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FXTM Analysis: Markets Stabilize But Have Brexit Jitters Subsided?

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Lukman Otunuga, a research analyst at FXTM.
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Global stocks weathered the Brexit blues during trading on Wednesday with most major markets clawing back previous losses as optimism grew over central banks intervening to stabilize the post-Brexit turmoil.

Sentiment towards the global economy continues to show signs of improvement with the renewed risk appetite encouraging investors to seek riskier assets.

Asian stocks were elevated from Tuesday’s stock market rally and propelled higher on Wednesday from the growing expectations over the Bank of Japan expanding on stimulus measures.

European equities seized the positivity from Asia and surprisingly strolled back into the green territory despite the growing uncertainty over the UK’s future.

Although Wall Street could lurch higher from the bullish momentum borrowed from Europe, questions may be asked if this stock market rally is just another dead cat bounce.

While more short term gains in stocks may be realized as speculations risetowards the central banks mitigating the turmoil in the financial markets, the fundamentals which have been dragging prices lower have not changed whatsoever.

Fears over diminishing global growth may weigh on global sentiment, while the Brexit woes could leave most central banks cautious.

It should be kept in mind that overall confidence towards the global economy is fragile and this relief rally could come to an end when the risk-off trading environment motivates investors to scatter from riskier assets to safe-haven investments.

Sterling Bears On A Tea Break
The Sterling staged a slight recovery on Wednesday with the GBPUSD piercing back above 1.3350 as a combination of profit taking and easing Brexit anxieties provided a foundation for bulls for pounce.

Regardless of short term gains, the Sterling remains bearish and could be destined for further declines when the persisting uncertainty over the immeasurable impacts of a Brexit haunt investor attraction towards the currency.

Many questions remain unanswered post-Brexit, while uncertainty mounts as fears grow over the UK having no clear path to leaving the European Union.

With expectations dangerously increasing that the Bank of England could slash UK rates in the events of a Brexit fueled recession, any true recovery in the Sterling’s value may have been sabotaged.

Another sharp decline could be pending and the catalyst may be the clarity provided when the Article 50 is triggered. From a technical standpoint, the GBPUSD is heavily bearish and sellers could exploit this relief rally to send prices lower. Previous support at 1.3850 could transform into a potential resistance that invites sellers to send the GBPUSD back towards 1.3200.

EU Summits commences… without the UK
European Union leaders have begun their discussion on a range of critical global and economic issues in the summit without Britain as they search for stability post-Brexit.

The Brexit has left the Eurozone under extreme pressure with the growing concerns over other countries leaving the bloc posing one of the greatest challenges presented to European leaders.

Mario Draghi has already expressed his sadness over the Brexit victory while expectations continue to heighten that the European Central Bank takes action in a bid to reviving Eurozone growth.

Weak GDP growth and static inflation have punished the European economy and the Brexit adding to the mix weighs heavily on Eurozone sentiment. The EUR could be set for a slippery decline if the growing Brexit anxieties encourage market participants to relinquish their Euros for safer currencies such as the Dollar and Yen.

Gold finds support above $1308
Gold found minor support above $1308 during trading on Wednesday as a mixture of Dollar weakness and risk aversion from the Brexit jitters ensured the metal remained buoyed.

This precious metal remains fundamentally bullish and could be poised to trade towards $1350 as the Brexit concerns impact US rate hike expectations.

Further Dollar weakness and a flight to safe-haven safety amid the global uncertainty could provide bulls a foundation to install another heavy round of buying. From a technical standpoint, prices are trading above the daily 20 SMA while the MACD has crossed to the upside. Previous resistance around $1308-1300 could act as a dynamic support which triggers an incline towards $1350.

Lukman Otunuga, Research Analyst at FXTM


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E-Financial

Linkage Assurance Mobile app to Deepen Digital Insurance Access in Nigeria

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As part of its strategic commitment to enhance customer experience and expand digital access to insurance services, Linkage Assurance Plc has launched its new mobile application, now available for download on both iOS and Android platforms.

