Author: Julius Alagbe

Nigeria’s inflation rate has been projected to rise further due to negative impact high logistics costs and exchange rate pressures on food items across the markets. 

CBN ACTION: The amount of US dollar sold to authorised dealer banks via foreign exchange market auctions fell by about 30% month on month

Algeria Unveils Six Onshore Blocks to Upstream Investors Algeria’s National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) presented six onshore conventional licensing opportunities at African Energy Week: Invest in African Energies. The six high-potential opportunities consist of a mix of exploration, development and export opportunities and are open to competitive bidding. The round is part of a five-year licensing plan designed to attract global upstream investors and leverage more than 20 opportunities in Algeria. Following the launch of the licensing round on October 14, access to the tender documents and data packages will open on November 26. The deadline…

U.S Dollar Rises as Jerome Powell Plans No Resignation The US dollar rose against its major trading partners except for a decline versus the yen, as markets reflect on the Federal Open Market Committee’s decision to cut its federal funds rate. Federal Reserve Chairman Jerome Powell said that the results of the presidential and congressional elections will not have an impact on near-term monetary policy decisions. This include expected rates adjustment next meeting in December, because the FOMC will not assume what programs the new administration will enact. Powell added that he will not resign if asked by President-Elect Trump,…

The Federal Government (FG) has set up a nine- member committee to review Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) ACT.

GCR Ratings has affirmed United Bank for Africa Plc’s long-term national and international scale ratings of AA+(NG)

Gov. Abba Yusuf of Kano State has presented a budget of N549 billion for 2025 fiscal year to the State House of Assembly for passage into law.

Oil slides in the global commodities market on during early trading hours on Friday amidst U.S Fed rates cut, and supply threat

Nigerian Treasury Bills Rally on Investors Sentiment, Yields Stutter The Nigerian Treasury bills rallied as investors sought to fill unmet bids at the Central Bank auction. At the primary market auction conducted on Wednesday, the authority sold less than bids received, though allotted some than initial offering to investors. The trading direction kept yield movement on Nigerian bills in check after spot rates hike at the just concluded auction sales. With the buying moment experience in the market, the average yield contracted. In a note, Cordros Capital Limited told investors that the average yield declined at the short (-1bp), mid…

Tincan Island Command of Nigeria Custom Service Generates N1.04trn The Tincan Island Command of the Nigeria Customs Service (NCS) says it has generated N1.046 trillion in revenue between January and October. It also intercepted 16 containers of illicit drugs. The command controller, Comptroller Dera Nnadi, made the disclosure in Lagos on Thursday. Nnadi said that it was the first time the command had crossed the trillion-naira mark since its establishment over 40 years ago. “The command, as of November 7, 2024, generated one trillion, forty-six billion, and four ninety-six million  between January 1 and November 7, 2024, into the Federated…