Author: Julius Alagbe

Western Union Moves to Launch Solana-Based Stablecoin The Western Union Company today announced its plan to launch U.S. Dollar Payment Token (USDPT), its new stablecoin, and an innovative Digital Asset Network designed to bridge the digital and fiat worlds, enabling real-world utility for digital assets. Built on Solana and issued by Anchorage Digital Bank, Western Union aims to launch USDPT, expanding the ways to move money for customers, agents and partners, and to support the company’s treasury capabilities. This brings together Western Union’s global digital footprint, Solana’s high-performance blockchain technology, and Anchorage Digital’s industry-leading federally regulated stablecoin issuance platform and…

Naira Value Improves, Touches N1445 Briefly at Official Window The naira recorded another daily gain against the US dollar in the absence of significant FX pressure at the official currency market on Tuesday. Updated daily FX data revealed that the naira appreciated by 0.32% to close at ₦1,448.21/$ at the Nigerian foreign exchange market from ₦1,452.79/$ the previous day. As growing naira bull predictions begin to echo loud, the local currency also gained 0.03% to ₦1,491/$ in the parallel market, reflecting improved demand for the local currency across both segments. FX trading data obtained from the Central Bank of Nigeria…

Equities Investors Lose N91bn, NGX Indicators Decline Equities investors lost about N91 billion on Tuesday as the market showed that the Nigerian Exchange (NGX) indices retreated again.  Investors booked another round of profit-taking amidst the third quarter of 2025 corporate earnings release. Hence, the year-to-date return declined to 50.94% – providing inflation protection on risky assets. The sell pressures were seen on stocks that recently recorded positive price appreciations, reflecting weak investors’ sentiment. In a chat with MarketForces Africa, some Broadstreet stockbrokers explained that the market is going to experience soft corrections in over priced stocks. Still, there are some…

Payment Signs Payments Wallet Deal with OpenAI’s ChatGPT Paypal said on Tuesday that it is adopting a protocol in combination with OpenAI’s “Instant Checkout” feature to let users pay for their shopping directly within ChatGPT, starting in 2026. The platform said millions of ChatGPT users will be able to check out instantly using PayPal, and PayPal will support payments processing for merchants leveraging OpenAI Instant Checkout. PayPal will also connect its global merchant network to OpenAI, creating a platform for tens of millions of small businesses and the largest brands in the world to sell within ChatGPT. “Hundreds of millions…

DMO Cuts Rates on Nigerian Bonds, Turns Down Excess Demand The Debt Management Office (DMO) cut rates on Nigerian Government bonds at its monthly primary market auction on Monday. The authority opened N260 billion worth of federal government bonds for investors’ subscription across two reopenings -5 and 7 years to maturity borrowing instruments. Investors’ subscription was significantly above offer size, reflecting heightened appetite for the naira assets despite declining yields in the fixed income market. While the DMO pushed out N260 billion, investors’ demand came in heavy at N1.271 trillion. The auction results revealed that the total allotment settled at…

Interbank Rates Mixed as Excess Liquidity Expands to N3.8trn The money market remains solid in terms of liquidity, which kept the short-term interest rate benchmark movement in check. Banks’ placements increased, while there was moderation on financial institutions borrowing from the Central Bank (CBN) standing lending facility. The market liquidity expanded after huge inflows from the federation allocation committee disbursed N1.5 trillion, which was greeted with moderate CBN action. The absence of funding pressures left open repo and overnight lending at floor rates. Market analysts noted that the interbank rates diverged in response to liquidity condition. According to investment firms,…

Naira Rises to N1452/$ as Foreign Investors Top FX Supply The naira (NGN) appreciated to N1452 per US dollar (USD) at the Nigerian Foreign Exchange Market (NFEM), with data showing that offshore investors’ inflows strengthen the supply side. Updated data from the Central Bank of Nigeria (CBN) showed that the spot rate closed stronger after brushing an intraday high of N1457 per greenback. Reflecting absence of significant pressure from US dollar demand, some international transacted closed at lowest intraday rate settled at N1450. Foreign portfolio investors and exporters inflows lifted US dollar volume at the official window in addition to…

Dangote Cement Jumps by 11%, Reaches Highest Value in 52 Weeks A fresh bargain hunt in Dangote Cement has lifted its market value to the highest level seen in 52 weeks. Hence, the market value of the cement company rose by about 11% week-on-week to N11.22 trillion on Friday. The new market re-rating was driven by increased activities on the cement company with 16.873 billion shares outstanding on the Nigerian Exchange. Its free float was 4.79% after the group bought back its shares from shareholders, reducing Dangote Cement volatility as a results of thin trading activities. Its high shareholding concentration…

Debt Office to Open N260bn Nigeria Bonds for Subscriptions The Debt Management Office (DMO) will conduct its monthly Federal Government Bond (FGN) auction on Monday with two reopening instruments with 5- and 7-year tenors on offer. At the primary market auction, local bonds worth N260.0 billion would be on offer across two tenor buckets. The authority will reopen two sovereign issues across 5-year and 7-year tenors for investors’ subscription with N130 billion offer size for each. There is mixed reactions about subscription levels amidst anticipated spot rates repricing.  At the previous bonds auction for Sept, DMO slashed spot rate on…

PenCom to Clear All Gratuities, Arrears with N758bn FGN Bonds The National Pension Commission says it will clear all pension arrears and gratuities owed the retirees if the N758 billion bond by the Federal Government matures before December this year. Ms.Omolola Oloworaran, the Director-General of PenCom said this on Friday in Owerri at a two-day workshop organised by the commission and, National Salaries, Income and Wages Commission. The PenCom director-general was represented by Mr Samuael Uwandu, the National Commissioner Inspectorate of the Commission. Oloworaran said that over the decades, there had been some issues on the gratuities or the amount…