Author: Julius Alagbe

Oil Posts Weekly Loss as Markets Price in Truce, Sanctions Oil prices posted a modest weekly loss, retreating from midweek highs as easing tensions in the Middle East offset earlier gains. Brent crude traded at $64.05 per barrel, down from last Friday’s close of $64.28, reflecting a slight weekly loss of about 0.4%. US benchmark West Texas Intermediate (WTI) was at $60.18 per barrel, compared with $60.51 last week, showing a marginal drop of around 0.5%. Prices fluctuated through the week amid mixed market signals. Oil initially rose on geopolitical tensions related to the Russia-Ukraine conflict. Meanwhile, the OPEC+ alliance,…

Naira Rises to N1455/$, CBN Injects Dollar into FX Market The naira closed strong at N1455 per US dollar at the Central Bank of Nigeria (CBN) official foreign exchange market in the absence of liquidity pressure. The local currency maintained its upward momentum against the dollar on Friday, strengthening 0.79% to ₦1,455.17 at official window. The spot rate touched an intraday high of N1462.5000, reflecting strong FX liquidity in the system. This week, the CBN intervened, selling USD22.20 million to authorised banks amidst growing external reserves. FX movement data from the CBN showed that gross external reserves increased for the…

Ekiti Presents N415.57bn Budget Proposal for 2026 Gov. Biodun Oyebanji of Ekiti on Friday presented a budget estimate of N415.57 billion for the 2026 fiscal year. According to the governor, the budget is expected to focus on consolidating the various achievements recorded by his administration in the last three years. Laying the budget proposal before members of Ekiti State House of Assembly during a plenary held at the Old Assembly Complex, Ado-Ekiti, Oyebanji said the 2026 budget was tailored towards the completion of all ongoing infrastructural development projects. The 2026 budget estimate, christened “Budget of Impactful Governance”, is made up…

Fidelity Bank Unveils “She Leads” Initiative Fidelity Bank Plc has unveiled a flagship initiative, “She Leads,” to celebrate and empower young girls across Nigeria in commemoration of the 2025 International Day of the Girl Child. A statement by the bank’s media unit on Friday in Lagos said the programme was designed to provide a platform for girls to showcase leadership, creativity, and confidence through mentorship sessions, debates, essay competitions, and healthcare interventions. The initiative, open to girls in secondary schools nationwide, underscores the bank’s commitment to promoting female-focused engagements as a foundation for building stronger and more inclusive communities. Commenting…

US Shutdown Masks Far Deeper Threat, CEO Says The U.S government shutdown will extend into next week as the Senate adjourns without breaking stalemate, but investors appear strangely unfazed. Their calm may prove dangerously misplaced, warns Nigel Green, CEO of global financial advisory giant deVere Group, as markets are underestimating the escalating risks posed by the country’s ballooning national debt. “The market’s indifference to the shutdown reflects a broader and more troubling complacency about the United States’ fiscal position,” he says. “Investors are treating the gridlock as political noise when, in reality, it’s a warning signal about a system buckling…

UK to Host ADF Replenishment Pledging Session in Dec. The United Kingdom (UK) has announced that it will host the 17th Replenishment pledging session of the African Development Fund (ADF) in December. The session will bring together development partners to agree on contributions for the ADF’s 2026-2028 cycle. The UK’s Minister of State for Development and Africa, Baroness Jenny Chapman, made the announcement during her recent meeting with African Development Bank Group President, Dr Sidi Ould Tah, in New York on the sidelines of the United Nations General Assembly. Baroness Chapman said the UK intends to make a strong pledge…

Ghanaian Banks’ Profitability to Fall Sharply on Lower Interest Rates – Fitch Ghanaian banks’ profitability is set to weaken considerably due to the impact of materially lower interest rates on net interest margins (NIMs), Fitch Ratings says. However, profitability will remain high by regional standards and continue to be a strength of the banks’ standalone credit profiles, the global ratings agency said. Inflationary pressures have decreased significantly due to the Bank of Ghana’s (BoG) tight monetary policy stance, Ghanaian cedi appreciation, fiscal consolidation and an improvement in food supplies. Headline inflation declined to 9.4% in September, the lowest level in…

Naira Rallies to N1466/$ as Foreign Reserves Reach $42.574bn Staying on track, the naira did not give up gaining momentum against the US dollar across the Nigerian Foreign Exchange Market (NFEM), details obtained from the daily FX update from the Apex Bank revealed. The Central Bank of Nigeria (CBN) data showed that the official rate appreciated against the US dollar for second days, touched an intraday low of N1463.5000 per dollar on Thursday. Striking a balance between inflows and corporate demand, the FX spot rate settled at N1466 per dollar, gaining 27 basis points on the previous day. Traders highlighted…

Nigerian Eurobonds Yields Steady, SSA Economies Pay High on Borrowing The Nigerian Eurobonds yields steadied at 8.02% as foreign investors remained cautious and opted to stay on the sidelines while reassessing their portfolio allocations following recent rate cuts by major central banks. The market saw a mild bullish tone on Nigeria’s Eurobonds amid the ongoing U.S. government shutdown, prompting mild buy-interest and a modest rise in yields across several maturities. Compared with other African issuers, offshore investors showed preference for Nigeria’s US dollar bonds, supported by high yields which priced in country’s dynamics. Nigeria’s key market economic indicators are improving…

First Bank Launches 24/7 Digital Centre at BUK First Bank of Nigeria on Thursday inaugurated its state-of-the-art Digital Experience Centre at the Bayero University Kano (BUK), offering round-the-clock automated banking services. The centre provides services such as cash deposits, withdrawals, and payment transactions through advanced ATMs without human assistance. FirstBank Group Head of Branch Operations and Services, Mrs Abimbola Ajayi, said the centre showcased the bank’s digital transformation and makes banking more convenient for customers. She added that the centre’s location within the university was strategic, given the tech-savvy nature of the academic community. Ajayi explained that the centre, the…