Author: Julius Alagbe

Tinubu’s Reforms Spark Industrial Hope – Onafowokan The managing director of Coleman Wires and Cables, Mr. George Onafowokan, has praised President Bola Tinubu’s economic reforms for laying a foundation for industrial growth. In a statement on Sunday, Onafowokan described Nigeria’s macroeconomic environment since 2023 as turbulent but necessary for future stability. He highlighted fuel subsidy removal, exchange rate unification, and interest rate hikes as difficult but essential steps to reset a struggling economy. “For businesses, it has been tough. However, with a stronger naira, rising foreign inflows, and easing inflation, recovery is clearly underway,” he said. He noted that manufacturers…

Nigerian Bonds Yield Declines Ahead of Inflation, Auction The benchmark yield on Nigerian government bonds eased as optimism over key macroeconomic indicators fueled increased demand for the naira asset in the secondary market. Investors increased their bets on Nigerian bonds ahead of inflation data for the month of May. In their separate commentary notes, investment firms projected headline inflation to ease further. Local investors increased demand for bonds ahead of the Debt Management Office (DMO) monthly auction and the release of the consumer price index by the statistics office in the new week. The bonds market traded on a subdued…

Naira Halts Momentum as Nigeria’s FX Treasury Decline The naira pulled back in the forex market on Friday due to sharp demand for US dollars at the Nigeria foreign exchange market for payments. According to data obtained from the Central Bank, the exchange rate depreciated by N10 to N1549.35 in the official window from N1539.72 at the previous close. The forex market experienced some sort of US dollar demand shock after 9 days of gaining streaks against the greenback. The Central Bank spent $580 million to defend the naira last month, and there were inflows from other sources, including exporters’…

NGX Index Sees Sharp Intraday Gain on Stanbic, BUA Rally Fresh bargain hunting in Stanbic IBTC, BUA Cement, and Transcorp Plc pushes the Nigerian Exchange (NGX) all-share index higher strongly during the intraday trading session on Friday. The equities market is breaking new highs, according to stockbrokers who expressed the view that the exchange is more likely to close in the green given the strong intraday rally. The market records a significant push up across key performance indicators on investors’ appetite for some heavyweight stocks across key indexes. At midday, the NGX All Share Index recorded a gain of 0.67%,…

Oil Prices Rise Sharply as Israel Strikes Iran Oil prices soared, up by more than seven percent on the day following Israel’s strike on Iran, increasing fears of supply disruptions in the oil-rich region. The market reacted to unexpected Israeli attack on Iranian targets, hence the price of Brent crude surged 7.4%, reaching $74.49 a barrel, up from $69.65 at the previous session’s close. At the same time, the price of West Texas Intermediate (WTI) crude also climbed sharply, rising 7.86% to $73.39 a barrel. Oil prices surged, hitting their highest in almost five months after the unilateral attacks, dramatically…

NGX Index Rises as Transcorp, Oando Drive Intraday Rally The Nigerian Exchange (NGX) All-Share Index is on the rise during the intraday trading session, thanks to increased demand for Transcorp Plc and Oando shares in the local bourse. Investors are taking positions in some banking names as well, with Jaiz Bank leading the pack at the time of the report. Oando stays on the recovery line, and United Capital experiences positive price movement. The bargain hunting has persisted, and stockbrokers anticipate the local bourse will continue to break new heights ahead of inflation data. At midday, the NGX All-Share Index…

US Energy Agency Upgrades Brent Price Forecast for 2025 The US Energy Information Administration (EIA) has slightly revised up its 2025 Brent crude oil price forecast, despite the expectations of rising global inventories. Average Brent crude oil price for this year is expected to be $65.97 per barrel, up from the previous forecast of $65.85, according to the EIA’s Short- Term Energy Outlook (STEO) released late Tuesday. The outlook for West Texas Intermediate (WTI) crude has also been revised up, from $61.81 to $62.33 per barrel. The EIA’s “June 2025 Short-Term Energy Outlook Report” indicated a fourth consecutive month of…

Naira Gains N13 as Offshore Inflows Boost Optimism in FX Market The naira rose sharply against the US dollar at the Nigerian foreign exchange market over sustained investor confidence and market optimism following the latest round of offshore FX inflows. Foreign portfolio investors participated strongly in the rounds of open market operations conducted last week, where the Apex Bank issued N600 billion in OMO bills twice. The authority sells OMO bills to offshore investors at relatively higher yields to boost dollar supply. According to spot data obtained from the Central Bank of Nigeria (CBN) FX platform, the naira appreciated N13…

AIICO Targets N14bn Profit for Nine Months Operation One of Nigeria’s top insurance companies, AIICO Plc, has forecasted N14 billion as net profit for 9 months of financial year 2025, details from its regulatory filing on the Nigerian Exchange (NGX) revealed.  The company disclosed that 2025 projections is made based on seasonal trends of premium receipt with a consideration of actual premium receipt for the month of January 2025, while 2024 is actual premium cash flows. AIICO Insurance added that its earnings forecast was prepared using IFRS 17, the new insurance reporting format. AIICO Insurance estimated that its gross written…

US Dollar Rises in FX Market on Trade Talks Optimism The dollar rose against its major trading partners early Tuesday, ahead of a light data release day on US-China trade talk optimism, which fuels sentiment across markets. Earlier Tuesday, the National Federation for Independent Business reported that small business sentiment improved modestly but that uncertainty remains. Taxes were cited as the largest problem by 18% of respondents, above labour quality and inflation for the first time since December 2020. Weekly Redbook same-store sales are due to be released. Federal Reserve officials are in their ‘quiet period’ ahead of the next…