- Cardano Price Drops to $0.21 as Selloffs Hit Altcoins
- Ethereum Falls as BitMEX Co-Founder Arthur Hayes ‘Dump It All’
- Solana Drops 2.20% to $101.28 as investors liquidate Positions
- NEAR Protocol Dips 10% Over Alleged Stolen Patented Technology
- XRP Seeks Catalyst to Halt Downtrend, Breaks Below $1.30
- Bitcoin Drops to $80.5k on Spot ETFS Outflows, AI Stocks Rout
- Naira Touches N1,395 to US Dollar as FX Order Book Surges
- Nigeria’s Gas Reserves Rise 3% to 215.29 Trillion Cubic Feet
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.
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.
Trading activities in the Nigerian government bond secondary market ended on a bullish note amidst a surprising hike in the benchmark interest rate
Investors increased their bets on naira assets in the financial markets as the Central Bank of Nigeria (CBN) hiked the benchmark interest rate ahead of its primary market auction.
Sustained demand for UBA, Access Holdings, and Nigerian 3-F banks (FBNH, FCMB, and Fidelity Bank) heated up the banking index as the Nigerian Exchange gained further.