Author: Julius Alagbe

Tinubu Seeks Approval for $2.34bn External Borrowing, $500m Sukuk President Bola Tinubu has written to the House of Representatives seeking the approval of plans by the Federal Government to raise 2.34 billion dollar in external capital. The fund is aimed at financing part of the 2025 budget deficit and refinancing maturing Eurobonds. The Speaker, Rep. Abba Tajudeen, read the president’s request on the floor of the house on Tuesday. Tajudeen said that the president also sought parliamentary approval for the issuance of a 500 million dollar debut sovereign Sukuk in the international capital market. He said that the request was…

OMO Bills Attracts N4.1 Trillion Subscription from Investors Foreign portfolio investors and Nigerian deposit money banks (DMBs) staked more than N4 trillion on the Central Bank of Nigeria (CBN) open market operation (OMO) bills on Monday. The Apex Bank returned to the market to mop up excess liquidity in the financial system. MarketForces Africa reported that the system was flooded with inflows that lifted liquidity to about N6 trillion last week. Seeking alternative earnings sources, banks pitched their tents at the CBN standing deposit facility to earn 24.5% amidst cash reserve refunds. The CBN conducted its first OMO bill auction…

Exchange Rate Falls as Demand for Dollar Suffocates Naira The exchange rate fell to N1,475 per US dollar at the Nigerian Foreign Exchange Market (NFEM) as a spike in US dollar demand by eligible foreign currency users suffocated the naira. The local currency has lost N15 in the last two trading sessions in the official segment, which suggests pressures may be building in the absence of FX intervention. According to data released by the Central Bank of Nigeria (CBN), the local currency closed the trading session on Monday at N1,470.2614 per dollar, depreciated from N1,465.6776 last week. The currency market…

AIICO Delivers 182% Return to Investors, Targets N20bn Profit AIICO Insurance Plc bolstered its shareholders wealth as market value surged by about 182% over positive price movement – while the company forecasted about N20bn profit for 2025. The price surge is a reflecting of AIICO Insurance shareholders confidence, and expectation that the company’s earnings stream will remain rock solid. The insurance operator’s share price increased by 5.5% to close at N4.03 on Friday amidst huge trading volume. AIICO Insurance Plc’s 36.605 billion shares outstanding on the Nigerian Exchange were valued at N147.519 billion. Investors maintain positive sentiment as the insurance…

Innovative Payment Solutions in Online Gaming The online gaming industry is evolving with the integration of advanced payment solutions. Digital payment methods like cryptocurrencies and eWallets are gaining popularity, transforming the betting and casino sectors by offering enhanced security, convenience, and efficiency for users worldwide. The rise of platforms like bonuses.com highlights how digital payment methods have revolutionized the landscape of online gaming, providing gamers with secure and efficient options. Traditional payment methods often face challenges such as security risks and transaction delays, prompting the rise of innovative solutions like cryptocurrencies and eWallets. These advancements offer players anonymity and protection…

How MTN Nigeria Survives the Tide, Boosts Shareholders’ Value by 110% Telecommunication company MTN Nigeria Plc has always been an investors’ toast until something unanticipated happened after late ex-president Muhammad Buhari transferred the baton of authority two years ago. The reformist came to the market and shook the very existence of companies in the private sector field, a development MTN Nigeria did not escape. On assuming the highest office in Nigeria, President Bola Tinubu began a reform that shook the very fabric of the Nigerian economy. Fuel subsidy was removed, and MTN Nigeria began to pay more to power its…

Bonds Yield Falls by 24bps, Market Reacts to Spot Rates Cut The Federal Government of Nigeria (FGN) bonds yield fell by 24 basis points (bps) in the secondary market last week as investors reacted to the Debt Office primary market auction result. The outcome of the main auction triggered robust demand in the secondary market, leading to notable yield contractions, particularly across the mid- to long-tenor segment of the curve. The bullish momentum carried into midweek as yields adjusted lower, but sentiment turned mixed later in the week, AIICO Capital Limited said in a note. At the same time, analysts…

CBN Allots N98bn OMO Bills to Investors Out of N3.32trn Bids The Central Bank of Nigeria (CBN) raised N98 billion from open market operation on Friday, where the authority offered N600 billion worth of bills to banks and foreign portfolio investors. Demand was significantly higher than the offer, reflecting the excess liquidity level in the banking system at the time and expanding offshore investors’ appetite for the naira assets. The CBN floated Nigerian OMO bills across three maturities: 88 days, 102 days to maturity and also floated 123-day-to-maturity papers for investors’ subscriptions. The auction was well received after weeks of…

Nigeria’s Gross External Reserves Increase to $42.407 bln Up by about $5.2 billion since July, Nigeria’s gross external reserves increased to $42.407 billion on October 2, from $42.353 billion on Sept. 30, the Central Bank confirmed in its latest update. The nation’s foreign reserves maintained an uptrend despite a series of FX intervention sales conducted by the Apex Bank to enhance the naira’s spot rate at the official currency market. Analysts said multiple developments, especially higher FX receipts from hydrocarbon revenue, exporters’ inflows and other remittances from international market is helping accretion. MarketForces Africa gathered that Dangote Refinery export revenue…

Keir Starmer UK Prime Minister to Visit India Next Week United Kingdom (UK) Prime Minister Keir Starmer will make his first official visit to India from October 8 to 9 at the invitation of Prime Minister Narendra Modi, the Ministry of External Affairs announced on Saturday. On October 9 in Mumbai, the two Prime Ministers will take stock of progress in diverse aspects of the India-UK Comprehensive Strategic Partnership in line with ‘Vision 2035’, a focussed and time bound 10-year Roadmap of programmes and initiatives in key pillars of trade and investment, technology and innovation, defence and security, climate and…