Author: Julius Alagbe

Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

Lotus Bank Sponsors NIMSA Games, Celebrates Successful FASU Games, Abeokuta Marathon

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Lotus Bank Sponsors NIMSA Games, Celebrates Successful FASU Games, Abeokuta Marathon Mrs. Kafilat Araoye, Managing Director of Lotus Bank, one of Nigeria’s fastest-growing non-interest banks, is proud to announce the bank’s sponsorship of the upcoming Nigerian Medical Students Association (NIMSA) Games. This initiative highlights Lotus Bank’s commitment to fostering youth development, health, and sportsmanship across Nigeria. The NIMSA Games are set to commence on Saturday, October 5, 2024, starting with student registration. The event will bring together medical students from various institutions nationwide, promoting friendly competition while emphasizing teamwork and physical wellness. “Encouraging a healthy lifestyle among our future healthcare…

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GCR Lower Outlook on First Bank of Nigeria to Stable from Positive

MarketNews

GCR Lower Outlook on First Bank of Nigeria to Stable from Positive GCR Ratings has affirmed First Bank of Nigeria Limited’s national scale long and short-term issuer ratings of A+ (NG) and A1 (NG) respectively, with the outlook revised to stable from positive. According to the rating note, First Bank of Nigeria ratings reflect the underlying credit profile of the broader FBN Holdings Plc as GCR views the banking arm as the core operating entity within the group, accounting for over 90% of the group’s assets and earnings. “While the ratings have been assigned exclusively to the bank, the below…

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Interbank Rates Diverge as Market Struggles with Liquidity

MarketNews

Interbank Rates Diverge as Market Struggles with Liquidity Interbank rates diverged in the money market as a weak funding profile in the financial system heated up rates and pricing. Banks are requiring higher rates on their free funds as local lenders patronized the Central Bank of Nigeria (CBN) for liquidity backup. Nigerian interbank borrowing rate (NIBOR) fell across most maturities, Cowry Asset Limited said in a note. This happened as local banks boosted liquidity with funds accessed from the CBN Standing Lending Facility (SLF). Data from the FMDQ platform confirmed that key money market rates such as the Open Repo…

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Naira Strong Rally Widens Exchange Rates Gap to N123

MarketNews

Naira Strong Rally Widens Exchange Rates Gap to N123 The naira soared by about 5% against the US dollar in the foreign exchange market due to lower pressure on FX liquidity. According to spot data from the FMDQ platform, the local currency gained 4.49%, closing at N1,561.76 per US dollar at the official market. The rally, which happened to be one sided between the official and parallel markets, caused FX spread to spike strongly. A channel check showed that the naira closed at ₦1,684 per US dollar in the parallel market. At the current trading spot rates, exchange rate gap…

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Equities Investors Lose N70bn as NGX Indexes Plunge

MarketNews

Equities Investors Lose N70bn as NGX Indexes Plunge Equities investors lost more than N70 billion on the Nigerian Exchange (NGX) as buying sentiment fizzled out. The negative trading session was spurred by weak sentiment seen in Guinness, African Prudential, among others. Stockbrokers said key performance indicators, the NGX-ASI and Market Capitalization dipped by 0.12% on Tuesday. At the end of the trading session, All-Share Index declined by 121.89 basis points to close at 97,584.81. Market analysts attributed the downturn to profit-taking in some recently appreciated medium- and large cap stocks.  Tickers: GUINNESS, OANDO, GTCO recorded loss due to sell side…

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Kenya Reduces Benchmark Interest Rate to 12%

Inside Africa

Kenya Reduces Benchmark Interest Rate to 12% With the aim to drive private sector credit growth, the Central Bank of Kenya cut its benchmark interest rate by 75 basis points (bps) to 12% at its meeting on October 8th, 2024. Analysts said this is the second consecutive rate reduction for the first time since the Covid-19 crisis. This decision was prompted by inflation easing to the lower bound of the central bank’s target range of 2.5% to 7.5%, along with a more stable Kenyan shilling. The country annual inflation rate decelerated to 3.6% in September 2024, the lowest since December…

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