Author: Julius Alagbe

Money Market Rates Ease as Foreign Inflow Boost Liquidity Money market rates moderated as inflows from foreign portfolio investors (FPIs) cushioned the impact of the N1.2 trillion OMO auction settlement. The financial system liquidity opened at N199.60 billion, representing a decline of 28% on the day from N278.74 billion brought forward. Offshore investors that brought hard currency into the market and additional inflows from Treasury bill maturities net off from midweek primary market helped the funding profile to reflate after the cash reserves debited against banks in the recent past week. The liquidity level increased following additional inflows of N140…

CBN Cuts Treasury Bills Rates Sharply, Rejects N1trn Subscription The Central Bank of Nigeria (CBN) has slashed spot rates on Nigerian Treasury bills across standard maturities to sizes, reflecting a shift away from previous trends. At the primary auction, the Debt Management Office (DMO), on behalf of the monetary policy authority, offered ₦250 billion across 91-day, 182-day, and 364-day tenors. Demand was strong, with ₦1.329 trillion in bids recorded as investors showed preference for duration. Despite the huge subscription level, the DMO allotted Treasury bills worth ₦201.817 billion to investors. The CBN offered N100 billion worth of Nigerian Treasury bills…

CBN Sells N1.25trn OMO Bills at Reduced Interest Rate The Central Bank of Nigeria (CBN) floated a primary market auction on Wednesday where it allotted OMO bills worth N1.25 trillion to successful investors, foreign and local, at a lower interest rate of 21.99%. As part of an effort to manage excess liquidity in the financial system, the CBN offered investors the opportunity to pile up cash on N600 billion worth of OMO bills. via competitive bids. Details of CBN open market operations showed that the authority opened an offer for 272-day maturity bills worth N300 billion and 363-day maturity bills…

Bitcoin Slips in Attempt to Break $110k, Ethereum High on Rally Bitcoin (BTC-USD) pulled back in the global cryptocurrency market amidst a fresh attempt to break $110,000 resistance on Wednesday. Retail investors sideways trading activities have continued to fuel price fluctuations across crypto exchanges. Data showed that Bitcoin was trading in the $109,000 range on Wednesday with a mild pullback below the current price level in the last 24 hours. In a surprise turn of events, Ethereum (ETH-USD) has finally pushed above the critical $2,600 level after weeks of range-bound trading, marking a potential turning point in its price structure.…

NGX Expands to N77trn as Equities Investors Gain N212bn The Nigerian Exchange (NGX) expanded to approximately N77 trillion on Wednesday as equities investors gained about N212 billion as bargain hunting persisted for six days straight. Key performance indicators surged by 28 basis points as the local bourse extended its bullish momentum. Year-to-date return inched higher to 18.5% following six consecutive upswings. A number of stockbrokers explained that the sustained rally was largely driven by strong buying interest across stocks in the major market sectors, particularly the financial and industrial sectors. The market index increased by 335.74 basis points to close…

EIA Upgrades Brent Price Forecast for 2025 by $2.90 The United States (U.S.) Energy Information Administration (EIA) has revised its 2025 Brent crude oil price forecast upward, citing increased geopolitical risk as a key driver. The average Brent crude oil price for this year is projected at $68.89 per barrel, up by over $2.90 from the previous month’s estimate of $65.97, according to the EIA’s Short-Term Energy Outlook (STEO) released late Tuesday. The EIA attributes the revision to a notable rise in geopolitical risk premiums following Israel’s June 13 attacks on multiple nuclear and military sites, as well as civilian…

Foreign Investors Rotate Out of Nigerian Eurobond as Sentiment Shifts Foreign portfolio investors (FPIs) reduced their exposure to Nigerian Eurobonds in the international market as risk-off sentiment triggered by renewed threats from US tariffs pushed average yield upward. The average yield climbed by four basis points as the Nigerian Eurobond market closed on a bearish note, driven by broad-based sell-offs across the short-, medium-, and long-term tenors. The market recorded increased demand for Nigerian Eurobonds maturing in NOV-2025, reflecting the current sentiment and portfolio rebalancing around short-duration assets. The average yield on the Nigerian sovereign US dollar-denominated bond rose by…

Nigerian Treasury Bill Yield Drops to 19.4% Ahead of Auction The average yield on Nigerian Treasury bill (NTB) shrank by 46 basis points to 19.4% in the secondary market due to rising demand from fixed interest income investors. Investors were seen accumulating Treasury bill papers at the long (-89 bps) and mid (-21 bps) segments, causing average yields to trend lower to settle at 19.43%. In a note, analysts at Cordros Capital Limited report that the average yield contracted across the curve. At the short end, yield eased by a basis point due to demand for Nigerian Treasury bills maturing…

Naira Falls as Market Anticipates Debit Cards Will Fuel FX Demand The Nigerian naira fell against the US dollar in the foreign exchange market (forex) on Tuesday as demand overwhelmed the supply side for the first time in weeks. The Central Bank of Nigeria (CBN) quoted the official rate at N1529.22 per dollar, representing a moderate depreciation from N1528.33 the previous day. A growing number of analysts have said the reactivation of naira debit cards for cross-border payments will fuel demand for foreign currencies, especially the dollar. A slew of investment banking analysts said they hope the authority can accommodate…

WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge Nigeria, through the Nigerian Communications Commission (NCC), has won the 2025 World Summit on the Information Society (WSIS) prize for its project, the Digital Awareness Programme (DAP), under Category C3, which is on Access to Information and Knowledge. The DAP, one of hundreds of projects submitted for the WSIS Prizes competition 2025, received the highest number of votes in its category, earning it the top honour. The programme equips secondary schools across the country with Information and Communication Technology (ICT) resources and provide internet connectivity to…