Author: Marketforces Africa

Emefiele: Banks Hoarded Redesigned Naira – EFCC Witness An Economic and Financial Crimes Commission (EFCC) witness on Tuesday told an Abuja court that commercial banks hoarded currencies during the controversial Naira redesign, which led to untold hardship for many Nigerians. The witness Chinedu Eneanya, is the seventh prosecution witness (PW7) in the trial of Godwin Emefiele, the former Central Bank of Nigeria (CBN) governor, for the disobedience to presidential directive in the naira redesign. The EFCC alleged that Emefiele, among others, between Oct. 19, 2022 and March 5, 2023 disobeyed the direction of Section 19 of CBN Act by approving…

CBN Approves $150k Weekly FX Sales to Licensed BDC The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) and approved $150,000 weekly FX sales. The authority made the move as part of efforts to improve foreign exchange liquidity in the retail segment of the market and to meet the legitimate needs of end-user requisitions. The authority capped the amount of foreign currency licensed BDCs can access at USD150,000 per week, and that utilisation complies with existing BDC operational guidelines. Under the new directive contained in…

The naira rose against the US dollar as the latest update from the Central Bank of Nigeria (CBN) showed that foreign reserves hit $47 billion amidst sustained FX inflows. Foreign investors’ confidence, and inflows from exporters, non-bank corporates, and other key market participants continue to boost the supply side. At the CBN window, the official rate strengthened further against the US dollar, appreciating by ₦3.23/US$. to close at ₦1,351.02/US$ compared with ₦1,354.25/US$ previously recorded. Based on data from the CBN, the naira traded within the low and high bands of ₦1,349.30/US$ and ₦1,354.00/US$, respectively. The market expects the local currency…

The Federal Government (FG), in partnership with Ericsson, will launch the ‘Connect NextGen’ Innovation Hackathon to upskill Nigerian youths in modern technologies. Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, confirmed this on Tuesday in Abuja. Nkwocha said the four-month programme, overseen by the Office of the Vice-President, will be launched on Wednesday, Feb. 11, at the Presidential Villa, Abuja. He said the hackathon operationalised an MoU between the Federal Government and Ericsson, focusing on digitally upskilling Nigerian youths in emerging technologies. According to Nkwocha, participants will bring innovative ideas to…

The Group Managing Director of NNPC Ltd., Mr Bayo Ojulari, has reaffirmed the company’s commitment to strengthening partnerships, building indigenous capacity, and promoting gas as a key driver of Africa’s industrialisation. Ojulari gave the assurance on Tuesday in Lagos at the 10th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2026). The conference, with the theme, “A Decade of Driving Africa’s Energy Future,” marks a decade of convening energy stakeholders across the continent. According to him, NNPC Ltd is focused on ensuring that Africa’s energy narrative is defined by creation, responsibility, and opportunity, with indigenous participation positioned at the heart…

 Access Holdings Plc says the proposed acquisition of a 100 per cent equity stake in South Africa-based Bidvest Bank by its subsidiary, Access Bank Plc, has not been completed following the expiration of the transaction’s long-stop date. The company disclosed this in a statement signed by its company Secretary, Sunday Ekwochi, on Tuesday. It noted that the long-stop date for the completion of the deal, which commenced on Dec. 12, 2024, expired on Jan. 26, without the fulfilment of all required conditions. According to the statement, some of the outstanding conditions included regulatory approvals necessary to finalise the multi-jurisdictional transaction.…

Oil prices dipped slightly on Tuesday as markets remained cautious in anticipation of important economic data and the possibility of escalating tensions between the US and Iran. International benchmark Brent crude traded at $68.65 per barrel, down 0.04% from the previous close of $68.68. US benchmark West Texas Intermediate (WTI) decreased 0.1% to $64.09 per barrel, compared with $64.16 in the previous session. Iranian Foreign Minister Abbas Araghchi held talks with Egyptian Foreign Minister Badr Abdelatty and Saudi Foreign Minister Prince Faisal bin Farhan to exchange views on the “indirect negotiations in Oman.” During the discussions, Araghchi described the indirect…

The British pound, or sterling, stabilised at approximately $1.36, staying beneath the four-year peak of $1.387 as increasing political uncertainty and changing expectations regarding monetary policy weighed on the currency. Sterling initially extended its post-Bank of England (BOE) losses to about $1.3510 weekend before it recovered to around $1.3625. GBP traded in a range of about $1.3585-$1.3640 on Monday. Turmoil intensified after Prime Minister Keir Starmer’s chief of staff, Morgan McSweeney, resigned over the weekend, fueling speculation about Starmer’s leadership. The Prime Minister is facing renewed calls to step down from within a restless Labour Party following controversy surrounding his…

The naira rose against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday to N1,354 as offshore and local inflows bolstered FX supply. Naira maintains a streak despite the absence of FX interventions.  The substantial FX volume enhanced the positive momentum witnessed in the official window last week, with the naira breaking out another resistance during the intraday trading session.  The Daily FX update from the Central Bank indicated that the naira appreciated by 86bps, or ₦11.80, against the greenback, supported by strong supply from Foreign Portfolio Investors (FPIs) and local participants. Based on data from the…

Electoral Act: Arewa Group Backs e-Transmission of Results A Northern interest group, Arewa 100% Focus, has called on the National Assembly to consider the interests of Nigerians and adopt the electronic transmission of results in Nigeria’s Electoral Act Amendment. Its National President, Dr Abubakar Fakai, made the call on Monday in Abuja while reacting to the Electoral Act Amendment passed by the Senate last Wednesday. Although several provisions of the law were amended, public attention has largely focused on the rejection of electronic transmission of election results from polling units to the Independent National Electoral Commission’s (INEC) Result Viewing Portal…