In a bid to stabilize Nigeria’s fluctuating forex market, the Central Bank of Nigeria (CBN) has implemented sweeping reforms, sparking both optimism and volatility. The Nigerian naira surged to an…
Category: Markets
News from Nigeria’s capital, currency, commodities, cryptocurrencies and money markets.
Gold Prices Under Pressure As US Dollar Dampens Rate Cut Hopes
In a tug-of-war between inflation data and geopolitical tensions, gold prices struggle to maintain ground below the psychological threshold of $2,000 amid a resurgent US dollar. The latest figures from…
Naira Hits Record Low At N1,534/$1: Economic Turbulence Ahead?
The Nigerian naira plummeted to an unprecedented low of N1,534 against the US dollar on the official Nigerian Autonomous Foreign Exchange Market. This grim milestone marks a 3.93 per cent…
NGX Bounces Back With N101bn Gain As ASI Access Holding Declines By 6.26% Amid CEO Tragic Death
The Nigerian exchange demonstrated resilience on Monday, bouncing back from last week’s downturn to register a significant gain of N101 billion. The market, undeterred by recent setbacks, displayed renewed vigor…
Nigerian FX Market Witnesses 56% Plunge in Transactions Amidst Rising Dollar Demand
The Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a dramatic 56% decline in transaction value, plunging from $465.29 million on Tuesday to $203.93 million on Wednesday, according to data obtained…
Nigerian Equity Market Continues Bearish Run As Investors Lose N481bn
Nigeria’s equity market faced a daunting setback as investors lost N481 billion in a single trading day, largely attributed to sell-offs and a notable shift in interest towards Treasury Bills.…
NGX: Subdued Trading Activity Leads To Depreciation As Market Cap Declines To N55.87trn
Investors on the Nigerian Exchange experienced a tepid trading session on Wednesday, resulting in a marginal decline in market capitalization to N55.87 trillion. Despite efforts to stimulate activity, the All-Share…
Fed Hawkish Tone Propels US Dollar Amidst Rate Cut Speculations
In a dynamic market landscape, the US Dollar Index (DXY) held its ground at 104.15 on Wednesday, as investors digested statements from key Federal Reserve officials, navigating through a sea…
US Dollar’s Decline Mirrors Shifting Sentiment Amid Fed Comments, Treasury Yield Movement
The US Dollar (USD) experienced a notable decline, marked by the DXY falling to 104.20, amidst a backdrop of evolving market dynamics shaped by Federal Reserve comments and fluctuations in…
Oil Market Needs $14trn In Investment- OPEC’s Secretary General
In a compelling revelation at the India Energy Week in Goa, OPEC’s Secretary General, Haitham al-Ghais, underscored the imperative of investing $14 trillion into the global oil market over the…