Jan 30th Breakfast Paper
Nigeria FX Reserves Rise to $46.1bn in January
Nigeria’s foreign exchange reserves increased to $46.11 billion in January 2026, up from $45.45 billion in December 2025, signaling a modest improvement in external buffers.
Over the long term, reserves have averaged $14.28 billion since 1960, peaking at $62.08 billion in September 2008 and falling to a record low of $63.22 million in June 1968 in Nigeria.
Markets Slide After Trump Names Warsh as Next Fed
Chair Nominee
U.S. equity markets moved lower today after President Trump announced plans to nominate Kevin Warsh as the next Federal Reserve chair. The news pushed the U.S. dollar higher, as investors viewed Warsh’s prior Fed experience and historically hawkish inflation stance as supportive of tighter policy credibility. Bond market reactions were mixed, with shorter-dated Treasuries modestly rallying while longer-term yields edged higher, reflecting concerns that Warsh could favor reducing the Fed’s balance sheet and government bond holdings.
Equity losses accelerated through the session as markets reassessed the timing and magnitude of potential rate cuts under Warsh’s leadership, pressuring rate-sensitive areas of the market. The Russell 2000 fell 1.6%, while the S&P 500 declined 0.5%. In commodities, dollar strength contributed to sharp pullbacks in precious metals, with gold down 9% and silver sliding 28%, while oil prices continued to climb, with WTI rising to $66 per barrel amid escalating U.S.–Iran geopolitical tensions.
Nigerian Equities Slip Slightly Despite Market Cap Boost from New Listings
The Nigerian equity market concluded the week on a negative note, as the NGX-ASI declined by -0.09% while Market Capitalization rose by +0.17%. The divergence in performance was driven by fresh listings, including Presco Plc’s additional 166,666,667 ordinary shares and Guaranty Trust Holding Company Plc’s 125,000,000 private placement shares offered at ₦80.00 per share.
Consequently, the All-Share Index fell by 156.91 basis points to close at 165,370.40, while Market Capitalization gained ₦184.12 billion to settle at ₦106.15 trillion. On a weekly basis, investors recorded an aggregate wealth gain of approximately ₦194 billion.
