Author: Marketforces Africa

Crypto Market Cap Rises 1.73% to $3.4T on Bitcoin Rally The global crypto market cap has reached $3.35 trillion, translating to a 1.73% increase over the last day due to a sustained price surge in the world’s largest digital asset, Bitcoin (BTC-USD). The cryptocurrency has doubled down on gains over expectations of improved regulation under U.S. president elect Donald Trump, with buckets of promises to crypto communities. Latest data from CoinMarketCap.com showed that the total crypto market volume over the last 24 hours has moderated to $223.49 billion, translating to a 8.01% decrease over day. The total volume in DeFi…

71% of Nigerian Household Face Food Price Hikes Shock – NBS The National Bureau of Statistics (NBS) says the most prevalent shock affecting households across Nigeria is the price increases on major food items. The NBS said 71 per cent of households reported this shock. The NBS disclosed this in its General Household Survey- Panel (GHS-Panel) Wave 5 2023/2024 unveiled in Abuja. The report said urban households experienced the shock of food price increases at 75.5 per cent more than rural households at 68.9 per cent. It said the issue was most pronounced in the South-East and South-South zones at…

FG, World Bank to Provide Jobs for 10 Million Youths in 5 Years The Federal Government says it will collaborate with the World Bank to provide decent jobs directly or indirectly to no fewer than 10 million youths within the next five years. Mr. Ayodele Olawande, Minister of Youth Development, communicated this when he hosted the World Bank team led by Mr. Maheshwor Shrestha, World Bank economist, on Thursday in Abuja. Olawande said that forum would enable him to update the team on the various activities and engagements of the ministry in the past months. “The focus of the ministry…

Federal Transfers, Reforms Drive Nigerian States’ Financial Performance –Fitch Federal reforms are significantly affecting the financial landscape of Nigerian states, Fitch Ratings says in a new report. Oil-related transfers, which are a major component of monthly revenue distributed by the Federation Account Allocation Committee (FAAC), influence state’s revenue. Analysts noted that federal transfers are crucial for almost all states to cover their operating costs and to support investment. All Nigerian states rated by Fitch are on positive outlook, reflecting that of the sovereign and the Federal Government of Nigeria’s policies that affect states’ operating revenue, debt stock and debt service.…

A total of 2,116 venture capital (VC) funding deals worth $28.2 billion were announced in China during January-October 2024.

The short-term benchmark interest rates have continued to rise as the financial system’s liquidity balance collapsed due to an outflow associated with Treasury bill payments.

The Central Bank of Egypt (CBE) kept its interest rate unchanged at a record high of 27.25% in November 2024, for the eighth consecutive month, reflecting global and domestic economic conditions.

The South African Reserve Bank (SARB) slashed its key interest rate by 25 basis points to 7.75% in line with analysts’ estimates.

Kuda Wins Inclusive Financial Product Award at 2024 Financial Inclusion Awards In recognition of its efforts in improving affordable access to financial services, Kuda Microfinance Bank received the Inclusive Financial Product Award at the Financial Inclusion Awards 2024, which was held during the Central Bank of Nigeria’s (CBN) International Financial Inclusion Conference from November 12 to 13 at the Landmark Event Centre in Lagos, Nigeria. The Financial Inclusion Awards, a highlight of The International Financial Inclusion Conference 2024, celebrates exceptional contributions towards achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0. The awards recognise organisations and individuals across…

Haldane McCall lists 3.12bn shares on Nigerian Exchange A real estate and hospitality company, Haldane McCall Plc, on Wednesday, listed 3.12 billion ordinary shares of 50k each at N3.84 per share on the Main Board of the Nigerian Exchange Ltd. (NGX) by Introduction. The company was admitted to the daily official list of NGX during a Closing Gong ceremony and presentation of its Facts Behind the Listings by the company’s Group Managing Director, Dr Edward Akinlade. Following the listing, the share price of the firm appreciated by 10 per cent. Akinlade said that the listing provides a platform for sustainable…