- Access Bank Tops Nigerian Lenders in Africa’s Top 30 Ranking at $30.4bn
- Fidelity Bank on Stock Buy Recommendation, 40% Upside Estimated
- Equities Investors Gain N3.2rn as Royal Exchange, Champion Rally
- IRGC Says US Blockade on Iran Could Backfire Economically
- Bitcoin Rises as Russia’s Rule Allows Retail Investors to Buy
- XRP Ticks Up on Regulatory Clarity, Robust ETF Inflows
- Zcash Gains 19% in 24hrs as Capital Flows to Grayscale Zcash Trust
- Moody’s Ratings Changes Seplat Energy’s Outlook to Positive
Author: Ogooluwa Aremu
Ogooluwa Aremu is a business journalist at MarketForces Africa covering Nigeria's energy sector, macroeconomic policy, African continental affairs, cryptocurrency markets, and foreign exchange developments.His reporting spans Nigeria's oil and gas regulatory landscape, including coverage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria International Energy Summit, and the downstream deregulation reforms reshaping Nigeria's petroleum sector. He also reports general market, Nigeria's fiscal reforms, World Bank and IMF engagements with Nigeria, and President Tinubu's economic policy initiatives.Ogooluwa covers Africa-wide developments through MarketForces Africa's Inside Africa desk, reporting on the African Union summits, continental economic policy, and cross-border developments affecting investment and trade across Sub-Saharan Africa.His cryptocurrency and forex market coverage tracks major digital assets, including Bitcoin, Ethereum, and Ripple, alongside. Nigeria's interbank FX market movements. He has covered major stories, including the African Union's 39th Ordinary Session in Addis Ababa, Nigeria's N6 trillion fuel import savings from deregulation, and the World Bank's assessment of Nigeria's economic reform programme. Ogooluwa Aremu is based in Lagos, Nigeria.
Ethereum (ETHUSD) price decreased 2.31% over the past 24 hours, falling to $1,936.64 on Sunday, according to trading data from crypto exchanges today.
The Nigerian Exchange (NGX) sustained its bullish momentum on Friday, closing the week on a positive note, with investors gaining N119 billion.
The average yield on Nigerian Treasury bills rose 8 basis points to settle at 17.31%, reflecting diminished investor sentiment and a less supportive climate in the secondary market.
The Central Bank of Nigeria (CBN) increased its intervention in the forex market during the week by injecting an $300 million to reduce the naira’s all-week negative fluctuations.
Equity Investors Gain N221 Billion as NGX Index Rebounds Equity investors gained approximately ₦221 billion as the Nigerian Exchange (NGX) rebounded from the previous day’s sell-offs in some mid- and large-cap stocks. The All-Share Index rose by 0.18%, reaching 196,807.15 points, which brings the year-to-date (YTD) return to 26.47%. Market capitalisation also grew by 0.18%, increasing by ₦220.75 billion to reach ₦126.3 trillion. However, market breadth was negative, with 38 declining stocks outpacing 33 advancing ones. Leading the gainers were ETERNA, NPFMCRFBK, PREMPAINTS, CUSTODIAN, and FTGINSURE. In contrast, TRIPPLEG, MULTIVERSE, SOVRENINS, JAIZBANK, and DANGSUGAR experienced the most significant losses. Sector…
British Pound Climbs Amidst Downgraded UK Growth Forecast The British pound or sterling has risen to $1.3380, effectively recovering from early-week losses that brought it close to three-month lows amidst a revised UK growth forecast. This upward movement is a direct response to the US dollar’s decline, following reports that Iran is ready to discuss terms for ending the war. Today, the dollar is experiencing a notable downturn, leading to a position of cautious consolidation in the market. Investors are actively absorbing news of Iran’s intent to negotiate an end to the conflict. Despite this, the prevailing uncertainty surrounding the…
CBN to Sell Nigerian Treasury Bills to Investors Midweek After weak OMO bills auction delivered by the Central Bank of Nigeria (CBN) on Tuesday, the monetary authority is scheduled to open treasury bills for subscription on Wednesday. The CBN will open N1.15 trillion in Treasury bills for subscription across standard tenors on Wednesday, amid strong liquidity in the financial system. Analysts anchored today’s auction performance to the size of free funds in the money market and rising appetite for the naira asset after an underwhelming performance at yesterday’s OMO bill auction. The CBN offered OMO auctions totalling ₦600.00 billion across…
Naira Touched Intraday High of N1405/$ in FX Market The naira touched an intraday high of N1405 per dollar at the Nigerian foreign exchange market (NFEM) on Tuesday, as pressure from foreign payments persisted. According to daily FX data published by the Central Bank of Nigeria (CBN), the naira closed at N1384 per dollar, up from N1378 the previous day. Based on data from the CBN, the spot rate largely traded within the low and high bands of ₦1,370.00/US$ and ₦1,405.00/US$, respectively, today. The exchange rate has been trending down for over 10 days following Apex Bank’s unusual FX purchase…
EU Gas Prices Rise as Middle East Tensions Rattle Energy Market European (EU) natural gas prices surged more than 20% at the start of the week as escalating tensions in the Middle East rattled energy markets and raised fears of supply disruptions. Joint US and Israeli strikes on Iran, followed by Tehran’s retaliation, have sharply curtailed tanker traffic through the Strait of Hormuz, a vital corridor for global oil and liquefied natural gas (LNG) shipments. At the Dutch Title Transfer Facility (TTF), Europe’s benchmark gas hub, the April contract was trading at €39.20 per megawatt-hour, up from €31.95 on Feb.…
Money market rates closed mixed despite a significant surge in financial system liquidity at the beginning of the week. The overnight lending rate rose, but the repo rate closed flattish.