Author: Marketforces Africa

President Bola Tinubu has reaffirmed Nigeria’s commitment to strengthening bilateral relations with the United Kingdom, with an emphasis on security cooperation, economic growth, and shared democratic values.

Naira Drops to N1,353 as Foreign Reserves Decline The Nigerian naira dropped to N1353 per dollar at the official window on Wednesday, reflecting increased pressure from foreign payments by eligible market participants. Confirming this, the Central Bank of Nigeria (CBN) daily FX update publication indicated that the local currency reached an intraday high of N1,362 per dollar, up from N1355 the previous day. Meanwhile, the spot rate was quoted at an intraday low of N1,349 per dollar, a sharp retreat from N1340 from the previous trading session. Nigeria’s external reserves fell by $178 million over three consecutive international payments recorded…

African Sovereign Debt to Reach 45% of GDP in 2026 – S&P African sovereign debt is projected to reach 45% of the continent’s gross domestic product (GDP) by the end of 2026, driven by additional borrowing. In a non-rating note, S&P Global Ratings estimates that commercial long-term borrowing by rated African sovereigns will reach $155 billion in 2026, up from $140 billion in 2025. This rise is driven by maturing debt obligations and ongoing fiscal financing needs. Ratings analysts project that total outstanding African sovereign commercial debt will exceed $1.2 trillion, constituting 45% of GDP (including short-term debt) by the…

Temi Popoola, the Nigerian Exchange Group Chief Executive Officer (GCEO), says Nigeria’s capital market is undergoing a re-rating. This comes as global investors reassess the country’s economic trajectory and investment potential.

Tether Gold (XAUT) price rose slightly to $4,980 over the last 24 hours in the crypto market, riding a wave of institutional adoption and market expansion. XAUT’s price surge is tied to the rise in physical gold prices in the commodity market, reflecting a sustained drive for a safe haven.

What Nigeria’s CPI Rebase Did to Real Returns Measurement When the National Bureau of Statistics (NBS) rebased the Consumer Price Index (CPI) in February 2025, headline inflation fell overnight from 34.80% to 24.48%. Yields compressed. Fixed income rallied. A question that should have been straightforward became almost impossible to answer: what is cash actually earning in Nigeria after inflation? We know what the commentary said. Statistical fix or economic illusion. Cost of living still high. Basket weights shifted. All true, all well-covered. But nobody did the obvious next thing: build the bridge between the old series and the new one,…

Brent rose by 4% on Tuesday as the Strait of Hormuz Lockdown stoked pressures on the supply side. Oil prices increased on Tuesday

XRP Rises to $1.47 as Tokenised Commodity Hits $1bn Ripple (XRP) maintains its 24-hour momentum in early trading on Monday, with the price climbing to $1.47 amid a broader crypto market rally. XRP is up 4% to $1.47, outperforming a broader market rally primarily driven by a technical breakout above key resistance.  Crypto analysts said that if XRP holds support near $1.43–$1.44, a test of $1.50 is likely; a break below could trigger a retracement toward $1.39–$1.40, with the upcoming Federal Reserve meeting as a key catalyst. XRP cleared a major resistance level at $1.426 that had capped prices for…

Oil Tops $105 as Middle East War Keeps Prices Elevated Oil prices rose on Monday as escalating tensions in the Middle East and fresh supply disruptions heightened concerns over global crude availability amidst the worsening energy crisis. International benchmark Brent crude traded at $105.60 per barrel. US benchmark West Texas Intermediate (WTI) rose 0.9% to $98 per barrel, compared with $96.84 in the previous session. Prices were supported by ongoing geopolitical tensions in the Middle East and concerns over potential supply shortages. US President Donald Trump said conditions were not yet suitable for a deal with Iran to end the…

Nigerian Bond Yield Climbs to 15.76% Ahead of Inflation The benchmark yield on Nigerian government bonds edged higher to 15.76% in the secondary market as investors trimmed their portfolio holdings. Market activity reflects a pre-inflation rate clean-up and adjustments by some portfolio holders in the debt capital market. Inflation is expected to decline in February, with the market consensus at an average 14% consumer price index print. Riskoff sentiment on the naira curve nudged yields at the belly higher, while some positioning at the short and long end of the curve dragged yields. Fixed income market analysts said sell-offs were…