Author: Julius Alagbe

Naira Gains N16 as FX Interventions Crack Foreign Reserves The Nigerian local currency, the naira, gained N16 week on week against the US dollar to close at N1531.20 on Friday in the official market.  This happened following consistent but less aggressive FX sales to authorised dealer banks to boost US dollar volume available to meet increased demand. The Nigerian Foreign Exchange Market (NFEM) exhibited stable liquidity throughout the week, although sustained demand initially pushed prices higher, AIICO Capital Limited said. FX traders reported that transactions fluctuated within ranges of N1,480.00 to N1,570.00 earlier in the week, narrowing to N1,548.00 to…

Buckets of Inflows Keep Money Market Rates in Check Money market rates declined sharply as a flood of inflows upturned the liquidity deficit in the banking system, investment firms said in separate notes. The short-term interest rates retreated from 30% levels as FAAC credits, Remita inflows, and FGN coupon payments increased liquidity position in the money market last week. Analysts at AIICO Capital Limited noted that interbank liquidity fluctuated throughout the week, influenced by FGN bond coupon inflows, FAAC payments, and Remita credits. Early in the week, liquidity position improved slightly but remained negative, keeping interbank rates elevated. By midweek,…

Nigeria’s Tech Ecosystem Must Seize Global Opportunities — Tijani The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, has called on Nigeria’s tech ecosystem to maximise opportunities presented by international collaborations. Tijani made the call while speaking at the Nigerian-French Technology Roundtable on Friday in Lagos. He said that Nigeria’s participation at the upcoming Viva Technology (VivaTech) Conference 2025 in Paris is a pivotal moment for the nation’s digital economy. According to him, platforms like VivaTech provide an unparalleled opportunity to showcase Nigeria’s innovation and position its tech startups as leaders on the global stage. He emphasised the…

NGX Grows as Investors Portfolio Value Rises by N794bn The Nigerian Exchange (NGX) market capitalisation grew as equities investors gained more than N794 billion. The local bourse witnessed a remarkable turnaround in the just-concluded week as the benchmark index recorded significant appreciation. The All-Share Index advanced by 1.22% week-on-week to close at 103,598.30 points. Stockbrokers said the upward trajectory was buoyed by strong investor sentiment in anticipation of fourth-quarter earnings releases and the ongoing adjustments in portfolio rebalancing. In a note, Cowry Asset Limited said these factors have begun to shape investor expectations for the end-of-year financial performance of listed…

Naira Sees Rapid Gain on 8-Day FX Intervention The naira gained strongly against the US dollar in the foreign exchange (FX) market on the Central Bank of Nigeria’s (CBN) aggressive interventions. The naira appreciated by 1.1% to N1,531.20 per US dollar at the Nigerian Foreign Exchange Market (NFEM) as demand pressures eased.  This week, the Central Bank sold the US dollar to banks to boost FX liquidity in the official window with the aim to stem the negative tide against the local currency. On Friday, the authority sold $52 million between the rates of N1,549.55 and N1,553.  Total volume of…

Meta to Invest $65bn in 2025 to Drive AI Ambitions Meta Platforms has announced that the company plans to invest between $60 billion and $65 billion in 2025 to expand its AI infrastructure. The company joins other major U.S. tech firms in announcing significant spending to leverage advancements in artificial intelligence. Meta plans to develop a massive data centre with a capacity of more than two gigawatts, capable of spanning a significant area of Manhattan. Chief Executive Officer Mark Zuckerberg anticipates that Meta’s AI assistant, integrated across platforms such as Facebook and Instagram, will reach more than one billion users…

Moniepoint Hacked with N1.1bn Stolen in Dark Web Operation Moniepoint has been hacked with more than N1 billion stolen from the microfinance bank by Sunday Ozimede who invaded the vault via dark web operation. The operatives of the Police Special Fraud Unit (PSFU) have, however, arraigned the alleged hacker before a Federal High Court, Lagos, on charges bordering on conspiracy, obtaining the sum of N945, 728, 076 million by false pretence. The 43-year-old alleged hacker was also accused of causing financial loss to Moniepoint Microfinance Bank to the tune of N145 million by planting a bug in the bank’s data…

NESG Launches 2025 Macroeconomic Outlook Report The Nigerian Economic Summit Group (NESG) launched its 2025 Macroeconomic Outlook Report on Thursday, January 23, 2025, under the theme “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond.” The report provides an in-depth analysis of Nigeria’s reform agenda, initiated in mid-2023, which aimed to tackle longstanding structural challenges and drive sustainable economic growth. As the report underscores, the country is now at a critical juncture, with the focus shifting towards economic stabilisation while sustaining reform momentum. NESG Chairman, Mr. Niyi Yusuf, opened the event by reflecting on the progress made in 2024.…

Zenith Bank Edges Higher to N1.5 Trillion in Market Value The equities market value of Zenith Bank Plc on the Nigerian Exchange (NGX) edged higher to N1.510 trillion as the financial services stock continues to attract investors’ attention ahead of the fourth quarter earnings release. The bank share price rose to N48.1 ahead of its earnings, racing near its 52-week high on the Nigerian Exchange. The banking giant’s share price had surged to N50 recently, its best in the last 12 months. Market analysts anticipated Zenith Bank earnings to remain strong in 2024 after a strong performance show in the…

Yield on Newly Issued TBills Declines to 21% on Sharp Demand The yield on newly issued Nigerian Treasury bills declined sharply in the secondary market due to increased demand from investors with failed bids. On Thursday, the Treasury bills space experienced heightened activity, driven by the outcome of Nigerian Treasury bills auction on Wednesday. Due to significant appetite for long dated instrument, the stop rate for the 1-year paper saw a substantial decline of 82.2 bps, closing at 21.80%. Midweek auction results showed the rates for the 91-day and 182-day papers held steady at 18.00% and 18.50%, respectively. The huge…