Author: Julius Alagbe
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 Falls Across FX Markets on Renewed US Dollar Shortfall The Nigerian naira came under pressure in the official and parallel markets this week, with exchange rates weakening due to thin US dollar volume racing against demand. In contrast, the US dollar is trading with a firmer bias against trading partners at the global forex markets today but is mostly within yesterday’s range. At the official window, the local currency lost slightly, with most swings recorded as market records significant FX inflows reduction in November. The local currency lost 0.07% to close at ₦1,442.43/$ in the official window, while the…
Aviation: Nigeria at Defining Stage, Offering Strong Value Proposition –FAAN Nigeria’s aviation industry is at a defining stage, presenting vast opportunities for investment and innovation, the Federal Airports Authority of Nigeria (FAAN) has said. FAAN gave the assurance in a statement in which it announced a plan to host investors and partners at the third edition of FAAN National Aviation Conference (FNAC 2025). The statement was signed by Mr Henry Agbebire, the FAAN Director of Public Affairs and Consumer Protection, on Friday in Lagos. The agency said that the conference to hold on Nov. 17 and Nov. 18 would deliberate…
CBN Sells N2.55trn OMO Bills as Subscription Hits N3.1trn The Central Bank of Nigeria (CBN) sold OMO bills worth N2.55 trillion at open market operation on Thursday to reduce the heightened liquidity level in the financial system. The authority floated OMO bills worth N600 billion across two standard tenors at the primary market auction as excess liquidity in the financial system approached N5 trillion. The offer size was split into N300 billion worth of Nigerian OMO bills that will expire 152-day and 173-day tenors respectively. Yields seeking eligible market participants – banks and foreign investors staked more than N3 trillion…
Paystack Suspends Co-Founder Ezra Olubi over Sexual Misconduct Allegations Paystack has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following a now viral sexual misconduct allegation, the company confirmed on Friday. Paystack said a formal internal investigation has been launched. The company, according to TechCabal, said, “Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. We take matters of this nature extremely seriously. “Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation.” Paystack added that it would not comment further until the investigation is complete, stating, “Out of…
NCP to Regularise Sale of Power Plant to Transcorp Consortium The National Council on Privatisation (NCP), on Thursday, approved the request by the Bureau of Public Enterprise (BPE) to follow through on the engagement with Transcorp Power Consortium. This is with a view to securing the execution of the Performance Agreements (PAs) on the sale of Afam Power Plc and Afam III Fast Power L.td. The approval for the execution of the PAs on the sale of Afam Power Plc and Afam III Fast Power Limited followed a memo presented to the NCP. The target is to regularise outstanding conditions…
Money Market Rates Diverge as Banks Place N5.7trn in SDF Money market rates headed in a different direction as the Central Bank of Nigeria (CBN) moved to mop up excess liquidity in the financial system on Thursday. The CBN conducted an open market operation where OMO bills worth N600 billion were offered to foreign portfolio investors and deposit money banks (DMBs). Excess liquidity in the financial system had surged near N5 trillion the preceding day in the absence of the Apex Bank primary market actions. The funding level continues to fuel commercial banks’ decision to park their respective free cash…
British Pound Sold Off as UK Economy Barely Grows The British pound was sold off against its major trading pairs in the forex market as UK economic growth slows, latest data from the statistics office showed. Sterling fell to $1.31, its lowest rate in seven years, after weaker-than-expected economic data raised expectations of a Bank of England rate cut next month. With the recent economic data, the market now expects the Bank of England to cut rate in December to boost UK employment and drive productivity. The US dollar is mostly consolidating in narrow ranges against the major currencies. The…
Naira Climbs to N1441/$, Nigeria Sees Declining Blocked Fund The naira strengthened against the US dollar to $1441 on Thursday across both the official and unofficial currency markets as FX pressures eased. The successive accretion into the nation’s external reserves continues to boost investors’ sentiment and reduce speculative trades sharply. The Central Bank of Nigeria (CBN) continues to play hard with FX injection, though the tempo has slowed down as the naira continues to find fair value. The Nigerian foreign reserves data revealed that blocked funds—the country’s portion of reserves that are not immediately available for use is on decline…
Tinubu Pledges to Foster an Enabling Environment for Diaspora Engagement President Bola Tinubu’s administration is fully committed to creating an enabling environment where collaboration can thrive between the Nigerian diaspora and home country. Vice President Kashim Shettima, on Wednesday, said this at the on-going 2025 8th edition of the Nigeria Diaspora Investment Summit (NDIS) holding at the State House Conference Center, Presidential Villa Abuja. The event has as its theme; “Fast-Tracking Regional and National Development by Mobilising Diaspora Investment.” The event, which began on Nov 11, ends on Nov. 13. Shettima was represented by Amb. Dunoma Ahmed, the Permanent Secretary…
Nigeria, Quaint Energy Sign Deal to Deliver 8 Megawatts of Power The Federal Government of Nigeria and Quaint Energy on Wednesday in Abuja signed a concession agreement for the development of 6 Megawatt (MW) Ikere Gorge Hydropower Project in Oyo State. The agreement also included the 2MW Omi-Kampe Hydropower Project in Kogi. Speaking at the signing in Abuja, the Minister of Power, Mr Adebayo Adelabu, stated that the event marked an important milestone in the power stakeholders’ collective journey toward achieving a sustainable, reliable, and affordable power supply across Nigeria. He added that the partnership underscored the federal government’s unwavering…