Author: Olu Anisere

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…

CBN Funds International Payments with $250 Million The Central Bank of Nigeria (CBN) funded international payments with $250 million injected into the foreign exchange market in the last five trading sessions. The naira depreciated as demand for the US dollar continues to increase above the FX levels in the official currency market. The spot FX rate reached a weekly high of N1456 before its last-minute rebound, aided by the Apex Bank intervention. The US dollar demand pressures eased as a combination of CBN FX sales, foreign portfolio investors, non-corporate bank, and exporters enhanced liquidity. Despite continued intervention by the CBN,…

Oil Prices Close Week Lower over Demand, Supply Uncertainties Prices of crude oil were lower week on week over uncertainties around demand and supply. This week, crude oil prices were weighed primarily by persistent concerns over global oil demand. Also, the commodity market was weighed by uncertainties surrounding the US Federal Reserve’s (Fed) policy path, while early signs of progress in Russia-Ukraine peace efforts tempered losses. Brent crude traded at $61.02 per barrel, down 4.1% from last Friday’s close of $63.64. US benchmark West Texas Intermediate (WTI) was at $57.37 per barrel, falling around 4.3% compared with $59.93 last week.…

Fixed Income Market Heats Up by Selloffs, Naira Assets Yields Rise The Nigerian fixed interest securities market heated up with selloffs as investors readjusted their portfolios in reaction to a surprise increase in the treasury bills spot rate. The selloffs nudged average yields on the naira assets higher across tenors, and it happened across the Nigerian Treasury, OMO bills and bonds. The market witnessed the Central Bank of Nigeria (CBN) pushing the spot rate on Treasury bills papers upward, and series of OMO actions were conducted to mop up excess liquidity in the financial system. The authority lifted the one…

Gambia Gets $38m IMF Loan to Further Economic Reforms The Executive Board completed today the fourth review of The Gambia’s Extended Credit Facility (ECF) arrangement, approved on January 12, 2024, supporting reforms to address long-standing structural impediments to inclusive growth. The completion of the review allows for the immediate disbursement of SDR12.44 million, which is about US$17.00 million bringing total disbursements under this arrangement to SDR49.75 million, or about US$68.00 million. The Executive Board of the IMF also completed the first review under the Resilience and Sustainability Facility (RSF), approved on June 18, 2025, to help the authorities improve macroeconomic…

Alleged N2.2bn Fraud: Court Remands Ngige Pending Bail Application An Abuja High Court on Friday remanded a former Minister of Labour and Employment, Chris Ngige, in Kuje Correctional Centre, pending the determination of his bail application The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Ngige over alleged N2.2 billion fraud. Ngige, a former governor of Anambra , is facing eight counts of fraud and accepting bribes. The defendant served as the governor of Anambra under PDP platform from May 29, 2003, to March 17, 2006. He served as minister under former and late President Muhammadu Buhari’s administration from…