Author: Marketforces Africa

Honeywell Flour Mills share price rose by about 32% due to strong bargain hunting in the equities market

UK Stagflation Crisis Threatens Demands Action The UK economy is staring down the barrel of the stagflation gun; with stagnant growth and persistent inflation combining to create one of the most challenging financial environments in over a decade. This is the stark warning made available to MarketForces Africa from Nigel Green, CEO of deVere Group, as this week the 30-year gilt yield hit a staggering 5.25%—its highest point since the 2008 financial crisis—underscoring the scale of the issue. He says: “Stagflation’s grip on the UK has been exacerbated by weak domestic growth, which under normal circumstances would prompt the Bank…

Global Crypto Market Cap Dips as Bitcoin Retreats Global cryptocurrencies market capitalisation declined by 0.68% due to sell pressures in top digital assets due to bearish sentiment. Due to price declines in Bitcoin (BTC-USD), Ethereum (ETH-USD), and other major assets, the market value of all cryptos dropped to $3.3 trillion. The orange coin is trading around $94,000 while Ethereum is hovering below $3,300 at the last data look. Trading volume declined amidst a bearish market position. Trading data showed that total crypto market volume over the last 24 hours printed at $72.43 billion, which makes a 55.14% decrease. The total…

Oil prices increased sharply this week, with Brent closing near $80 per barrel in the latest sanctions against Russian crude by the United States.

Naira Drops as CBN Slows Down US Dollar ‘Pumping’ The naira depreciated by 0.12% to N1,543.03 per US dollar in the official market, a rate computed using data from Bloomberg BMatch. Data from the FMDQ platform confirmed the spot rate fell following mild foreign exchange market intervention by the Central Bank of Nigeria in the week. The Apex Bank sold about USD50 million to authorised dealer banks to stabilise exchange rate pressure by boosting the FX liquidity. The CBN’s aggressive US dollar sales to banks have reduced strongly, suggesting that the authority targeted a lower exchange rate for the year—for…

CITAD Launches Project to Empower Northern Women with Digital Skills The Centre for Information Technology and Development (CITAD) has launched the Women in the Digital Economy Fund (WiDEF) Project to equip women and girls with the necessary skills, knowledge, and opportunities to thrive in the digital economy. Ms Zainab Aminu, CITAD Project Manager, said that the project was to address the gender digital divide and create economic opportunities for women in Northern Nigeria. Aminu made the disclosure at a media briefing on Friday in Kano. The project manager said the project “Addressing Gender Digital Divide and Enhancing Business Opportunities for…

Nigeria Has Lowest Data Costs in West Africa —- ITU The International Telecommunications Union (ITU) says Nigeria stands out globally for its affordable mobile data costs. The ITU said this in its recent Global System for Mobile Communications Association (GSMA) Report titled, “The Role of Mobile Technology in Driving Digital Economy in Nigeria.”. ITU also said Nigeria offers cost-effective connectivity services to data users nationwide with an average data cost of $0.38 for a gigabyte. According to ITU, mobile data in Nigeria is the lowest in West Africa, one of the lowest in Africa and the world generally. “The cost in…

NAICOM, Malaysia Partner to Drive Takaful Insurance in Nigeria The National Insurance Commission (NAICOM) and the government of Malaysia have agreed to collaborate to facilitate knowledge sharing and capacity building to drive Takaful insurance in the country. Mr Olusegun Omosehin, the Commissioner for Insurance (CFI), said this when Aiyub Omar, the High Commissioner of Malaysia to Nigeria, visited him in Abuja on Friday. Omosehin said that the country could accelerate its economic growth and development by tapping into Malaysia’s experiences and best practices in Takaful insurance. He said that the country could ultimately achieve the ambitious goal of a one…

US Dollar Rises Ahead of December Employment Data The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of the release of December employment data. Nonfarm payrolls are expected to rise by 165,000, with the unemployment rate seen remaining at 4.2%. Annual revisions to the household survey could alter the previous estimates of the unemployment rate. Hourly earnings are expected to rise by 0.3% after a 0.4% gain in the previous month. The preliminary University of Michigan consumer sentiment index for January is set to be released, and the St. Louis…

Yusuf Approves Payment of N5bn Backlogs of Gratuity to Kano Retirees Gov. Abba Yusuf of Kano State has approved the payment of the third phase of N5 billion to clear the backlog of gratuities owed to 2,000 retirees in the state. The governor announced this during the commencement of payment to categories of retirees at the Government House, Kano, on Thursday. Yusuf said that the initiative was aimed toward addressing long-standing backlogs. He added that the gesture was expected to provide relief to retirees who had faced delayed payments. The governor emphasised the importance of fulfilling the state’s obligations to…