Author: Julius Alagbe

The Nigerian naira fell against the US dollar in the foreign exchange (FX) market as demand pressure began to take shape. Spot FX data from the FMDQ platform

The naira traded at N1535 per US dollar in the Nigerian foreign exchange market, NFEM, on Friday after year-end aggressive FX sales

Nigeria’s top five banks that need no introduction have extended their market value due to investors’ position taking in tier-1 stocks. Details gathered by MarketForces Africa showed that the combined market value of the top five banks surged past N6.2 trillion in the local bourse on Friday close. 

Prestige Assurance Hits 52-Week High as Shares Gain Attention Investors on the Nigerian Exchange (NGX) priced Prestige Assurance Plc higher by 46% as the Insurance Index drove the equities market performance. The Assurance services company share price rose from N1 to N1.46 in the equities market over renewed interest from investors trading highs and lows. Due to strong demand for the stock, its market value increased strongly to settle at N19.348 billion, spread on its 13.252 billion shares outstanding amidst industry recapitalisation move. The Assurance company profit after tax settled at N2.402 billion at the end of 9-month of financial…

Telecommunications giant MTN Nigeria Plc is among the top stocks that topped the losers chart in 2024, according to details obtained from the Nigerian Exchange (NGX) equities trading segment.

Oando Names Ademola Akinrele Board Chair as Oba Gbadebo Resigns Oando Plc has announced the appointment of Ademola Akinrele, SAN, as its board chair following the resignation of His Royal Majesty, Oba Adedotun Gbadebo, CFR, the Alake of Egbaland. In a regulatory filing, Oando told the Nigerian Exchange that Oba Gbadebo notified the board of his decision to step down as chairman and retire as a board member of the company. His resignation took effect immediately following the conclusion of the Annual General Meeting (AGM) held on December 17, 2024. The oil company told the Exchange that Oba Gbadebo served…

Market capitalisation of all cryptocurrencies jump by more than 3% in the last 24 hours as bitcoin price crossed $98,000 again

Private Sector Activity Rises First Time in 6-Month in Nigeria –PMI There were tentative signs of improvement in the Nigerian private sector during the final month of 2024, according to Stanbic IBTC purchasing manager index report by S&P Global. Overall business conditions improved as new orders increased for the second month running and renewed expansions were seen in output, employment and purchasing. That said, rates of inflation remained elevated. The headline PMI moved back above the 50.0 no-change mark for the first time in six months during December. At 52.7, the index was up from 49.6 in November and signaled…

Equities market capitalisation of the Nigerian Exchange (NGX) expanded by about N248 billion on Friday due to sustained rally on growth stocks. Trading data showed that the local bourse ended first week of the New Year in the green. Key market performance indicators increased by +0.64% in the first two trading days of the year.

Naira Mixed as Analysts Differ on FX Market Outlook The naira traded on a mixed note against the US dollar in the in the foreign exchange markets amidst renewed move to defend the local currency. Spot rate was as low as N1535 per dollar in the currency market. It was an aggressive December as the authority put weight behind the local currency with daily FX auctions that spanned four consecutive weeks. On First trading session in 2025, the naira exchange rate remained unchanged as FX market remains in solitary. Exchange rate was N1538.23 per US dollar, according to FX spot…