Author: Julius Alagbe

Naira Falls against US Dollar, Official, Black Market Rates ‘Tango’ The naira fell against the dollar at the Nigerian Foreign Exchange Market (NFEM), reflecting a moderate pressure from eligible corporate FX demand. According to CBN update, the naira dipped by 38 kobo to N1535.61 per dollar to remain relatively liquid and stable amid a modest uptick in FX demand. The pressure on the local currency has eased significantly, and intraday daily movement has been relatively limited, reflecting market confidence that upstreaming greenbacks from the Nigerian market will not be difficult. Data from the CBN revealed that the naira traded within…

Funding Rates Moderated as Banks Slowdown Borrowings Funding rates moderated in the money market as deposit money banks slowed down borrowing spree from the Central Bank of Nigeria (CBN) standing lending facility. Despite the reduced pressures, liquidity levels in the financial system remained constraint in the absence of significant inflows, and Treasury bill auction. According to market report, the banking system liquidity deficit reduced to N349.20 billion after inflows from government bonds coupon. While N29.34 billion coupon payment boost liquidity, market analysts said treasury bills auction settlement will put additional pressure on the funding profile. However, the market is expecting…

Access Holdings Inches Near 52-Week High on Huge Trading Volume Access Holding Plc. has advanced closely to its highest valuation in the last 52 weeks with an increased market activity on the financial services company’s shares in the local bourse. Nigerian Exchange (NGX) trading data showed that Ticker: ACCESSCORP rose to N28.50 on Wednesday as 98.624 million units of the holdings company valued at N2.742 billion changed hands. ACCESSCORP led the activity in the stock market on Wednesday, accounting for 14.48% of the total volume of all stocks on the exchange. ACCESSCORP also emerged as the most traded stock in…

First Bank: Court Strikes Out N12.3bn Fraud Case against Oba Otudeko A Federal High Court in Lagos, on Wednesday, struck out a N12.3 billion fraud case preferred by the Economic and Financial Crimes Commission (EFCC) against Chairman of the Honeywell Group, Oba Otudeko, and others. The EFCC had in suit No. FHC/L/20C/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links…

CBN Spot FX Rate Dips Slowly as External Reserves Cross $38bn The Central Bank of Nigeria (CBN) naira official exchange rate slid against the US dollar at the foreign exchange market amidst the country’s rising external reserves. FX data update from the CBN showed that the exchange rate depreciated to N1535.61 per dollar on Wednesday as the authority slowed down FX intervention sales. At the parallel market, the local currency spot exchange rate closed at N1536 per greenback, leaving less than N1 as FX spread, thus discouraging speculative activities. The gross balance in Nigeria’s foreign reserves crossed $38 billion this…

Nigerian Stocks Index Rises as Investors Book N67bn Gain The Nigerian Exchange (NGX) All-Share Index rose by eight basis points midweek as equity investors portfolio value gained about N67 billion. The local bourse extended its bullish trajectory on Wednesday, with the NGX All-Share Index (ASI) edging up by 0.08% to close at 132,557.43 points, trading data revealed. Stockbrokers said the modest uptick lifted the year-to-date (YTD) return to 28.79%, reflecting persistent investor optimism and strengthening confidence in the resilience of the local bourse. As a result, market capitalization increased by N66.8 billion to settle at N83.86 trillion, underscoring improved liquidity…

Euro Hits 4-Year High Ahead of EU, US Trade Deal European currency, the euro, recalibrated against the US dollar to a four year high at the forex markets as investors and other traders anticipate US, EU trade closure ahead of the August 1 implementation deadline. Increased bets on the euro strengthening against the dollar in the options market look justified given the threat to the Federal Reserve’s independence, Commerzbank’s Thu Lan Nguyen says in a note. Still, investors and traders were cautious in opening dollar positions ahead of tariff negotiations between Washington and Brussels, amid reports that the EU is…

Moody’s Upgrades Ecobank Ratings Outlook to Stable Moody’s has affirmed Ecobank Transnational Incorporated’s (ETI) B3/Not Prime long- and short-term issuer ratings; B3 senior unsecured debt rating; b2 notional Baseline Credit Assessment (BCA); and b1 Adjusted BCA. At the same time, rating analysts at Moody’s said they have changed the outlook on the group’s long-term issuer and senior unsecured debt ratings to stable from negative. ETI’s subsidiaries operate across 38 countries—including 35 African countries- and total assets of $28.9 billion as of March 2025, details from the rating note highlighted. Moody’s said the decision to change the outlook to stable on…

NGX Index Ticks Up as Dangote, UCAP See Intraday Rally The Nigerian Exchange (NGX) All-Share Index (ASI) is trending positively during the intraday trading session, supported by bargain hunting in Dangote Sugar Refinery and United Capital Plc shares. Investors maintain positive sentiment as the central bank failed to adjust the interest rate at its bimonthly policy committee meeting. The local bourse has seen a significant surge in market capitalization, while the year-to-date return is fast approaching 30%, in contrast to annual inflation rate of 22.22%. Stock market analysts said investors are entering positions in fundamentally sound listed companies’ shares ahead…

Foreign Investors Increase Bets on Nigeria’s Eurobonds, Rates Ease The average yield on Nigeria’s sovereign eurobonds eased as foreign portfolio investors ’boosted the investment positions as macroeconomic indicators improved. The country’s inflation rate has been falling for three consecutive months, gross domestic product (GDP) surged by 3.13% in the first quarter of 2025, and the authority has decided to maintain a high interest rate economy. Bola Tinubu, the Nigerian president, has also obtained senate approval to raise $21 billion in foreign loans, while local bond supply has been tightened. Borrowing costs from international capital markets are expected to reduce as…