Author: Julius Alagbe

Naira Strengthens after CBN Injects $96m into FX Market The naira strengthened against the US dollar as data showed the Central Bank of Nigeria (CBN) injected more than $96 million into the official foreign exchange (FX) market last week. The CBN FX interventions lifted the US dollar volume, supported by sustained foreign investors’ confidence in the official window. The US dollar volume rose due to CBN FX interventions, backed by ongoing foreign investors’ trust in the official channel. The CBN figures show that the official window’s spot rate ended at N1529.71 per dollar on Monday, down from N1539.23 on Friday…

Algerian Economy Broadly Positive Despite High Fiscal Vulnerabilities The near-term prospects for the Algerian economy remain broadly positive despite global uncertainty, but fiscal vulnerabilities are high, the International Monetary Fund (IMF) said in an official statement following the conclusion of Article IV consultation. Moreover, the Algerian economy must focus on sustainable practices to secure its future. The IMF emphasises that for the Algerian economy to thrive, a robust fiscal strategy is crucial. Addressing the unique challenges of the Algerian economy will require careful planning and execution. Investment in various sectors of the Algerian economy is vital for achieving sustainable growth.…

Weak US Dollar Boosts Oil Demand, Brent Price Climbs Near $67 A weak US dollar boosted demand for oil in the global commodity market on Monday, with Brent hovering at about $67 while West Texas Intermediate inched near $65 per barrel. Oil prices increased during the early hours as investors sought to take advantage of last week’s declines, while a weaker US dollar supported demand. International benchmark Brent crude rose by 0.37%, trading at $66.58 per barrel, up from $66.33 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) increased by about 0.26%, reaching at $64.71 per…

FGN Bond Yield Falls to 18.4% as Thin Supply Stokes Rally The average yield on Federal Government of Nigeria (FGN) bond eased by 19 basis points to close the week at 18.4% due to bullish activities in the secondary market, a slew of fixed income market analysts said in separate notes. The local bond market opened the trading session last week on a quiet note, with minimal activity following the bond auction. The market noticed sporadic trades on the Nigerian bonds maturing in 2029, 2031, 2033, and 2053. Momentum picked up midweek after the auction results revealed strong demand and…

Nigeria’s Eurobond Yield Falls to 8.6% on Bargain Hunting Increased demand for Nigeria’s Eurobond has caused average yield to reduce by 31 basis points on the back of improved macroeconomic indicators, settling at 8.6%. Nigeria’s reforms have continued to boost offshore investors’ sentiment, supported by relatively strong yields compared with some benchmark global fixed interest securities assets. The 30-year US Treasury yield declined 0.043 percentage points to 4.846% at the close of the trading session on Friday, down for three weeks straight. Also, 10-year US Treasury yield declined 0.091 percentage point to 4.283% last week, and the price rose 23/32…

Nigeria’s Customs Chief Elected WCO Council Chairperson The Comptroller-General (C-G) of the Nigeria Customs Service (NCS), Adewale Adeniyi, has been elected as Chairperson of the World Customs Organisation (WCO) Council. The election took place during the concluding session of the 145th/146th WCO Council meeting held at the WCO Headquarters in Brussels, Belgium. NCS spokesperson Abdullahi Maiwada disclosed this in a statement on Saturday in Abuja. Adeniyi succeeds Edward Kieswetter, Commissioner of the South African Revenue Service, and becomes the first Nigerian to hold the prestigious office since the WCO’s establishment. WCO Council is the highest decision-making body in global customs…

FIRS Rewards MSME Operator with N2m, Car for Tax Compliance The Federal Inland Revenue Service (FIRS) has rewarded an MSME operator of Raw Food and Beauty Research Ltd. with N2 million and a brand-new car for outstanding tax compliance. The Executive Chairman of the FIRS, Dr Zacch Adedeji, represented by the Director, Government and Medium TaxPayers Group (GMTG), Mr Dick Irri, gave the award at the 7th National Micro, Small and Medium Enterprises (MSMEs) award in Abuja. Adedeji said that the reward was for the company’s diligent work. He highlighted the commitment of FIRS in recognising micro and small taxpayers.…

Neimeth Rises by 60.5% as Shareholders Approve Capital Raise Rated as the top performer in the Nigerian Exchange, Neimeth International Pharmaceutical Plc’s market value increased sharply due to 60.5% positive price movement recorded in the equities market. The pharmaceutical company has obtained approval to raise capital from the equities market; the signal triggered monster hunting for Neimeth in the market. The company is currently on track to reverse negative earnings performance. The pharma company share price increased to N5.94 on Friday as 10.466 million units valued at N56.207 million exchanged hands in the market, from N3.70 at the beginning…

Naira Appreciates on Huge US Dollar Turnover in FX Market The naira exchange rate appreciated at the official FX window on the back of huge US dollar turnover in the currency market. The local currency stayed on the uptrend while the external reserves dropped down to $37.3 billion, according to data from the Central Bank of Nigeria (CBN) The local currency sustained its modest appreciation in the week, supported by intermittent foreign portfolio investor (FPI) and exporter inflows. Some oil monies were noted to boost FX inflows, keeping the supply side strong despite zero intervention from the CBN. Early in…

Coleman Opens N50bn Commercial Paper for Subscriptions Coleman Technical Limited has opened up to N50 billion in commercial paper across two series for investors’ subscription, Apel Securities Limited said in its offer document. Details from the offer document showed that series three with 180-day tenor attracts a 20.66% discount rate with an implied yield of 23%. The series four commercial paper attracts 20.92% as a discount rate with an implied yield of 24.75%. The offer was opened on Wednesday in an effort to raise working capital by issuing series three and four commercial paper under its N100 billion program. The…