Author: Olu Anisere

Naira Depreciates to N1,386 as Interbank Turnover Slides The naira depreciated to N1,386.65 per US dollar at the Nigerian foreign exchange market (NFEM) as interbank turnover reduced from the previous week’s close. According to daily FX data from the Central Bank, the official rate was quoted at N1386.6573 on Tuesday, down from N1,380.79 per dollar last week. FX liquidity declined with the exchange rate quoted between the intraday high and low of N1,390 and N1,381 per dollar, according to daily FX data published on Tuesday. NFEM interbank turnover reduced to N48.655 million across 71 deals, from N73.900 million last week,…

Oil Prices Climb Ahead of Deadline to Reopen Hormuz Oil prices edged higher on Tuesday but remained volatile, as markets focused on the approaching deadline set by US President Donald Trump, requiring Iran to reopen the Strait of Hormuz or face potential strikes on its power plants and bridges. International benchmark Brent crude futures traded at $109.97 per barrel. US benchmark West Texas Intermediate (WTI) rose about 0.5% to $112.93 per barrel. The prospect of escalation in the Middle East conflict and the looming deadline for a deal kept markets on edge. Over the past 4 weeks, Crude Oil WTI…

Why 57 Properties Linked to Malami Should Be Forfeited Permanently -EFCC The Economic and Financial Crimes Commission (EFCC) told the Federal High Court in Abuja that the 57 properties allegedly linked to Abubakar Malami, SAN, former Minister of Justice, should be permanently forfeited to the Federal Government. The EFCC, in a motion on notice for final forfeiture of the property filed by its team of lawyers led by Jibrin Okutepa, SAN, and Ekele Iheanacho, SAN, told Justice Joyce Abdulmalik that the respondents had failed to place sufficient evidence before the court to warrant the court to vacate the earlier interim…

The National  Palm Produce Association of Nigeria (NPPAN) says the country will be self sufficient and meet its global market share of oil palm by 2050.

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says the recent rise in Liquefied Petroleum Gas (LPG) prices is driven by supply constraints and global market pressures.

The dollar index (DXY) moved back below 100 after reaching 100.5 early in the session, as traders assessed the latest developments in the Middle East.

Ripple’s XRP price has been hovering around $1.31 over the past 24 hours, down 0.28%, and over the last week, it has decreased by 1.78%. For some crypto investors, the tight price movements signal stability amid geopolitical instability, reducing investment appetite. 

Ghana Boycotts Africa Energies Summit over Discrimination Ghana has moved to boycott the upcoming Africa Energies Summit in London this May, a decision that reflects growing frustration across the African oil and gas industry over discrimination, exclusion and the marginalisation of African voices at events that claim to represent the continent’s energy future. Energy Chamber Ghana has released a statement calling on Ghanaian energy authorities to reconsider their participation in the summit, expressing deep concerns regarding discriminatory hiring practices and the continued exclusion of African professionals. The move sends a strong signal: Africa’s energy industry must be shaped with African…

CBN Places 19.91% Interest Rate on 138-Day OMO Bill At the spot rate of 19.91%, the Central Bank of Nigeria (CBN) raised N1.4 trillion through open market operations, during which N600 OMO bills were floated for subscription. The Apex Bank conducted an OMO bill auction to step down excess liquidity in the financial system, with the overall aim of controlling inflationary pressures. The offer size, which included 75- and 138-day OMO bills maturities, attracted significant interest amidst elevated. Total subscriptions amounted to N1.5 trillion. Eventually, the CBN allotted a total of N1.4 trillion only on the 138-day paper at a…

XRP Price Sinks Below $1.30 on Market Downturn, ETF Outflow XRP tanks to $1.29 on Thursday amid retail and institutional sell-offs, as crypto bulls retreated and the token underperformed the broader market amid a sell-off driven by macro risk aversion and Bitcoin weakness. The move highlights ongoing pressure from institutional ETF outflows and weak on-chain demand. Broader crypto market decline, as Bitcoin fell 2.37% amid geopolitical tensions and spot ETF outflows, dragging altcoins like XRP lower. Persistent outflow from U.S. spot XRP ETFs, signalling cooling institutional demand, coupled with a significant drop in on-chain network activity. If XRP holds above…