Author: Julius Alagbe

Bitcoin, Global Crypto Market Cap Surge in Latest Rally Bitcoin, the global cryptocurrency market capitalisation surged on Tuesday as investors began to return to the space for another round of bet before Donald Trump inauguration. According to trading data, Bitcoin (BTC-USD) has rebounded above $66,000 on Tuesday as retail investors’ increased buying interest in the orange coin. Ethereum (ETH-USD) has also climbed by 5.34% in 24 hours to $3200, while Ripple (XRP-USD) has gained about 8% to $2.56. Both BNB-USD and SOL-USD are currently trending higher. Consequent to the latest rally, the global crypto market cap advanced strongly to $3.34…

Treasury Bills Yield Dips to 25.22% Amidst Inflation Fear The average yield on Nigerian Treasury bills dipped as investors showed appetite for long-dated instruments in the secondary market ahead of inflation. In their separate notes, analysts estimated that the inflation rate will rise further, with some projections taking the figure above 35%. On Monday, the segment opened the week on a relatively active note with a bullish tilt as local investors took position at the long end of the end with mild buying interest at the belly of the curve. Despite the buying appetite, trading activities were generally limited due…

Yield Rises as Sell Pressures Hit Nigerian Bonds Benchmark yield rose as investors in the bond market trimmed their holdings amidst expectations for the first quarter (Q1) of 2025 supply calendar from the Debt Management Office. The sell pressures that dominated three of the five trading sessions raised benchmark yield by 7 basis points to 19.7%. The negative sentiment was widespread across all tenors, with the medium-term instruments attracting the most sell pressure—an average yield uptick of 15 bps, Afrinvest Limited said in a note. Similarly, average yield on the short- and long-term bonds rose 12 basis points and a…

MTN Nigeria Exits Investors Relegation, Gains 21% in Fresh Rally MTN Nigeria Plc gained 21% in the equities market in a two-day rally driven by investors’ improved sentiment on telco shares in the local bourse. The stock, which had earlier entered relegation, began to attract investors’ attentions after the management localised its loan via deal renegotiation with service providers. Then, a successful clamour for a tariff hike has raised investors’ hope that the telecom giant would bounce back from delivering negative arnings. According to data from the Nigerian Exchange, the telecommunications company share price inched higher by 21% last week…

Rebasing to Drive Nigeria’s $1trn GDP, Lower Inflation Targets – Analysts Nigeria’s plan to rebase the nation’s gross domestic products (GDP) and consumer price index (CPI) that measure headline inflation is expected to make key macroeconomic indicators look good in 2025, analysts said in a note. The programme, which analysts think is overdue to reflect most recent economic data, was last conducted in 2014. The exercise at the time lifted Nigeria’s gross domestic product by about 89% to $510 billion. However, the economic size has reduced sharply due to exchange rate weakness, and an an unstable price level has nudged…

Oil Prices Surge on Tight Supply from OPEC+ Members Oil prices surged in the global commodities market due to tight supply from the Organisation of Petroleum Exporting countries and allies (OPEC+); expectations of higher global demand from cold weather and a drop in US heating oil inventories. The international benchmark Brent crude rose by 0.4% to $77.24 per barrel. The US benchmark West Texas Intermediate (WTI) increased by 0.4% to $73.95 per barrel, compared to its prior session close of $73.67. Oil prices climbed on Friday, supported by market players’ anticipations that there will be an increase in oil demand…

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…