Author: Julius Alagbe

Soludo Backs Tinubu’s Bold Economic Reforms Gov. Charles Soludo of Anambra has reaffirmed strong support for President Bola Tinubu’s bold economic reforms aimed at stabilising and reviving Nigeria’s economy. Soludo spoke to State House correspondents after meeting Tinubu on Tuesday at the Presidential Villa, Abuja. The former Central Bank governor stressed the urgency of structural reforms to accelerate national development. He said his support for Tinubu transcends party lines because the reforms aim to return Nigeria to a sustainable growth path. Soludo said, “The President is in high spirits, hale and hearty. It was a pleasure meeting him; indeed, it…

Naira Falls, Spot Rate Touches N1543 as FX Demand Heats Up The naira depreciated at the Nigerian Foreign Exchange Market (NFEM) due to increased demand for foreign currency amidst a persistent decline in supply. According to data obtained from the Central Bank, the official rate weakened to N1537.90 on Tuesday from N1535.92 per dollar, suggesting demand eclipsed US dollar volume available. FX data showed there was demand pressure on the naira at the official window, with the spot rate touching its highest in months, according to FX update released by the Central Bank today. A review of the fx data…

Naira Drops as Data Confirms FX Inflows Declines for Weeks The naira dropped against the US dollar at the Nigerian Foreign Exchange Market (NFEM) as data showed foreign currencies were in short supply last week. The declining FX supply forced the authority to conduct FX interventions twice last week. Liquidity has not improved, reflecting in slight depreciation of the local currency at the official window. According to FX data update from the Central Bank of Nigeria (CBN), the spot rate fell to N1535.92 per greenback, a mild depreciation from the opening rate of N1533.56. FX market update revealed that the…

Money Market Rates Mixed as CBN Sterilised N2.3trn Money market rates closed in mixed direction after the Central Bank of Nigeria (CBN) open market operation and Treasury bills auctions drained excess liquidity in the financial system. The CBN raised about N2.3 trillion across primary market auctions conducted in two consecutive days as part of an effort to tighten excess cash available in the banking system last week. These market actions tightened funding profile despite significant inflows from maturing Treasury bills and Open Market Operations (OMO) instruments totalling N258 billion and N600 billion, respectively. While some inflows were completely recapitalised at…

21 Companies in Trillion Naira Valuation Club on NGX BUA Foods Plc was valued at N10.348 trillion in the Nigerian Exchange (NGX) following a bumper earnings performance in the second quarter of 2025. The consumer goods company ranks as the most valuable brand among all listed companies. Telecommunication company MTN Nigeria, with a total market value of N9.66 trillion, is the second most valuable in the equity market as of Friday. It just lost the NGX leadership baton to BUA Foods. Dangote Cement Plc is third on the rank, valued at N9.736 trillion after its earnings results. The cement company…

Dangote Petroleum Refinery Denies Operations Shutdown The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable. In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads. The refinery also clarified that the intermittent sale…

Naira Trades Flat as CBN Injects US$150 mln into FX Market The naira traded flat against the dollar at the Nigeria Foreign Exchange Market (NFEM), reflecting sustained stability of the local currency amidst fresh dollar sales to local banks in the course of the week. The latest FX update from the Central Bank of Nigeria (CBN) showed that the official rate settled at N1533.56 per dollar, compared with N1533.73 on the previous day. The spot rate touched an intraday high of N1536 at the official window on Friday, and the lowest quote for the day was N1532.50. The local currency…

U.S Dollar Climbs after Trump’s Fed Member Interim Pick The US dollar was resilient against trading partners across markets on Friday, with the dollar index (DXY) stabilizing slightly above 98.00, according to forex market trading data. During early trading hours, the US dollar rose slightly on Friday but was on track for a weekly decline after US President Donald Trump’s interim pick for a Federal Reserve Board member sparked expectations of a dovish successor to Jerome Powell when his term ends. The yen slipped slightly against the dollar, which dropped 0.31% to 147.560 yen. The dollar rose 0.25% against the…

NGX Lost N516bn as MTNN, BUA, Dangote Halt 26-Day Rally The Nigerian Exchange (NGX) lost N516 billion on Friday due to profit-taking activities in MTN Nigeria, BUA Cement, Dangote Sugar Refinery, Nigerian Breweries, and others, halting 26 days of rallies in the local bourse. The equity market ended the week on a negative note, halting its record-breaking bullish streak of 26 consecutive trading sessions and dragging year-to-date return downward to 41.61%. Key market performance indicators dropped by 0.56%, according to data from the Nigerian Exchange, reflecting pressures on prices of some of the top decliners. Despite a positive market breadth…

British Pound Strengthens after Bank of England Rate Cut The British pound strengthened to $1.3445 in the global forex markets, reaching its highest level in about two weeks, as traders reacted to the Bank of England’s latest monetary policy decision. The Bank of England cut interest rates again on Thursday, the fifth policy easing in 2025 amidst a slowdown in economic performance. Weak UK economic data supports the decision, but the central bank also had to factor in inflation running above its 2% target. The rate of price rises climbed to 3.6% in June, the highest it’s been since January…