Author: Julius Alagbe

CBN Defends Naira with $186m, Forward Rates Climb Forward FX contracts appreciated as the market continues to price in the Central Bank of Nigeria (CBN) intervention sales into future exchange rate at the official window. With growing external reserves, currency market analysts have maintained a positive outlook on the naira exchange rate, anchored on the CBN’s stance to continue with liquidity support. The Central Bank of Nigeria (CBN) sold US dollar to authorised dealer banks below the official rate to boost the supply side, and redirected the naira exchange rate. Last week, the CBN sold $186 million to boost the…

Nigerian Exchange Drops to N91.29trn as Investors Lose N128bn With year-to-date return trailing 40%, Stockholders lost N128 billion in the Nigerian Exchange (NGX) trading platform due to extended negative sentiment. The seller market has been affected by sentiment, resulting in negative performance in November amidst a sequence of developments, including distortion from the new capital gains tax and interest rate decision. Key performance indices declined as market closed negative for three out of five trading sessions. All-Share Index closed at 143,519.81 points, down 0.14% week-on-week, as the market continued to feel the weight of intensified profit-taking. Stockbrokers said investors are…

Tinubu Lauds Nigeria’s Election into International Maritime Council President Bola Tinubu has hailed Nigeria’s election to the International Maritime Organisation (IMO) Council, describing it as a strong endorsement of the nation’s maritime leadership. ‎Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement issued on Saturday in Abuja. Nigeria was re-elected into Category C of the IMO Council for the 2026–2027 biennium during the organisation’s General Assembly in London on Friday, ending a 14-year absence. ‎Tinubu said the outcome reflects global confidence in Nigeria’s commitment to maritime safety, security, environmental protection, and adherence to internationally accepted standards governing global shipping…

Zenith Bank Sees Slight Gain on Huge Trading Volume Nigeria’s tier-1 lender, Zenith Bank Plc, ticked higher to N60 per share amidst increased market activities, reflecting investors’ positive expectations. The bank share opened the trading session at N59.75, reflecting about 36% upside potential from equities analysts’ updated target price. According to data obtained from the Nigerian Exchange, the share price of Zenith Bank rose to N60 on Friday close as 15.065 million units of the company valued at N908.044 million exchanged ownership. Transaction volumes were heavy due to block trades fuelled by strategic investors taking positions ahead of fourth quarter…

Equities Investors Gain N179bn as Nigerian Bourse Rally Equities investors gained about N179 billion in a last-moment rally on the Nigerian Exchange (NGX) platform on Friday. The positive price movement boosted the NGX market capitalisation, and lifted the year-to-date return. The local bourse closed positive, with key market performance indicators appreciating by 0.20%. The All-Share Index added 281.30 basis points in today’s trading session to close at 143,520.53. The stock market capitalisation expanded by ₦178.91 billion, representing a growth of 0.20%, settling at ₦91.28 trillion. The uptick was propelled by renewed buying interest in medium and large cap stocks with…

T-Bills Yield Flattish with High Interest Rate Chasing Disinflation The average yield on Nigerian Treasury bills (NTB) was relatively flattish due to mixed trading activities in the secondary market on Thursday. The portfolio rebalancing efforts have neutral impacts on the yield curve, though there were notable adjustments across durations. Investors’ interest in the naira assets surged after the monetary authority kept the benchmark interest rate unchanged at 27%, chasing Nigeria’s 16.05% inflation rate. The decision kept real return on fixed interest securities at about 11%, signal deliberate efforts to make Nigerian debt capital market attractive, though at costs of the…

Pound Firmer Against Dollar, Euro Amidst UK Budget Leak The British pound traded firmer, rising against both the euro and the US dollar after Chancellor Rachel Reeves delivered the Autumn Budget without any major surprises due to an early leak. Before the finance minister’s presentation, the markets were already in possession of the key budget figures, which sparked an immediate reaction with GBP trading majors – the US dollar, and Euro experienced immediate selloffs. In her presentation, Reeves explained plans to address a £20 billion shortfall in the public finances. The statement was overshadowed early on by the OBR leak…

ECA Strengthens Kenya’s Capacity to curb Profit Shifting The Economic Commission for Africa (ECA), in collaboration with the Kenya Revenue Authority (KRA), convened a national workshop to strengthen Kenya’s capacity to curb profit shifting by multinational enterprises and enhance domestic resource mobilisation. The two-day workshop is part of ECA’s ongoing study on tax leakages in Kenya and Uganda, which examines how profit shifting occurs, estimates tax losses, and proposes targeted policy reforms. Opening the workshop, ECA representatives stressed that illicit financial flows, unproductive tax incentives and aggressive profit-shifting practices continue to erode Africa’s fiscal space and undermine progress toward the…

GCR Affirms Fidelity Bank Plc’s A/A1 Ratings, Outlook Stable GCR Ratings has affirmed Fidelity Bank Plc’s national scale long-term and short-term Issuer ratings of A (NG) and A1 (NG), respectively, with a stable outlook In its rating note, GCR also said the ratings affirmation was underpinned by Fidelity Bank’s stable financial profile and domestic market position. However, these strengths were partly offset by a decline in the regulatory capital adequacy ratio as of 30 June 2025, stemming from the expiration of the regulatory forbearance, the ratings analysts added. GCR acknowledged that Fidelity Bank has a strong domestic franchise, being the…

Equity Investors Lose N444bn as Nigerian Exchange Retreats Equity investors lost N444 billion as Nigerian Exchange (NGX) key performance indicators retreated on Wednesday due to renewed selloffs.  Trading activities ended in a bloodbath that plunged the stock market year to date return, reflecting investors’ downbeat sentiment. With market wide sell pressures, the All-Share Index reduced by 698.56 basis points in today’s trading session, representing a 0.49% decrease to close at 143,064.57 points. The NGX market cap lost ₦444.31 billion to close at ₦90.99 trillion. The Nigerian bourse was dragged down by investors’ profit-taking activities in AIICO, IKEJAHOTEL, STERLINGNG, CADBURY, and…