Author: Julius Alagbe

Nigeria’s Gross External Reserves Climb to $41.7bn –CBN Data Nigeria’s gross external reserves surged further to $41.698 billion, according to updated FX data released by the Central Bank, with data from the commodity market showing Bonny surged to $68.56 per barrel. The country’s foreign reserves maintained an uptrend amidst intermittent US dollar sales to authorised dealers and banks to support the naira at the official currency market. The gross balance of this amount was last seen in May 2021, according to data obtained from the Apex Bank. The economy has seen successive inflows from exporters and remittances from abroad. Analysts…

Naira Breaks Psychological Barrier, Trades Below N1500/USD The naira has successfully broken a new psychological barrier in FX market, closing below N1500 per US dollar at the Nigerian Foreign Exchange Market (NFEM). The local currency has continued to claw back against the US dollar due to sufficient US dollar liquidity in the forex market. Official spot rate touched intraday low of N1493 per dollar, according to FX update from the Central Bank of Nigeria (CBN) platform on Monday. Some corporate transactions were closed at intraday high of N1502 per dollar. Inflows from exporters, foreign portfolio investors who are ready to…

Nigerian Exchange ASI Climbs on Soft Intraday Rally The Nigerian Exchange (NGX) All-share index (ASI) climbed on the back of a soft intraday rally on Monday. The local stock market posted huge gain last week despite last minute profit taking activities on some stocks. Investors have beginning to return to their positions and stockbrokers anticipate the Nigerian Index will likely break the next psychological barriers when Tier-1 banks release their earnings scorecard for first half. Meanwhile, stock analysts said the stock market direction will be influenced by the release of Nigeria’s inflation data for August. By consensus, consumer price index…

Nigeria Eurobonds Yield Tracks Below 8% on Bargain Hunting Foreign portfolio investors (FPIs) ramped up Nigeria’s sovereign U.S. dollar-denominated bonds at the international market amidst Federal Reserve rates cut expectations. Last week, the Nigerian sovereign Eurobond segment closed the week on a positive note, buoyed by strong investor sentiment across the curve. The Nigeria US dollar priced bonds offer approximately eight percent return per annum on investment ahead of inflation data release on Monday. The amount is twice the yield on 10-year U.S Treasury note, similar to other African issuers Eurobonds papers. Investment banking firm Cowry Asset Limited told investor…

FX Inflow, CBN Interventions Raise Naira Exchange Rate Hope Relatively healthy foreign exchange inflows and Central Bank of Nigeria (CBN) interventions at the official market have continued to keep the naira on track to bear the next barrier. The hope that the naira will break the psychological barrier of N1500 is improving. based on trading data. The local currency traded briefly below the psychological level of N1500 per dollar last week as the authority continued to fund the liquidity gap in the forex market. A slew of analysts predict the naira will keep the momentum in the short term, though…

Academy Press Slides by 7% Ahead of Annual Meeting Academy Press share price declined by 7.3% due to negative investors’ sentiment ahead of its annual general meeting. Trading data from the Nigerian Exchange (NGX) revealed that the company’s share price closed at N8.85 on Friday, down from N9.55 at the beginning of the week. The price slump occurred on the first trading session as the company traded against bullish momentum experience in the local bourse with four days of gaining streaks. The Nigerian Exchange valued Academy Press Plc. 756 million shares outstanding at N6.690 billion, trading at significant discount to…

FX Majors Ride on Weak U.S Dollar Ahead of Fed Decision Forex majors, which are currencies of leading economies, gained strength as the U.S. dollar weakened in anticipation of possible interest rate cuts by the Federal Reserve in the upcoming week. In the recently concluded week, the US dollar fell against its major trading pairs in the foreign exchange markets in reaction to weak economic data. The U.S. stirs the global trade structure with new tariffs on key partners and other nations with back-and-forth discussions. While tariff deals have been closed, the markets have seen significant adjustment to dollar holdings.…

Pound Steadies at $1.35 as U.K Rates Cut Confidence Cracks Ahead of the Bank of England (BoE) interest rates decision next week, the British pound held near $1.35, little changed from last week’s levels, after fresh data signalled a weak start to the third quarter. UK gross domestic product (GDP) stagnated in July as expected, but industrial production unexpectedly fell 0.9%, suggesting that tax hikes and tariffs are weighing on households and businesses. The release comes as Chancellor of the Exchequer Rachel Reeves prepares to announce further tax increases in November to plug a new multibillion-pound budget gap. The Bank…

South African Rand Trades at Highest Value in 10-Month The South African rand traded around 17.35 per U.S. dollar, close to its highest since early November 2024, largely supported by a rally in precious metals, with gold prices hitting new highs. The market experienced broad dollar weakness following an unimpressive consumer price index figure.The US dollar index (DXY) ended the week poorly following the below consensus US jobs data. Based on its latest sovereign rating note, Fitch affirmed South Africa’s rating at BB and maintained stable outlook on the country’s outlook. Ratings analysts said South African’s fully flexible exchange-rate regime,…

Sokoto, Kebbi Superhighway to Gulp N3 Trillion –Umahi The Minister of Works, Sen. David Umahi, says Sokoto and Kebbi states axis of superhighway project will engulf about N3 trillion. Umahi disclosed this on Friday when he inspected the 40 kilometres section 1A cleared on the ongoing superhighway project along Silame Local Government Area of Sokoto State. He dispelled the rumors that President Bola Tinubu’s administration had neglected Northwest in the execution of projects across the country. ”The legacy highway projects are part of the Renewed Hope Agenda, designed to improve road network and train service connectivity across the six geopolitical…