Author: Julius Alagbe

Oil Prices Fall as US-Iran Nuclear Talks Continue Oil prices fell in the global commodity market on Thursday as nuclear talks between the US and Iran is scheduled to continue Friday, while US stockpile data pointed to sluggish demand. International benchmark Brent crude decreased by around 1.2%, trading at $63.45 per barrel, down from $64.22 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 1.2%, settling at $60.48 per barrel, compared to $61.23 in the prior session. The fifth round of Iran-US talks over Tehran’s nuclear program will take place in Rome on Friday,…

CBN Allots N655bn OMO Bills to Market Participants The Central Bank of Nigeria (CBN) allotted N655 billion in open market operation (OMO) bills to market participants at the primary market auction conducted to refinance N1.14 trillion in maturing bills. At the primary market auction, the CBN offered N500.0 billion across two long-end maturities, attracting strong demand, with the bid-to-offer ratio printing at 1.5x—reflecting healthy appetite for naira assets. MarketForces Africa reported that OMO bills worth N1.14 trillion matured on Tuesday, and the monetary authority chose to refinance part of the amount via fresh issuance at the main auction on Tuesday.…

GCR Upgrades MTN Nigeria Ratings Outlook to Stable African-focused rating agency GCR Ratings has affirmed the national scale long-term and short-term issuer ratings of AAA (NG) and A1+(NG), respectively, accorded to MTN Nigeria Communications Plc. Concurrently, GCR has affirmed the national scale long-term issue rating of AAA (NG) accorded to each of MTN Nigeria Communications Plc’s existing senior unsecured bond issues. The outlook on the ratings has been revised to stable from negative. GCR said the affirmation of MTN Nigeria Communications Plc’s ratings and change in outlook to stable (from negative) reflects its return to profitability following two years of…

CBN Cuts Interest Rate on 1-Year Nigerian Treasury Bills The Central Bank of Nigeria (CBN) slashes the interest rate on one year treasury bills paper allotted to investors by seven basis points, detail from its midweek primary market auction result has revealed. At the main auction on Wednesday, the CBN offered bills worth N500.0 billion across standard maturities: 91-day, 182-day, and 364-day maturities to investors for subscriptions. The monetary authority opened 91-day bills worth N50 billion, 182-day bills worth N100 billion, and 364-day bills totaling N350 billion for investors’ subscription in competitive bids. Investors’ appetite remained strong as total subscriptions…

Naira Rallies as Foreign Reserves Keep Uptrend The naira strengthened to N1584 against the US dollar at the Nigerian foreign exchange market (NFEM) as foreign reserves continue to rise. The exchange rate trend was positive, supported by sufficient US dollar volume and an apparent slowdown in corporate demand. Meanwhile, the local currency depreciated at the parallel market by 0.31% to N1,625 per greenback, while the FMDQ FX rate appreciated by 0.33% to N1,582.82. The exchange rate improved further on Wednesday, buoyed by ample liquidity and reduced market volatility. Intraday trading saw the USD/NGN pair range between $/₦1,582.50 and $/₦1,590.00, with…

Nigerian Exchange Lost N70bn over Selloffs in Tier-1 Banks Sell pressures on Tier-1 banks dragged the Nigerian Exchange (NGX) market capitalisation downward by N70 billion. The local bourse recorded negative price movement in First Holdco, Zenith Bank, UBA, and Access Holdings Plc, including mid-cap stocks. Decliners include OANDO (-4.76%), ACCESSCORP (-4.17%), INTBREW (-3.06%), FCMB (-2.11%), UNILEVER (-2.02%), FIDELITYBK (-1.84%), UBA (-1.74%), FIRSTHOLDCO (-1.21%), WAPCO (-0.94%), UCAP (-0.79%), STERLINGNG (-0.50%), and ZENITHBANK (-0.21%). As a result of profit-taking activities, key market performance indicators dropped by 0.10%, while year-to-date return moderated to 6.50%. The negative market reaction followed Apex Bank’s decision to…

Naira Steadies as FX Reserves Rise in Absence of Dollar Scarcity The Nigerian local currency, the naira, traded on a relatively steady note against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday as the Central Bank of Nigeria (CBN) showed a spot rate of N1598.68 per greenback. The exchange rate appreciated over the last week due to sufficient dollar liquidity at the official window, while analysts said they noticed reduced demand for foreign currency last week. However, at the parallel market, the naira weakened by 0.62% to close at N1,625 per greenback on the back of…

MTN, ACCESS Drag Nigerian Stock Market Cap Down to N68.95trn With sell pressures in MTN Nigeria and Access Holdings Plc and other decliners, the Nigerian Exchange (NGX) equities investors’ combined wealth reduced by about N8 billion to close at N68.95 trillion on Monday, trading details revealed. According to a stockbrokers, the Nigerian bourse opened the week on a negative note as prices of some stock went south due to profit-taking activities that dragged key market performance indicators lower by 0.01%. Stockbrokers attributed the Nigerian bourse downturn to profit-taking activities in some blue-chip stocks, such as MTNN, ACCESSCORP, and others. Access…

MTN, Transcorp Hotels Trigger Intraday Loss in Stock Market Equities investors exiting positions in MTN Nigeria, Transcorp Hotels, and banking stocks are currently dragging the Nigerian Exchange (NGX) All-Share Index lower, according to intraday trading data. Trading details revealed that Transcorp Hotels has already lost its maximum allowable daily price limit of 10% due to sell pressures. The stock had blazed through a series of 52-week highs as investors anticipated better earnings in the second quarter of 2025. Wema Bank’s share price was N3.55 above its rights offer, which is expected to close this week. But sell-side actor weak sentiment…

Rates Swing as Banks Take Out N1.4trn from CBN Facility The short-term benchmark interest rates climbed, albeit slowly, in the money market as the amount of liquidity in the financial system depressed further. Extending the previous week’s tight funding profile, the banking system experienced a funding shortfall that kept the liquidity level in negative note in the money market. Afrinvest Limited said in an update that this shortfall was largely driven by N1.4 trillion ejection through the standing deposit facility of the Central Bank of Nigeria. Some market analysts highlighted that interbank market rates fluctuated last week but eased on…