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.
Oil prices slid in the global commodity market on Tuesday as optimism over US-Iran talks cooled supply fears, after rallying more than 8% on US President Donald Trump’s decision to impose a blockade on the Strait of Hormuz following failed weekend negotiations.
Nigerian T-Bills Yield Slides to 17.40% Ahead of Inflation Ahead of inflation, the average yield on Nigerian Treasury bills declined by 3 basis points (bps) in the secondary market to 17.40% on Monday, traders said in a note. The National Bureau of Statistics (NBS) is expected to release the consumer price index (CPI) this week, with a mixed outlook compared to pre-Middle East war levels. Due to sustained interest in the naira’s curve, the Treasury bills market saw demand across the short and belly of the curve amid sustained downward adjustments in spot rates. The past two primary market auctions…
Naira Surges to N1359 on Improved NFEM FX Liquidity The naira recorded another sharp gain on Thursday, as the Central Bank of Nigeria’s (CBN) latest daily FX publication showed increased interbank liquidity. The official exchange rate at the Nigerian Foreign Exchange Market (NFEM) strengthened to N1,359.3156 per US dollar, reflecting robust forex liquidity and the absence of pressure from international payments. During the intraday trading session, spot FX rates were quoted between N1351.5000 and N1365, a significant improvement compared with the previously quoted N1363 and N1388. The CBN data showed that Interbank turnover increased to N71.156 million across 115 deals,…
The equities market extended its upward momentum on Wednesday, with the Nigerian Exchange (NGX) All-Share Index (ASI) advancing 0.28% to close at 202,584.88 points.
Hyperliquid (HYPE) price climbed by 9.21% to $39.29 over 24h, outpacing a broader market rally driven by a macro-induced risk-on move.
The Central Bank of Nigeria (CBN) is set to conduct its first Treasury Bills auction on Wednesday with an offer size of N700 billion across standard tenors.
Zambian Private Sector Activity Improves to 6-Month High Zambian private sector firms recorded a fresh improvement in business conditions in March, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI) data released by S&P Global. According to the report released today, the Zambian private sector delivered the greatest improvement in business conditions for six months in March The upturn was driven by renewed expansions in output and new orders, with firms seeing a rise in input buying in response. That said, previous declines in new sales weighed on hiring, leading to a decline in employment. Nonetheless, companies were more…
IMF Executive Board Discusses Global Imbalances The Executive Board of the International Monetary Fund (IMF) discussed the IMF staff paper, “Understanding Global Imbalances,” according to an official statement release. Against the backdrop of persistent and recently widening global imbalances, the paper presents a structured framework for understanding how domestic policies can influence current account positions by altering domestic saving and investment decisions. Staff analysis finds that traditional macroeconomic policies remain the dominant drivers of imbalances, but certain types of industrial policies could also contribute. Micro industrial policies—those targeting specific sectors or firms—generally have ambiguous and limited effects on the current…
Brent Price Hovers Around $110 on US-Iran Ceasefire Move Brent crude price hovered around $110 per barrel on Monday as pressure in the global oil market is expected to ease amid the US-Iran ceasefire. Oil traded in a relatively narrow band as diplomatic efforts to secure a temporary ceasefire between the US and Iran limited further gains, while persistent geopolitical risks in the Middle East continued to underpin prices. International benchmark Brent crude futures traded at $109.64 per barrel, up around 0.5% from the previous close of $109.03. US benchmark West Texas Intermediate (WTI) decreased about 0.04% to $111.49 per…
Moody’s Affirms Egypt’s Caa1 Ratings With Positive Outlook Moody’s Ratings (Moody’s) has today affirmed the Government of Egypt’s Caa1 long-term foreign and local currency issuer ratings and maintained the positive outlook. Also, the global rating agency affirmed Egypt’s foreign-currency senior unsecured ratings at Caa1, and its foreign-currency senior unsecured MTN program rating at (P)Caa1. It added that the positive outlook in place since March 2024 reflects the prospect that Egypt’s fiscal and external improvements achieved to date will be sustained, underpinned by the authorities’ policy and reform commitment, ultimately supporting a lasting improvement in government debt affordability and reduction in…