Author: Olu Anisere

Oil Prices Reduce Week-on-Week as US Dollar Strengthens Oil prices were on track for a weekly decline Friday as weak US demand and a stronger dollar offset support from OPEC+’s decision to pause output hikes and renewed geopolitical tensions in Eastern Europe. International benchmark Brent crude traded at $63.88 per barrel, down from last Friday’s close of $64.57, reflecting a weekly fall of about 1.1%. US benchmark West Texas Intermediate (WTI) was at $60.08 per barrel, compared with $60.69 last week, showing a decrease of around 1%. Concerns over slowing US economic activity pressured prices, with data showing continued weakness…

British Pound Slides as Bank of England Keeps Rate British pounds fell against FX majors as markets reacted to the decision of the Bank of England to keep the policy rate unchanged.  The UK central bank held rates today in a narrow decision, and that has led to some volatility in the pound. GBPUSD fell to $1.305 as BoE voted 5–4 to keep its policy rate unchanged at 4%, noting that consumer price index is judged to have peaked. Notably, four members voted to cut rates by 25 basis points to 3.75%, more than markets had anticipated. The BoE said…

Naira Appreciates to N1436/$ as FX Pressures Ease The naira climbed against the US dollar to N1436 at the official window as pressures from rising FX demand for international payments eased on Thursday. According to updated FX data released by the Central Bank of Nigeria today, the spot fx rate hit an intraday high of N1441, a sharp appreciation from N1446 in the previous day. The local currency hit an intraday low of N1434 per dollar, reflecting the absence of significant demand for US dollar that total supply cannot handle sufficiently at the official window. The official spot FX rate…

EU Clears Way for Ukraine to Join Defence Fund Projects Ukrainian companies will be able to take part in EU-funded defence research and development projects under a provisional agreement reached by negotiators from EU member states and the European Parliament. The Danish EU Council presidency said the agreement links Ukraine to the European Defence Fund, which aims to strengthen the competitiveness, efficiency and innovation of the European Union’s defence sector. The fund has a budget of around 9.5 billion euros (10.9 billion dollars) for the period 2021–27. According to the Danish presidency, negotiators also agreed to expand and simplify the…

Naira Mixed as Nigeria Raises $2.35bn External Loans The Nigerian naira traded on a mixed note across currency markets at the time the country successfully raised a total of $2.35 billion in external loans from the international market. The naira lost at the official window, and the spot rate at the unofficial window improved, and this narrowed the gap between the two markets significantly. The Central Bank of Nigeria (CBN) daily FX indicated that the naira weakened against the U.S. dollar in the official market on Wednesday, depreciating by 0.34% to close at ₦1,438.49/$. The spot rate touched an intraday…

Tanzania’s Internet Blackout, X Suspension Cost Over $238m – PIN A non-profit organisation, Paradigm Initiative (PIN) has raised concerns over Tanzania’s election period internet blackout and continued suspension of X (formerly Twitter). The Executive Director, PIN, Mr Gbenga Sesan, said during a virtual media briefing that there was also ongoing bandwidth throttling reported in parts of the country. An Internet blackout was imposed in Tanzania, after protests erupted on the nation’s Election Day, Oct 29. General Internet connectivity was restored on Nov. 3, though bandwidth throttling still remains. Sesan said that the shutdown could cost the economy over $238 million.…

Nigeria Cannot Decarbonise to Poverty — Minister The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, says Nigeria and Africa must pursue energy transition based on national realities. Ekpo said this on Wednesday during a ministerial panel session on “Global Shifts: Navigating an Era of Diverging Priorities” at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). He said that Nigeria and indeed Africa must be allowed to use their resources responsibly rather than externally imposed pathways that could undermine economic stability. ”Our position is clear; Nigeria and Africa cannot decarbonise to poverty. We must be…

Crude Oil Prices Surge on Demand, Supply Imbalance Crude oil prices surged on Wednesday amidst a demand-supply imbalance in the global commodity market. Oil prices climbed as markets weighed the weak US dollar and the OPEC+ group production decision. Investors are still reacting to OPEC+ production decisions and possible effects of Russian sanctions on major buyers that eased oversupply concerns, while optimism that a resolution could be reached in US-China trade disputes boosted demand expectations. International benchmark Brent crude was trading at $64.43 per barrel, up around 0.4% from the previous close of $64.19. US benchmark West Texas Intermediate (WTI)…

GTCO Falls, Investors Exit Position after Earnings Disappoint Guaranty Trust Holding Company Plc (GTCO) lost about 5% of its market value on the Nigerian Exchange (NGX) as investors reacted to its weak earnings performance for nine months of financial year 2025. Its market value fell to N3.101 trillion, according to data from the local bourse, as 8.254 million units valued at N724.676 million were traded, led by sell side actors on NGX. With expectation that the group will claw back, GTCO target price has been kept above its current market price amidst unimpressive earnings performance in the third quarter of…

NGX Losses Deepen, Investors Lose Additional N6112bn The Nigerian Exchange (NGX) losses deepen as selling pressures persisted into the second trading session in the new week.  The local bourse has continued to bleed due to negative investors’ sentiment across sectorial indices in the midst of third quarter earnings releases. Banking names’ unimpressive earnings performance took away the stock market’s usual flavour that attract significant bargain hunting.  Instead, the local bourse has been moving negatively, with the year-to-date return down to 48.29% due to losses in oil and gas, financial and consumer stocks, among others. Data from the Nigerian Exchange showed…