Author: Marketforces Africa

Unity Bank MD Tasks Youths on Savings Culture Mr. Ebenezer Kolawole, the managing director/chief executive officer of Unity Bank Plc, ,has renewed the bank’s call for young Nigerians to embrace a savings culture, urging them to see savings as a lifelong discipline for creating stability and financial resilience. Mr. Kolawole gave the charge while addressing students of Alvana Model Secondary School, Owerri, Imo State, as part of the financial literacy training organized by the Bank to mark this year’s World Savings Day. Represented by Mr. William Odigie, Unity Bank’s Zonal Head, South East/South South, Mr. Kolawole reaffirmed Unity Bank’s commitment…

Overnight Lending Rate Declines, Excess Liquidity Shrinks Money market rates moved in different directions as huge outflows relating to the Apex Bank auction sales failed to exert significant pressures. FMDQ data showed that the overnight lending rate declined as excess liquidity in the banking system shrank following huge OMO bill settlements. Despite the outflow, the financial system remained strong as banks remained active at the Standing Deposit Facility (SDF), reflecting absence of significant funding pressures. The market anticipates midweek auction to reduce excess liquidity level. The Central Bank is expected to float N700 billion Treasury bills across standard tenors. The…

Senate Holds Stakeholders Roundtable to Revitalise Nigerian Automotive Industry The Senate Committee on Industries has called for urgent measures to revitalise Nigeria’s automotive sector, emphasing the need for legislative and policy interventions to unlock the industry’s hugel potentials. Sen. Francis Fadahunsi, made the call in an address at the Committee’s Stakeholders Roundtable in Abuja on Monday. The theme of the meeting was “Revitalising Nigeria’s Automotive Industry: Legislative Pathways for Innovation, Investment and Industrial Growth”. The roundtable was organised by National Automotive Design and Development Council (NADDC). It brought together government officials, industry players and other key stakeholders to examine challenges…

Our Economic Reforms Will Empower Nigerian Youths – Tinubu President Bola Tinubu says ongoing economic reforms will empower more Nigerian youths with globally competitive skills and secure a stronger future for the country. Tinubu stated this on Monday in Abuja while receiving the Duke of Edinburgh, Prince Edward, at the State House. ‎He said youths remained central to Nigeria’s economic repositioning and must take ownership of the reforms shaping the country’s long-term development. Tinubu said: “We will be participating in the G-20 this week. It is the third time Africa is hosting the G-20. And the central issue is about…

The Nigerian local currency, the naira, depreciated further against the US dollar as a slowdown in FX inflows tightened supply at the official window.

CBN to Open Treasury Bills worth N700bn for Subscription The Central Bank of Nigeria (CBN) is scheduled to open N700 billion worth of Nigerian Treasury bills for subscription across standard tenors – 91, 182 and 364-day maturities. The auction will be floated on Wednesday after inflation data has been released. With the expectation that the inflation rate will reduce below 18%, analysts anticipate spot rates on Treasury bills to temper. Fixed income market analysts expect strong oversubscription for the Treasury bills amidst rising appetite for the naira assets. Demand for one-year bills is projected to spike as investors seek to…

PETAN Urges Africa to Adopt Nigeria’s Local Content Model Petroleum Technology Association of Nigeria (PETAN) has urged African governments to deepen public–private sector collaboration to strengthen the continent’s oil and gas value chain. PETAN Chairman, Mr Wole Ogunsanya, in a statement on Sunday in Lagos, was quoted to have made the call at the 4th Conference and Exhibition on Local Content in the African Oil and Gas Industry (CECLA). The event was organised by the African Petroleum Producers Organisation (APPO) in Kintélé, Brazzaville, Congo. Ogunsanya, represented by the association’s Secretary, Mr Kevin Nwanze, said the country’s local content model had…

Bitcoin (BTCUSD) has fallen under $95,000 in the cryptocurrency market as investors’ red sentiment sticks

Sterling Weakens as UK Abandons Income Tax Hike The Sterling weakened to $1.315 on Friday amid heightened budget uncertainty, after reports that Chancellor Rachel Reeves is dropping plans to raise income tax. UK decision to abandon the proposed tax hike is unsettling investors who had been counting on fiscal tightening to support a Bank of England (BoE) rate cut in December, ING said. The British pound dropped, with EUR/GBP climbing to 0.885 on Friday, as new budget leaks hinted at potential shifts in fiscal plans. Reports now suggest that the initial plan to raise taxes and break the election promises…

Cardano Falls by 2.5% on Broader Crypto Selloffs Cardano (ADAUSD) fell 2.7% to $0.505 in the past 24h, extending a 13% weekly decline. Broader cryptocurrency market selloffs continue to drag ADAUSD along the red line on Saturday. The greed and fear index glaringly shows trading direction, and massive leverage liquidations have dragged the market value of all cryptocurrencies down to $3.25 trillion. The 10th largest digital asset investors reacted negatively to broader sell pressures in the cryptocurrency market. Bitcoin price crash triggered over $1 billion in liquidation dragged altcoins include ADA into the mud. ADA, like most alts, followed BTC’s…