Author: Olu Anisere

Bitcoin, Ethereum Rebound Boost Cryptos Market Cap to $3.68T The crypto market climbed by 1.39% in the last 24h, partially recovering from a 10.23% monthly decline amidst institutional accumulation. BitMine adding $1.5 billion in ETH during recent dips. Retails investors selloffs dominated trading activities last week. According to market analysts, Japan’s potential crypto banking rules boosted sentiment that reversed negative trend in the cryptocurrencies market on Sunday. Market signals highlighted a rebound from oversold across tokens, altcoins and stablecoins – lifting market capitalisation of all Cryptos by 1.57% in 24 hours to $3.68 trillion. Trading data across traded also revealed…

Enugu Slashes C of O, Other Land-Related Fees by 50% Gov. Peter Mbah of Enugu State has approved a 50 per cent slash in fees for the processing of Certificates of Occupancy (C of O) and other land-related documents. Mr. Chiwetalu Nwatu, the Managing Director and Chief Executive Officer of the Enugu State Geographic Information System (ENGIS), disclosed this in a statement on Saturday in Enugu. Nwatu said the move was to empower landowners, encourage investment, and ensure every property in Enugu State has legitimate documentation. He described the milestone as Mbah administration’s people-oriented and investment-friendly reform agenda. According to…

CBN to Open N650bn Nigerian Treasury Bills for Subscriptions The Central Bank of Nigeria (CBN) will open Treasury bills worth N650 billion for subscription at the next week’s primary market auction. The market anticipates reduction in the short-term borrowing rates following 50 basis points downward adjustment by monetary policy committee in Sept. MarketForces Africa reported that the Apex Bank opened its fourth quarter auction calendar with N570 billion across standard maturities, including 91-day, 182-day and 364-day to expiration short term borrowing instruments. Spot rates were reduced across mid and long tenors. At the main auction scheduled for Wednesday, the CBN…

Stockholders Gain N1.3trn as NGX Index Expands by 1.35% Stockholders, or equities investors, gained about N1.3 trillion as the Nigerian Exchange (NGX) All Share Index expanded by 1.35% week on week to a new high. The market extended its winning streak this week, climbing to a new 52-week high and brushing the 149,000 psychological mark before settling at 148,977.64 points, representing a 1.35% week-on-week gain. The benchmark—NGX All-Share Index advanced by 1.35% to reach 148,977.64 points, while market capitalisation increased by N1.3 trillion to reach N94.56 trillion. The uptrend was driven by renewed buy interest in mid and large cap…

Naira Falls as Spike in FX Demand Eclipses CBN Interventions Even with two times FX sales to banks, the Naira depreciated on Friday, trading at N1,475.35 to the dollar at the official foreign exchange market, according to figures released by the Central Bank of Nigeria (CBN). The decline marked the end of a week characterised by fluctuating performance, during which the local currency experienced steady but mild depreciations over four consecutive trading days. CBN data revealed that the Naira weakened by N4.32 on Friday, representing a 0.29 per cent loss compared with Thursday’s rate of N1,471.02 per dollar. The local…

Nigeria’s External Reserves Provide 11-Month Import Cover – CBN The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country’s economic reforms are yielding visible results, saying external reserves now provide 11 months of import cover at the current level. Cardoso said this on Friday in Washington DC at the end of the Annual Meetings of the IMF/World Bank. He said that the reforms were placing the country on the path to stability, inclusiveness, and innovation-driven growth. According to him, the country’s active participation in the week-long sessions demonstrated the country’s renewed credibility, fiscal discipline, and reform…

CBN Allots N2.1trn OMO Bills to Investors at Decent Rates The Central Bank of Nigeria (CBN) allotted OMO bills totalling N2.1 trillion to foreign portfolio investors and deposit money banks, the active players at the primary market auction on Friday. The CBN auction targeted excess liquidity in the financial system, bolstered with inflows from the Federal Account Allocation Committee disbursement to states and the Federal Government. The surplus liquidity was fuelled by N1.30 trillion FAAC inflows and N254.90 billion OMO bills that matured during the week. Even with OMO bills action, the financial system’s net long position expanded to an…

Naira Depreciates to N1,475 over US Dollar Shortfall The naira depreciated to N1475 per US dollar at the Nigerian foreign exchange market, reflecting liquidity shortfall amidst rising demand for the greenback Updated FX data released by the Central Bank of Nigeria (CBN) showed that the spot rate worsened during intraday, quoted at N1482 per dollar. Recording a weekly loss of N20 per greenback transacted at the official window, the exchange rate movement this week suggests an increase in demand for US dollars. This happened despite inflows from exporters, non-bank corporates and other sources. Missing link in the forex market including…

Fitch Affirms Ethiopia at ‘Restricted Default’ Global rating agency Fitch has affirmed Ethiopia’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘Restricted Default’ (RD), accorded no outlook to the country’s credit rating. According to Fitch, the affirmation of Ethiopia’s LTFC IDR at ‘RD’ reflects the country’s continued default on its single Eurobond and other non-bond commercial external debt following the government’s failure to pay the USD33 million Eurobond coupon due on 11 December 2023. Ethiopia is looking to restructure about USD15 billion of external debt – including arrears, as of end-June 2024 – under the Common Framework, for which it…

FX Inflow Spikes as Nigeria Reforms Attract Offshore Investors Nigeria recorded a sharp increase in FX inflows into the economy as foreign investors demonstrated confidence in the country’s reforms. At the Nigeria Investors Forum held on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings in Washington D.C., the Central Bank Governor and leader of the Nigerian delegation to the meetings, Mr Olayemi Cardoso, assured investors of the government’s commitment to advancing reforms and unlocking opportunities for sustainable investment and growth. This was disclosed in a statement signed by Mohammed Manga, Director of Information and Public…