- Stronger US Dollar Keeps South African Rand on Edge
- Tech Stocks Rotation Shakes Global Markets as Apple Hikes Prices
- Nigerian Treasury Bills Yield Jumps 27bps on Sell Pressure
- Naira Hovers Around N1,380 as Interbank FX Turnover Surges
- XRP Dives to $1.03 as Strobe Finance Shutdown Erodes Confidence
- Ethereum Price Slips 4% as Investors Liquidate Positions
- Bitcoin Price Slides to $59k as US Inflation Stokes Selloffs
- Only 20% of POS Operators Registered- CAC Chairman
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.
Naira Value Weakens to N1,350 as FX Payments Surge The Nigerian local currency fell against the dollar, trading at N1350 at the official currency market, as foreign payment pressures increased on Tuesday. The spot rate weakened as FX outflows exceeded inflows, while analysts attribute the sustained decline in external reserves to debt service costs on Nigeria’s borrowings. According to data published by the Central Bank (CBN), spot rate hovered between N1345 and N1357 during the trading sessions, with N91.866 million in interbank liquidity. The Apex Bank indicated in its official FX publication today that interbank liquidity at the Nigerian Foreign…
Dangote Cement and some top banking names drove momentum in the Nigerian Exchange (NGX), the local bourse, though the surge in portfolio value was well contained.
XRP Gains 3% on SBI, Remit, Tottori Bank Payment Activation Ripple’s XRP inched higher by 3% to $1.44, reflecting the broader crypto market on Tuesday. Trading volume is down 18% over the past 24 hours to $2.5 billion, data from a crypto exchange showed. XRP’s price movement is primarily driven by beta lift from sustained institutional inflows into crypto via exchange-traded funds (ETFs), with no clear coin-specific catalyst over the last 24 hours. SBI Remit and Tottori Bank activated a new international remittance service, leveraging Ripple’s payment rails. The model allows XRP to act as a bridge currency for faster,…
The famously unforgiving UK bond markets will be closely eyeing what happens during another day of scrutiny for Sir Keir Starmer, as former top civil servant Sir Olly Robbins prepares to answer questions on the appointment of Lord Peter Mandelson as US ambassador.
Oil prices continue to search for direction on Tuesday as markets weigh expectations that planned US-Iran talks this week could boost supply against ongoing risks stemming from disruptions in the Strait of Hormuz.
The Federal Government of Nigeria says it spends approximately 150 million dollars annually on vaccine procurement while expanding malaria vaccination to more states.
The naira fell to approximately N1350 against the US dollar at the Nigerian foreign exchange market on Monday, reflecting pressure from surging international payments at the start of the week.
BTC/USD: Bitcoin Tops $76k as MicroStrategy Boosts Holdings Bitcoin price increased 3% to $76,322.47 over the past 24h, outpacing the broader market, which rose 1.78%. The move is primarily driven by a massive institutional purchase from MicroStrategy, which absorbed selling pressure and reinforced Bitcoin’s defensive narrative amid persistent geopolitical tensions. MicroStrategy acquired 34,164 BTC worth $2.54 billion, its third-largest purchase ever. This large, off-market buy directly reduces available supply and demonstrates unwavering corporate conviction, acting as a powerful bullish catalyst. The sustained institutional demand creates a structural bid for Bitcoin, providing a price floor that dampens downside from retail selling…
XRP Gains as Enabled WhatsApp Trading Drives Optimism XRP is up 1.40% to $1.43 over the past 24h, slightly trailing Bitcoin’s +2.15% gain, primarily driven by new utility from its integration with WhatsApp for trading wrapped XRP on Solana. This move aligns with broader market gains driven by strong institutional ETF inflows and easing geopolitical concerns. Enhanced utility and adoption from new trading access, specifically the launch of wrapped XRP (wXRP) on Solana, enabling swaps through WhatsApp. The primary driver is the launch of wrapped XRP (wXRP) on the Solana network, which enabled XRP trading directly within WhatsApp on April…
Banking Stocks Boost NGX Index, Investors Gain N609bn Buoyed by banking stocks, the Nigerian stock market opened the week on a positive note, as market capitalisation rose by 0.44 per cent to N140.435 trillion from N139.826 trillion, reflecting a gain of N609 billion. Similarly, the All-Share Index advanced by 946.27 points, or 0.44 per cent, increasing from 217,167.57 to 218,113.84. The upbeat performance was driven by gains in mid and large-cap stocks like Nigerian Aviation Handling Company, Union Dicon Salt, Fidelity Bank, Trans-Nationwide Express, Access Corporation, and 31 other stocks. Generally, banking stocks were observed to have significantly driven the…