Author: Julius Alagbe

AfDB Cuts Nigeria’s GDP Growth, Cites Reduced US, China Demand Nigeria’s economy is projected to grow at a slower pace, with its real Gross Domestic Product (GDP) growth at 3.2 percent in 2025 and 3.1 percent in 2026. The African Development Bank (AfDB) made these projections in its 2025 African Economic Outlook released on Tuesday at its ongoing 2025 Annual Meetings in Abidjan, Côte d’Ivoire. According to the report, the projections mark a downward revision from earlier projections by the bank. The AfDB said that the slowdown was mainly due to reduced demand from key trading partners like the United…

Nigerian Treasury, OMO Bills Rally, Yields Shrink The Nigerian Treasury and OMO bills rallied in the secondary market, causing a shift in the yield curve amidst fresh open market operations (OMO) auction offers by the Central Bank. The CBN was in the market to mop up N600 billion across two mid-tenor offers. Subscription was heavy as banks and foreign portfolio investors parked huge amounts into the open market operation instrument. The Debt Management Office was also in the market to raise N300 billion from two reopening bonds maturing in 2029 and 2033. Amidst tepid subscription levels, the authority cut rates…

CBN Allots Fresh OMO Bills to Banks, Foreign Investors Nigeria’s Central Bank (CBN) issued a huge amount of an open market operations (OMO) bills to local and foreign portfolio investors at the primary market auction conducted on Monday. The auction was announced to redirect rates and liquidity movement in the money market on fear that N984.22 billion in inflows from maturing OMO bills on Tuesday would trigger excess cash in the banking system. The Apex Bank opened ₦600 billion worth of OMO bills to eligible market participants—banks and foreign portfolio investors. The auction was well received ahead of fresh maturities…

Naira Rallies as Exporters Flood Forex Market with Dollars The naira rallied against the US dollar in the official forex market as data revealed that exporters’ inflows drove liquidity. FX spot data from the Central Bank showed the exchange rate closed at N1579.40 at the Nigerian foreign exchange market, from N1580.44. The local currency experienced an all week rally against the greenback last week, supported by $190 million in FX intervention sales. Hence, the naira appreciated for the second consecutive week in a row, gaining 1.14% against the US dollar in the official spot market, closing at N1,580.44. Foreign investors’…

Airtel Flags 9.6m Potential Spam Messages in Two Months Airtel Nigeria, a telecommunications service provider, says that its AI-powered Spam Alert Service has issued over 9.6 million spam alerts between March 13 and May 20, 2025. Airtel Nigeria said this in a statement on Monday in Lagos. It said that as part of its ongoing commitment to protecting customers from unwanted and potentially fraudulent communications, Airtel designed the AI Spam Alert service to analyse traffic patterns and detect anomalies. It noted that the AI had identified 9,667,008 SMS as potential spam messages in the two months of its launch. According…

Excess Banking System Liquidity Lower Funding Rates Funding rates eased in the absence of pressures in the money market due to sufficient liquidity levels in the financial system. Banks with liquidity deficiency were able to access funding from the Apex Bank borrowing window, while cash-rich local lenders sterilised funds at the deposit facility. In spite of the mixed activities, the interbank liquidity remained ample and largely stable, and the market anticipates rates will ease in the new week, barring the Central Bank’s liquidity mop-up actions. Briefly, the banking system’s liquidity tightened as there was a substantial outflow of ₦2.5 trillion…

FirstHoldco Reaches N1.05trn Amidst Low Dividend Payment FirstHoldco Plc’s market value reached N1.051 trillion as shareholders approved the payment of a 60 kobo dividend per share for 2024 – the lowest among its immediate rivals in the tier-1 banking category. The bank shareholders approved 60 kobo per share at the annual general meeting last week on a stock price of N25.1, an amount that is the lowest offer compared with GTCO, Zenith Bank, and other rivals. Its chairman, Femi Otedola, announced that personal investment in the holdings has reached N320 billion – a company that is worth N1.05 trillion in…

Nigeria’s Top 5 Banks Market Value Falls Below N8 Trillion The combined market value of Nigeria’s top five big banks fell below N8 trillion in the stock market due to profit-taking activities that dragged the index lower last week. The top lenders’ combined equities market capitalisation settled at N7.952 trillion on Friday, trading data from the Nigerian Exchange (NGX) revealed. According to data obtained from the local bourse, the tier-1 bank category lost more than N86 billion as three out of five member banks experienced sell pressures. These banks reported strong earnings performance in the first quarter of 2025, except…

Naira Strengthens on FX Intervention, Dealing Banks Get $190m The Nigerian naira rose against the US dollar in the official window as the Central Bank strengthened market supply with FX intervention sales to authorised dealer deposit money banks. The exchange rate closed at N1580 in the official window of the Central Bank of Nigeria in an all-week positive movement supported by sufficient dollar supply. Hence, the naira appreciated by 1.14% to close at N1,580.44 per dollar amid improved supply and steady market activity. Early in the week, the CBN intervened with a total of $190.4 million, Lagos-based investment firm AIICO…

MTN Nigeria Sheds N168bn amidst Offshore Investors Dealings Telecommunication company MTN Nigeria Plc.’s market value declined by about N168 billion in the equities segment of the Nigerian Exchange (NGX) amidst buckets of buy ratings from equities analysts. The telecom company’s share price declined by less than 3% to close at N270 on Friday as investors traded 15.872 million units valued at N4.298 billion in the market. Due to activities of sell-side actors in the local bourse, MTN Nigeria’s share price declined by N8 week on week, having opened at N278 at the beginning of the trading sessions last week. According…