Author: Julius Alagbe

Naira Weakens as Nigeria’s Foreign Reserves Dip Below $52bn The Naira exchange rate weakened against the US dollar at the Nigerian foreign exchange market (NFEM) on increased demand for international payments and a slowdown in external reserves. Daily FX data obtained from the Central Bank of Nigeria (CBN) revealed an increase in interbank FX activities by financial institutions, the market makers, with a spike in US dollar volume turnover. The official rate weakened marginally by 15 basis points (bps) to ₦1,363.70 per US dollar bid, though forex market pressures appear minimal even with a sharp rise in FX activities. During…

Solana (SOL) price declined by 2.29% in 24 hours to $74.11, underperforming …

The Central Bank of Nigeria (CBN) floated an OMO bill auction totalling N600 billion across three tenors on Tuesday amidst excess liquidity in the financial system.

XRP Tanks on Red Sentiment over U.S. Clarity Act Pause Ripple (XRP) tanked 5% to $1.05, the lowest in weeks, due to deteriorating investor sentiment and broader market sell-off pressure. The crypto market is down to $2.25 trillion on Tuesday. The total cryptocurrency market capitalisation fell 2.8% to $2.25 trillion. Bitcoin dropped 3.1% to trade at $63,300, while Ethereum declined 3.5% to $1,880. Every sector experienced a loss, with the non-fungible token (NFT) sector suffering the steepest decline of 12%, while other sectors fell between 1% and 10%. Investors reacted negatively across the cryptocurrency market as the US Senate temporarily…

The market value of Oando Plc, with 12.431 billion shares outstanding, declined to N476 billion

BEAT- Audiera Gains 24% in 24Hours Ahead of Major Token Unlock Audiera (BEAT) gained 24% in 24 hours to $4.41, significantly outperforming a modestly rising broader market, primarily driven by traders positioning ahead of a major token unlock. The rally was fuelled as investors positioned ahead of the August 1 token unlock, combined with on-chain accumulation by whales withdrawing millions from exchanges. A slew of crypto analysts agreed that the momentum was largely driven by traders positioning ahead of the scheduled unlock of 21.25 million BEAT tokens worth approximately $81.66 million on August 1, 2026. This is the largest token…

Oil Prices Fall Sharply on Peace Hope, China Cuts Imports by 50% Oil prices fell nearly 6% on Monday after US President Donald Trump paused strikes on Iran following two weeks of attacks, raising hopes for a diplomatic solution to the conflict. The International Energy Agency (IEA) hinted that a 50% reduction in China’s imports during the US-Iran war has cushioned the effect of high energy costs across the markets. Brent crude traded at $86.38 per barrel, down 5.78% from the previous close of $91.68. US benchmark West Texas Intermediate (WTI) fell 6.3% to $83.69 per barrel, compared with $89.31…

Interbank Rates Diverge as Financial System Liquidity Declines Interbank rates diverge as financial system liquidity reduced week on week to about N3.8 trillion amidst a sharp slowdown in aggressive liquidity management actions by the Apex Bank. The financial system liquidity remained resilient despite significant funding outflows and the Monetary Policy Committee’s (MPC) decision to maintain a tight monetary policy stance. System liquidity opened the week with a net surplus of N3.20 trillion, according to Cowry Asset Management Limited, lower than the N4.68 trillion recorded in the previous week. The funding profile largely reflected a decline in balances at the Central…

Access Holdings Surges 16% in Pre-Earnings Bets Access Holdings Plc surged by about 16% in pre-earnings bets in the equities market last week, rising to N29.2 per share from N25 at the beginning of the week. With a market capitalisation of about N1.59 trillion, the largest Nigerian financial institution remains the cheapest in the local bourse.  Access Holdings continues to see investors coming and leaving due to weak dividend and earnings performance compared with its immediate rivals. Holdco share price opened at N25 and saw consecutive positive price appreciation for four trading sessions in the domestic bourse before it flattened.…

FirstHoldco Jumps 25% on Post-Earnings Momentum, Firm Cuts TP First Bank of Nigeria (FBN) non-operating holding company, FirstHoldco, extended its pre-earnings bargain hunting on the Nigerian Exchange (NGX) as shareholders and investors increased their holdings in the financial services group. The Marina-headquartered elephant-branded financial services company consolidated its market re-rating following a significant year-on-year spike in earnings performance. Its share price, with a 5-day gain of 25.6% last week, extends year-to-date price appreciation to approximately 233%, trading data review at MarketForces Africa indicates. Meanwhile, equity analysts at CSL Stockbrokers Limited have just reduced the target price (TP) for First Holdco…