Author: Julius Alagbe

Equities investors lost more than N50 billion on the Nigerian Exchange (NGX) platform as key indicators turn red.  The local bourse ended today’s trading session

Agusto & Co has assigned the republic of Uganda a ‘B’ rating with outlook accorded as stable, According to the agency, the rating reflects the Country’s

The Federal Government has earmarked N47.5 billion for the first phase upgrade of 50 selected senior secondary schools across the country.

Oil Hits 2021 Low as China’s Imports Fall by 7% Oil prices stayed below $70 per barrel in the global commodities market due to sustained demand pressure and geological tensions. Yesterday, oil prices weakened significantly as Brent fell by 3.69%, settling at just over $69. This is the first time Brent has closed below $70 since late 2021, ING commodities strategists Warren Patterson and Ewa Manthey said in a note. The crude oil market is entering oversold territory, according to technical signals cited by analyst. However, sentiment is clearly still bearish and Chinese trade data yesterday would have not helped,…

60% of Top 30 Companies in Nigerian Market Rely on Foreign Currency Economic dislocation has failed to heal in Nigeria as the foreign exchange (FX) crisis continues to threaten some companies ability to stand tall in the business environment. The market is faced with near corporate distress as major listed companies have negative shareholders. In an update, CSL Stockbrokers Limited said about 60% of the top 30 companies listed on the Nigerian Exchange have foreign exposures. The latest data from the National Bureau of Statistics suggests that the manufacturing sector continues to grapple with economic challenges. In the Q2 2024…

GlobalData Raises Global Economic Growth Projection for 2024 The global economy is navigating a complicated landscape characterized by ongoing geopolitical tensions and other related risks that have yet to subside. Nevertheless, easing inflationary pressure, central bank rate cuts (including by the ECB), and stronger consumer spending are mitigating these issues. Against this backdrop, GlobalData, a leading data and analytics company, has revised the global economic growth forecast for 2024 to 2.52% in its Q3 2024 update, marking a slight increase of 0.05 percentage points (pp) from earlier projections in Q2 2024. In the “Global Macroeconomic Outlook – Q3 2024 Update,”…

A U.S.-Nigeria inaugural strategic energy dialogue, which holds from Sept. 11 to 12, is underway in Washington, DC, U.S.A.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has inaugurated the Body of Neutrals (BON) of the Upstream Alternative Dispute Resolution Centre

Naira Plummets as Markets Price in Zero FX Intervention The naira plummeted as conditions in the foreign exchange (FX) market worsened across the currency markets. The local currency weakened sharply after it moved to reclaim value against the US dollar. According to FX spot data from the FMDQ platform, the naira depreciated by 3.61% against the US dollar, closing at ₦1,637.59 per dollar. The huge daily depreciation of the local currency suggests mounting pressure from the demand side. US dollar demand in Nigeria has continued to run ahead of foreign currency supply in FX market post naira devaluation. Some critics…

Oil prices declined  following weak economic data from China, and the US, while growing expectations that the US Federal Reserve (Fed) will lower interest rates