E-Financial
Doha Failure Sparks Market Jitters- FXTM

An undeniable feeling of disappointed engulfed the global markets during trading on Monday following the unsuccessful Doha meeting on Sunday which erased any remaining credibility OPEC had to offer.
Despite Iran’s absence in the meeting, expectations were high for a freeze deal to be struck, but the visible dispute between Saudi Arabia and Iran sabotaged all efforts consequently causing WTI crude to plunge more than 5%. While realistically the effects of an output freeze would have had a minimal impact on the supply glut, even a symbolic gesture from OPEC to deal with the oversupply could have boosted optimism for future deals.
This string of events almost suggests that the major players in the cartel had no real intention of curbing production, but simply exploited the explosive levels of volatility to manufacture speculative boosts in prices based on false expectations.
Sentiment remains bearish towards oil, and with market participants losing hope in the ability of OPEC to work together in battling the excessive oversupply in the markets; bearish investors have been provided a platform to install another round of selling.
The last time oil prices sunk to the 13 year lows of $26.20 in February, oil producers felt the pinch and prices may need to trade back below $25 for desperation to kick in which could force a real output deal to be struck.
With the fundamentals of an unrelenting oversupply in the markets still present and concerns that demand may be waning, WTI crude remains heavily depressed.
Expectations are rapidly fading over the cartel working together and this should leave prices vulnerable in the short and medium term.
From a technical standpoint, the steep decline experienced in Monday’s session could provide enough momentum for WTI crude to trade back towards $38.
Stock Markets Sink
Global stock markets tumbled during trading on Monday following the disappointing Doha meeting that renewed a wave of risk aversion, consequently limiting investor risk appetite.
Asian markets were at the mercy of the meeting’s failure with previous gains relinquished as a re-established appetite for the safe-haven Japanese Yen dragged the Nikkei -3.4% lower. The bearish contagion from Asia ventured into Europe and may likely affect America as investors frantically scattered away from riskier assets to safe-havens.
With concerns over the state of the global economy already elevated, this Doha disappointment adds to the horrible mix of events that have periodically eroded global sentiment.
Oil prices may be poised for further declines as the markets drown in the oversupply and this should expose stock markets to more pain.
ECB Press Conference Looms
The Eurozone continues to be trapped in an ongoing battle with very low inflation levels, while tepid economic growth in Europe has left the European Central bank under noticeable pressure to take further action.
A catalytic combination of falling commodity prices and eroding global growth have obstructed the ECB’s 2% inflation targets with the central bank possibly trimming inflation forecasts once again amid the ongoing global woes. Sentiment remains bearish towards Europe and with the International Monetary Fund slashing Eurozone growth forecasts it seems likely that the ECB may unleash further stimulus measures to jumpstart growth.
A short period of Dollar appreciation may have created a higher low on the EURUSD at 1.1250 which could potentially offer an opportunity for bullish investors to install another round of buying momentum.
This pair remains remarkably bullish and the paradigm shift that has seen investors flock to the EUR, amid risk aversion, could act as an attribute which ensures that prices remain buoyed. From a technical standpoint, prices are trading back towards the daily 20 SMA while the MACD has crossed to the downside.
A breakout above 1.1300 could invite a further incline towards 1.140, on the condition that the 1.1250 support defends.
Commodity Spotlight – Gold
Gold bulls were offered a welcome boost following the Doha disappointment which renewed a wave of risk aversion and consequently encouraged investors to flock to safe-haven investments.
Despite the sharp declines in prices last week, the current change of developments coupled with ongoing concerns over slowing global growth could provide a foundation for bullish investors to install a fresh round of buying.
With ongoing Dollar vulnerability acting as the final ingredient for bulls to take the front seat once again, a solid break above $1240 should clear a path towards $1250.
From a technical standpoint, prices are trading above the daily 20 SMA while the MACD has crossed to the upside.
Potential resistance at $1240 could transform into a dynamic support for a drive up towards $1250.
Lukman Otunuga is a Research Analyst at FXTM
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
E-Financial
Fidelity Bank to Empower 100 SMEs Across Nigeria with Digital Tools

As part of its unwavering commitment to digitally transform Nigeria’s small and medium-scale enterprises (SMEs), leading financial institution Fidelity Bank is set to empower entrepreneurs across the country with cutting-edge digital tools designed to streamline operations, boost productivity, and drive sustainable growth.
Through the Fidelity SME Empowerment Program (FSEP), the bank will equip 100 growth-ready entrepreneurs with a comprehensive digital toolkit that includes: a POS desktop system, access to ERPRev software, receipt printer & barcode scanner; inventory & management tools. business training and support; free fidelity pos with branding and onboarding assistance
Interested entrepreneurs can apply via: https://bit.ly/SMEEmpowermentprogram2025
Commenting on the initiative, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, stated:
“Studies have shown the exponential growth SMEs can achieve through digitalisation. As Nigeria’s leading SME partner, we are walking the talk by providing free digital toolkits to our customers. This aligns with our mission to help individuals grow, businesses thrive, and economies prosper.”
Fidelity Bank’s dedication to SME development is reflected in its broader vision of fostering economic inclusivity and building a resilient business ecosystem nationwide.
As part of its World SME Day 2025 celebrations, the bank granted free access to its renowned SME Hub in Gbagada, Lagos, and hosted a special mentoring session for female entrepreneurs led by CEO Dr. Nneka Onyeali-Ikpe. These efforts complement its regular masterclasses and ongoing support for small businesses and creatives.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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