and allotments, together drawing ₦6.77 trillion in subscriptions and ₦3.95 trillion in allotments.
Meanwhile, ₦4.302 trillion flowed back into the banking system through primary market repayments on August 26 and 27. After ₦762.89 billion in primary market sales, the net liquidity injection from the primary market stood at ₦3.539 trillion. The ₦4.724 trillion withdrawn through OMO sales therefore resulted in an estimated net liquidity withdrawal of ₦1.185 trillion over the two days.
Despite the net withdrawal, the banking system remained highly liquid. Opening balances of banks and discount houses stood at ₦169.55 billion on August 26, ₦223.89 billion on August 27 and ₦194.76 billion on August 28. The Standing Deposit Facility also held ₦3.42 trillion as of August 28.
The latest OMO activity follows ₦7.18 trillion mopped up through OMO auctions in July. With ₦2.25 trillion in OMO maturities in the pipeline and a ₦700 billion Treasury Bills auction scheduled for next week, further liquidity absorption is expected as the CBN continues its OMO activity into September.
External Reserves Climb to $53.11bn, Highest in 17 Years
Nigeria’s external reserves rose to $53.11 billion as of August 24, 2026, their highest level in more than 17 years. The figure is just $142 million below the $53.25 billion recorded on January 12, 2009, which remains the previous peak.
The reserve buildup has accelerated since June, rising from $49.96 billion on June 3 to $53.11 billion on August 24, a gain of about $3.15 billion. Reserves also increased from $51.53 billion on July 3, crossing the $52 billion mark on July 27 and reaching $52.86 billion by August 21.
The increase has been supported partly by stronger oil earnings and increased dollar inflows into the economy. Analysts say the stronger reserve position provides Nigeria with a larger cushion against external shocks and could support confidence in the foreign exchange market.
The buildup is taking place alongside the CBN’s tight monetary policy stance, which is aimed at containing inflation and supporting broader macroeconomic stability. Economist Chukwunmonso Iheoma said the higher reserves strengthen Nigeria’s ability to manage external pressures, while cautioning that the accumulation should be supported by sustainable dollar inflows rather than temporary factors.
The CBN has also highlighted reforms undertaken over the past 34 months, including greater transparency in the foreign exchange market, banking sector recapitalization, the non-resident BVN, the B-Match forex trading system, Nigeria Payments System Vision 2028 and changes to the Cash Reserve Ratio for non-TSA public sector deposits.
Investors Show Strong Interest in One-Year T-Bills as CBN Cuts Rate to 17.15%
Investors showed a strong preference for Nigeria’s one-year Treasury bill at the CBN’s latest primary market auction, submitting ₦3.63 trillion for the 364-day instrument, which accounted for 95.9% of the ₦3.79 trillion total bids received across the three maturities.
The strong demand came despite the CBN cutting the stop rate on the 364-day bill by 44 basis points to 17.15%, from 17.59% at the previous auction. The CBN had offered ₦700 billion across the 91-day, 182-day and 364-day bills, but total subscriptions exceeded the offer by more than five times.
The 364-day bill received bids worth 7.26 times the amount offered. The CBN allotted ₦638.19 billion, exceeding its ₦500 billion offer by ₦138.19 billion, while accepting only about 17.6% of the bids submitted for the instrument. At the shorter end, demand was significantly weaker, with the 91-day bill attracting ₦103.32 billion and the 182-day bill receiving ₦52.93 billion against ₦100 billion offered for each.
The 91-day and 182-day bills cleared at unchanged stop rates of 16.30% and 16.50%, respectively. In the secondary market, yields stood at 17.45% for the 91-day bill, 17.05% for the 182-day bill and 17.24% for the 364-day bill.
Analysts said the concentration of demand in the one-year instrument suggests investors are increasingly interested in locking in yields over a longer period rather than repeatedly rolling over shorter-term securities. The auction also showed that the CBN was able to borrow at a lower rate while accepting more than its initial offer on the 364-day bill.
