Author: Olu Anisere

Rand Up Against Dollar Amidst Tariff Threats Facing South Africa In the global forex market, the rand (ZAR) strengthened against the US dollar (USD) amidst renewed tariff threats facing South Africa. The South African government is facing an extra tariff threat from the US as a member of BRICS, a group of major emerging economies consisting of Brazil, Russia, India, China, and South Africa. These countries are promoting collective interests in various areas, including economics, politics, and social development, amidst plans to decouple from the US dollar’s dominance as a global currency. On Tuesday, the rand traded at 17.7775 against…

Euro Falls as US Tariff Threatens Europe Exporters The euro pulled back against the US dollar on Tuesday as the market weighed a 30% tariff on European trade with the United States under President Donald Trump’s administration. Euro/dollar settled at 1.1603 dollars, down by 0.55% on the day after hovering near a three-week low, as traders weighed ongoing trade developments. Trump announced a 30% tariff on imports from the European Union starting August 1st, though he later signaled openness to negotiations. Europe’s exporters will struggle to make up for lost U.S. demand as higher tariffs push up prices, Oxford Economics’…

Ethereum Crossed $3,000, Trades at Six Months High Trading at six months high, Ethereum (ETH-USD) crossed $3,000 in the cryptocurrencies market after a long time. The second largest digital asset climbed over renewed investors’ sentiment. Data from CoinMarketCap.com showed that Ethereum surged to $3078, up by 2.27% in the last 24 hours in the crypto market. ETHUSD has gained about 18% in the past seven days alone, reaching a new local high of $3,078. Interestingly, bullish technical structures are starting to emerge that could send the ETH price soaring toward new all-time highs, analysts said. The price appreciation of ETH…

Niger Unlocks Access to $41m IMF Loans Niger has unlocked access to $41 million loan from the International Monetary Fund (IMF) as the Executive Board completed the Seventh Review under the Extended Credit Facility (ECF) Arrangement, and the Third Review under the Resilience and Sustainability Facility (RSF) Arrangement. According to an official statement, the completion of the reviews allow for an immediate disbursement of about US$41 million cumulatively under the ECF and the RSF. Niger growth in 2024 is estimated at 10.3 percent, driven by the start of crude oil exports and an exceptional agricultural harvest, and is expected to…

FirstHoldco Jumps by 14% Ahead of Board Meeting, Earnings The market value of FirstHoldco Plc surged by over 14% in the stock market from the previous week due to sporadic market rallies and changing investor sentiment in anticipation of its upcoming second-quarter earnings report. With a market value of N1.220 trillion, the First Holdco Plc now ranks lowest in terms of valuation in the stock market, falling behind all tier-1 financial institutions. This reflects its performance outlook and investor sentiments. First Holdco had led the tier-1 category as most valuable before its internal crises plunged the brand down the ladder,…

Zenith Bank Soars to N2.9Trn, Investors Eye Earning, Dividend Zenith Bank Plc expanded to about N2.9 trillion in the stock market due to sharp price appreciation that followed its all-week rally. The bank share price reached its all-time high in the equities market, closing at N69.7 after 55.149 million units valued at N3.771 billion exchanged hands on Friday.  Zenith Bank’s shares opened at N57.50 at the beginning of the trading session last week, at the point when its year-to-date return was 26.50%, versus N68 target price set by Anchoria Securities Limited. The all-week rally pushed the market value of Zenith…

Exchange Rates Deteriorate Across Nigeria’s Forex Markets Naira’s exchange rates deteriorated across Nigeria’s foreign exchange (FX) markets due to renewed pressures from increased demand for US dollars. The naira faced renewed pressure this week, slipping across both official and parallel markets amid rising demand for the U.S. dollar and constrained FX supply. US dollar daybook logged showed FX jerked up above the supply levels, despite a fresh $50 million FX intervention by the Central Bank. At the official window, the naira weakened by 0.11% week-on-week to close at N1,530.26 per dollar, reflecting a thinning liquidity environment. The parallel market mirrored…

Foreign Investors Put Nigeria Eurobond on Tab, U.S Yields Shift The average yield on Nigerian sovereign Eurobonds decreased in the global market as foreign portfolio investors (FPIs) continued to expand their positions amidst a positive change in sentiment. Foreign investors have shown increased interest in Nigeria’s Eurobond, driving down the average yield on the global market. This surge in investor activity coincided with a shift in U.S. yields, further boosting confidence in Nigerian assets. Bargain hunting in Nigerian US dollars was a reversal of previous trading trends, with risk-off sentiment giving way to a more positive outlook. The hunting underscores…

UK Unveils Digital Study, Work Visas for Nigerians The UK Government has announced that it will unveil digital eVisas for most Nigerian nationals applying for study or work visas from July 15. This is contained in a statement by the British High Commission, Abuja, signed by Onyinye Madu, and made available to the News men on Wednesday. It explained that under the new system, successful applicants will receive a secure online eVisa instead of a physical visa sticker in their passport. The statement said that applicants would still need to visit a Visa Application Centre to provide biometric information, adding…

Dangote Sugar Refinery Rises as Investors Confidence Improves Dangote Sugar Refinery Plc.’s market value has increased by about N61 billion in the stock market over the last seven trading sessions on the Nigerian Exchange. Its share price surged to N52 at the close of the trading session on Wednesday, up by 11% in 7 days as investors began to position ahead of the second quarter of 2025 earnings release. The company’s market value reached N631.637 billion on the Nigerian Exchange on Wednesday as investors traded more than 4.5 million units in an open market. The latest earnings performance of the…