The Linkage Assurance App offers Nigerians a seamless, secure, and convenient way to purchase, verify, and manage motor insurance policies anytime, anywhere. With just a few taps, users can obtain genuine motor insurance certificates, renew existing policies, and access instant customer support—all from their mobile devices.

Speaking at the official launch in Lagos, Daniel Braie, managing director/CEO of Linkage Assurance Plc described the launch as a major milestone in the company’s ongoing digital transformation journey.

“Our goal is to make insurance simple, transparent, and accessible to everyone. The Linkage Assurance App demonstrates our commitment to customer-centric innovation and our vision of deepening insurance penetration through technology,” the MD/CEO stated.

The App features secure payment integration, a real-time policy management dashboard, and 24/7 customer assistance, ensuring that policyholders enjoy a smooth, convenient, and trustworthy digital experience.

While the current version focuses on motor insurance, the company noted that plans are already underway to expand the App’s functionality to include other product lines—such as general, retail, and corporate insurance solutions—in future updates.

Industry observers note that the rollout of the Linkage Assurance App highlights the growing importance of digital innovation in Nigeria’s insurance sector, as firms adapt to evolving customer expectations and the need for speed, convenience, and accessibility in financial services.

The company emphasized that the App will not only enhance convenience for existing customers but also help attract new users, particularly among younger, tech-savvy Nigerians who prefer mobile-enabled financial solutions.

Consumers the Company noted can now download the Linkage Assurance App from the Google Play Store or Apple App Store to experience a smarter and more convenient way to stay insured.

Linkage Assurance Plc is one of Nigeria’s leading insurance companies, providing innovative risk management and financial protection solutions across motor, fire, marine, engineering, agriculture, general business, oil & gas, and other specialized lines.

The company remains committed to delivering excellent customer service, digital innovation, and sustainable value creation for all stakeholders. AM Best, a global credit rating agency, has assigned Linkage Assurance Plc a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating.

 


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Fidelity Bank reaffirms commitment to youth development, national pride, and community building through Gymfest 2.0

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L-R: Head Coach, Tee Tumblers Gymnastics Club & Lagos State Gymnastics Club, Patrick Umoh; CEO, Tee Tumblers Gymnastics Club and Co-founder, Gymfest Championship 2.0, Yoyin Akpose; Creative Coach, Gymfest Championship 2.0, Oyegbata Chinedu; and Gymfest Program Coordinator, Faith Oaikhiena; flanked by some participants during the Gymfest Championship 2.0 sponsored by Fidelity Bank Plc and held in Lagos, recently.
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Fidelity Bank Plc, leading financial institution, has reiterated its commitment to youth empowerment by serving as the headline sponsor of Gymfest Championship 2.0.

The competition, which held in Lagos over the weekend, drew remarkable participation from children aged 3 to 12years who competed across levels 1 through 7., Gymfest 2.0 brought together gymnasts, parents, clubs, schools, and sponsors, all united by a shared vision to nurture young gymnastic talent across the country.

Speaking at the event, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, explained that the support for gymnastics is part of the bank’s broader vision to invest in platforms that empower young Nigerians to unlock their full potential and pursue greatness with intention.

“At Fidelity Bank, we believe sports are a powerful tool for transformation. They instill discipline, sharpen focus, and foster teamwork; qualities that shape character and build strong communities. These same values drive innovation, leadership, and national development.

“As headline sponsor of Gymfest, we are proud to support an initiative that promotes physical excellence, strengthens community bonds, and inspires national pride. Gymfest is more than a competition; it motivates children to set ambitious goals and pursue them with dedication and effort,” he said.

Also speaking at the event, Founder, Tee Tumblers Gymnastics Club and Co-founder, Gymfest Championship, Yoyin Akpose, outlined the long-term vision of the initiative as one that seeks to build a thriving community of children, parents, schools, clubs, and sponsors united by a shared passion for gymnastics.

Akpose stated that, “Our aim is to make gymnastics accessible to every child with a dream, creating fully equipped centers that provide training opportunities for all levels, from Surulere to Ikorodu, Ikeja, Apapa, and beyond.”

“GYMFEST is changing the narrative by offering a structured platform for talent development, international exposure, and professional training,” Akpose added.

