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.
During the early trading session on Wednesday, Ripple (XRP) is experiencing a downward trend in the cryptocurrency market, having fallen by 4.07% to $1.36 over the last 24 hours.
Crude Oil Prices Surge on Demand, Supply Risks Mix The trend in the global commodity market reversed on Wednesday as prices of crude oil surged again, as diplomatic talks between Washington and Tehran failed to yield desired results. Brent crude and West Texas Intermediate prices edged higher on Wednesday as persistent tensions between the US and Iran fuelled supply concerns, while expectations of increased travel-related fuel consumption in China lent additional support. International benchmark Brent crude traded at $68.81 per barrel, up 0.08% from the previous close of $68.75. US benchmark West Texas Intermediate (WTI) increased 0.1% to $64.22 per…
The U.S. Energy Information Administration (EIA) has revised up its average oil price forecast for this year, but expects oil prices in 2026 to be lower than in 2025 as global oil production exceeds demand, leading to inventory builds.
The Central Bank of Nigeria (CBN) is expected to float an open market operation, where short-term investment securities, OMO bills, will be deployed to mop up excess liquidity in the financial system.
The Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), broke its record revenue collection performance, posting N28.3 trillion to surpass the set target of N25.2 trillion for the year 2025.
Investors continue to increased bet on Nigeria’s Treasury bills with inflation-protected yields on the naira assets, trading details obtained from the secondary market confirmed. Due to sustained bargain hunting, the average yields on the local treasury bills declined by 8 basis points to 17.55%, staying ahead of the annual inflation rate. With mixed expectations about the consumer price index (CPI), the market anticipates sustained spot rates repricing amidst hefty financial system liquidity and anticipated interest rates cut at the policy committee meeting later in February. Stylishly, spot rates on investment securities are adjusting to macroeconomic outlook, inflation, and monetary policy…
$79.5bn Economic Loss: Court Shifts Ruling on Binance Motion The Federal High Court in Abuja, on Monday, rescheduled ruling on a motion filed by Binance Holdings Limited, seeking to void the substituted service of court documents served on it by the Federal Inland Revenue Service (FIRS), to April 21. The development followed the absence of Justice Mohammed Umar in court. Although lawyers to the parties were in court, Justice Umar was said to be in another official engagement, hence, the case was adjourned. FIRS (now known as Nigeria Revenue Service) had, in the suit dragged Binance, Tigran Gambaryan and Nadeem…
BNB slides 2.15% to $629.97 in 24h, slightly outperforming a broader market sell-off, primarily driven by correlation with Bitcoin’s decline in a risk-off environment.
CBN Signals Preference for Naira Stability, Purchases $72m The Central Bank of Nigeria (CBN) aims at stabilizing the naira exchange rate at the official currency market and removing speculative tendencies across the market. The authority has ramped up $72 million from the currency market last week, following a fast and furious naira appreciation in recent times, deviating from usual FX sales interventions. The Naira recorded a broad-based appreciation against the US Dollar across both official and parallel markets during the review period. At the official window, the currency strengthened by 1.47% week-on-week, closing at N1,366.20/US$, compared with N1,386.55/US$ in the…
Money market rates fell as deposit money banks (DMBs) stepped up cash lodgment at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) window, enhancing financial system liquidity.