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- Naira Tumbles as Interbank FX Turnover Drops by 43%
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Author: Julius Alagbe
Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.
PenCom Chief Expects Pension Assets to Hit N22trn Omolola Oloworaran, the Director-General (DG) of the National Pension Commission (PenCom), says the commission is projected to close the year with over N22 trillion in pension assets. Oloworaran said this at a press conference in Abuja on Thursday. The conference, with the theme “Tech-driven Transformation Shaping the Pension Landscape”, showcased PenCom’s strategic commitment to innovation. According to the D-G, as at October the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion. She said that the numbers reflected PenCom’s unwavering commitment to fund safety, prudent…
Dual-listed Seplat Energy Plc has completed the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, according to a regulatory filing posted on the Nigerian Exchange (NGX).
Access Bank Plc has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited, according to an official statement.
The naira rate plunged against the dominant U.S. dollar in the official wndow as data showed that FX turnover at the Nigerian autonomous foreign exchange market (NAFEM) fell by 14%.
Liquidity: Banks Raise N1.54Trn from CBN to Fund Operations Some of the Nigerian banks that were liquidity stressed raised N1.28 trillion from the Standing Lending Facility (SLF) of the Central Bank (CBN) to meet funding requirements. Liquidity levels in the money market plunged following the settlement of the OMO auction conducted by the CBN on Monday. The debits for primary market auction sales have been major drivers of outflows from the system. Banks have been investing heavily in government borrowing instruments on the back of an elevated yield in the fixed income market. The inflows and outflows relating to these…
Gov. Monday Okpebholo of Edo on Tuesday presented N605.7 billion budget estimates to Edo House of Assembly for the 2025 fiscal year, representing a 25 percent increase from the 2024 budget.
The US dollar rose against its major trading partners early Tuesday ahead of the release of sales and consumer inflation
Nigeria’s Bonds Yields Steady on Quiet Trading The average benchmark yield on Nigerian government bonds steadied in the secondary market due to inactivity. The local bond market experienced a lacklustre session, with minimal trading activity observed in the mid- and long-dated securities ahead of inflation data. The statistics office would release inflation figure for Nov in a couple of days, with market expectations revealing a further uptick. Nigeria’s inflation rate accelerated to 33.88% after two times of disinflation, which was upturned by an increase in the price of petroleum in the second half of the year. Yields on FGN bonds…
Geregu Power Plc has forecasted to achieve a net profit margin of 18.6% in the first quarter of the financial year 2025
Nigeria’s government revenue target underperformed by more than 35% in the first eight months of fiscal year 2024, according to a macro note from Afrinvest Limited.