General News
Naira stable after CBN interest rate cut
By Lukman Otunuga, FXTM Research Analyst,
The Naira continues to experience stability despite an unexpected rate cut from the Central Bank of Nigeria earlier this week.
This is highly encouraging and suggests that the currency has scope to appreciate if macroeconomic conditions in Nigeria stabilize further. With the jump in Brent Oil prices boosting government revenues and pushing foreign exchange reserves to $44 billion, the CBN has ammunition to defend the currency. However, external risks in the form of global growth concerns and trade developments could still create headwinds for the Naira further down the road. It must be kept in mind that the Naira is not alone, as many other emerging market currencies are also feeling the pressure.
Brexit stalemate deepens as Parliament rejects all alternatives
The drama, confusion and sheer uncertainty over Brexit intensified on Wednesday evening, after British MPs rejected all eight options aimed at breaking the Brexit deadlock.
With none of the indicative votes gaining a majority, the options in moving forward are becoming increasingly limited, with speculation in the air of a general election down the line. While MPs plan to trim the list of options and vote again on Monday, the clock is ticking with the risk of a no-deal Brexit rising by the day. Although Theresa May has pledged to stand down by May 22 if MPs back her plan, it remains uncertain whether Commons Speaker John Bercow will allow her deal to be brought forward for the third time on Friday. If May’s deal is rejected once again and Parliament is unable to agree on anything, the UK could slip into a no-deal Brexit which will have severe consequences on the British Pound.
Sterling tumbled on Wednesday evening as Brexit uncertainty haunted investor attraction towards the currency. However, looking at Sterling’s overall price action, it does feel like the risk over a no-deal Brexit is underpriced. The year-to-date uptrend for GBPUSD is still intact despite the twist and turns. There have been higher highs and higher lows so far in 2019 with prices trading around 1.3162 as of writing. While the GBPUSD has the potential to challenge the 1.3300 resistance, further gains beyond this point are likely to be limited by Brexit developments.
Dollar running on borrowed time
Even as markets heed the Fed’s dovish tone and have ramped up expectations of a US rate cut as soon as September, the Dollar Index has repeatedly tried to break above the 97.0 handle.
Although the Dollar has been resilient in recent months, it may be time for bulls to throw in the towel as concerns mount over the health of the US economy. With the US Treasury yield curve inverting at the start of the week, warning lights are flashing over the largest economy in the world potentially entering a recession. These lingering fears are likely to dampen appetite for the Dollar as investors park their money elsewhere.
Should there be further confirmation of the largest economy in the world cooling or the Fed remaining firmly dovish, the Dollar may lose its grip on the throne.
Commodity spotlight – Gold
It has not been the best of trading weeks for Gold, with prices trading around $1311 as of writing. Although a stabilizing Dollar during the early parts of the week dragged the metal lower, the medium to longer-term outlook favours bulls. With global growth fears and geopolitical risks weighing on investor confidence and market sentiment, Gold will remain a destination of safety for investors. In regards to the technical picture, bulls remain in control above the psychological $1300 with a breakout above $1313 opening a path towards $1324.
Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.
Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.
EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.
As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The defendant pleaded “not guilty“ to the charges when they were read to her.
In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.
Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.
The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.
The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.
The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.
The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.
According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.
The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.
NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.
“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.
However, the observer pilot gave investigators a different version of events.
According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.
He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.
The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.
NSIB said no abnormal events were reported in the cabin before touchdown.
The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.
The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.
European Union has warned Meta Platforms Inc. that it could face a significant financial penalty unless it changes what regulators describe as the “addictive design” features of Facebook and Instagram.
The European Commission issued the warning in preliminary findings released on Friday, saying Meta had failed to sufficiently address risks posed by its platforms, particularly to children and vulnerable users.
The Commission said features such as infinite scrolling, personalised content recommendations and automatic video playback were designed in ways that encouraged excessive engagement with the platforms.
EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said protecting the physical and mental well-being of European citizens should be a priority for social media companies.
The Commission said Meta should consider introducing design changes, including disabling autoplay and infinite scrolling by default, providing effective screen-time reminders and adjusting recommendation systems to reduce the focus on maximising user engagement.
The findings were issued under the European Union’s Digital Services Act (DSA), which sets obligations for major online platforms to address risks associated with their services.
Meta, however, rejected the Commission’s conclusions, saying it disagreed with the findings but would continue engaging with European regulators.
The company said it had already implemented measures aimed at protecting younger users, including Teen Accounts that allow parents to manage screen time limits and restrict access during night hours.
The EU said its investigation, which began in 2024, found that existing time-management tools on Facebook and Instagram could easily be bypassed, while parental controls required technical knowledge that limited their effectiveness.
Regulators also expressed concerns over children’s nighttime use of the platforms and the possibility that features such as Reels and Stories could encourage compulsive behaviour.
If the Commission’s preliminary findings are confirmed, Meta could face a fine of up to six per cent of its annual global revenue under the DSA.
The warning comes as the EU steps up efforts to strengthen online safety measures for children, with an expert panel established by European Commission President Ursula von der Leyen expected to present recommendations on protecting minors online.
Several EU member states, including France, have also supported discussions on restricting social media access for children, following Australia’s decision to ban users under 16 from accessing social media platforms.
Meanwhile, the Commission is continuing a separate investigation into whether Meta’s recommendation algorithms create “rabbit hole” effects by directing users towards increasingly extreme content.
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