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 Up, FTSE Russell Confirms CBN Unrestrictive FX Repatriation Policy The naira reclaimed value against the US dollar after a three-day downward trend at the Nigerian Foreign Exchange Market (NFEM). Boosted by foreign investors’ confidence, the local currency picked up on Wednesday at the official window, supported by fuelled improvement in foreign currency supply. Market confidence strengthened after FTSE Russell, a global index service provider, confirmed that foreign investors are now finding it easy to repatriate US dollar from Nigerian capital market. With the absence of FX restriction, FTSE Russell revealed a plan to upgrade the Nigeria index to frontier…
Equities Investors Gain N459bn as Fidelity Bank, MTN Rally Equities investors saw more than N459 billion gain on the Nigerian Exchange (NGX) trading platform due to positive price movement in bellwether stocks, including Fidelity Bank, MTN Nigeria, and Aradel Holdings. The local bourse extended its positive momentum on Wednesday, driving key performance indicators higher by +0.50% while the year-to-date return advanced to 41.6%. The market witnessed profit-taking activities in some recently appreciated stocks, still the overall performance remained positive, driven by sustained buying interest in large and mid-cap stocks. Investor sentiment was upbeat, buoyed by improving macroeconomic fundamentals and moderating…
Citi Meets CBN N200bn Capital Requirement Ahead of Deadline Citibank Nigeria Limited (Citi) has successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N200 billion for national commercial banks – ahead of the first quarter 2026 deadline. In an official statement released by Lola Oyeka, country head of public affairs for Nigeria and Ghana, the bank said the achievement reinforces Citi’s enduring commitment to Nigeria’s financial sector and economic growth. Commenting on the development, Mrs. Nneka Enwereji, MD/CEO of Citibank Nigeria Limited, stated, “Meeting the CBN’s N200 billion capital requirement is more than compliance – it…
CBN Floats OMO Bills, Raises N3trn from N4.4trn Subscription The Central Bank of Nigeria (CBN) conducted another open market operation (OMO) on Tuesday as part of an effort to mop up excess liquidity in the financial system. Foreign portfolio investors’ (FPIs) and deposit money banks’ (DMBs) total demand spikes after two consecutive primary market under allotments by the authority since Friday. The Apex Bank floated N600 billion for investors’ subscription on Tuesday as excess liquidity in the banking system crossed N6 trillion amidst the previous auction settlement. Market analysts reported that Tuesday’s OMO auction is the third floated by the…
Naira Declines Versus USD, CBN $150m FX Injections Thin Out The forex market value of the Nigerian naira depreciated for the third consecutive trading session as the US dollar volume available at the supply side thinned out. The Central Bank of Nigeria (CBN) FX report showed that the spot rate depreciated to N1471.0892 per dollar, reflecting an imbalance between US dollar demand and supply in the forex market. The official rate opened in October at N1,455.2373, and since then, the spot rate has been on a declining trend versus the greenback in the absence of FX intervention. The FX rate…
Gold Hits Historic High of $4,000 on Global De-dollarisation Gold has just surged to a record $4,000 per ounce, its all-time high (ATH), fuelled by demand for safe assets amidst U.S. political deadlock that has forced the government to shut down since last week. The price surge has been attributed to the post-U.S. tariff adjustment reactions, with many countries seeking to decouple from dollar dominance. Since the beginning of the year, the gold price has surged by 50%, with the new rally driven by demand for safe asset while the US federal government shutdown drags on into its second week…
Nigerian Exchange Surpasses N92trn as Equity Investors Gain N109bn Supported by bargain hunting in bellwether stocks, the Nigerian Exchange (NGX) market capitalisation surpassed N92 trillion on Tuesday as investors showed interest in MTN Nigeria, Lafarge Africa WAPCO, and other risers. The Nigerian domestic market extended its positive momentum to close today’s trading on a bullish note, with key market indicators advancing by +0.12%. The stock market uptrend was largely driven by renewed buying interest in some medium- and large-cap stocks, including CONHALLPLC, CHAMS, BERGER, MTNN, and Lafarge Africa (Ticker: WAPCO) among others. Investor sentiment remained upbeat, supported by improving macroeconomic…
Tinubu Seeks Approval for $2.34bn External Borrowing, $500m Sukuk President Bola Tinubu has written to the House of Representatives seeking the approval of plans by the Federal Government to raise 2.34 billion dollar in external capital. The fund is aimed at financing part of the 2025 budget deficit and refinancing maturing Eurobonds. The Speaker, Rep. Abba Tajudeen, read the president’s request on the floor of the house on Tuesday. Tajudeen said that the president also sought parliamentary approval for the issuance of a 500 million dollar debut sovereign Sukuk in the international capital market. He said that the request was…
OMO Bills Attracts N4.1 Trillion Subscription from Investors Foreign portfolio investors and Nigerian deposit money banks (DMBs) staked more than N4 trillion on the Central Bank of Nigeria (CBN) open market operation (OMO) bills on Monday. The Apex Bank returned to the market to mop up excess liquidity in the financial system. MarketForces Africa reported that the system was flooded with inflows that lifted liquidity to about N6 trillion last week. Seeking alternative earnings sources, banks pitched their tents at the CBN standing deposit facility to earn 24.5% amidst cash reserve refunds. The CBN conducted its first OMO bill auction…
Exchange Rate Falls as Demand for Dollar Suffocates Naira The exchange rate fell to N1,475 per US dollar at the Nigerian Foreign Exchange Market (NFEM) as a spike in US dollar demand by eligible foreign currency users suffocated the naira. The local currency has lost N15 in the last two trading sessions in the official segment, which suggests pressures may be building in the absence of FX intervention. According to data released by the Central Bank of Nigeria (CBN), the local currency closed the trading session on Monday at N1,470.2614 per dollar, depreciated from N1,465.6776 last week. The currency market…