Author: Julius Alagbe

Naira for Dollar Rate Drops Slightly in Forex Markets The naira-to-dollar rate little changed across foreign exchange (FX) markets on Thursday as demand and supply levels inched closer amidst fresh intervention. Due to FX payment for year-end transactions and foreign portfolio selling activities, the naira rate has been under pressure in the absence of significant US dollar supply by actors in the official currency market. The Central Bank of Nigeria (CBN) updated fx data showed that the spot fx rate depreciated marginally by 0.01% to N1,447.83 per dollar today over close-knit demand and supply. Spot rate weakened but slightly at…

Nigerian Exchange Climbs as Equity Investors Gain N97bn The Nigerian Exchange (NGX) market capitalisation climbed on Thursday as equity investors gained more than N92 billion in a wide price upswing that has lasted for three days. Trading activities closed on a positive note, and the bargain hunting boosted key market performance indicators by 0.10%.  The stock market index, or the All-Share Index, increased by 152.28 basis points, or 0.10%, to close at 145,476.15 basis points. Also, NGX market capitalisation climbed by ₦97.06 billion to close at ₦92.73 trillion. Despite the negative breadth, the market rally reflects investors’ continued caution in…

Funding Costs Ease as Banking System Liquidity Increases Funding costs eased as banking system liquidity increased following OMO repayment and inflow from matured Treasury bills amidst renewed deposit placement at the Central Bank window. In the money market, funding level increased to N3.04 trillion, an increase of N1.1 trillion from the previous level following a surge in placement at the Standing Deposit Facility (SDF) of the Apex Bank. The market liquidity opened the day with a surplus balance of ₦3.0 trillion, AIICO Capital Limited said in a report, keeping the short-term benchmark interest behind the floor rate. Analysts at AIICO…

China Backs Nigeria’s Security, Economic Reforms in High-Level Meeting The Chinese Ambassador to Nigeria, Mr Yu Dunhai, has reaffirmed China’s support for Nigeria’s security efforts and ongoing economic reforms during a high-level meeting with the Minister of Foreign Affairs, Amb. Yusuf Tuggar. In a statement issued by the Chinese Embassy in Abuja on Wednesday, Yu said the China-Nigeria comprehensive strategic partnership had entered “the fast track,” driven by strong political trust and sustained collaboration. He said the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan reflected China’s commitment to expanding high-standard…

U.S Dollar Declines on “Potential Fed Chair’ Comment The US dollar weakened against trading pairs in the forex market as expectations that the Federal Reserve will axe rates next week increased and ‘potential Fed Chair comment’ by President Donald Trump. The European single currency, the euro, the British pound, and Japanese Yen climbed against the greenback as the market sold off US dollar ahead of the Fed meeting. The dollar index weakness accelerated after President Donald Trump signalled that Kevin Hassett, his National Economic Council director, is now the clear frontrunner to replace Jerome Powell. In reaction, forex traders have…

Naira Value Depreciates as U.S Dollar Supply Tightens The naira gave up value against the dominant US dollar as FX supply weakened versus rising demand for the greenback at the official window. Reflecting the FX shortage, the naira depreciated further at the informal currency market amidst expectations that remittances from Nigerians abroad ahead of Yuletide will strengthen inflows. The spot FX rate at the official window depreciated by 0.16% to N1,447.65 per dollar. In the parallel market, the naira lost 18 basis points to close at N1460 per dollar. The exchange rates direction reflect softer currency sentiment and renewed pressure…

Nigeria to Host African Petroleum Regulators The African Petroleum Regulators Forum (AFRIPERF) has unanimously adopted Nigeria as its official headquarters and also elected the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, as chairman of the Forum. Before the endorsement, Engineer Komolafe was the interim chairman of AFRIPERF. The decision was announced at the inaugural executive committee meeting of the Forum, which took place virtually on December 2, 2025. Senior Manager of International Relations at the NUPRC, Eyoanwan Ndiyo-Aiyetan, also emerged as secretary of AFRIPERF. According to a statement by the Commission, it said the development…

CBN Removes Cash Deposit Limits, Raises Withdrawal Threshold The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000. The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department. Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns. According to her, it will also curb money laundering risks associated with heavy reliance on cash. She said that the cash-related…

Crude Oil Prices Increase over U.S. Demand Optimism Crude oil prices increase in the global commodity market on Wednesday on the back of U.S. demand optimism following a sharp decline in inventories. The price reflects tentative progress in Russia-Ukraine peace discussions, limiting upward price movements by easing supply concerns. International benchmark Brent crude was trading at $62.46 per barrel, up 0.1% from the previous close of $62.34. US benchmark West Texas Intermediate (WTI) also increased by about 0.1% to $58.59, compared to $58.51 in the prior session. The American Petroleum Institute (API) estimated that US commercial crude stockpiles fell by…

Developing Countries Pay Out $741bn in Principal, Interest Developing countries paid out $741 billion more in principal and interest on their external debt than they received in new financing between 2022 and 2024—the largest gap in at least 50 years, according to the World Bank’s latest International Debt Report released today. Still, most countries gained some breathing room on their debt last year as interest rates peaked and bond markets opened up again. That enabled many countries to stave off the risk of default by restructuring their debt. In all, developing countries restructured $90 billion in external debt in 2024,…