One of the event’s highlights was the impressive performance of Oluwatoni Pitan, who emerged as the winner and overall best gymnast in the Level 2 Vault category.

Expressing her excitement, she said,“I feel very excited because I didn’t even expect this at all. This is my first Level 2 competition, and it took me three weeks of preparation. I encourage other female gymnasts to work hard and be consistent, you never know when your opportunity will come.”

Oluwatoni also expressed her gratitude to Fidelity Bank, the organisers, and her parents for the opportunity to showcase her talents and pursue her dreams as a young athlete.

Through strategic partnerships for initiatives like GYMFEST, Fidelity Bank continues to demonstrate its dedication to empowering the next generation, driving positive change, and fostering excellence through sports development in Nigeria.

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 a 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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SERAP Demands Answers over Missing N3 Trillion in CBN Account

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Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to promptly account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.”

SERAP Demands Answers over Missing N3 Trillion in CBN Account

SERAP said the grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

SERAP urged him to “identify those responsible for the missing or diverted public funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.”

SERAP also urged him “to ensure the full recovery and return of any missing public funds to the treasury without further delay.”

In the letter dated 15 November 2025 and signed by Kolawole Oluwadare, SERAP, deputy director  the organisation said: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”

SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

According to SERAP, “These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The letter, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.”

“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”

“The CBN in 2022 failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’”

“But ‘the numbers of beneficiaries who collected the money are unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.’”

“He wants the money recovered and remitted to the treasury.”

“The CBN has also failed to recover over N784 billion [N784,410,108,864.47] ‘being 32 unpaid, overdue loans and interventions disbursed by the Bank between 2018 and May 2022.’”

“The Auditor-General said ‘there was no evidence that the Bank was doing enough to recover the loans/interventions, which ought to have been paid.’ He wants the money recovered and remitted to the treasury.”

“The CBN in 2022 also spent over N125 billion [N125,374,000,000.00] ‘on questionable intervention activities.’ The CBN claimed it spent the money ‘on intervention activities in connection with national security, the federal government, state securities, armed forces and to build the capacity of the financial sector’.”

“But the Auditor-General is concerned that the money may have been spent ‘without the approval of the National Assembly.’ There was also no document to ‘support the expenditure.’”

“The ‘expenditure also may not have been in the public interest and consistent with the objectives of the CBN in section 2 of the CBN Act.’ The Auditor-General fears the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”

“The CBN in 2022 also ‘unjustifiably’ spent over N1 billion [N1,792,769,160.00] to buy 43 operational vehicles for the Nigeria Immigration Service (NIS). The ‘spending is unjustified because there is no connection with buying operational vehicles for the NIS and the objectives of the CBN as stated in section 2 of the CBN Act.”

“The NIS also ‘failed to provide any evidence to show that the vehicles were actually supplied and delivered.’ There ‘were also no procurement and payment records or documents.’ The Auditor-General fears the money may have been ‘diverted’. He wants the money recovered and remitted to the treasury.”

“The CBN also awarded 43 contracts for over N189 billion [N189,50,066,756.73] but ‘the contractors deliberately delayed completion of these contracts’ by seeking ‘extension of the completion period.’”

“The contractors then ‘requested for variation of contracts due to extension of completion period.’ Following the request, the CBN paid the contractors over N9 billion [N9,270,849,691.61] ‘irregular variation of contract price.’”

“There ‘were no relevant procurement documents such as contract files, procurement records, and payment vouchers’ for the payment. The Auditor-General fears ‘the money may have been diverted’ and the projects may have been abandoned.’ He wants the money recovered and remitted to the treasury.”

“The Katsina state branch of the CBN also failed to recover over N90 million [N90,163,610.00] being ‘outstanding loans and interventions disbursed to 33 small and medium enterprises during Covid 19 in 2020.’”

“The Auditor-General fears ‘the money may have been ‘diverted’ or ‘mismanaged’. He wants the money recovered and remitted to the treasury.”

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”

“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”

“Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”

“Paragraph 3112(ii) of the Financial Regulations 2009 provides: ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the EFCC or the ICPC.’”

“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”


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