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Nigeria PMI’s Under the Radar, Bitcoin Rallies

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By Lukman Otunuga, FXTM Research Analyst,

The major risk event for the Nigerian economy will be the Manufacturing and Non-Manufacturing PMI reports for March that are being released on Wednesday and which should offer fresh insight into the health of the nation’s economy.

Manufacturing PMI is projected to rise to 57.6 in March, while Non-Manufacturing will rise to 59.0 during the same month. A steady expansion in both PMI reports is likely to boost confidence over Nigeria’s economic recovery as the second quarter of 2019 gets underway.

Bitcoin back in the limelight as prices surge above $5000

Bitcoin was one of the main talking points across financial markets today after suddenly climbing to its highest level since November 2018 above $5000.

While sudden and explosive swings are nothing new in the world of cryptocurrency, Bitcoin has certainly struggled for direction in recent months as investors evaluated the possibility of its adoption by the mainstream. Although the reason behind Bitcoin’s aggressive 23% jump remains a mystery, it does suggest that bulls could be back in town. In regards to the technical picture, BTCUSD turned bullish on the daily charts after prices rallied from $4200 to just above $5100. With prices trading above the 200 Simple Moving Average and the MACD trading to the upside, lagging indicators suggest that Bitcoin has the potential to push higher. A solid daily close above $5000 will be needed to seal the deal for bulls. Alternatively, if $5000 proves to be a reliable resistance, Bitcoin has scope to retest $4500.

Currency spotlight – GBPUSD

Sterling remained bruised and depressed on Tuesday after UK lawmakers rejected all alternative Brexit options for a second time.

This unfavorable development has created another element of uncertainty and confusion over Brexit at a time where investors are desperately seeking clarity. The United Kingdom now has until April 12 to either seek a longer extension from the EU, agree on an alternative Brexit plan or leave the EU without a deal in place. Market fears of the UK crashing out of the EU with no deal is likely to weigh heavily on the Pound and this was reflected in the GBPUSD.

Taking a look at the technical picture, the GBPUSD is coming under pressure on the weekly charts. A breakdown below 1.3000 is seen opening a path lower towards the 1.2890 regions.

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USDZAR hovers above 14.14

The Rand entered the second quarter of 2019 on a firm footing after Moody’s delayed its credit rate decision on South Africa. Positive data from the United States and China also supported appetite for emerging market currencies, with the Rand falling into this category.

Although the local currency weakened on Tuesday, this has more to do with an appreciating Dollar rather than a change in overall sentiment. If risk sentiment continues to improve on easing global growth fears and domestic data shows signs of stabilizing, the Rand has the potential appreciate against the Dollar.

In regards to the technical picture, the USDZAR is likely to test 14.00 if the 14.14 level is conquered.

Commodity spotlight – Gold

An appreciating Dollar and improvement in risk sentiment have reduced appetite for safe-haven Gold.

Positive economic data from China and the United States has eased investor concerns over slowing global growth, with equities and riskier assets back in focus. While Gold has the potential to sink further in the near term, the medium to longer term outlook remains in favor of bulls. Geopolitical risks in the form of Brexit, uncertainty over US-China trade talks and a dovish Federal Reserve are likely to continue supporting Gold. Focusing on the technical picture, the precious metal is likely to test $1280 in the near term. For bulls to jump back into the game, prices need to break back above the psychological $1300 level.

 

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General News

FG Launches NERD to Combat Certificate Fraud

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Federal government has taken a significant step to enhance the integrity of Nigeria’s education system by deploying the Nigeria Education Repository and Data Bank (NERD), a national digital platform that secures, digitizes, and authenticates academic records across all tertiary institutions.

FG Launches NERD to Combat Certificate Fraud

Forgery

Maruf Tunji Alausa, minister of Education, unveiled the initiative during the National Capacity Building Programme for institutional representatives, underscoring NERD’s importance as a critical national infrastructure for safeguarding academic credentials and strengthening education data governance.

