Author: Olu Anisere

Ethereum Hit by Wave of Sell-offs, Drops to $2,875 Ethereum (ETHUSD) has been hit by a wave of sell-offs in the cryptocurrency market, causing the second-largest digital asset price to decline sharply. The 24h drop stems from macro-driven market panic in the crypto markets, technical breakdowns activating liquidations, and institutional capital flight – all pointed at deep-rooted bearish sentiment. Ethereum is trading at $2,875 at the press time, down by about 9% in 24 hours with total trading volume of $35.86 billion. According to data from the CoinMarketCap.com, ETHUSD trading volume has fallen by a quarter in 24 hours as…

Naira Depreciates N1,454 as FX Demand Eclipses Market Supply The transaction value of the naira depreciated against the US dollar as forex liquidity conditions tightened further on Wednesday at the official window. The local currency is losing its value against the US dollar. In the last 10 days, the naira has lost N18 per dollar transaction, affecting companies that sought to settle foreign currency liabilities or acquire assets. Updated FX data released by the Central Bank shows that the official rate touched an intraday high of 1460.5000 per dollar, reflecting forex market scarcity lingering on the day. Some transactions were…

Oil Prices Decline over Weak U.S. Demand Outlook In the global commodity market, prices of crude oil declined further on Wednesday after industry data pointed to weakening demand in the US, the world’s largest oil consumer. International benchmark Brent crude was trading at $64.30 per barrel, down 0.4% from the previous close of $64.58. US benchmark West Texas Intermediate (WTI) also decreased by about 0.4% to $60.45, compared to $60.68 in the prior session. The downturn followed figures from the American Petroleum Institute (API), which showed US commercial crude inventories rising by 4.4 million barrels last week. Gasoline stocks climbed…

CBN Opens N700bn Treasury Bills Auction on S4 Platform The Central Bank of Nigeria (CBN) is set to open a Treasury bills auction on its S4 platform on Wednesday, offering N700 billion to investors across standard tenors. Trading activities in the secondary market was quiet on Tuesday as investors’ attention shifted to the primary market auction scheduled for midweek. The midweek treasury bills auction is expected to be conducted by the CBN through the S4 platform amidst the authority plan to take over fixed income market activities and regulation. The CBN will put N100 billion worth of Nigerian Treasury bills…

CBN Holds OMO Bills Auction, Raises N2.98trn The Central Bank of Nigeria (CBN) raised N2.98 trillion from its open market operation action held on Tuesday to combat excess liquidity in the money market. The CBN floated N600 billion in OMO bills across short tenors of an equal amount amidst inflows from expired papers. The CBN opened subscription for Nigerian OMO bills with 175 days to maturity and another 182 days to maturity. The market recorded an inflow of N1.4 trillion, necessitating the need for a primary market auction. The market has seen excess liquidity growing to N5.4 trillion, according to AIICO…

XRP Climbs by 5.24% on ETF Launch Optimism Ripple (XRPUSD) surged by 5.24% in 24 hours as positive sentiment triggered a fresh rally in the cryptocurrency market on Tuesday, fueled by its ETF launch. XRP has seen sharp daily gains after sell pressures across crypto names dragged global market cap to $3 trillion. XRP navigates market turbulence with staking debates and ETF inflows while whales signal confidence. In the past 24 hours, the market value of all crypto assets has climbed by 2.6% to $3.18 trillion, driven by gains in top 1 digital assets, including Bitcoin, Ethereum, XRP, and others.…

The World Bank Group today announced the appointment of Paschal Donohoe as Managing Director and Chief Knowledge Officer.

Lagos N200 Billion Bond Oversubscribed By 55% Recording 55% oversubscription, Lagos State has made history with the conclusion of the book building for its landmark bond issuance that has recorded an overwhelming reception from the investment community. The state offered a ₦200 billion conventional bond and a ₦14.8 billion green bond, both of which were significantly oversubscribed, Commissioner for Finance Yomi Oluyomi said. The Conventional Bond, which is the largest ever issued by a non-corporate subnational in Nigeria’s history, attracted subscriptions totalling ₦308 billion, representing a 54% oversubscription above the initial offer. Lagos State is the first subnational government to…

Nigerian Bonds Yield Falls to 15.46% as Inflation Crashes Trailing the headline inflation rate, the benchmark yield on Nigerian government bonds fell to 15.46% as investors maintained positive sentiment over improving macroeconomic indicators. Nigeria’s headline inflation has declined successively, settling at 16.05% in October, according to a consumer price index report released by the statistics office, from 18.02% in the previous month. The disinflation spurred bargain hunting in the fixed income market as investors rushed to lock in yields on expectation of further rate cut by the Central Bank of Nigeria (CBN) monetary policy committee. Investors have begun to price…

Nigerian Treasury Bills Yield Surpasses Inflation Ahead of Auction The average yield on Nigerian Treasury bills fell below 17% as increasing demand for the naira asset extended in the secondary market. The current yield surpassed the inflation rate, widening the real interest rate in the market. Spot rates are expected to be reduced across the debt market as Nigeria’s disinflation position signals monetary policy easing ahead of the final meeting of the monetary policy authority later in the month. Investors were seen taking positions ahead of primary market auction where N700 billion worth of Nigerian Treasury bills will be opened…