Author: Julius Alagbe

Nigeria’s Foreign Reserves Climb to $46 billion, CBN Says Nigeria’s foreign reserves surged past $46 billion, Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said at a forum. Cardoso, who was represented by the Deputy Governor of the Economic Policy Directorate, Dr. Muhammad Abdullahi, disclosed this at the opening of the Monetary Policy Department’s 20th anniversary colloquium at the CBN headquarters in Abuja He said it was the first time the country had reached such a level since 2018, adding that the number could cover over 10 months of imports. According to the deputy governor, lending rates may…

Reps Move to End Oil Revenue Leakages, Strengthen Export Oversight  The House of Representatives (Reps) Ad-hoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds says Nigeria is at a critical economic crossroads. The committee said it said that there was therefore the urgent need to plug massive revenue leakages undermining national development. The Chairman of the committee, Rep. Seyi Sowunmi (LP-Lagos) said this at the opening of a capacity-building workshop on Pre-Shipment Inspection and Non-Remittance of Crude Oil Proceeds in Abuja on Tuesday. Sowunmi said that though for decades, crude oil had been the primary export…

NEM Insurance Settles N30.54 Billion in Claims in Q3 NEM Insurance says it has paid claims totalling N30.54 billion as of third quarter of 2025, representing a 105 per cent increase over the N14.94 billion paid in the corresponding period of 2024. The company in a statement on Tuesday, said this underscored its commitment to prompt claims settlement. In a review of the interim financials, the statement said that the underwriter also showed substantial operational improvements year-on-year. It noted that insurance revenue rose sharply to N107.44 billion in the third quarter of the current year, up from N69.52 billion in…

Global Stock Market Sell-Off Deepens Amid AI Worries UK stocks have fallen sharply as the global sell-off deepens amid worries about an ongoing artificial intelligence (AI) spending splurge. London’s FTSE 100 fell by around 100 points, down about 1 per cent, shortly after markets opened on Tuesday. European stock markets also sank into the red in early trading, with Germany’s Dax down around 1 per cent and France’s Cac 40 tumbling by about 1.5 per cent. This followed another day of losses in the U.S. and a bruising session for Asian stock markets overnight, with Japan’s Nikkei 225 dropping by…

The naira lost ₦5.60 per US dollar transaction at the Nigerian foreign exchange market to close at ₦1,448.0304 as demand pressures linger.

Fitch Affirms Angola at ‘B-‘ with Stable Outlook Fitch Ratings has affirmed Angola’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a stable outlook. Ratings analysts stated that Angola’s ratings reflect weak governance indicators, high inflation relative to peers, high levels of foreign-currency-denominated government debt and one of the highest commodity dependences among Fitch-rated sovereigns. These constraints are balanced by current account surpluses and international reserves above peer medians, which provide some buffer against lower oil prices and still-low concessional financing, it added. Fitch analysts expect Angola’s current account surplus to narrow to 1.4% of GDP in 2025, 0.6%…

Equities Investors Lose N1.17trn in Fresh Stock Market Rout Equities investors trading highs and lows in the Nigerian Exchange (NGX) platform lost more than N1.17 trillion on Monday in a fresh stock market rout following an unimpressive outing last week. The huge loss came despite the addition of 1.96 billion ordinary shares of Chams Holding via private placement, suggesting the market daily loss was much more . Last week, the Nigerian Exchange shrank by N1.5 trillion due to selloffs triggered by a new capital gains tax policy. The market, however, rebounded but failed to cover the initial loss. In the…

Fidelity Bank Gross Earnings Increased by 46% to N748.7bn Fidelity Bank Plc has recorded a gross earning of N748.7 billion for the half-year ended 30 June 2025, representing a 46% growth from N512.9 billion recorded in the equivalent period in 2024, HI’24. Highlights of the financial results, which was uploaded on the Nigerian Exchange Limited, NGX shows that the bank delivered robust results across key financial metrics. The bank’s net Interest Income rose to N420.4 billion, compared to N326.4 billion in H1’24; and customer deposits expanded to N7.2 trillion, from N5.9 trillion in full year, FY 2024. Similarly, the bank’s…

The total US dollar volume that flowed into Nigeria’s foreign exchange (FX) market sank by more than 25% week on week….

Presco Sets to Pay Interim Dividend amidst Rights Issue Presco will be paying an interim dividend to shareholders this week amidst an ongoing rights issue. Following a bumper earnings harvest in the third quarter, the company board of directors approved N10 as an interim dividend payable to shareholders on November 21. “An interim dividend of N10.00 for every share of 50k held, subject to appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, 7 November 2025,” Presco told the Nigerian Exchange last month.…