Author: Julius Alagbe

Ripple (XRP) has lost about 14% in the last 24 hours, settling at $1.35 on Thursday in the crypto market as extreme fears stoked sell pressure.

Bitcoin Plunges to 69K, Lost About 9% in 24h Bitcoin has plunged by about 9% to $69.1K in 24h, closely tracking a 7.67% drop in the total crypto market cap. The market sentiment has declined sharply due to extreme fear. The greed and fear index has turned red, and investors are exiting positions in the markt. Crypto analysts said a cascade of leveraged long liquidations put pressure on top crypto. A derivatives-driven liquidation cascade, with $396.84 billion in BTC positions forcibly closed (mostly longs) in 24h, amplifying selling pressure. Trading signals indicate that no clear secondary driver was visible in…

CBN Cuts 1-Year Treasury Bill Rate by 138bps, Rejects Bids The Central Bank of Nigeria (CBN) cut the spot rate on its one-year tenor treasury bills by 138 basis points to 16.98% at the primary market auction on Wednesday. At the auction, the authority offered Treasury bills worth N1.15 trillion for investors’ subscription across standard tenors. Demand was strong, with investors showing interest in long tenors amid rising appetite for duration. The CBN underwrote its offer with total sales settling at N952.6 billion amidst spot rates repricing.  Details from the main auction indicate that the total subscription printed at N4.586…

Risk-off Sentiment Drives Nigerian Bonds Yield to 16.31% The Nigerian bond benchmark yield surged by two basis points to 16.31% as negative sentiment exhibited by investors in the secondary market drove prices lower. The market was mildly bearish on Tuesday, as selling pressure at the mid-to-long end largely outweighed muted activity across most other tenors. At the short end, yields were mostly stable, with the 20-Mar-2027 FGN bond recording a marginal 1bp compression, while other nearby maturities closed flat, AIICO Capital said in a note. Fixed income market analysts reported that trading activity was weaker at the belly of the…

The overnight lending rate surged while the repo rate remained steady as money market liquidity increased

Builderstech MD Sentenced to 48 Years for N500m Fraud The Managing Director (MD) of Builderstech Solution Ltd, Mr. Johnson Godwin Agene, has been sentenced to 48 years imprisonment without an option of fine. Agene was sentenced by the Federal High Court, Makurdi, Benue State, after being found guilty of defrauding over 5,000 Nigerians of more than N500 million. The Economic and Financial Crimes Commission (EFCC) disclosed the development in a post on X, saying, “Makurdi Court Jails, Johnson Godwin Agene 48 Years Over Investment Scam. The post further stated: “Justice M.S. Abubakar of the Federal High Court, Makurdi, has sentenced…

Beachway Homes CEO Arraigned for N1.33bn Alleged Fraud A Lagos based real estate developer, has been arraigned by the operatives of the Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos, before a Federal High Court, Lagos, for fraud. The accused, Mr. Adeyinka Lawal, who is the Chief Executive Officer (CEO) of Beachway Homes Limited, Lagos, was arraigned alongside is company on an amended charges marked FHC/L/392c/2025, before the court presided over by Justice Deinde Dipeolu. Adeyinka is facing charges of conspiracy, obtaining by false pretence, money laundering, fraudulent conversation and fraud to the tune of N1.33 billion. The prosecutor, Barrister…

African Energy Bank to Raise $15bn to Fund Oil, Gas Projects -APPO The Association of Petroleum Producers’ Organisation (APPO) says African Energy Bank (AEB) is being positioned to raise about $15 billion to finance oil and gas projects in the continent of Africa by 2030. APPO said the bank, which would begin operation fully by June in Abuja, was expected to create over 500,000 direct jobs in the local midstream. APPO Secretary-General, Farid Ghezali, disclosed this on Tuesday in his remarks at the official opening of the 2026 edition of the Nigeria International Energy Summit (NIES) at the State House,…

Dangote Cement, Zenith Bank Drive N332bn Gain in Stock Market Boosted by Gains in Dangote Cement, Zenith Bank, and other risers, the Nigerian Exchange (NGX) recorded positive momentum on Tuesday, as the All-Share Index advanced by 0.31% to close at 165,901.57 points. The stock market capitalisation surged to N106.49 trillion as investors’ portfolio value increased by ₦332.49 billion on the back of strong investors sentiment. The market gained due to price appreciation in DANGCEM (+1.42%), and lenders — FIRSTHOLDCO recovered +8.04% from its significant price slump. Other risers include ZENITHBANK (+2.38%), and WEMABANK (+4.18%), which offset declines in INTBREW (-2.45%)…

Naira Climbs to N1372, Spot Rate Touches N1360 Briefly The Nigerian local currency, the naira, appreciated against the US dollar at the official window on Tuesday, closing at N1372 following a significant rally. Demand for US dollar payments undercut supply.  The official spot exchange rate touched an intraday low of N1360 per dollar, closing the trading session at N1367 in the absence of FX liquidity pressure in the local currency market. Some Broadstreet analysts expressed a positive view about the exchange rate outlook, citing rising external reserves and receipts from hydrocarbon sales. The US Dollar index has been weakening globally…