Author: Julius Alagbe

Naira Falls in Absence of FX Sales to Boost Dollar Supply The naira fell again, settling at N1473.2943/$ at the official window in the absence of Central Bank of Nigeria (CBN) FX intervention sales to support rising demand for US dollar. The local currency has maintained a downward trend since the beginning of the week when it opened at N1455, traded at N1473 per dollar at the official window as demand eclipsed aggregate market supply. But updated FX data from the CBN showed that the local currency spot rate touched an intraday high of N1479 per dollar at the official…

Bank of America Profit Soars by 23.18% to $8.5bn in Q3 Bank of America (BoA) profit after tax soared by 23.18% year on year to $8.5 billion, details from its third quarter of 2025 earnings release for 2025 revealed. The bank’s net income came in at $8.5 billion compared to $6.9 billion in the comparable period in 2024. Its diluted earnings per share printed $1.06 compared to $0.81, up 31%. Revenue jumped by 11% to $28.1 billion, reflecting higher net interest income (NII), investment banking and asset management fees, and sales and trading revenue. Net interest income rose by 9%…

US 10-Year Treasury Yield Falls as Shutdown Reaches 15 Days The US 10-year Treasury yield fell to 4% on Wednesday, nearing April lows after US Federal Reserve Chair Joseph Powell’s comments on labor market weakness strengthened expectations for more rate cuts. The ongoing US government shutdown, which has delayed key data releases, further clouded the outlook and fuelled demand for safe-haven assets. US government shutdown reaches 15 days with distortions to data and market activities. The economic and financial market impact has been muted thus far, Wells Fargo said in a commentary note. Approximately 600,000 federal government workers have been…

Naira Faces Selloffs, Forex Demand Climbs at Official Window The naira weakened against the dollar on Tuesday, declining 0.39% to ₦1,463.23 at the Nigerian foreign exchange market. For the second days, the naira lost value as the greenback gained momentum across the global forex market today. The greenback has seen about a 3% uptrend against a basket of currencies (DXY) since mid-September, recovering from more than three-year lows after falling nearly 11% earlier this year. Updated FX data from the Central Bank of Nigeria (CBN) showed that US dollar demand pressures lifted the intraday spot rate to N1474, depreciated by…

UK Watchdog Secures $101m Redress for BlueCrest Investors UK’s Financial Conduct Authority (FCA) has secured US$101 million in redress to UK and other non-US investors in a fund sub-managed by BlueCrest Capital Management (UK) LLP (BlueCrest) and imposed a public censure. In a statement, FCA said between October 2011 and December 2015, BlueCrest failed to manage fairly a conflict of interest created by its role in managing both an investment fund exclusively for the benefit of its partners and employees and a flagship fund available to external investors. BlueCrest’s management approved UK-based traders being moved from the external fund to…

Interbank Rates Mixed as Liquidity Surplus Reduced With a slide in liquidity surplus, interbank rates moved in divergent directions in the money market. Investment firms said in separate notes that financial system liquidity opened the new week at a robust yet moderate level of ₦2.03 trillion. The funding level in the system was supported by a coupon inflow of about ₦29.18 billion from the FGN 2033 Sukuk Bond. The liquidity situation was also enhanced by banks’ active placements at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF). Banks are placing funds at the window at 24.5% SDF rate,…

South African Rand Rallies Amidst U.S Trade Deal Talks The South African rand appreciated more than 1% to around 17.3 per US dollar approaching its highest level since September 2024, buoyed by record prices of critical metal prices, including gold, palladium and platinum. Analysts said recent economic conditions have produced a silver lining: a stronger rand, lower domestic interest rates, and rising terms of trade. South Africa is exploring the possibility of a new trade deal to reduce the 30% tariffs imposed in early August on its exports to the United States, according to local media reports citing Trade Minister…

Equities Investors Gain N430bn, Rally Fuels NGX Indicators Market capitalisation of all listed companies’ stocks on the Nigerian Exchange (NGX) expanded as equities investors gained about N465 billion on Monday.  The local bourse expanded further after portfolio value surged by more than N2 trillion last week, reflecting a strong drive towards risky assets. Today’s rally boosted key performance indicators by 0.50%, fuelled by sustained buying interest in large and moderately priced stocks. The market recorded price appreciation in tickers like TRANSPOWER, STANBIC, DANGCEM, ETERNA, and 20 others across major market sectors. Investors remained upbeat ahead of third-quarter corporate earnings of…

Nigeria’s Total Public Debt Rises By 11.6% to N152.40 trn Nigeria’s total public debt rose significantly by 11.6 per cent year-on-year to N152.40 trillion as of June 30, 2025, according to the latest data from the Debt Management Office (DMO) released on Saturday. This marks an increase of N15.89 trillion compared to the N136.51 trillion recorded in June 2024, highlighting the continued expansion of Nigeria’s debt burden amid fiscal pressures. In dollar terms, public debt grew from approximately $89.15 billion last year to $99.66 billion by June 2025, reflecting a 11.7 per cent year-on-year rise. The DMO breakdown shows the…

MTN Nigeria Rallies Amidst Strong Earnings Expectations MTN Nigeria inched close to N10 trillion valuation on the Nigerian Exchange (NGX) trading platform as telecom stock gained investors’ attention. The renewed market positioning came ahead of the third quarter of 2025 earnings release. Trading data showed that MTN Nigeria share price rose to N471 last week, reflecting the increased share volume traded by value hunters. The telecom stock dropped from its latest highs after its half year earnings euphoria fizzled out. The telecom company market value increased by 10.82% week on week, though it is still trading behind its 52-week high…