Author: Julius Alagbe

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…

Nigerian Exchange Declines by N152bn as Investors Hit Red Button The equities market capitalisation of the Nigerian Exchange (NGX) declined by N152 billion as investors hit the red button in a bid to book profit on stocks that rallied recently. The sell order executed by stockbrokers and individuals trading highs and lows outpaced hunting for value, the first daily loss in 2025. As a result of today’s profit-taking, the local bourse closed trading activities for today on a negative note. The Nigerian Exchange performance indicators dropped by 0.24% on Tuesday, while year-to-date returns moderated ahead of December inflation data next…

China’s Foreign Exchange Reserves Drop to $3.2024 Trillion China’s foreign exchange reserves totalled 3.2024 trillion U.S. dollars at the end of December 2024, down by 63.5 billion dollars, or 1.94 percent, compared to the end of November last year, official data showed Tuesday. The decline in foreign reserves was the lowest in eight months, from $3.26 trillion in November and below expectations of $3.25 trillion. The drop comes amid a strengthening US dollar. The yuan weakened by 1.2% while the dollar gained 2.6% against major currencies. The State Administration of Foreign Exchange said in a statement that the U.S. dollar…

Investors Boost Treasury Bills Holdings Ahead of Auction The average yield on Nigerian Treasury bills slumped slightly in the secondary market due to buying interest ahead of the primary market auction (PMA) scheduled for Wednesday. Trading activities opened on a calm note with a bullish tilt. Fixed income market participants leveraged improved liquidity in the money market to boost portfolios. Traders said despite the sizeable amount in the financial system, money market managers maintained a cautious stance in anticipation of the upcoming T-Bills auction. Bids came in from investors expecting a decline in yields at the next auction, as well…

Bitcoin Rises Near $102,000, other Digital Assets Rally The bitcoin price has climbed near the $102,000 level in a fresh rally that started in the New Year ahead of Donald Trump’s, U.S. President elect, inauguration. The latest rally appears all-encompassing as all the top digital assets gained traction. The top 10 cryptocurrencies assets across cryptos exchange were making an uptrend that could lift their individual market price higher in the absence of profit-taking activities from retail investors. Consequently, the global crypto market cap has advanced to $3.59 trillion on Tuesday, representing a 1.83% increase over the last day as volume…