Author: Julius Alagbe

Euro Stabilises at $1.1750 as ECB Pauses on Rates Cut The Euro stabilised against the US dollar during early trading hours in the global forex market as the European Central Bank (ECB) paused rate cuts. The market has started to digest the European Central Bank decision to pause rates cutting amidst trade uncertainties and cheaper imports. After eight cuts, ECB hit pause on its rate-cut cycle on Thursday. The decision to hold the key deposit rate at 2% matched consensus given that inflation has settled at comfortable levels—the -2% target. The decision endsseven straight cuts as the central bank deems…

Rates Crash as FAAC Inflows Boost Liquidity in Banking System The short-term interest rates benchmark crashed as federal allocations and coupon payments boosted the liquidity level in the banking system. The market ended the trading session at N831 billion as a sequence of inflows shifted the money market liquidity condition. Money market data showed that the banking system’s N349.20 deficit was upturned due to FAAC inflows and coupon payments, causing the financial system liquidity to improve significantly by N1.18 trillion. Market reports obatined highlight that the banking system opened with credit of N773.22 billion. Interbank rates (NIBOR) declined across all…

NGX Crossed N84trn as Equity Investors Gain N406bn The Nigerian Exchange (NGX) crossed N84 trillion in market capitalisation as equity investors portfolio value increased by more than N406 billion. The stock market extended its bullish run on Thursday, as the NGX All-Share Index (ASI) rose 0.48% to 133,199.99 points, lifting year-to-date returns to 29.41%. Market capitalisation surged by ₦406 billion to close at ₦84.26 trillion as bargain hunting heated up as investors positioned themselves in fundamentally sound stocks amidst corporate earnings releases. Today’s market uptrend was fueled by sustained buying interest in medium- and large-scale stocks across all major sectors,…

Nigeria is Open for Stablecoin Business, SEC DG Says Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) says Nigeria is ready for stablecoin businesses that comply with the country’s regulations. He said this on Thursday at the Nigeria Stablecoin Summit held in Lagos and organised by the Africa Stablecoin Network. While delivering his keynote address titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective”, Agama told stablecoin operators that stablecoin regulation is for the nation’s development. He said, “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved…

Airtel Africa Grows Profit by 408% as Data Revenue Spikes Airtel Africa’s profit after tax grew by 408% year-on-year to $156 million in Q1 from $31 million in the prior period in 2024, according to its regulatory filing in the Nigerian Exchange amidst a 34.1% surge in data revenue under reported currency. The telecom company said its prior period was significantly impacted by derivative and foreign exchange losses, primarily in Nigeria, while the current period benefitted from a $22 million gain largely arising from the Central African franc (CFA) appreciation during the quarter. Hence, basic earnings per share of 3.4…

Naira Falls against US Dollar, Official, Black Market Rates ‘Tango’ The naira fell against the dollar at the Nigerian Foreign Exchange Market (NFEM), reflecting a moderate pressure from eligible corporate FX demand. According to CBN update, the naira dipped by 38 kobo to N1535.61 per dollar to remain relatively liquid and stable amid a modest uptick in FX demand. The pressure on the local currency has eased significantly, and intraday daily movement has been relatively limited, reflecting market confidence that upstreaming greenbacks from the Nigerian market will not be difficult. Data from the CBN revealed that the naira traded within…

Funding Rates Moderated as Banks Slowdown Borrowings Funding rates moderated in the money market as deposit money banks slowed down borrowing spree from the Central Bank of Nigeria (CBN) standing lending facility. Despite the reduced pressures, liquidity levels in the financial system remained constraint in the absence of significant inflows, and Treasury bill auction. According to market report, the banking system liquidity deficit reduced to N349.20 billion after inflows from government bonds coupon. While N29.34 billion coupon payment boost liquidity, market analysts said treasury bills auction settlement will put additional pressure on the funding profile. However, the market is expecting…

Access Holdings Inches Near 52-Week High on Huge Trading Volume Access Holding Plc. has advanced closely to its highest valuation in the last 52 weeks with an increased market activity on the financial services company’s shares in the local bourse. Nigerian Exchange (NGX) trading data showed that Ticker: ACCESSCORP rose to N28.50 on Wednesday as 98.624 million units of the holdings company valued at N2.742 billion changed hands. ACCESSCORP led the activity in the stock market on Wednesday, accounting for 14.48% of the total volume of all stocks on the exchange. ACCESSCORP also emerged as the most traded stock in…

First Bank: Court Strikes Out N12.3bn Fraud Case against Oba Otudeko A Federal High Court in Lagos, on Wednesday, struck out a N12.3 billion fraud case preferred by the Economic and Financial Crimes Commission (EFCC) against Chairman of the Honeywell Group, Oba Otudeko, and others. The EFCC had in suit No. FHC/L/20C/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links…

CBN Spot FX Rate Dips Slowly as External Reserves Cross $38bn The Central Bank of Nigeria (CBN) naira official exchange rate slid against the US dollar at the foreign exchange market amidst the country’s rising external reserves. FX data update from the CBN showed that the exchange rate depreciated to N1535.61 per dollar on Wednesday as the authority slowed down FX intervention sales. At the parallel market, the local currency spot exchange rate closed at N1536 per greenback, leaving less than N1 as FX spread, thus discouraging speculative activities. The gross balance in Nigeria’s foreign reserves crossed $38 billion this…