Author: Julius Alagbe

AI Adoption by Nigerian Firms Hits 93% — Zoho Zoho, a global technology company, says 93 per cent of Nigerian companies have adopted artificial intelligence (AI), while 84 per cent strengthened privacy measures. The Country Head of Zoho Nigeria, Mr Kehinde Ogundare, disclosed this during Zoho’s 2025 User Conference, Zoholics Nigeria, held in Lagos on Monday. He said a study conducted by Arion Research for Zoho showed that over half of Nigerian firms had moved from experimenting with AI to applying it organisation-wide. He noted the report also found 94 per cent of companies now had a privacy officer or…

AXA Mansard Targets N13.19bn Profit in Q4, Investors React AXA Mansard Plc has revealed the insurance company is targeting N13.187 billion as profit after tax in the fourth quarter of financial year 2025, according to a regulatory filling submitted to the Nigerian Exchange on Monday. Reacting to the insurer’s earnings projection, equities investors increased their bets via open market transaction on the company shares in the Nigerian Exchange platform. Its share price climbed to N15.82 on Monday as 1.771 million units valued at N28.247 million exchanged ownership in the local bourse. AXA Mansard price appreciation lifted market value of insurance…

CBN Supplied 30.5% of US Dollar Inflow in FX Market The Central Bank of Nigeria (CBN) accounted for 30.5% of foreign exchange market U.S dollar inflows in the currency market, helping the naira to rally. The Apex Bank presence in the currency market continues to influence exchange rate direction, though investors’ confidence remains solid giving the sustained FX intervention. With the external reserves approaching the fresh high, analysts expressed confidence that the external buffer strengthened the CBN efforts to achieve stable exchange rate. The apex bank sold OMO bills to foreign portfolio investors last week to attract hard currency into…

Euro, Bonds Set for Turbulence as French Political Chaos Unnerves Markets The euro and French government bonds are bracing for renewed turbulence, warns global financial advisory giant deVere Group, as investors weigh the fallout of a political showdown in Paris that could topple Prime Minister François Bayrou’s minority administration. The common currency slipped from a five-week high against the dollar as traders booked profits and cut risk exposure ahead of a knife-edge confidence vote in France. With Bayrou struggling to secure parliamentary backing for his austerity-driven budget, markets are preparing for the prospect of yet another collapse in government and…

Nigerian Treasury Bills Worth N185bn Set to Expire The market anticipates financial system liquidity boost as Nigerian Treasury bills (NTB) worth about N185 billion across 91-day, 182-day and 364-day maturities are set to matured or expired. It is not clear if the Central Bank of Nigeria (CBN) planned to replace or refinance the expired treasury papers at the time of writing – given its auction calendar. Ahead of next treasury bills offer, fixed income market analysts anticipate rates will continue to fluctuate following signal from recent OMO actions. At the midweek auction last week, the CBN cuts spot rate on…

Nigeria Plans to Join 50 AI-Ready Countries Globally The Special Adviser to the President on policy and coordination, Hadiza Usman, says Nigeria is committed to becoming one of the global leaders in Artificial Intelligence (AI). Usman stated this at the Colloquium on AI Policy in Nigeria, with the theme “Navigating Opportunities and Challenges For National Development” in Abuja on Thursday. According to him, Nigeria is aiming to be amongst the top-50 AI ready countries. Usman, who was represented by Dr Khalifa Nuhu, Head of the Central Results Delivery and Coordination Unit, said there was need for leadership, vision, investment, and…

CBN Raises N1.205trn from OMO, Treasury Bills, Rejects Bids The Central Bank of Nigeria (CBN) raised N1.205 trillion from open market operation and Nigerian Treasury bills auctioned to investors, according to update obtained by MarketForces Africa. The authority floated OMO bills for subscription last week Tuesday followed with Treasury bills auction on Wednesday. At the mid-week Treasury bills auction, the CBN offered N480.00 billion across the Nigerian Treasury bills with 91 days, 182 days, and 364 days maturities. These offers attracted strong subscription of N1.01 trillion, which translated to a bid-to-offer ratio of 2.1x, up from 1.7x at the prior…

Naira Outlook Positive, Banks Buy Dollar from Customers at N1,480 The naira exchange rate outlook has remained positive across foreign currency market as local deposit money banks buy dollar from customers at N1,480. International payment transactions with naira debit card were consummated at the average of N1,530, based on fx payments conducted across channels. A growing numbers of investment banking firm are bullish on the naira outlook, citing sustained FX interventions and growing external reserves as buffer for the local currency to thrive.  FX market witnessed stronger performance for the naira across key trading segment on the back of strong…

Naira Touched N1,508 as Market Sees More than Enough FX Supply The naira touched an intraday low of N1,508 per U.S. dollar at the Nigerian foreign exchange market (NFEM) in the absence of significant demand for greenback, and strong foreign currency liquidity. The local currency stays strong, even Nigerian local deposit money banks’ naira debit card daily fx quote for international payments appreciated significantly this week, according to MarketForces Africa channel checks. At the official window, the naira closed the last trading session at N1,514.8671 per dollar, N1,531.5703 at the beginning of the week, reflecting sufficient US dollar volume in…

Naira Exchange Rate Appreciates as CBN Sells Dollar The naira exchange rate appreciated to N1,514 at the official foreign currency market, supported by strong US dollar supply, supported by latest round of FX intervention. Data from the Central Bank of Nigeria (CBN) revealed that spot rate closed at N1514.8671 on Thursday, from N1521.4569 the previous day. The naira strengthened in the absence of significant US dollar demand pressures, reflecting the latest FX intervention boost by the authority.   The CBN auctioned $15 million to authorised dealer banks to damp FX demand pressure amidst growing external reserves. Updated data from the CBN…