- ETC- Ethereum Classic Gains 6% on Listing Speculation
- Bitcoin Climbs, JP Morgan Says BTC Trades Below Mining Costs
- Equities Investors Lose N939bn as Banking Index Tumbles
- Industrial Court to Hear Suit Against Premium Pension Limited
- GCR Upgrades Rand Merchant Bank Nigeria Rating to AA
- AI Future Depends on Resilient Telecom Infrastructure – Adebayo
- Emerging Market Sovereigns’ Use of Total Return Swaps Raises Risks
- XRP Price Declines to $1.12 on Forced Liquidations, US Fed Tone
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.
Most major digital assets fell, with bitcoin (BTC/USD) sliding to the $53,000 level. The CoinDesk Market Index, which tracks 134 digital assets, tumbled 5%
Oil prices decreased during the week ending due to the recession fears in the US, while the OPEC+ group’s decision to delay a planned production increase,
China’s FX Reserves Climb to $3.288 Trillion in August China’s foreign exchange (FX) reserves climbed to $3.288 trillion in August, the latest data from the State Administration reported on Saturday. Statistics from the State Administration of Foreign Exchange show that as of the end of August 2024 , China’s foreign exchange reserves were US$ 3,288.2 billion, representing an increase of US$ 31.8 billion from the end of July , a growth of 0.98% . In August 2024, the US dollar index fell and global financial asset prices rose overall, affected by factors such as macroeconomic data and monetary policy expectations…
Dangote Refinery Products: NNPCL Not Sole Offtaker – Official The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has no intention of becoming the sole offtaker of Dangote Refinery Limited (DRL) or any entity in a free market environment. The NNPC Ltd. said the refinery and any other domestic refinery were free to sell directly to marketers on a willing buyer, willing seller basis, which was the current practice for all fully deregulated products. Mr Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Ltd. made this known on Saturday in Abuja while reacting to claims that Dangote Refinery was…
CBN Auctions US Dollar as Exchange Rate Hits ‘Boiling Point’ The Central Bank of Nigeria (CBN) has launched a new move to buy the naira and sell the US dollar to currency traders after the exchange rate hit boiling point. The FX auction is the apex bank’s tactics to halt the negative tide against the local currency in the FX market. Naira has crossed the red line at the official and informal currency markets before the apex bank intervention at the parallel market. Exchange rate has worsened due to increased demand amidst supply shortage. Nigerians import taste and local companies…
Naira Rises as CBN Sells US Dollar to Currency Traders The naira strengthened against the US dollar across foreign exchange markets on Friday as the Central Bank of Nigeria (CBN) sold FX to Bureau de Change (BDC) operators. The naira appreciated, gaining 2.81% against the US dollar in the official market, closing at ₦1,593.32 per US dollar. The local currency rallied as market anticipates FX auction sales for September to boost the supply. Despite FX auction sales at the informal currency market, the naira plunged. The local currency depreciated as demand pressure persisted in the parallel market. The black market…
FBN Holdings Divests Interest in Merchant Business to ‘Consortium’ Nigeria’s oldest listed financial services warehouse, FBN Holdings Plc, has divested interest in merchant business as the group announced a decision to sell down 100% shares in FBNQuest to consortium amidst recapitalisation. According to the official statement submitted to the regulator, the financial services warehouse told the Nigerian Exchange it has no commercial interest in FBNQuest again and has picked its preferred bidder for the transaction. “…the company has entered into share sale and purchase agreement to divest 100% equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited”. FBN…
Equities Investors Gain N128bn as Nigerian Exchange Rebounds Equities investors gained more than N128 billion on Friday in the Nigerian stock market due to a solid improvement in buying interest. The equities segment of the Nigerian Exchange (NGX) ended trading activities for the week positive, with the key performance indicators increasing by 0.23%. The market index, or All-Share Index, added 223.33 basis points, reflecting a 0.23% increase to close at 96,433.53. The local bourse reversed two consecutive days of losses, driven by investor buying interest in key sectors, particularly the banking and consumer goods sectors, resulting in a growth of…
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola,has restated the commitment of the Federal Government to enhancing port infrastructure.
The Federal Government has granted UTM Offshore Limited a ‘Licence to Construct’ (LTC) a 2.8 million tonnes per annum (MTPA) Floating Liquefied Natural Gas