Author: Marketforces Africa

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…

Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.

The Supreme Court has delivered judgment in favour of the Asset Management Corporation of Nigeria (AMCON) following the protracted legal battle between Polaris Bank Limited, AMCON, 11 Hospitality Plc, and Milan Industries Limited over the sale of Lagos Continental Hotel.

Tinubu to Hold Bilateral Talks with Starmer as UK Unveils Programme for State Visit President Bola Tinubu is scheduled to hold a bilateral meeting with United Kingdom Prime Minister Keir Starmer as part of his upcoming state visit to the UK, according to the official programme released by the British government. The visit will include ceremonial events, bilateral meetings, and engagements with the Nigerian diaspora. Preparations on March 17 will involve security sweeps, road closures, and procession rehearsals ahead of the president’s arrival. Tinubu will formally arrive on March 18, where he will be received by Prince William and Catherine,…

CIBN Inducts 2,020 New Chartered Bankers The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday inducted 2,020 professionals as chartered bankers, urging them to leverage Artificial Intelligence (AI) to drive innovation and strengthen Nigeria’s financial system. Speaking at the ceremony in Lagos, CIBN President, Prof. Pius Olanrewaju, said that the induction marked a defining moment in the careers of the new professionals. Olanrewaju said that the inductees were joining a prestigious community of banking professionals recognised for competence, integrity and commitment to ethical standards in the financial services industry. According to him, the event’s theme, “Smarter Banking: The Power…

Ripple (XRP) is down 1.06% to $1.39 on Saturday’s trading session as Exchange-Traded Fund (ETFs) inflows paused for the second week, amidst a sharp decline in trading volume.

The naira gained on Friday, closing at N1366 per dollar at the official market on Friday from N1371, following the latest round of FX market interventions.

Oil Prices Rise 8% as Supply Disruption Persists Oil prices rose 8% on the week as escalating conflict in the Middle East and mounting threats to energy shipments through the Strait of Hormuz heightened supply risks. Crude oil prices maintained an uptrend despite large-scale emergency stock releases and policy moves to stabilise supply, which limit further upside. International benchmark Brent crude traded at $98.18 per barrel, up 8.1% from last Friday’s close of $90.83. US benchmark West Texas Intermediate (WTI) rose 5.7% to $94 per barrel, compared with $88.89 a week earlier. The rally is primarily driven by intensifying geopolitical…