Author: Marketforces Africa

Sterling Rises Against Dollar as UK Economy Grows Sterling rose to $1.25 after preliminary data showed the UK economy grew by 0.1% in the final quarter of 2024. The economic growth posted defied expectations of a 0.1% contraction and outperforming the Bank of England’s forecasts. The economy is now slightly larger than before Labour took office in July, offering the government some relief. However, challenges persist, with the UK’s Office for Budget Responsibility set to release an updated economic and fiscal outlook on March 26th, amid reports that it has lowered its growth projections. Last week, the Bank of England…

US Dollar Slides as EUR Explores Upside The US dollar fell against its major trading partners early Thursday, except for a gain versus the Canadian dollar ahead of economic data releases. In a note, ING analyst Chris Turner said the euro has been doing a little better this week. The US dollar index (DXY) was a little softer yesterday – largely on the back of some strength in the euro. There is a sense of fatigue in some of the Donald Trump trades, where this year’s U-turns on tariffs have made it a lot harder to reach definitive conclusions. At…

Nigeria Meets OPEC’s Crude Oil Production Quota of 1.5m bpd The Organisation of Petroleum Exporting Countries (OPEC), says Nigeria’s average daily crude oil production has increased significantly to 1.53 million Barrels Per Day (bpd) in January. The country for the first time, met the OPEC production quota of 1.5 million bpd since it was set for the 2024 period at OPEC’s ministerial meeting in November 2023. The production figure which was released in OPEC monthly oil market report showed that the increase was against 1.485 million bpd recorded in Dec. 2024, which represented 54,000 bpd change. In December 2024, the…

FCT Achieved 90% 2024 Budget Performance – Wike The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the FCT Administration has achieved 90 per cent of its N1.1 trillion 2024 budget. Wike stated this after inspecting some ongoing projects in the capital city, in Abuja on Thursday. The projects inspected are the ongoing construction of the Abuja Division of the Court of Appeal and the road network and ongoing renovation of the International Conference Centre (ICC). Others are the two interchanges, one at Ahmadu Bello way, connecting Wole Soyinka Way and the other connecting Wole Soyinka Way…

Kuda MD Calls for Unified Regulatory Framework, Investment to Drive Fintech Growth The Managing Director of Kuda Microfinance Bank, Musty Mustapha, has called for a unified regulatory framework and infrastructure investment to unlock Nigeria’s fintech potential. Speaking at the Nigeria Deposit Insurance Corporation (NDIC), Mustapha highlighted the sector’s rapid growth, with $2 billion in investments in 2024, but warned that regulatory uncertainty, cybersecurity threats, financial exclusion, and infrastructure deficits continue to hinder sustainable progress. Nigeria’s fintech ecosystem has been instrumental in driving financial inclusion, pushing the country’s inclusion rate to 64% in 2023, according to government data. However, Mustapha pointed…

FBN Holdings Rebrands as First Hold Co –Official FBN Holdings Plc has announced a change of its name to First HoldCo Plc, the group said the naming convention will also be adopted across all its subsidiaries. In a regulatory filing, the group said this strategic transformation and rebranding marks a significant milestone in the Company’s journey to redefine its identity, unify its subsidiaries, reinforce its heritage, and strengthen its position as a leader in the financial services industry. “The new name reflects a forward-looking vision rooted in a timeless legacy of trust, resilience, innovation, and exceptional service delivery”, First Holdco…

Transcorp Hotels Nears N1.3 Trillion Ahead of Earnings Nigerian top hospitality player, Transcorp Hotels Plc, share price spiked strongly ahead of the company financial scorecard for 2024, trading record on the Nigerian Exchange revealed.  The hospitality player experience massive rush in as investors anticipate a better than expected earnings results for the year. In the local bourse, Transcorp Hotels climbed by 9.99% yesterday, taking the company’s share price to N126.1 from N114.65. The price surge has lifted the hospitality company market value to about N1.3 trillion, ranking as the most valuable hotels among its listed peers on NGX. Data from…

Nigeria Customs explains 4% FOB levy suspension Kano/Jigawa Customs Area Command held a stakeholders’ meeting on Wednesday to explain the four percent free on board (FOB) collection and its suspension. Customs Area Comptroller, Dalhatu Abubakar, said that the new revenue law benefits all stakeholders, including exporters, importers, and customs agents. He explained that the FOB collection had been temporarily suspended due to the termination of the Nigeria Customs Service (NCS) contract with service providers. Abubakar assured that the NCS would resume direct collection of the four percent FOB once the suspension is lifted. “The FOB collection suspension is due to…

Oil Falls as Trump Begins Russia-Ukraine Peace Talks Oil prices fell below $75 per barrel in the global commodity market as U.S President Donald Trump initiates peace talk with Russian President Vladimir Putin. Trump and Putin team will be holding meet to facilitate potential peace talks between Russia and Ukraine. Trump said on his social medai handle that he and Putin have agreed to have their respective teams starting negotiations immediately. “…and we will begin by calling President Zelenskiy, of Ukraine, to inform him of the conversation, something which I will be doing right now”, Trump said. Brent crude fell…

OPEC Oil Output Falls as Members Missed Quotas The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production fell by 121,000 barrels per day (bpd), or by 0.4%, in January to average 26.68 million bpd, according to OPEC’s monthly oil market report released on Wednesday. Crude oil output decreased mainly in the UAE, Nigeria, and Venezuela, while production rose in Libya, Gabon and Congo.Production in the UAE fell by 37,000 bpd to about 2.93 million bpd. Output in Nigeria and Venezuela decreased by 29,000 bpd and 17,000 bpd, respectively. Whereas output in Libya increased by 17,000 bpd to reach 1.27…