Author: Julius Alagbe

50 Million in West Africa Face Food Insecurity – FAO The Food and Agriculture Organisation (FAO) on Thursday said the number of people facing food insecurity in West Africa has risen to 50 million. FAO Country Representative, Kofi Dominic, who gave the alarming statistic at panelist session in the ongoing 5th Lake Chad Governors’ Forum in Maiduguri. Dominic said that the figure indicated a sharp increase of 35 million in just five years. The envoy, therefore, called for urgent intervention to prevent further deterioration of the region’s food crisis. “In 2020, there were 15 million people in food insecurity across…

FG, Ogun State Launch $12 Million Agrochemical Plant The Federal Government (FG) and Ogun State have reaffirmed their commitment to easing the process of doing business in the country. This is as they unveiled the Springfield Agro Limited Crops Protection Chemical Plant in Sagamu. This significant investment, worth $12 million, is a testament to the government’s efforts to create a conducive environment for businesses to thrive. Vice President Kashim Shettima, represented by the Minister of State for Agriculture, Sen. Sabi Abdullahi, emphasised the importance of expanding industrial capacity across the value chain to guarantee food security in Nigeria. He noted…

Interbank Rates Increase Ahead of Liquid February Interbank rates increased as liquidity balance in the financial system dropped as a result of outflows relating to the settlement of Federal Government of Nigeria (FGN) bonds sold at the beginning of the week. Rates are projected to close higher ahead of heavy inflows in February, where a sum of N3.5 trillion is expected to boost the financial system’s iquidity profile. Atiku Audu, Chief Investment Officer at ARM Pension Managers, revealed in a LinkedIn post. In the absence of additional inflows, the money market rates increased, as confirmed by data from the FMDQ…

Oil Prices Fall, European Gas Ticks Up Amidst U.S Tariff Threats Brent crude oil futures fell toward $77 per barrel on Wednesday as traders assessed the impact of potential US tariffs on Canada and other oil suppliers, alongside concerns over rising stockpiles. WTI crude oil futures fell below $73.5 per barrel on Wednesday as traders assessed the impact of potential US tariffs on Canada and other oil suppliers, alongside concerns over rising stockpiles. President Trump’s plan to impose 25% tariffs on Canada and Mexico, set to begin on February 1, added pressure, with Canada being a major US crude supplier.…

Investors Dump Reopened, New FGN Bonds 24 Hours after Auction Nigerian reopened, and new auctioned bonds across 5-Year, 7-Year, and 10-Year maturities faced sell pressures in the secondary market as investors’ sentiment declined. MarketForces Africa reported that Nigeria priced local bonds higher at the auction, where it offered N450 billion to investors and allotted a lot more due to oversubscription. On Tuesday, the bond market displayed a bearish trend following the bond auction, where the marginal yields for the April 2029, February 2031, and newly issued January 2035 bonds were recorded at 21.79%, 22.50%, and 22.60%, respectively. The auction papers…

Oil Prices Decline as US Inventories Rise Ahead of Fed Meeting Oil prices declined in the global commodities market on Wednesday after the American Petroleum Institute (API) reported that the US crude oil inventory increased by 2.86 million barrels over the last week. The price decline was supported by uncertainty over the Federal Reserve’s (Fed) monetary policy, and the resolution of supply disruptions in Libya added to the downward pressure. The international benchmark Brent crude decreased by 0.3%, trading at $76.31 per barrel, while the US benchmark West Texas Intermediate (WTI) fell by 0.3%, reaching $73.34 per barrel, compared to…

Bitcoin Climbs to $101K Ahead FOMC Meeting With 58.25% dominance, Bitcoin (BTC-USD) price has climbed above $101,000 in the crypto market due to improved buying sentiment. The word largest digital asset rebounded amidst the negative effects of DeepSeek on tech stocks in major markets. The global market braced itself for the upcoming Federal Open Market Committee (FOMC) meeting. CME’s FedWatch tool has predicted that there is a 99.5% chance that the Fed will keep its interest rates unchanged at 4.25% to 4.50%. Interest re-direction has the potential to impact BTCUSD price movement. According to data from coinmarketcap.com, the global crypto…

Naira Rises Sharply as CBN, FPIs Boost FX Liquidity The naira saw a significant daily surge against the US dollar in the official market on account of strong FX liquidity bolstered by the Central Bank and foreign portfolio investors, or FPIs. According to spot data obtained from the forex market, the naira appreciated by 72 basis points in the official window, closing at N1,522.68 per US dollar. This followed sustained FX intervention by the CBN and the latest inflows from offshore investors into the financial markets. The exchange rate also appreciated by N20 to settle ₦1,620 per dollar in the…

Yield on Nigerian Treasury Bills Slips Below 25% The average yield on Nigerian Treasury bills slipped below 25% as sell pressures eased in the secondary market. The market experienced a surge in demand amidst debate over the consumer price index rebasing plan. Some analysts believe that rebasing to the latest date, 2024, will reduce the inflation figure and the asset pricing in the debt market. Fixed income market analysts reported that the Treasury bills market opened the week with robust demand for long-term securities, driven by attractive rates amid ample liquidity. The 1-year NTB attracted notable bids around 20.90%–21.10%, AIICO…

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 non-refundable annual license renewal fee for Bureau De Change