Author: Marketforces Africa

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…

Financial Crime: Reps Committee Pledges Support for EFCC, NFIU The House of Representatives Committee on Financial Crimes has pledged legislative support for anti-graft agencies to strengthen the combat against financial crimes and secure investors’ confidence in the country. Chairman of the committee, Rep Ginger Onwusibe (LP-Abia), made the pledge at the 2026 budget defence session with the management of the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU)on Monday in Abuja. Onwusibe said that the committee was determined to strengthen investigative and prosecutorial capacities of the agencies. He also said that enhancing international cooperation, information…

Inflow into Federation Account Rises to N35trn in 2025 –AGF The Accountant-General of the Federation (AGF), Dr Shamseldeen Ogunjimi, has said that the inflow into the Federation Account rose to N35 trillion in 2025, a significant increase of about 30% from N27 trillion in 2024. Ogunjimi, represented by the Director Federation Account, Mrs Rita Okolie, disclosed this during the Federation Account Allocation Committee (FAAC) Post Mortem Sub-Committee Retreat held in Enugu on Monday. The theme of the retreat was “Assessing Fiscal and Sectorial Policies for Closing Revenue Leakage in the Federation Account”. The participants include officials from the Ministry of…

 The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, says the ministry generated over $500 million in export revenue in 2025 from industrial development and diversification of the economy.

Naira Extends Gaining Streak, Official Rate Climbs to N1,354 The  Nigerian local currency, the naira, saw a market-wide rally on Monday with the official exchange rate closing at N1354 per U.S dollar after hitting an intraday low of N1352. The local currency has been gaining momentum against the US dollar in the foreign exchange market as FX reforms begin to yield results. The naira is gaining traction, and for the first time in a long time, the Apex Bank is mopping up US dollars from the market. Update FX data released by the Central Bank revealed that the official rate…

Starmer Puts British Pound at Risk – CEO UK Prime Minister Keir Starmer is making the pound more vulnerable, with political risk now firmly embedded in sterling pricing, warns Nigel Green, CEO of financial advisory giant deVere Group, in a commentary note shared with MarketForces Africa. Sterling weakness is no longer abstract. In recent sessions, the pound has slipped to multi-week lows against both major counterparts, trading around $1.35–$1.36 versus the dollar and €1.14–€1.15 against the euro, after earlier strength faded. Against the euro, sterling has fallen more than 0.5% in a single session. The immediate trigger was monetary. The…

Sanwo-Olu Seeks Collaboration to Position Lagos as Financial Hub Gov. Babajide Sanwo-Olu of Lagos has called on stakeholders in the public and private sectors to sustain collaboration toward positioning the state as a global financial hub through the Lagos International Financial Centre (LIFC). The governor made the call at the launch of the Lagos International Financial Centre Phase 1 Report in Lagos, according to a statement by Mr Gboyega Akosile, Special Adviser to the governor on Media and Publicity. The statement was made available to newsmen on Sunday in Lagos. The governor said the LIFC project, conceived about two years…

Enugu State IGR Rises to N406.8 billion in 2025, Says ESIRS The Enugu State Government says it generated N406.8 billion Internally Generated Revenue (IGR) for 2025, representing 80 per cent of the targeted revenue of N509.9 billion for the year. Mr Emmanuel Nnamani, the Chairman, Enugu State Internal Revenue Service (ESIRS), disclosed this while briefing newsmen on Sunday in Enugu on the revenue performance of the state in 2025. According to him, in 2024, the governor set a target revenue of N509 billion for 2025 and people shouted, where is this money going to come from. “I’m happy to tell…