- OpenAI Says Model Goes Rogue, Hacks AI Startup Hugging Face
- EU Aims to Remove Barriers to Bank Competitiveness -Fitch
- Transcorp Plc Profit Shrinks, Earnings Per Share Down 21% in H1 2026
- Naira Rises as Interbank FX Turnover Hits $416m, Deals Surge
- Senate Moves to Regulate, Coordinate Foreign Aid, Grants, Donations
- NGX Index, Market Cap Slump as Equities Investors Lose N801bn
- NCC, African Regulators Push Stronger Collaboration for Smarter Digital Governance
- Anthropic to Support UK FCA’s Supercharged Sandbox
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.
CBN Sells OMO Bills to Investors at 24.36% Interest Rate The Central Bank of Nigeria (CBN) sold OMO bills at the spot rate of 24.36% to investors at the primary market auction on Thursday. t the OMO auction, the CBN offered ₦500 billion across standard maturities, which are 96-day, 194-day, and 362-day papers. However, demand was weak, with offers totaling ₦252.90 billion only seen for the longest-dated instrument, CardinalStone Securities Limited told investors in an emailed note. The investment firm explained that bets on CBN OMO bills by investors resulted in a bid-to-offer ratio of 0.51x, with the stop rate…
NGX Loses N267bn as Investors Sell MTN, OANDO Shares Equities investors lost about N267 billion due to sell side activities on the Nigerian Exchange (NGX) after days of gaining streaks. Post rate hike profit picking on stocks, which recently recorded strong price appreciation, drove down equities market performance indicators on Thursday. Stockbrokers said key performance indicators plunged by 0.47% while year-to-date return moderated due to sizeable selloffs witnessed in the market. The NGX All-Share Index reduced by 463.86 basis points, reflecting a 0.47% decrease to close at 98,523.56. This downturn snapped the market’s four-day bullish streak, with investors taking profit…
OPEC Projects 24% Increase in Global Oil Demand Global energy demand will increase by over 24% by 2050 compared to 2023, according to the World Oil Outlook 2050 by the Organization of the Petroleum Exporting Countries (OPEC). The oil group forecasts that primary global energy demand will increase to 374.1 million barrels of oil equivalent per day (boepd) in 2050, representing a rise of around 72.9 million boepd from the 2023 level. The average annual growth rate between 2023 and 2050 is expected to be 0.8%, with growth decelerating towards the end of the outlook. ‘This is in line with…
Excelsior to Acquire Flour Mills of Nigeria Minority Shareholders Excelsior, Flour Mills of Nigeria (FMN) Plc’s majority shareholder has moved to acquire the non-controlling interest or minority shareholder interest in the fast moving consumer goods company. Following the announcement, share price increased by 10%, or N5.50, on the Nigerian Exchange (NGX) to settle at N60.50 on Wednesday. In an official statement, Flour Mills of Nigeria Plc notifies Nigerian Exchange Limited that it received an offer from the majority shareholder – Excelsior Shipping Company Limited – to acquire all the shares held by the minority shareholders in Flour Mills. According to…
CBN Sells US Dollar to BDCs at N77.42 Discount The Central Bank of Nigeria (CBN) has moved to provide discounted US dollar sales to the Bureau de Change (BDC) operators as exchange rate wobbled. In the official FX market, the naira fell to N1667.42 while the exchange rate settled at N1675 per US dollar. Both rates have already touched the central bank ‘fear index’ where the authority reacts with market invention and maintains its cool at rates below these levels in the currency markets. In a statement, the apex said it has approved 20,000 US dollar sales to Bureau de…
The Nigerian Treasury bills yield rose sharply as the market reacted to the monetary policy rate hike
Interbank Rates Mixed as Outflow for FGN Bond Reduces Liquidity The interbank rates diverged in the money market due to the outflow for the Federal Government of Nigeria (FGN) bond auction that left the financial system. The market reacted to a 50 basis point interest rate hike, which is expected to push the rate higher at the standing lending facility of the apex. The financial system was debited with a total sum of N264.53 billion, being the investors’ payment for FGN bonds sold to market participants by the Debt Management Office. The debt office had on Monday conducted a primary…
The Executive Board of the International Monetary Fund (IMF) has approved a 40-month arrangement under the Extended Credit Facility…
The naira fell by 54 basis points to N1,667 against the US dollar midweek as the foreign exchange (FX) market crisis deepened.
Equities investors recorded about N241 billion as gain on the Nigerian Exchange (NGX) on the back of sustained buying interest in stocks with upside potentials.