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Bitcoin Hits $60K First Time in 2-Year Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new U.S. spot bitcoin exchange-traded products fuelled a 42% price rally in February, which would mark its largest monthly gain since December 2020. Bitcoin was last up 6% […]

Nigeria Gets 60% Afreximbank Energy Sector Funding – Oramah The African Export-Import Bank (Afreximbank), says Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa. The Afreximbank said it has been able to make modest contributions in the oil and gas sector […]

Firm Explains Impacts of Interest Rate Hike in the Market The Central Bank of Nigeria’s (CBN) monetary policy committee hiked the rate by 4% to 22.75% is expected to have impacts across the financial markets. A slew of analysts think the increase could be an overkill to the economy struggling to survive. The rate tightening […]

Is a New Bitcoin All-Time High in Sight? Bitcoin surpassed $59,000 in price on Wednesday, and it could hit a new all-time high within weeks, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations. The bullish prediction from deVere Group’s Nigel Green comes as the pioneer of […]

Oil Prices Decline as Market Reacts to US Stockpile Oil prices fell further on midweek due to larger-than-expected crude inventory build in the US, signalling a demand drop in the world’s biggest oil consumer. The latest data from the American Petroleum Institute (API) shows that the US crude oil inventory increased by 8.43MMbbls last week. […]

Nestle Nigeria Posts N104.03bn Pretax Loss Nestle Nigeria Plc posted more than N104 billion loss before tax in 2023, details from its audited financial statement for 2023 showed. The latest loss which damaged the consumer goods company earnings came as a result of large foreign currency liabilities. There was a significant increase in revenue in […]

Yield on Nigerian TBills Slides to 16.05% -MarketNews The average yield on Nigerian Treasury bills declined marginally as the market reacted to an interest rate hike by the Central Bank of Nigeria (CBN). The decision to increase the benchmark interest rate provoked buying interest in the secondary despite tightened liquidity levels. Consequently, the overnight lending […]

Banks’ Increase Demand for Liquidity Drive Rates North Nigerian deposit money banks’ sustained demand for liquidity boost drove interbank borrowing rates higher in the money market amidst fast-changing market dynamics. The banks borrowed N1.4 trillion from standing lending facility of the Central Bank of Nigeria (CBN) on Friday. After its conclusion of its bimonthly policy […]

Naira Skids as CBN Releases Information on Shadow FX Flows The Naira experienced a major decline in purchasing power at the official market as US dollar supply tracked below FX demand by eligible users in the autonomous market. The siuation in the forex market remains unimpressive depsite multiple effort of the monetary authority to stabilise […]

Members of the Economic Community of West African States (ECOWAS) Parliament should emerge through election conducted directly for such purpose other than being selected from member states Assemblies, a Nigerian lawmaker, Sen. Tolu Odebiyi, has advised. Odebiyi, who is also a member of ECOWAS Parliament, gave the advice in a chat with journalists in Abuja […]