Author: Marketforces Africa

BTCUSD Rises Near $94k on Intensify Crypto Bulls Actions Bitcoin (BTCUSD) has climbed near its resistance level, as the world’s largest digital asset is now struggling to cross $94k, a point reached last year before it spiralled downward. The market has been caught between hardened bearish traders and new bullish buyers spotting upside in the crypto asset.  However, crypto bulls have intensified buy action in the last 24 hours. Trading data across cryptocurrency exchanges revealed that BTC has gained 1.12% in the last 24 hours, and it has been fluctuating behind $94, raising concerns about a possible price retreat. Price…

XRP Fires Up with 12% Gain as Cryptocurrencies Rally Ripple (XRPUSD) has gained more than 12% in the last 24 hours, outpacing the broader crypto market’s 1.56% gain, supported by retail and institutional investors increasing bets. Retail activities have been mixed; however, institutional tailwinds have continued to offset sell pressure. This pattern has kept the XRP price in an uptrend. The rally is expected to heat up on fear of missing out (FOMO). With the price hovering near $2.40 on Tuesday, XRP has added more than $13 billion to the crypto market capitalisation. The broader cryptocurrency market is trending positively,…

NRS: FIRS Replacement to Overhaul Revenue Administration – Adedeji The Nigeria Revenue Service (NRS) says its replacement of the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration. The Executive Chairman of NRS, Dr Zacch Adedeji, said this in a television interview monitored from Abuja. The provision of the recently enacted tax reform laws changes the nomenclature of the country’s apex tax authority from FIRS to NRS. According to Adedeji, NRS is not branding. It is a total institutional upgrade moving from fragmented revenue administration to a modern, digitalised, centralised and intelligence-driven system. He…

Ecobank Nigeria Settles $300m Eurobond Ahead of Maturity Ecobank Nigeria Limited has completed the early repayment of more than 80 per cent of its 300 million dollar Eurobond ahead of its February 2026 maturity. The bank said in a statement on Tuesday that it successfully concluded a tender offer, prepaying about 245 million dollars of the outstanding notes. According to Ecobank Nigeria, the amount represents over 80 per cent of the total issuance of its 7.125 per cent Senior Note Participation Notes due in February. The bank explained that the tender offer, launched on Nov. 27, 2025, allowed eligible noteholders…

XRP Hits $2.16 on ETF Inflows, Middle East Regulatory Win Ripple, XRPUSD, surged by about 4% to $2.16 in the last 24 hours, according to trading data obtained from the Cryptos exchange, extending a 15.66% weekly gain, supported by institutional demand and improved sentiment. XRP’s rally combines technical triggers with deepening Asian liquidity pools and ETF-driven institutional bids. While the 24h move aligns with broader crypto market gains (+1.79%), XRP’s outperformance stems from coin-specific catalysts. Both retail and institutional investors are taking position in the altcoin as analysts see upside potential following its Middle East regulatory wins and uptrend in…

Oil Prices Slide over Subdued Demand, Supply Concerns Oil prices slipped during early trading hours on Monday due to demand and supply uncertainties following the U.S. seizure of Venezuelan government leadership and OPEC+ members’ political tensions. The market is assessing the potential impact of a US military move in Venezuela against a backdrop of ample global supply and muted demand growth. Brent crude traded at $60.33 per barrel, down 0.6% from last Friday’s close of $60.73. US benchmark West Texas Intermediate (WTI) was at $56.82 per barrel, down around 0.7% compared with $57.21 last week. Prices opened lower in Asian…

First Holdco Declines by 8% to N2.043trn after Re-Rating The market value of First Holdco Plc’s 41.877 billion shares outstanding in the Nigerian stock market dropped by about 8% week on week to close at N2.043 trillion at the close of the trading session on Friday. The market capitalisation of the non-operating holding company of First Bank of Nigeria Limited crossed N2 trillion mark after sharp and furious directors dealing in the local bourse in December. The significant insider shares accumulation triggered First Holdco’s re-rating, with its single largest shareholder now controlling 18% of the group shares outstanding. First HoldCo…

NGX to Create Wealth in 2026, Traded in Overbought Region—Report The Nigerian Exchange (NGX) is anticipated to create more wealth in 2026 on the back of an improved macroeconomic indicators and attractive valuation. With about N100 trillion in equities market capitalisation, the Nigerian market traded in overbought region all through year 2025. Top performing companies doubled down on Nigerian Exchange (NGX) year to date gain. The local bourse created wealth for risk takers in 2025 with some companies recording 100% price appreciation of 12 months. Settling at 51.20% gain, the local bourse wrapped up the last trading session of the…

CBN Spends $7.5 billion to Defend Nigerian Naira in 2025 The naira gained 7.14% in 12 months with $7.53 billion in cumulative forex market intervention in 2025. The amount deployed to defend the local currency outpaced the year-on-year increase in the gross external reserves balance. Nigeria’s gross external reserves balance surged by $4.618 billion amidst the latest round of Eurobonds inflows, remittances and surge in crude oil output. MarketForces Africa reported that the first half of 2025 saw a significant outflows from Nigerian financial market due to U.S tariff surge which triggered a move to safe haven. The Central Bank…

Naira Climbs to N1,430 after $790 Million FX Interventions After a 24% surge in FX interventions, the naira appreciated against the US dollar at the Nigerian Foreign Exchange Market (NFEM) window on Friday, settling at N1430 for international transaction payments conducted on Friday. The naira reached an intraday high of N1438.5000 on the day from N1439.5000 in the previous session, which suggested the market was well liquidity to fund outflows or international payments. FX traders said best international payments for the day was conducted at N1427 per dollar, intraday lowest spot rate, however the same quoted rate at the last…