Author: Olu Anisere

Naira Depreciates to N1,456 as FX Demand Eclipses Supply The naira’s official exchange rate fell to N1456 per dollar due to FX shortage in the Nigerian Foreign Exchange Market (NFEM).  The currency market transactions were conducted amidst US dollar shortfall amidst rising international payments. This happened due to thin US dollar inflows from exporters, non-bank corporate, foreign portfolio investors and absence of immediate intervention of the Central Bank to strengthen supply. According to official data, the naira spot FX rate depreciated against the dollar amidst limited supply outweighed by demand pressure. The NFEM rate weakened by ₦4.38 per US dollar…

CBN Revokes 2 Mortgage Banks’ Licenses over Capital Infractions The Central Bank of Nigeria (CBN) has announced the revocation of operating licences of two mortgage banks – Aso Savings and Union Homes – citing breach of capital and prudential guidelines. In a circular issued on Tuesday and signed by its Ag. Director, Corporate Communications Department, Hakama Ali, the apex Bank, noted that the move was part of its efforts to reposition the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations. It cited Section 12 of BOFIA 2020 and Section 7.3 of the Revised Guidelines for…

Nigerian Senate Raises Concern over Multiple Budget Implementation The Senate on Monday expressed concern over the Federal Government’s multiple budget implementations within the 2025 fiscal year. Senators from the Committee on Finance raised the concern at an interactive session with the federal government economic management team on the 2026-2028 Medium Term Expenditure Framework ( MTEF)and Fiscal Strategy Paper ( FSP) . Sen. Danjuma Goje, in his remarks, said that the practice of implementing multiple budgets in a single year was unacceptable to Nigerians. ” This ugly situation we found ourselves on multiple budget implementations should please end by this year.…

Oil Prices Climb as US-Venezuela Tensions Escalate Oil prices increased in the global commodity market on Monday amidst escalating tensions between the United States (U.S.) and Venezuela, raising concerns over supply. Brent crude was trading at $61.23 per barrel, up around 0.3% from the previous close of $61.02. US benchmark West Texas Intermediate (WTI) also increased by about 0.4% to $57.54, compared to $57.33 in the prior session. US President Donald Trump confirmed last week that his administration seized an oil tanker off the coast of Venezuela as tensions with President Nicolas Maduro continue to escalate. “We’ve just seized a…

Access Holdings Lost 6.5% as Investors Sentiment Deteriorates Diversified financial services group, Access Holdings Plc, lost 6.5% of its market value due to sell pressure on the financial company stocks in the local bourse. The financial group share traded at about 31% below its 52-week high in the equities market on Friday, delivering about a 16% negative return year to date to shareholders. Data from the Nigerian Exchange (NGX) revealed that Access Plc share price stopped breadth at N20.1 following a significant trading volume seen throughout last week in the Nigerian bourse. The company exhibited significant volatility, reflected in an…

Bitcoin Falls to $88k over Bank of Japan Rate Hike Fears Bitcoin falls to $88k on Sunday as the market anticipates the Bank of Japan’s interest rate cut expectation to trigger negative trading activities. The crypto market fell 1.57% in the past 24 hours, extending a 9.68% monthly decline. Traders brace for potential Bank of Japan (BOJ) rate hikes while Bitcoin hovers below $89k. BTCUSD trades negative as data from CoinMarketCap.com signals declining trading volume. The world’s largest cryptocurrency has lost 2.33% in 24 hours to settle at $88,082 with 50.86 billion in trading volume. Over the day, Bitcoin trading…

Oil, Gas Free Zones Seeks 10-Year Exemption from New Tax Law The Oil and Gas Free Zones Authority (OGFZA) has urged the Federal Government to grant operators in oil and gas free zones a 10-year exemption from the new tax law. The Managing Director of OGFZA, Mr Bamanga Jada, in a statement on Sunday in Abuja, said this would help to sustain over $24 billion in investments attracted into the sector. He said the proposed exemption would provide operators with the needed transition period to adjust to evolving tax requirements. While meeting with some officials of Federal Inland Revenue Service…

NNPC Contains Escravos-Lagos Pipeline Fire Outbreak The Nigerian National Petroleum Company Limited (NNPCL) says it has successfully contained the fire outbreak on a section of the Escravos-Lagos Pipeline System (ELPS) in South-West Warri, Delta. The Chief Corporate Communications Officer of NNPC Ltd., Andy Odeh, confirmed this in a statement on Sunday. The NNPC Limited had confirmed an incident involving an explosion reported at about 17:50 hours on Wednesday near Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom, Delta. Odeh said coordinated containment measures had been successfully executed, ensuring the safety of host communities, personnel, and the environment. “All relevant pipeline…

Fitch Upgrades Côte d’Ivoire to ‘BB’ with Stable Outlook Fitch Ratings has upgraded Cote d’Ivoire’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘ with a stable outlook.  The upgrade of Côte d’Ivoire’s IDRs reflects the following key rating drivers and their relative weights: The global ratings firm said the October presidential election saw only limited unrest, suggesting the country is moving beyond its history of election-related major civil unrest. The confirmation of President Ouattara’s victory for another five years, and the administration’s adherence to the IMF supported reform agenda and the 2026-2030 National Development Plan underpin continuity in…

DMO to Auction N460 billion Reopen Bonds for Subscriptions Nigeria’s Debt Management Office (DMO) is set to open its final local bond offering across two reopenings for investors’ subscription on Monday, according to a circular reviewed by MarketForces Africa. The Debt Office’s final auction for 2025 will be held on 15 December, with plans to offer N230.00 billion apiece for the AUG-2030 and JUN-2032 maturities. The market is not anticipating any surprises despite a two-times increase in the spot rate for Nigerian Treasury bills with 364 days maturity priced at 17.95% last week from 16.04% at the beginning of the…