Author: Julius Alagbe

US Dollar Declines in FX Market Ahead of FOMC The US dollar fell against its major trading partners in the forex market on Monday as attention turned to the Federal Open Market Committee meeting scheduled for Wednesday. For today, the dollar is weak with the risk mood leaning towards the softer side. S&P 500 futures are down 0.7%, and that’s seeing the dollar down across the board. The CME’s Fed Watch tool shows a 96.9% chance being priced in that the FOMC will hold its target range for its federal funds rate at 4.25% to 4.50% and a 3.1% chance…

Unity Bank Launches GenFi, Targets Teens with Gamified Banking Platform In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills. The launch follows a report by the Central Bank of Nigeria, which found that only 38% of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education. GenFi, therefore, aims to reverse this trend by offering young users the platform to manage money…

CBN to Offer N550bln Treasury Bills for Subscription The Central Bank of Nigeria (CBN) will open Nigeria treasury bills worth N550 billion for subscription at the primary market auctionn (PMA) scheduled for Wednesday. The offer, which includes 91-day, 182-day, and 364-day maturities, has been projected to attract strong investors’ attention, reflecting sustained demand for the naira assets. However, analysts are projecting spot rates to taper further after a significant decline in the amount the authority allotted to investors while discount rates were tightened. In April, the CBN raised N1.14 trillion, translating to a 59.64% monthly reduction compared with treasury bills…

Rates Diverge as Banks Deposit Surplus Funds with CBN The short-term benchmark interest rates diverged as excess liquidity in the financial system closed at about N1.25 trillion last week. Despite a bucket of outflows, liquidity levels in the financial system remained strong as banks dumped N4.94 trillion at the Central Bank of Nigeria’s (CBN) standing lending facility (SDF). By depositing excess funds in the window, local deposit money banks effectively removed liquidity from the banking system, as those funds are no longer available for lending or other purposes. In April, average daily liquidity balance reached N885.3 billion surplus, which translated…

Nigeria’s Private Sector Output Growth Hits 15-Month High –PMI Reflecting growth, Nigeria’s private sector activity hit a 15-month high in April, according to Stanbic IBTC Purchasing Manager Index (PMI) released by S&P Global. The report said the start of the second quarter of 2025 saw a further improvement in business conditions among Nigerian companies amid strengthening customer demand and growth of output. Nigerian firms ramped up their purchasing activity and took on extra staff, but this expansion of capacity was not sufficient to prevent a build-up of backlogs of work. Meanwhile, inflationary pressures ticked up from March but remained muted…

Equities Investors See N152bn Gain as NGX Rebounds Equities investors saw about N152 billion gain as the Nigerian Exchange (NGX) rebounded on Friday. The local bourse closed the week on a positive note, pushing the market performance indicators higher by 0.23%. The modest rebound was largely driven by bargain hunting in large and mid-cap stocks such as NAHCO, CADBURY, PRESCO, and others, as investors continued to respond to the Q1’2025 financial results released by listed companies. Stockbrokers reported that the market’s recovery effectively reversed the losses recorded in the previous trading sessions prior to the Worker’s Day holiday. The Nigerian Exchange…

Naira Depreciates by 0.34% against US Dollar in FX Market The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Spot FX data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49. This represents a 0.34 percent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1. The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at N1,599.95, N1,599.71, and N1,596.69, respectively. The local currency, which…

Nigeria’s Future Lies in Industrialisation – Adesina Dr Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria must industrialise rapidly to compete globally and lift millions out of poverty by 2050. Adesina in a statement on Thursday, made the call while delivering a keynote address at the 20th anniversary dinner of Chapel Hill Denham in Lagos. Adesina lamented Nigeria’s economic decline over the decades, with current per capita income lower than it was at independence. He warned that Nigeria’s slow growth and high poverty levels posed a major challenge to Africa’s development, as the country remained the continent’s…

Nigerian Exchange Drops by N81bn as Investors Exit Positions The Nigerian Exchange (NGX) market capitalisation reduced by more than N81 billion on Wednesday as investors exited positions in some listed stocks. The local bourse ended the trading session on a bearish note on Wednesday, with data showing that key market performance indicators declined by 0.12% each. Despite a positive market breadth, the overall market sentiment was weighed down by sell pressure in some key stocks, such as CADBURY, DANGSUGAR, GTCO, and others. The downward movement reflected cautious investor sentiment amid lingering uncertainty. This marks the second consecutive session of losses,…

Naira Stabilises Around N1600, FX Spread Sinks to N10 The naira exchange rate gravitated around N1600 in the foreign exchange market as the central bank continued to monitors forex market dynamics with the intention to protect the local currency. Exchange rate volatility reduced in the week, thanks to the CBN’s sustained FX intervention sales to local banks and two times OMO bill auctions at a higher rate to attract foreign investors. This kept the rate stable, underpinned by healthy liquidity levels and a moderate increase in foreign exchange demand, analysts at AIICO Capital Limited said. The US dollar – naira…