Author: Olu Anisere

US Dollar Shifts for Naira, Spot FX Rate Rally to N1452 The US dollar shifted position against the Nigerian naira at the local currency market as foreign investors sold off dollars to take positions in naira-priced fixed-income assets. In addition, market analysts reported that the naira exchange rate improvement at the official currency market was also supported by the Central Bank of Nigeria’s (CBN) $50 million injection into the official window. The CBN reported that the spot rate for the day appreciated by 14 basis points, or ₦2.05, to close at ₦1,452.1342/$, having traded within a range of ₦1,459.99/$ and…

CBN Declares Zuldal Microfinance Bank Illegal The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank Limited, warning that the entity is operating illegally and without any form of regulatory approval. In the detailed warning released on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN referenced the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) of the law explicitly states that “no person shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN.”…

Nigerian Bonds Yield Climbs as Investors Trim Portfolio The benchmark yield in Nigerian government bonds climbed slightly as investors trimmed their holdings across the short-, belly- and long-tenor papers in the secondary market. The local bond market closed on a bearish note due to some portfolio reshuffles ahead of the monetary policy committee meeting next week. Heavy selling pressure was concentrated on the May-2033 and Jun-2033 papers, investment firm Cowry Asset told investors in a note, underscoring fragile investor sentiment amid persistent naira weakness and broader economic uncertainty. The market saw notable yield expansions on the Nigerian bonds that will…

Naira-for-Crude Probe: Reps Give Stakeholders 7-Day to Tender Document The House of Representatives Ad Hoc Committee on Implementation and Oversight of the Naira-for-Crude Oil Policy has ordered all stakeholders to submit requested documents on or before Nov. 27. Chairman of the committee, Rep. Boniface Emerengwa (PDP-Rivers), gave the order at an abridged hearing on Thursday in Abuja, following the failure of some stakeholders to submit documents and appear before the committee. “The investigative hearing scheduled for today, 20th November, 2025, has been adjourned due to the gross negligence and lack of seriousness displayed by relevant stakeholders. “Despite ample notice, the…

Oil Prices Surge as U.S. Crude Inventories Reduce Oil prices edged higher on Thursday as US crude inventories fell more than expected, while diplomatic efforts to end the Russia-Ukraine war fuel volatility and raise concerns over a potential increase in global supply. Brent crude was trading at $63.19 per barrel, up 0.06% from the previous close of $63.15. US benchmark West Texas Intermediate (WTI) also increased by about 0.08% to $59.33, compared to $59.28 in the prior session. According to data from the US Energy Information Administration (EIA), commercial crude stocks fell by about 3.4 million barrels last week. Markets…

Google Launches AI Skilling Blueprint for Africa with Funding Google has announced that it has stepped up its commitment to closing the skills gap on the continent by launching the Artificial Intelligence (AI) Skilling Blueprint for Africa. In a statement made available in Lagos, Nigeria, the organisation said that the Blueprint was a comprehensive policy roadmap to help governments build a future-proof, AI-ready workforce. The blueprint, it said, focused on developing three critical cohorts: AI Learners, AI Implementers, and AI Innovators. The organisation noted that the launch was part of a broader set of Africa-focused initiatives, which included a $2.25…

FAAC Shares N2.094trn October Revenue to FG, States, LGCs The Federation Account Allocation Committee (FAAC) has shared a total sum of N2.094 trillion revenue for the month of October among the Federal Government, states and the Local Government Councils (LGCs). The revenue was shared at the November Federation Account Allocation Committee (FAAC) meeting on Wednesday in Abuja. This is according to a communiqué issued at the end of the meeting, which was made available to newsmen by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF) The communiqué said that the N2.094 trillion…

NVIDIA Posts 65% Increase in EPS in Q3, Share Price Surges Nvidia NASDAQ: NVDA) earned $31.9 billion, or $1.30 per share, a 65% increase from the same time last year, while revenue climbed 62% to $57 billion. Analysts polled by Fact Set Research had forecast earnings of $1.26 per share on revenue of $54.9 billion. Sales hit a record $57 billion in Q3 as demand for the company’s advanced AI data centre chips continued to surge, up 62% from the year-earlier quarter and exceeding consensus estimates. The majority of the company’s earnings came from data center sales, which came in…

Ethereum Hit by Wave of Sell-offs, Drops to $2,875 Ethereum (ETHUSD) has been hit by a wave of sell-offs in the cryptocurrency market, causing the second-largest digital asset price to decline sharply. The 24h drop stems from macro-driven market panic in the crypto markets, technical breakdowns activating liquidations, and institutional capital flight – all pointed at deep-rooted bearish sentiment. Ethereum is trading at $2,875 at the press time, down by about 9% in 24 hours with total trading volume of $35.86 billion. According to data from the CoinMarketCap.com, ETHUSD trading volume has fallen by a quarter in 24 hours as…

Naira Depreciates N1,454 as FX Demand Eclipses Market Supply The transaction value of the naira depreciated against the US dollar as forex liquidity conditions tightened further on Wednesday at the official window. The local currency is losing its value against the US dollar. In the last 10 days, the naira has lost N18 per dollar transaction, affecting companies that sought to settle foreign currency liabilities or acquire assets. Updated FX data released by the Central Bank shows that the official rate touched an intraday high of 1460.5000 per dollar, reflecting forex market scarcity lingering on the day. Some transactions were…