Author: Julius Alagbe

The naira fell to approximately N1350 against the US dollar at the Nigerian foreign exchange market on Monday, reflecting pressure from surging international payments at the start of the week.

BTC/USD: Bitcoin Tops $76k as MicroStrategy Boosts Holdings Bitcoin price increased 3% to $76,322.47 over the past 24h, outpacing the broader market, which rose 1.78%. The move is primarily driven by a massive institutional purchase from MicroStrategy, which absorbed selling pressure and reinforced Bitcoin’s defensive narrative amid persistent geopolitical tensions. MicroStrategy acquired 34,164 BTC worth $2.54 billion, its third-largest purchase ever. This large, off-market buy directly reduces available supply and demonstrates unwavering corporate conviction, acting as a powerful bullish catalyst. The sustained institutional demand creates a structural bid for Bitcoin, providing a price floor that dampens downside from retail selling…

XRP Gains as Enabled WhatsApp Trading Drives Optimism XRP is up 1.40% to $1.43 over the past 24h, slightly trailing Bitcoin’s +2.15% gain, primarily driven by new utility from its integration with WhatsApp for trading wrapped XRP on Solana. This move aligns with broader market gains driven by strong institutional ETF inflows and easing geopolitical concerns. Enhanced utility and adoption from new trading access, specifically the launch of wrapped XRP (wXRP) on Solana, enabling swaps through WhatsApp. The primary driver is the launch of wrapped XRP (wXRP) on the Solana network, which enabled XRP trading directly within WhatsApp on April…

Banking Stocks Boost NGX Index, Investors Gain N609bn  Buoyed by banking stocks, the Nigerian stock market opened the week on a positive note, as market capitalisation rose by 0.44 per cent to N140.435 trillion from N139.826 trillion, reflecting a gain of N609 billion. Similarly, the All-Share Index advanced by 946.27 points, or 0.44 per cent, increasing from 217,167.57 to 218,113.84. The upbeat performance was driven by gains in mid and large-cap stocks like Nigerian Aviation Handling Company, Union Dicon Salt, Fidelity Bank, Trans-Nationwide Express, Access Corporation, and 31 other stocks. Generally, banking stocks were observed to have significantly driven the…

South African Rand Weakens as Oil Prices Rise, Gold Drops The rand has weakened slightly against major currencies this morning, trading at R16.38 per dollar, R19.25 per euro, and R22.11 per pound, amid a slide in gold prices. In a note, First National Bank (FNB) said a depreciation comes as oil prices jumped after the US Navy seized an Iranian ship over the weekend. The US President Donald Trump said an Iranian vessel was seized in an attempt to breach the naval blockade. In response, Tehran reimposed restrictions on the Strait of Hormuz after claiming that the US blockade violated…

Global market sentiment has weakened at the start of the new week, with the aggregate market sentiment gauge falling to 0.29 from 0.18 last week, on a scale from +1 (bullish) to 1 (bearish), analysts said in a note. 

CBN to Auction Nigerian Treasury Bills Totalling N750bn The Central Bank of Nigeria (CBN) is scheduled to auction N750 billion in local treasury bills across three standard tenors on Wednesday. The Apex Bank will raise the amount across 91-, 182-, and 364-day Treasury bills amid sustained investor demand for duration. At the short end, 91-day treasury bills totalling N100 billion will be auctioned on Wednesday. The authority will put N150 billion worth of 182-day bills for investor subscription. Reflecting surging demand, the CBN will offer N500 billion for the longest tenor – 364-day bills. Amidst persistent spot rate cuts, analysts…

Naira Sees 1.13% Weekly Gain on FX Liquidity, Interventions The Nigerian local currency, the naira, appreciated against the U.S. dollar, gaining 1.13% in the official market to close at ₦1,343.64. supported by healthy FX liquidity and interventions. At the informal segment of the Nigerian currency market, the naira strengthened to N1370 per dollar, supported by $150k weekly sales at the Central Bank rate. The spot rate fluctuated but stayed positive amidst Apex Bank’s sustained US dollar injections into the official window to keep the local currency stable. In the absence of additional inflows, Nigeria’s foreign reserves declined to $48.70 billion,…

FirstHoldco Gains 23% on Trading Volume, Pre-Q1 Positioning FirstHoldco gained 23% as investors stepped up buying action in the shares of a financial services company ahead of the first quarter of 2026 earnings release. The non-operating holding company of First Bank Limited saw its share price rise to N64 on Friday, as 31.463 million units valued at N1.984 billion were traded on the local bourse. The positive price movement was driven by heavy trading volume, led by buy-side actors, in anticipation of strong earnings performance following recapitalisation. Market value of First Holdco Plc.’s 44.453 billion outstanding shares edged higher by…

BTC/USD: Bitcoin Price Dips on Flight from Speculative Asset Bitcoin price slides to $74,985.58, slightly outpacing the broader crypto market’s 0.99% decline, amid risk-off sentiment triggered by escalating Middle East tensions. The digital asset retreated on geopolitical risk-off sentiment after Iran closed the Strait of Hormuz, prompting a flight from speculative assets. Bitcoin fell alongside traditional risk assets after Iran closed the Strait of Hormuz on April 19, heightening fears of a broader conflict. This triggered a market-wide sell-off, undermining Bitcoin’s perceived safe-haven narrative for the session. The move was macro-driven, with Bitcoin trading in tight correlation with U.S. equities,…