- 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
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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 Rallies Market-Wide on Robust FX Liquidity The naira showed significant resilience and appreciation in the foreign exchange market, rising by 0.24% to ₦1,380.58 per dollar at the Nigerian foreign exchange market (NFEM). The local currency exchange rate strengthened as foreign payments declined further, amid prevailing favourable trading conditions backed by a higher dollar supply in the official market. Maintaining a positive outlook, Bradstreet FX traders reported that the local currency appreciated against the greenback as informal demand stabilised during the week. The exchange rate hovered around ₦1,400 per dollar on Friday, from ₦ 1405. This situation indicates sustained demand…
Bitcoin price is down 5.60% to $65,703.72 over the past 24h, underperforming a broadly lower market amid escalating geopolitical tensions in the Middle East.
XRP’s target price has been raised by a slew of crypto analysts and firms, citing increased adoption from Wall Street giants, including Goldman Sachs. During early trading hours, investors began taking positions, with trading volume rising about 20% intraday to approximately $2.4 billion on Friday.
The naira gained momentum against the US dollar in Nigerian foreign exchange markets, signalling a welcome relief as pressures from international settlements and import payments ease.
MNT Price Dives by 5% in Broader Crypto Selloffs Mantle (MNT) dipped by 4.84% over the last 24 hours to $0.7022, underperforming the broader market amid a macro-driven sell-off and technical rejection. Broader market declines due to ETF outflows and macro uncertainty, Mantle moved in lockstep with a risk-off shift across crypto, traders said, as investors pulled out cash. The total market cap fell 2.5% as spot Bitcoin ETFs saw $74.5 million in net outflows on March 24, reversing prior inflows. Investors are cautious ahead of key PCE inflation data, pressuring altcoins like MNT, which often exhibit higher beta. The…
Fitch Places Arada on Rating Watch Negative Fitch Ratings has placed Arada Developments LLC’s Long-Term Issuer Default Rating (IDR) of ‘B+’ and its senior unsecured debt of ‘BB-‘ on Rating Watch Negative (RWN). The RWN also applies to the senior unsecured rating of Arada Sukuk Limited’s and Arada Sukuk 2 Limited’s sukuk. The debt has a Recovery Rating of ‘RR3’. Fitch said the RWN reflects heightened geopolitical risk affecting UAE and the Gulf region, which could hamper housing and investor demand. The regional conflict could increase unsold stock and cancellation risk, which would raise working capital needs and require cash…
The Central Bank of Nigeria (CBN) on Thursday acknowledged the judgment of a Federal High Court in Lagos on its regulatory action against Union Bank of Nigeria Plc (UBN) in January 2024.
The Central Bank of Nigeria (CBN) has again cut interest rates on Nigerian Treasury bills with 182-day and 364-day maturities, according to auction results obtained by MarketForces Africa.
Official, Parallel Markets FX Gap Widens as Naira Swings The naira exchange rate gap between the official and informal segments widened to N28 on Wednesday, as the local currency continues to swing on both sides depending on FX liquidity. The official spot rate weakened to N1,386.70 per dollar at the Nigerian foreign exchange market (NFEM) from N1382.68 per dollar, according to daily data published by the Central Bank. Signalling increased pressure on the local currency, the spot rate depreciated to N1391.5000 during the trading session. Naira traded at an intraday low of N1376 from N1372 the previous day. In the…
A Federal High Court sitting in Lagos has ruled that the Central Bank of Nigeria (CBN) acted beyond its powers when it sacked the board and management of Union Bank of Nigeria in January 2024.