Author: Marketforces Africa

The Nigerian naira traded positively against the US dollar (NGNUSD) at the official window in the absence of demand pressures with the Apex Bank initiating reversed FX intervention to slowdown rally.

The Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba, has called on leaders and key stakeholders in the South-East to prioritise security and peace, infrastructure development and the delivery of bankable, investment-ready projects.

Naira Closed at N1,366.20 per Dollar in Nigeria’s FX Market The official exchange rate closed at N1366.20 per dollar at the Nigerian foreign exchange market (NFEM) window on Friday, a slight daily depreciation of a basis point from the previous closing rate. Daily FX data released by the Central Bank of Nigeria (CBN) revealed that the spot rate touched an intraday low of N1361, a signal that there was slight pressure after hitting N1348 low during the week. According to CBN data, the naira closed at N1366.1954 per dollar, from N1366.0573 the previous day amidst growing external reserves. In the…

In response to the rapidly growing pace of digitization, the Nigerian Communications Commission and the Nigerian Data Protection Commission

NCC, NSCDC Warn Construction Firms, Others Over Rising Fibre Optic Cable Damage The Nigerian Communications Commission (NCC) and the Nigeria Security and Civil Defence Corps (NSCDC) have warned against fibre-optic cable damage during road construction and related civil works across the country as the rising incidents of avoidable fibre cuts resulting from negligence will no longer be excused, noting that offenders risk prosecution as the act constitutes a crime. NCC and NSCDC stressed that fibre optic cables are critical national assets that power Nigeria’s digital economy, enable seamless communication, support emergency services, connect businesses, and facilitate government operations. They said…

Federal Government Targets 10bscfd Gas Production The Federal Government says Nigeria is targeting gas production of 10 billion Standard Cubic Feet Per Day (BSCFD) by 2030, positioning natural gas as a cornerstone of national energy security and economic prosperity. Dr Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), said this while delivering a ministerial address at the ninth Nigeria International Energy Summit (NIES) 2026, on Tuesday in Abuja. The summit had the theme “Energy for Peace and Prosperity: Securing Our Shared Future”. The minister said government efforts were yielding tangible results, with Nigeria’s gas production maintaining an upward trajectory…

UK Consumer Spending to Remain Weak in 2026 as Job Worries Rise -Fitch UK real consumer spending will continue to lag behind eurozone peers in 2026, even though the UK inflation outlook has improved, Fitch Ratings forecasts.  The global ratings agency stated that growing worries about job prospects will keep consumers cautious. It highlighted that growth in real consumer spending per capita in the UK has been weaker than in eurozone peers due mainly to the impact of more persistent inflation on real incomes. In 2026, the UK inflation outlook is more benign, but rising unemployment will still restrain consumers,…

Ripple (XRPUSD) fell 2.63% over the last 24h to $1.59, underperforming the broader crypto market’s 0.92% drop

Emefiele Complied with Buhari’s Directive on Naira Notes -Witness A witness, Chinedu Emere told an Abuja Court that the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, complied with late President Muhammadu Buhari’s directive that the redesigned Naira be produced locally. The Economic and Financial Crimes Commission (EFCC) charged Emefiele with disobedience to the direction of law and illegal act causing injury to the public. The offence, the EFCC said, contravened the provisions of Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law. He, however, pleaded not…

Oil Prices Dip as U.S – Iran Talks Ease Supply Concerns Oil prices dipped in the global commodity market on Tuesday as signs of easing tensions between the US and Iran reduced geopolitical risk, encouraging investors to lock in gains after a recent rally. International benchmark Brent crude traded at $65.78 per barrel, down 0.7% from the previous close of $66.24. US benchmark West Texas Intermediate (WTI) declined 0.6% to $61.62 per barrel, compared with $62.02 in the prior session. Prices came under pressure as markets focused on renewed diplomatic activity between Washington and Tehran, easing fears of supply disruptions…