Author: Julius Alagbe

US Dollar Rises Ahead of FOMC Announcement The US dollar rose against its major trading partners early Wednesday as the focus turns to the Federal Open Market Committee’s post-meeting announcement and Federal Reserve Chairman Jerome Powell’s press conference. There is a 99% chance being priced in for the federal funds rate range to remain at the current 4.25% to 4.50%, according to the CME FedWatch, and a only a 1% chance of a 25 basis point reduction to a range of 4% to 4.25%. A quick summary of foreign exchange activity heading into Wednesday showed that USDEUR fell to 1.0901…

Most Governments Not Well Prepared to Prevent, Address Illicit Trade – TRACIT Most governments are not well prepared to prevent and address illicit trade, according to a 2025 Illicit Trade Index report launched by the Transnational Alliance to Combat Illicit Trade (TRACIT), ranking 158 countries on their national resilience against the global menace. The index was launched during a special session of the First OECD Forum on Countering Illicit Trade, which brought together stakeholders committed to preserving the integrity of the rules-based international trading system. This landmark event addressed one of the most pressing challenges to global trade: the emerging…

Dangote to Build 6Mta Cement Plant , Largest Sea Port in Ogun State Africa’s foremost Industrialist and President of the Dangote Industries Limited, Aliko Dangote, has disclose his plan to build in Ogun State, a multi-billion-dollar Seaport, which will be the largest in Nigeria. He also said two new lines with a capacity of 6.0 million metric tons per annum for the cement plant is being constructed at Itori Addressing the Ogun State Executive Council led by the Governor, Prince Dapo Abiodun during a courtesy visit, to the governor in his office at Oke-Mosan, Abeokuta, Dangote said he has decided…

Benchmark Yield on Nigerian Bonds Rises to 18.47% The benchmark yield increased as investors’ trimmed interest in Nigerian government bonds in the secondary market amidst an inflation rate slowdown announcement. The latest rebased Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) showed that headline inflation slowed for the second consecutive month, easing to 23.18% year-on-year in February, down from 24.48% in January. Following the release of inflation data, the local bond market remained bearish, with offers concentrated around the midpoints on Monday. Trading activity was primarily focused on the February 2031s, May 2033s, and February 2034…

Banking Deficit Keeps Money Market Rates Elevated Deficit balance in the banking system kept money market rates elevated in the absence of significant inflows. The financial system stay in negative territory despite inflows from FGN bond coupon payments at the beginning of the week. Banks borrowing spree has heightened, with local lenders taking funds from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to augment liquidity demand. Some cash-rich lenders are seen demanding higher rates to part with their funds. Elevated short-term benchmark interest rates impacted banks’ costs of funds, and a basis for pricing financial institutions customers’…

DMO to Open N300bn Bonds for Subscription The Nigerian Debt Management Office (DMO) has revealed plan to raise N300 billion from two difference local bonds with 5, and 9 years maturity at the monthly auction schedule for next week Monday. Fixed income market trading activities have been heated up lately with surging demand for naira assets. Demand for bonds and other fixed-interest securities gained steam as the inflation rate fell below the benchmark interest rate last month. The development created another risk as analysts warned that lower yields on government borrowing instruments could trigger capital outflow from the market, and,…

Central Bank Defends Naira with $360m in 5-Day The exchange rate stabilised in the FX market as the Central Bank of Nigeria, CBN, defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar. For most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.  This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved. On Friday, the naira rebounded against the dominant foreign currency, the…

Money Market Rates Soar as Banking Deficit Expands Money market rates remained elevated, reflecting tight liquidity condition in the financial system. The short-term interest rates benchmark advanced sharply over active demand for funds by local banks. The surge in banking deficit kept rate above 32% in the absence of significant inflows. Funding pressure started with Nigerian Treasury bills auction settlement, and earlier last week, the Central Bank sterilised huge amount relating to its pending cash reserves activity. Pattern revealed that the short term benchmark interest rates remained elevated for most part of the week despite inflows from FGN coupon payment. The…

Oil prices increased week on week amidst uncertainties, and the US brokered peace talks between Russia and Ukraine with the OPEC gradual crude output surge.

GTCO Recovers after Investors Price Block Trade GTCO climbs slightly in the equities segment of the Nigerian Exchange after the financial giant was priced at N61 in a 13 million block trade on Thursday. At the close of trading session, its market price declined to N60.5, and during the intraday session, its market price has recovered. Data from the Nigerian Exchange showed that financial services company’s share price has inched higher to N61 after it slumped in the previous day. A total of 26,685,418 shares of GTCO were traded in the local bourse with price slipping to N60.5 from N61.6.…