Author: Julius Alagbe

Sanwo-Olu Signs N3.36 Trillion Budget for 2025 into Law Gov. Babajide Sanwo-Olu of Lagos on Thursday signed into law the state’s 2025 Appropriation Bill of N3.36 trillion. The budget tagged “Budget of Sustainability” was presented to the Lagos State House of Assembly (LAHA) on Nov. 21, 2024. Sanwo-Olu signed the bill at the Lagos House, Ikeja, in the presence of his Deputy, Dr Obafemi Hamzat; the Secretary to Lagos State Government, Mrs Abimbola Salu-Hundeyin; and other top officials of the state. He said: “On Nov. 21, 2024, I stood before the Lagos State House of Assembly to present the appropriation…

Expatriate Tax: Court Summons Interior Minister, Attorney-General Expatriate Tax: A Federal High Court in Abuja on Thursday ordered the Minister of Interior, Dr Olubunmi Tunji-Ojo, and the Attorney-General of the Federation (AGF), Mr Lateef Fagbemi, SAN, to appear before it in three days. The order is for the Interior Minister and AGF to show cause why the implementation of the proposed expatriates taxation regime should not be stopped. Justice Inyang Ekwo, in a ruling on a motion ex-parte moved by counsel who appeared for the plaintiff, Patrick Peter, ordered that the minister and the AGF be served with the motion…

British Pound Sinks to 1-Year Low amidst Bonds Selloffs The British pound or the sterling lost its strength as UK gilt selloffs deepened while yields continued to pop higher. The sterling fell to $1.22566, its lowest since November 2023, as concerns over the UK’s fiscal and inflation outlook pressured investor sentiment. This drop came despite UK bond yields surging due to strong selloffs, with the 30-year yield at its highest since 1998 and the 10-year yield at levels unseen since 2008. The global bond market selloff has spread to U.K. government bonds and prompted investors to trim overweight sterling positions,…

Naira Plummets as FX Demand, Supply Remains Imbalance The naira plummeted in the foreign exchange market on Wednesday as demand and supply sides remained imbalanced in the absence of FX intervention. Spot data revealed that the naira depreciated by 0.34%, closing at ₦1,539.40 per US dollar in the official market. The Central Bank has slowed down its aggressive FX sales to banks. This has reduced the supply-side strength in the official market amidst rising demand for foreign payments and related transactions. The Nigerian foreign exchange market maintained a stable position today, supported by enhanced liquidity. The market was fully bid…

Oil Prices Retreat on Bearish EIA Report Crude prices today fell back from a three-month high and are moderately lower in the global commodities market amidst a flood of uncertainties. Ahead of U.S. President Donald Trump’s inauguration and his tariff threats, the dollar index has strengthened; this creates a bearish outlook for energy consumption with a sustained slowdown in China. On Wednesday, crude oil prices slumped following a bearish weekly EIA report that showed crude inventories fell less than expected last week and gasoline and distillate supplies rose more than expected. US crude oil stocks, including those in the Strategic…

Telecom Tariffs Hike Will Not Be By 100%, Say Minister The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, says telecom tariffs will soon increase, but not by 100 percent. Rising from a stakeholders meeting with Mobile Network Operators (MNOs) on Wednesday in Abuja, Tijani said that consultations and engagements were ongoing on the issue. MNOs are proposing a 100 percent increase in tariffs. According to the minister, very soon the Nigerian Communications Commission (NCC) will approve and make the new tariffs public to Nigerians. “You have seen over the past weeks that there has been agitation from…

ICE Acquires the American Financial Exchange Intercontinental Exchange, a leading global provider of technology and data, today announced that it has acquired the American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions. ICE has acquired 100% of AFX from 7RIDGE. The acquisition is not expected to have a material impact on ICE’s 2025 financial results or on ICE’s deleveraging or capital return plans. “AFX becoming part of ICE marks an extraordinary opportunity for AFX and we are confident that ICE’s leadership will amplify AFX’s success and its purpose to serve regional…

Oil Prices Climb Concerns over Russian, Iranian Flows Oil prices climbed further on Wednesday in the global commodities market amidst concerns over Russian and Iranian oil flows. Prices surged on the back of stronger-than-expected demand indicators in the US, the world’s largest oil consumer, and President Joe Biden’s ban on offshore drilling along most US coastlines. . Brent crude rose by 0.5%, reaching $77.24 per barrel. The US benchmark West Texas Intermediate (WTI) increased by 0.6%, rising to $74.23 per barrel, compared to its prior session close of $73.76. ICE Brent pushed above US$77 per barrel yesterday with sentiment still…

Rates Decline as Investors Double Down on CBN OMO Bills Investors doubled down on OMO bills investment in 2025; data showed significant oversubscription at the primary market auction yesterday. The Central Bank of Nigeria (CBN) offered investors N500 billion worth of OMO bills as part of liquidity management and efforts to attract foreign inflows. The CBN’s first OMO auction of the year was oversubscribed by N1.1 trillion, with stop rates for 350-day and 364-day bills at 23.81% and 23.84%, respectively. In December, OMO bill spot rates were reduced to 23.93% for the 258-day standard tenor, while the 365-day was priced…

Interbank Rates Increase despite OMO Repayment, CRR Refund Interbank rates increased sharply due to funding pressures despite inflows from cash reserve maintenance refunds, OMO bill repayments, and other maturing instruments. On Tuesday, OMO bill repayment worth ₦164.68 billion boosted the liquidity level in the banking system by 67% to ₦797.66 billion, TrustBanc Financial Group revealed in a note. Also, AIICO Capital Limited told investors in a note that liquidity level in the financial system was boosted by cash reserve refunds. This happened amidst the latest OMO bills auction conducted by the Central Bank of Nigeria (CBN), which dragged the financial…