“NERD is essential to our reform agenda under the leadership of President Bola Ahmed Tinubu,”  Alausa stated.

“It ensures reliable digital preservation and verification of academic records, which is vital for maintaining the credibility of our education system.”

According to Alausa, in the brief span of four months since its implementation, NERD has made remarkable progress, successfully preserving nearly 100,000 digital student submissions and integrating over 250 tertiary institutions.

The platform has also enrolled more than 133,000 students and 6,800 lecturers, significantly enhancing the academic record-keeping process.

Alausa highlighted that the initiative is a proactive measure against certificate fraud, noting recent investigations that revealed cases involving fraudulent foreign credentials procured from unaccredited institutions.

This underscores the urgency of protecting the integrity of academic qualifications in Nigeria.

Furthermore, the Ministry announced that participation in the NERD system will soon become a prerequisite for either participation in or exemption from the National Youth Service Corps scheme, reinforcing the initiative’s impact on the educational landscape.

The Federal Government remains committed to building a transparent, digitally verifiable, and globally respected education system, ensuring that the integrity of academic records is upheld across the nation.


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Goodnews Naija Launches ‘Building in Nigeria’ Series on Entrepreneurs, Real Sector Builders

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Goodnews Naija Podcast, a digital platform dedicated to highlighting positive, uplifting stories and innovations from Nigeria, has launched Building in Nigeria, a documentary-style series aimed at spotlighting entrepreneurs and businesses contributing to economic activity and job creation across the country.

The series explores the realities of running and scaling businesses in Nigeria, featuring founders, operators, and innovators across sectors including manufacturing, services, agriculture, and sustainability.

Through interviews and on-ground visuals from workshops, markets, factories, and small offices, the programme examines the operational discipline, challenges, and execution processes required to build viable enterprises in a complex business environment.

Damilola Kehinde, host of the series, said the programme focuses on entrepreneurs whose contributions to economic progress often receive limited visibility.

According to the producer, Memunat Oladepo, the series seeks to move beyond surface narratives by providing practical insights into how Nigerian businesses are started, sustained, and grown despite infrastructure gaps, funding constraints, and market volatility.

The organisers said Building in Nigeria is targeted at entrepreneurs, investors, and policy-interested audiences seeking grounded perspectives on enterprise development in the country.

The first season is scheduled to premiere on March 11, 2026, across Goodnews Naija’s YouTube channel, social media platforms, and podcast platforms, where it recorded over 24 hours of viewership within the first day of release.

 

 


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FCCPC Bans Lagos ‘No Refund’ Policy, Vows Fines and Shutdowns for Traders

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Federal Competition and Consumer Protection Commission (FCCPC) has warned Lagos traders against enforcing the unlawful “no return, no refund” policy, declaring it illegal under the Federal Competition and Consumer Protection Act (FCCPA) 2018.

FCCPC Bans Lagos 'No Refund' Policy, Vows Fines and Shutdowns for Traders

FCCPC

Dr Olubunmi Otti, FCCPC Southwest Zonal Coordinator, issued the directive during the inauguration of new executives of the Phone and Allied Products Dealers Association (PAPDA) on Wednesday, stressing consumer education as the strongest defence against market exploitation.

“There is no such thing as ‘no return, no refund’. If a product does not fulfil its intended purpose, the consumer has the right to return it,” Otti declared, adding the commission mediates complaints for refunds, replacements, or exchanges.

Non-compliant businesses face fines, product withdrawals, seizures, prosecutions, or shutdowns. Otti noted thousands of monthly complaints via the FCCPC portal in the Southwest alone, with sensitisation expanding to Alaba Market and Trade Fair Complex.

She urged consumers: “When your rights are violated, do not just say, ‘You give it to God.’ Bring your complaints to the FCCPC. The law empowers us to protect you,” while calling for traders’ collective responsibility to ensure quality products and services.


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