Author: Julius Alagbe

Yield Slumps as Investors Increase Bets on Nigerian Bond The benchmark yield on Nigerian government bond fell below 19% as investors’ increased debt market asset holdings via secondary market demand. Buying interest crashed yield as market looks forward to Debt Management Office (DMO) primary market auction. The DMO shifted its monthly bond auction by week due to holiday. The bond market calendar shift in September mirrored the August experience. Last month, the Debt Management Office postponed its auction by a week and reduced the offer size from N300 billion to N190 billion. This move suggests a possible reduction in the…

Naira Touches Red Line as Exchange Rate Plummets by 7% NAIRA- Nigeria’s local importers and companies with foreign currency liabilities would continue to face tough times in the currency markets with strong daily depreciation registered in the official window on Tuesday. The Nigerian naira has recorded another worst daily exchange rate depreciation in the foreign exchange market over sustained imbalances between supply and US dollar demand. The local current re-touched a red line with more than 7% daily depreciation or loss of value in the official FX market.  The naira movement doused hope that exchange rate recovery in the short…

Equities Market Cap Increases by N129bn as FBNH, FMN Rally The equities market capitalisation of the Nigerian Exchange (NGX) increased by about N129 billion as shares of FBN Holdings (FBNH) , Flour Mills of Nigeria (FMN) rallied. Resulting to an uptick in year to date return, the local bourse opened the new week on a positive note with gains seen across key indexes. The market index gained 0.23% as investors took position in financial services and consumer goods stocks. The All-Share Index climbed by 229.02 basis points to close at 97,685.64 points. Stockbrokers said the market’s positive start for the…

Naira Mixed as CBN Sells FX to Banks, Clears Forward Contracts The Nigerian naira, in a dramatic turn of events, was repriced positively against the dominant US dollar in the foreign exchange (FX) market. The exchange rate improved at the official market but weakened at the parallel market amidst supply, and demand side imbalances.   In the recent past week, the market has seen some sorts of moves that signal renewed interest to back the naira up against the US dollar, threatening dominance.  The rapid, and strong weekly gain registered by the naira resulted from the foreign exchange market intervention…

Equities Investors Gain N608bn as Banks, Oil Stocks Rally Equities investors in the Nigerian stock market saw about N608 billion as weekly gain as buying momentum built on banks, oil stocks. Nigerian stocks posted an upbeat performance, recording gains in three out of five trading sessions. The uptrend was supported by equities investor optimism surrounding anticipated macroeconomic developments, according to Cowry Asset Limited. Market analysts said increased expectations for favourable fiscal and monetary policies from the anticipated inflation data in the new week ahead of monetary policy committee meeting, alongside stronger corporate earnings from dividends paying banking stocks, fueled bullish…

Dangote Denies Selling Petrol to NNPCL at N898 Dangote has denied selling petrol to NNPC Limited at N898, according to an official statement reacting to the privatized state oil company’s public disclosure. “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye that we sell our PMS at N898 per litre to the NNPCL,” Dangote Group spokesperson Anthony Chiejina said. Chiejina said NNPCL statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past…

Due to lapse control, Nigerian Banks lost huge amount to fraud and forgeries as actors double down actions targeted at defrauding local lenders. 

Dangote Refinery Begins Distribution of PMS Sunday – Minister The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Dangote Refinery will begin the distribution of Premium Motor Spirit (PMS) on Sunday. Edun, who was represented by the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said this at a news conference in Abuja on Friday. “I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, Sept. 15. “From Oct. 1, NNPC Ltd. will commence the…

The Nigeria COVID-19 Action, Recovery and Economic Stimulus (NG-CARES), says it has disbursed N625 billion to the 36 states since inception of the programme.

The banking system in the country is well capitalised to foster economic development.