Author: Olu Anisere

Naira Lost Despite CBN Intervention, Foreign Reserves Hit $45bn The naira recorded more than N3 weekly exchange rate depreciation despite sustained FX intervention sales by the Apex Bank. The official spot rate closed at N1450.4287 per dollar on Friday, depreciated from N1446.7421 at the end of November. The Nigerian forex market is in short supply of US dollars amid mounting demand for foreign payments by eligible market players. The market recorded inflows from Foreign Portfolio Investors (FPIs) and occasional CBN intervention to improve supply but was unable to lower the demand pressure.  Overall, the naira weakened to close at ₦1,450.43,…

Bitcoin Sinks Below $90K Again in Fresh Crypto Selloffs Failing to break out the resistance level, Bitcoin has fallen sharply over the last 24 hours amidst amid macro uncertainty and significant Exchange Traded Fund (ETF) outflows. The crypto market rattled after the Bank of Japan announced plans to raise its policy rate to 0.75%, the highest since 1995, signalling an end to decades of ultra-loose monetary policy. Analysts said this risks unwinding the yen carry trade of more than $2 trillion strategy where investors borrow low-yield yen to fund riskier assets like Bitcoin. Analysts warn this could trigger forced selling…

FCMB Bolsters Earnings, Net Profit Grows by 52% to N125bn FCMB Plc profit grew by 52% year on year to N125.4 billion at the end of the 9-month period in financial year 2025, detailed from its unaudited financial statement released on Friday. Its unaudited results showed that the group’s gross revenue reached N828.1 billion for the period ended September 2025, a 40.9% year-on-year growth from N587.7 billion posted in the equivalent period in 2024. The top-line performance was driven by a 64.7% growth in interest income, FCMB said in its earnings release on Friday. According to the financial scorecard, non-interest…

BTCUSD Slumps on Spot ETF Outflows, Price Resistance Bitcoin (BTCUSD) fell due to significant outflow relating to EFT selloffs led by BlackRock at the time when several large US firms began to broaden access to native cryptocurrencies. Its negative price movement was driven by significant BTC exchange-traded fund-linked outflow and technical pricing rejection.  U.S. Bitcoin ETFs saw $194.64 million in net outflows on Dec 4, led by BlackRock with a -$112.96 million outflow, and Fidelity took out $54.2 million. These marked the 4th consecutive day of withdrawals that tightened BTC price movement. Trading data showed that BTCUSD faced rejection at…

KT-IRS Denies Direct Tax Deduction from Payers’ Bank Accounts The Katsina State Internal Revenue Service (KT-IRS) has dismissed a viral claim that starting from January 2026, tax authorities would begin automatically deducting taxes from the residents’ bank accounts. The KT-IRS Chairman, Alhaji Muhammad Isiyaku, denied this while briefing newsmen in Katsina on Friday, describing the information as misleading. Isiyaku highlighted the importance of Tax Identification Number (TIN) as emphasised in the new tax-law, clarifying that the registration for tax-payers is free. He explained that the TIN was linked to the National Identification Number (NIN), Bank Verification Number (BVM), and is…

Court Rules on Nestoil’s Application for Injunctive Relief Against 8 Banks The Federal High Court in Abuja, on Thursday, fixed Jan. 22, 2026, for ruling on Nestoil Limited’s request for injunctive relief against eight Nigerian banks and the African Export-Import Bank (Afreximbank). The eight banks include Access Bank Plc, First Bank of Nigeria Ltd, African Export-Import Bank, ECOBANK, First City Monument Bank, Union Bank, United Bank for Africa, Zenith Bank, FBN Quest Trustees Ltd and FBN Quest Merchant Bank Ltd. The ruling is on the release of the company’s account statements, as well as arguments surrounding receivership proceedings initiated against…

Repo, Overnight Rates Stead as Banks Increase SDF Placement Repo and overnight lending rates held steadied as deposit money banks (DMBs) increased their placement at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF). After weighing their investment options amidst efforts to boost earnings, banks have accepted 22.50% SDF rate a better alternative compared with other money market instruments. The move has been supported by excess liquidity level in the financial system despite series of open market operations action and treasury bills sales. System liquidity expanded by +4.42% to N3.17 trillion on Thursday from N3.04 trillion in the previous…

Niger to Sell Uranium in International Market The head of the military government in Niger, General Abdourahamane Tchiani, has announced that it intends to put uranium produced by the SOMAÏR mine on the international market. Uranium mining in Niger is at the centre of a standoff between the junta that took power in 2023 and nuclear producer Orano, 90-percent owned by the French government and has operated mines in Niger for decades. Tchiani told state television Tele Sahel that “Niger’s legitimate right to dispose of its natural riches to sell them to whoever wants to buy them, under the rules…

Bill to Designate Kidnapping as Act of Terrorism Passes 2nd Reading The Senate on Wednesday passed for second reading a bill to designate kidnapping as an act of terrorism. The bill was sponsored by the Senate Leader, Sen. Opeyemi Bamidele, and co-sponsored by 108 senators during plenary. The legislation is entitled: “A bill for an Act to Amend the Terrorism (Prevention and Prohibition) Act to Designate Kidnapping, Hostage-Taking and Related Offences as Acts of Terrorism…To Prescribe Death Penalty for Such Offences Without Option of Fine or Alternative Sentence; And For Related Matters, 2025”. Leading the debate on the general principles…

DMO Opens Savings Bonds for Subscription The Debt Management Office (DMO), on behalf of the Federal Government, has offered two FGN savings bonds for subscription in the month of December. According to a statement by the DMO, the first offer is a two-year FGN savings bond due on Dec. 10, 2027, at 12.838 per cent interest rate per annum. The second offer is three-year FGN savings bond due in December 2028, at 13.839 per cent interest rate per annum. “Opening date is Dec.1, settlement date is Dec. 10, while coupon payment dates are March 10, June 10 and Dec. 10.…