Author: Julius Alagbe

EIA Upgrades Brent Price Forecast for 2025 by $2.90 The United States (U.S.) Energy Information Administration (EIA) has revised its 2025 Brent crude oil price forecast upward, citing increased geopolitical risk as a key driver. The average Brent crude oil price for this year is projected at $68.89 per barrel, up by over $2.90 from the previous month’s estimate of $65.97, according to the EIA’s Short-Term Energy Outlook (STEO) released late Tuesday. The EIA attributes the revision to a notable rise in geopolitical risk premiums following Israel’s June 13 attacks on multiple nuclear and military sites, as well as civilian…

Foreign Investors Rotate Out of Nigerian Eurobond as Sentiment Shifts Foreign portfolio investors (FPIs) reduced their exposure to Nigerian Eurobonds in the international market as risk-off sentiment triggered by renewed threats from US tariffs pushed average yield upward. The average yield climbed by four basis points as the Nigerian Eurobond market closed on a bearish note, driven by broad-based sell-offs across the short-, medium-, and long-term tenors. The market recorded increased demand for Nigerian Eurobonds maturing in NOV-2025, reflecting the current sentiment and portfolio rebalancing around short-duration assets. The average yield on the Nigerian sovereign US dollar-denominated bond rose by…

Nigerian Treasury Bill Yield Drops to 19.4% Ahead of Auction The average yield on Nigerian Treasury bill (NTB) shrank by 46 basis points to 19.4% in the secondary market due to rising demand from fixed interest income investors. Investors were seen accumulating Treasury bill papers at the long (-89 bps) and mid (-21 bps) segments, causing average yields to trend lower to settle at 19.43%. In a note, analysts at Cordros Capital Limited report that the average yield contracted across the curve. At the short end, yield eased by a basis point due to demand for Nigerian Treasury bills maturing…

Naira Falls as Market Anticipates Debit Cards Will Fuel FX Demand The Nigerian naira fell against the US dollar in the foreign exchange market (forex) on Tuesday as demand overwhelmed the supply side for the first time in weeks. The Central Bank of Nigeria (CBN) quoted the official rate at N1529.22 per dollar, representing a moderate depreciation from N1528.33 the previous day. A growing number of analysts have said the reactivation of naira debit cards for cross-border payments will fuel demand for foreign currencies, especially the dollar. A slew of investment banking analysts said they hope the authority can accommodate…

WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge Nigeria, through the Nigerian Communications Commission (NCC), has won the 2025 World Summit on the Information Society (WSIS) prize for its project, the Digital Awareness Programme (DAP), under Category C3, which is on Access to Information and Knowledge. The DAP, one of hundreds of projects submitted for the WSIS Prizes competition 2025, received the highest number of votes in its category, earning it the top honour. The programme equips secondary schools across the country with Information and Communication Technology (ICT) resources and provide internet connectivity to…

CRR Debits Settlement Tightens Money Market Rates Money market rates tightened due to the liquidity squeeze experienced in the banking system at the beginning of the week following banks tax payments and cash reserve ratio (CRR) activities. The Nigerian financial system had opened the week with a sufficient liquidity level after the market closed with a net long position of N460 billion last week. At the close of session on Monday, the settlement of pending cash reserve ratio slammed on some banks by the Central Bank (CBN) for failing to meet loan-to-deposit targets reduced liquidity levels in the financial system.…

Nigerian Treasury, OMO Bills Rally as Supply Tightens This week, trading commenced positively in the secondary market for Treasury Bills and the OMO bills segment, with focus turning to the shorter and middle sections of the yield curve. Investors have been ramping up naira assets to lock in yields amidst expectations that the monetary authority will start slashing the interest rate benchmark as macro indicators begin to improve. The inflation rate has declined for two consecutive months, thus widening the real return on investments while the policy rate remains constant. Fixed income market analysts said in their separate reports that…

Naira Maintains Multi-Week Rallies as FX Inflow Spikes by 74% The naira maintained its multi-week rallies against the US dollar in the currency market, with data showing the foreign exchange inflows into the Nigeria Forex Market (NFEM) rose by approximately 74% last week. The strong volume of US dollars on the supply side kept the local currency exchange upswing despite declining FX sales intervention from the Central Bank of Nigeria (CBN). Last week, the naira appreciated further by N10.67 against the greenback at the official FX market, closing at N1,528.56 per dollar on Friday. The surge was driven by foreign…

Equities Investors Gain N193bn, Banking Index Fuels Rally Equities investors portfolio value soared by about N193 billion at the Nigerian Exchange (NGX) over bargain hunting. The Nigerian equity market commenced the new trading week on a positive note, extending the upward momentum witnessed in the previous week. Key market performance indicators climbed by 0.25% apiece, reflecting renewed investor confidence and sustained buying interest. The positive sentiment was driven by increased demand for large-cap and moderately priced stocks across major market sectors, highlighting optimism about the market’s near-term outlook. Trading details revealed that the market index increased by 305.67 basis points…

BRICS Summit: Tinubu Urges Reforms, More Inclusion for Africa President Bola Tinubu has called for urgent reforms to global systems, urging greater inclusion and fairness for Africa and other emerging economies. Speaking at the 17th BRICS Summit in Rio de Janeiro, he advocated for fairer global financial and healthcare structures. This is contained in a statement issued by Presidential Spokesperson Mr. Bayo Onanuga on Monday. President Tinubu, invited by Brazilian President Lula da Silva, voiced Nigeria’s support for BRICS’ push toward inclusive, just, and collective global development. Nigeria became a BRICS partner country in January 2025, joining Belarus, Bolivia, Cuba,…