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E-Financial

Naira Steady Ahead of CBN Rate Decision

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by Lukman Otunuga, Research Analyst at FXTM

 

The Naira has witnessed stability against the Dollar this week, as the combination of central bank intervention and rising commodity prices supported the local currency.

 

The upcoming trading week will offer investors fresh insight into the health of Nigeria’s economy, with both the interest rate decision and GDP data scheduled for release. Further signs that Africa’s largest economy is building momentum will not only support bullish sentiment, but will also boost expectations of the Central Bank of Nigeria cutting interest rates in H2. The IMF has predicted Nigeria will grow at 2.1% in 2018 and it will be interesting to see if the nation is able to exceed this projection.

 

Carney strikes down hawks, Lira trades sideways

Buying sentiment towards the British Pound deteriorated sharply yesterday, after dovish comments from Bank of England’s Governor Mark Carney heavily diluted expectations of an interest rate hike in May.

 

Carney’s cautious tone and his acknowledgement of recent “mixed” economic data, planted a seed of doubt among investors that the central bank will take action next month. With inflation cooling, retail sales disappointing and a dovish Carney entering the scene, Sterling bulls could be in trouble. The probability of a rate hike in May plunged to below 50% (down from 70% before Carney spoke) and this continues to punish the currency. Sensitivity to monetary policy speculation is likely to remain a key fundamental theme impacting the British Pound. If market expectations continue to deteriorate over higher U.K interest rates, Sterling could be exposed to further downside risks.

 

Taking a look at the technical picture, this has been a terribly bearish week for the GBPUSD, with prices trading around 1.4060 as of writing. Previous support at 1.4100 could transform into a dynamic resistance that encourages a decline lower towards 1.4000. If bulls are able to push prices back above 1.4100, the next key level of interest will be 1.4230.

 

Turkish Lira takes a breather

It has certainly been a positive trading week for the Lira, as a surprise announcement of snap elections in Turkey boosted appetite for the currency.

 

President Tayyip Erdogan called an early election for24 June,creatinga sense of optimism among investors thatpolitical stability would increase. The main risk event for the Lira next week will be the Central Bank of the Republic of Turkey’s (CBRT) monetary policy meeting. There is speculation over a potential rate hike in April,following Erdogan’s call for early presidential and parliamentary polls. The Lira could receive further support if the CBRT raises interest rates.

 

From a technical standpoint, the USDTRY remains under pressure on the daily charts, with prices trading around 4.05 as of writing. A failure of bulls to secure a daily close above 4.05 could result in a decline towards the 4.00 level. Alternatively, a weekly close above 4.05 could inspire bulls to challenge 4.10.

 

Commodity spotlight – Gold

Gold depreciated on Friday as easing geopolitical tensions and hopes of higher U.S interest rates dented appetite for the yellow metal.

 

The yellow metal continues to be driven by conflicting fundamental themes and this is reflected in the price action witnessed over recent weeks. While bulls remain inspired by geopolitics, lingering trade war fears and U.S political risk, bears have found support in the form of rising U.S rate hike expectations.

 

Gold is likely to remain a battleground for bulls and bears until a fresh directional catalyst is brought into the picture. Taking a look at the technical picture, prices could challenge $1360 if bulls are able to keep above $1340. Alternatively, a breakdown below $1340 may result in a decline towards $1324.

 


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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