Author: Olu Anisere

Ripple (XRP) price dropped by about 3% to $1.38 on Monday, underperforming a broadly weaker crypto market amid a macro risk-off sell-off.

Offshore or foreign portfolio investment inflows accounted for more than 59% of the US dollars available at Nigeria’s foreign exchange market, details released by the research unit of Coronation Merchant Bank Limited revealed.

Nigeria Eurobonds Yield Climbs as Inflation Shifts Sentiment Nigeria’s Eurobond prices declined in the international market as foreign portfolio investors and other holders offloaded the sovereign paper across the mid- and long-end of the curve. The Riskoff sentiment lifted yields on the authority’s dollar bonds, reflecting higher borrowing costs amid accelerating headline inflation. Traders said offshore investors reacted negatively to the recent surge in the consumer price index, despite the view that Nigeria is less exposed to the negative effects of the Middle East conflicts. While Nigeria is an apparent winner, the people are suffering from higher petroleum prices following…

Naira Opens Weak, Nigeria’s FX Reserves Signal Uptrend The Nigerian naira opened weak on Monday after a weekly value depreciation of N10 against the US dollar. The local currency fluctuated despite the authority interventions in the official window, suggesting rising demand for international payments. The FX market report revealed that the naira weakened against the U.S. dollar, declining by 0.70% in the official market to close at ₦1,371.04 on Friday. The local unit opened at N1381.39, according to the Central Bank of Nigeria (CBN) daily FX data publication, amid fluctuations in interbank FX turnover. In the parallel market, the local…

Ripple (XRP) price rose 2% to $1.42, outpacing a flat Bitcoin, driven by regulatory optimism following the U.S. Senate’s advancement of the CLARITY Act.

S&P Global has upgraded its long-term ratings on Nigeria to ‘B’ from ‘B-‘, citing higher oil production and prices, the large increase in domestic refining capacity, and the 2023 decision to liberalise the exchange rate.

Brent and US West Texas Intermediate light sweet crude oil prices saw strong weekly gains of about 10% on a week-on-week basis as renewed concerns over US-Iran tensions and possible disruptions to crude flows through the Strait of Hormuz kept geopolitical risks at the centre of market sentiment

CSCS, Other Market Operators Set for T+1 Settlement Transition Operators in the Nigerian capital market have assured investors and stakeholders of their readiness for the transition to the T+1 settlement cycle scheduled to commence on Monday, June 1. The operators gave the assurance during a virtual discourse on “Driving Market Readiness: Trade Associations and the Transition to T+1 Settlement Cycle”, held on Friday and organised by the Central Securities Clearing System Plc(CSCS). T+1 settlement cycle means stock market transactions will be completed one business day after execution, replacing the current T+2 system. The Director-General of CSCS, Mr Shehu Shantali, said…

Economic Hardship in Nigeria Painful but Necessary – Alake The Minister of Solid Minerals Development, Dele Alake, says the current economic difficulties in Nigeria are painful but are part of the necessary transition toward building a resilient and sustainable economy. Alake stated this at the maiden edition of the Solid Minerals Excellence Awards (SOMEA) in Abuja. He said Nigeria was undergoing a decisive economic transformation aimed at achieving long-term prosperity, industrial growth and national development through bold reforms and strategic leadership. He said the administration of President Bola Tinubu remained committed to implementing difficult but necessary reforms to address corruption,…

NGX Dips, Investors Lose N1.23trn on MTN, Aradel Selloffs The Nigerian Exchange (NGX) All-share index (ASI) dipped on Friday amid selloffs in MTN Nigeria, Aradel Holdings, and Consumer goods stocks like Unilever and PZ Cussons. The market closed the week in negative territory, with key market performance indicators declining by -0.76% on the day, driven by weak bargain hunting. The market index or All-Share Index fell by -1,912.19 basis points in today’s trading session, indicating a -0.76% decline to close at 250,330.92, while market capitalisation fell by ₦1,225.57 billion to close at ₦160.44 trillion. The total volume of all trades…