Author: Marketforces Africa

NGX Confirms UBA Lists 3.156 bln Shares, Liquidity Deepens The Nigerian Exchange Limited (NGX) has admitted an additional 3.16 billion ordinary shares of United Bank for Africa (UBA) Plc to its Daily Official List, signaling a major enhancement of the bank’s market capitalisation whilst also deepening liquidity on the capital market. The NGX noted this in a confirmatory letter to the bank, dated January 12, 2026, and signed by Head, Issuer Regulation Department at NGX, Godstime Iwenkehai, who explained that the additional shares were listed following the successful conclusion of UBA’s recent rights issuance exercise. “Following the submission of all…

Naira Drops as Foreign Payments Surpass U.S. Dollar Volume The Nigerian local currency, the naira, dropped against the US dollar across Nigerian foreign exchange markets as international payments began to pick up. The naira rate suggests foreign payments surpassed US dollar volume supplied after data showed FX inflows has been on the decline. Daily FX update released by the Central Bank of Nigeria (CBN) revealed that the naira on Wednesday weakened by 37 kobo against the US dollar to close at N1,420.04/$ at the official window. The spot rate depreciation was driven by inadequate supply to meet the market demand…

Global Economy Shows Resilience Amid Historic Trade, Policy Uncertainty The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Bank’s latest Global Economic Prospects report. Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast. The resilience reflects better-than-expected growth—especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track…

XRP Jumps as Ripple Sees Additional Regulatory Win Ripple, (XRPUSD) edged higher by more than 3% over the last 24 hours in the cryptocurrency market, outpacing Bitcoin’s uptick but trailing Ethereum’s gain on Wednesday Trading at $2.12 following a volume surge, the latest price surge has effectively reversed a 6% weekly decline as a result of general fluctuations in the crypto space. XRP reclaimed its 50% Fibonacci retracement level of $2.09 and holds above the 7-day average at $2.11. Trading data showed that Ethereum trading volume increased by about 94% on the day, settling at $4.81 billion as the reporting…

Nigerian Bonds Yield Surges over Subdued Investors’ Appetite Investors lost appetite for Nigerian government bonds in the secondary market ahead of the Debt Management Office (DMO) monthly auction. To patch the budget deficit in 2025, the authority auctions N3.51 trillion in local bonds via 12 primary market auctions. Total subscriptions for the year printed at N8.956 trillion, according to data released by AAG Capital Limited. The DMO raised N4.979 trillion from bond investors in the market with last-moment yield repricing. The upward spot rates adjustment in the December auction, however, set the tone for investors’ expectations in 2026. The bond…

Bitcoin-Backed Securities Carry High Market Value Risk –Fitch Bitcoin-backed securities’ heightened risks are consistent with speculative-grade credit profiles, Fitch Ratings says. The inherent market value volatility, structure and counterparty risks in these instruments warrant conservative collateral coverage and rapid deleveraging mechanisms. Crypto lender bankruptcies in 2022–2023 underscore the risks of inadequate margining. Fitch said these transactions generally involve a special-purpose vehicle that holds bitcoin as collateral and issues debt backed by that collateral pool, functioning much like a margin loan. Liquidation triggers are embedded at predefined coverage levels, often with short cure periods. Bitcoin holders may use these instruments to…

Debt Office Opens 2026 FGN Savings Bond for Subscriptions The Debt Management Office (DMO) has opened Federal Government of Nigeria (FGN) Savings Bonds for investors’ subscription at the rate of 15.39% per annum. FGN Savings Bonds are backed by the full faith and credit of the Federal Government of Nigeria, making them one of the safest fixed-income instruments available in the domestic market. Details of the offer were released by the DMO as part of its January 2026 FGN Savings Bond issuance notice published by the debt office. The issuance features a 2-year bond maturing in January 2028 and a…

Nigeria, UAE Trade Pact Opens Duty-free access for Local Goods —Minister Nigeria’s Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates will unlock duty-free access for thousands of Nigerian products, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said. Oduwole spoke on Tuesday in Abu Dhabi after Nigeria and the UAE signed the landmark trade agreement on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW). She described the CEPA as a historic milestone that would transform economic relations and deliver tangible benefits for Nigerian businesses, professionals and workers. He said, “Today marks a historic…

Nigerian Treasury Bills Yield Dips to 18% Ahead of CPI Data The average yield on Nigerian Treasury bills slid to 18.01% in the secondary market as investors’ interest in the naira asset increased ahead of the consumer price index (CPI) data scheduled for release. The Treasury market experienced bargain hunting across the short and belly of the curve in a soft on-the-day rally that dragged the average yield lower by a basis point on Monday. Due to buying interest, both the short and mid (-2 bps) segments of the curve recorded 2 basis point yield contractions, CardinalStone Securities Limited said…

African Eurobonds Face Sell Bias, U.S Yield Rises on Powell Probe African Eurobond selling pressures intensified at the international market as offshore investors reacted to U.S. yields and uncertainties in the global commodity market. Oil-linked issuers saw yields on their respective sovereign Eurobonds adjusted upward due to significant profit-taking activities experienced across the curve. The market witnessed a spike in U.S. yield as Federal Reserve Chair Jerome Powell’s criminal probe stoked sell pressures, while investors moved to safe havens. The benchmark 10-year Treasury yield moved higher on Monday as investor worries around the Federal Reserve’s independence spurred volatility in the…