- US, European Markets Dip on AI Concerns, Elevated Energy Costs
- Crude Oil Prices Decline on Renewed US-Iran Negotiations
- U.S. Dollar Index Slips Ahead of Key Economic Data
- 10-Year U.S. Treasury Yield Hovers Below 5%
- Nigeria Money Market Braces for ₦800bn Treasury Bills Auction
- Excess Liquidity in Banking System Rises to N6.94trn, Rates Mixed
- Fitch Affirms Ireland at ‘AA’ Rating with Stable Outlook
- DMO Raises N2trn from Bonds to Fund Nigeria’s Budget Deficit
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.
$650m Notes: Moody’s Affirms Seplat’s Caa1 Corporate Family Rating Moody’s Ratings has affirmed the Caa1 long-term corporate family rating (CFR) and Caa1-PD probability of default rating (PDR) of Seplat Energy Plc. In a rating note, the global rating agency said concurrently, its analysts have affirmed the Caa1 rating on its $650 million senior unsecured bond maturing in April 2026, saying the outlook remains positive. Moody’s said its rating action reflects Seplat’s recently announced senior unsecured notes issuance to refinance its existing $650 million senior unsecured notes due in April 2026. Seplat’s $350 million fully drawn revolving credit facility (RCF) maturing…
Naira Depreciates Market Wide Despite CBN FX Sales to Banks The Nigerian naira continues to fluctuate negatively amidst tight liquidity condition in the currencies markets. Exchange rates worsened at official and parallel markets as demand pressures persisted on Wednesday. According to spot FX data, the naira lost N2.53 on each US dollar paired in the official market to close at N1538.67 on Wednesday despite Central Bank intervention sales. The monetary authority sold US dollar to authorised dealer banks yesterday to boost the FX levels at the supply side amidst surging demand. The CBN sold $59.7 million within the N1,532 –…
MTNN Closed Flat as Investors Bypass NGX in Huge Cross Trade Deal Telecom Company, MTN Nigeria Plc, market value steadied in the equities after the telecom company recorded huge trading shares volume in a cross trade deal between investors, bypassing the Nigerian Exchange. Ticker: MTNN closed at N245 as 10.96 million shares valued at more than N2.687 billion were traded in the local bourse today. Hence, the telecom company market value settled at N5.153 trillion in the Nigerian Exchange on Wednesday after falling by 4% in the previous day. Its market price was unchanged because stockbrokers facilitated cross trades between…
Euro, Sterling Rise as US Dollar Embeds Negatives Euro and British Sterling rose as the US dollar continues to lose steam among majors in the forex markets. The US dollar fell against its major trading partners Tuesday, except for a gain versus the yen. The greenback has suffered from President Donald Trump’s protectionism stance with tariffs threats against other bellwether economies, a development that has triggered concerns for recession as economic numbers wobble. Market analysts attribute this shift to concerns over US economic stability, as Trump’s tariff policies on Canada, Mexico, China, and the EU fuel fears of an economic…
Sterling Rises on Elevated U.K Interest Rates, Weak U.S Dollar Sterling traded around $1.29, hovering near four-month highs, supported by broad dollar weakness amid concerns over the US economy and the potential impact of upcoming tariffs. The dollar is fragile and would be hit by a soft number, ING said in a note on Friday. However, the DXY has already seen its biggest weekly drop since November 2022 (3.5% versus 4.2%) and current long dollar positioning is probably nowhere near where it was in late 2022 after a two-year dollar rally. On Monday, Sterling is gaining strength from expectations that…
Atlass Places Conoil, Eterna, Seplat Stocks on Sell Recommendation Equities analysts at Atlass Portfolios Limited have exhibited their bearish mood on oil stocks with buckets of sell ratings. In its stock recommendation for the week, Atlass Portfolios recommends that investors should offload their interest in Conoil, Eternal, Seplat, and Total. The top oil and gas names are noted to have negative upside potential if investors chose to continue to hold, suggesting that these top names are already overpriced as per Atlass Portfolios estimate. Conoil, which closed at N368 per share on the Nigerian Exchange on Friday, has a target price…
Naira Plunges as Offshore Demand Eclipses FX Inflows Reversing recent past positive movements, the Nigerian local currency, the naira, plunged against the US dollar across the foreign exchange (FX) markets due to tight liquidity levels available at the supply side. Both the official and parallel markets felt the negative impacts of US dollar scarcity, with demand rising faster than market supply. Spot data from the FMDQ platform revealed that the naira depreciated by 0.33%, closing at ₦1,517.24 per US dollar on Friday even as the Central Bank restarted FX sales to banks. The local currency wobbled in the week, reversing…
World Must Listen to Africa — Chinese Foreign Minister Chinese Foreign Minister Wang Yi, on Friday, said the stability of Africa’s development would be vital to the future of humanity. Wang said that the world must, therefore, listen to Africa and its concerns. He said this at a news conference on China’s external relations. The foreign minister spoke on the sidelines of the Third Session of the 14th National People’s Congress in Beijing. Wang highlighted strategic partnerships established by China with all African countries which had diplomatic ties with it. According to him, Africa is a fertile land of hope.…
CBN Returns N1.2trn from OMO, TBills Bids, Cuts Rates Nigeria’s attractive short-term investment options continue to attract local and foreign investors into the financial market. Institutional investors, local banks, and asset managers’ appetite for fixed income assets maintained an uptrend even as spot rates began to decline. In its latest primary market auctions, the Central Bank of Nigeria (CBN) raised more than N2.5 trillion in consecutive days. Details from the OMO bills and Treasury bills auction conducted on Wednesday and Thursday showed more than N1.2 trillion in investment money were rejected by the apex bank. For Treasury bills, the CBN…
Naira Depreciates as Offshore Investors Upstream FX The naira dribbled backward against the US dollar in the foreign exchange market as FX demand surged. Exchange rate volatility has been negative since last week when the Central Bank of Nigeria (CBN) embarked on intervention holidays. With fast-rising demand for the US dollar, the naira came under pressure, closing in red three times in the week. In its note, investment firm AIICO Capital Limited revealed the local currency faced pressures due to increased demand from certain offshore investors. An undisclosed amount of US dollars was demanded for upstream abroad. Analysts said foreign…