Author: Julius Alagbe

Naira Trades at N1,584 as External Reserves Reach $38.544bn The naira traded at the N1584 per US dollar at the Nigerian foreign exchange market (NFEM) as additional inflows boost the external reserves. The exchange rate fluctuated between N1,582 and N1,588.50 in the official market. By the close of trading, the Naira weakened slightly, depreciating by 3 basis points to settle at N1,584.9542 per greenback. The naira closed flat at N1,625 and N1,582.86 in the parallel market and FMDQ FX window, respectively. Data from the Central Bank showed that the gross balance in the external reserves reached $38.544 billion as inflow…

Equities Investors Lose N274bn as Dangote, Fidelity Bank Dip The Nigerian Exchange (NGX) all-share index plunged as equities investors lost about N274 billion due to profit-taking activities in the local bourse. Profit-taking activities continued on Thursday in the Nigerian equities market, with TRANSCORP (-4.4%), FIDELITYBK (-7.0%), and DANGSUGAR (-5.9%) weighing down the bourse. Consequently, the NGX All-Share Index declined by 0.4% to 109,183.02 points, with the month-to-date and year-to-date returns settling at +3.2% and +6.1%, respectively. The market downturn was primarily driven by sustained sell pressure in key stocks across major sectors, reflecting cautious investor sentiment amid ongoing response to…

Nigeria Spends $2.01bn to Service External Debts in 4-Month The Federal Government of Nigeria external debt servicing payment increased by more than 51% year-on-year, according to the latest international payment data released by the Central Bank of Nigeria (CBN). The CBN report revealed that Nigerian government spent about $2.01 billion on external debt repayment between January and April 2025, compared to the $1.33 billion recorded during the same period in 2024. The nation’s debt servicing alone accounted for 77.1 per cent of Nigeria’s total international payments within the four months, a sharp rise from the 64.5 per cent share recorded…

Dangote Refinery to Commence Polypropylene Export The Dangote Petroleum Refinery and Petrochemicals has revealed plans to partner with an international petrochemicals distribution company, Vinmar Group, to export Dangote polypropylene to global markets. The refinery began 25kg bag polypropylene production in March for the local market. Nigeria currently imports 90% of its annual polypropylene requirements, amounting to 250,000 metric tonnes per year. “We’re pleased to partner Vinmar to introduce Dangote Polypropylene to the global markets,” an executive director at Dangote Group, Fatima Aliko Dangote, said at the launch of the facility on Wednesday. The Dangote facility seeks to not only meet…

Oil Prices Fall as US-Iran Nuclear Talks Continue Oil prices fell in the global commodity market on Thursday as nuclear talks between the US and Iran is scheduled to continue Friday, while US stockpile data pointed to sluggish demand. International benchmark Brent crude decreased by around 1.2%, trading at $63.45 per barrel, down from $64.22 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) fell by about 1.2%, settling at $60.48 per barrel, compared to $61.23 in the prior session. The fifth round of Iran-US talks over Tehran’s nuclear program will take place in Rome on Friday,…

CBN Allots N655bn OMO Bills to Market Participants The Central Bank of Nigeria (CBN) allotted N655 billion in open market operation (OMO) bills to market participants at the primary market auction conducted to refinance N1.14 trillion in maturing bills. At the primary market auction, the CBN offered N500.0 billion across two long-end maturities, attracting strong demand, with the bid-to-offer ratio printing at 1.5x—reflecting healthy appetite for naira assets. MarketForces Africa reported that OMO bills worth N1.14 trillion matured on Tuesday, and the monetary authority chose to refinance part of the amount via fresh issuance at the main auction on Tuesday.…

GCR Upgrades MTN Nigeria Ratings Outlook to Stable African-focused rating agency GCR Ratings has affirmed the national scale long-term and short-term issuer ratings of AAA (NG) and A1+(NG), respectively, accorded to MTN Nigeria Communications Plc. Concurrently, GCR has affirmed the national scale long-term issue rating of AAA (NG) accorded to each of MTN Nigeria Communications Plc’s existing senior unsecured bond issues. The outlook on the ratings has been revised to stable from negative. GCR said the affirmation of MTN Nigeria Communications Plc’s ratings and change in outlook to stable (from negative) reflects its return to profitability following two years of…

CBN Cuts Interest Rate on 1-Year Nigerian Treasury Bills The Central Bank of Nigeria (CBN) slashes the interest rate on one year treasury bills paper allotted to investors by seven basis points, detail from its midweek primary market auction result has revealed. At the main auction on Wednesday, the CBN offered bills worth N500.0 billion across standard maturities: 91-day, 182-day, and 364-day maturities to investors for subscriptions. The monetary authority opened 91-day bills worth N50 billion, 182-day bills worth N100 billion, and 364-day bills totaling N350 billion for investors’ subscription in competitive bids. Investors’ appetite remained strong as total subscriptions…

Naira Rallies as Foreign Reserves Keep Uptrend The naira strengthened to N1584 against the US dollar at the Nigerian foreign exchange market (NFEM) as foreign reserves continue to rise. The exchange rate trend was positive, supported by sufficient US dollar volume and an apparent slowdown in corporate demand. Meanwhile, the local currency depreciated at the parallel market by 0.31% to N1,625 per greenback, while the FMDQ FX rate appreciated by 0.33% to N1,582.82. The exchange rate improved further on Wednesday, buoyed by ample liquidity and reduced market volatility. Intraday trading saw the USD/NGN pair range between $/₦1,582.50 and $/₦1,590.00, with…

Nigerian Exchange Lost N70bn over Selloffs in Tier-1 Banks Sell pressures on Tier-1 banks dragged the Nigerian Exchange (NGX) market capitalisation downward by N70 billion. The local bourse recorded negative price movement in First Holdco, Zenith Bank, UBA, and Access Holdings Plc, including mid-cap stocks. Decliners include OANDO (-4.76%), ACCESSCORP (-4.17%), INTBREW (-3.06%), FCMB (-2.11%), UNILEVER (-2.02%), FIDELITYBK (-1.84%), UBA (-1.74%), FIRSTHOLDCO (-1.21%), WAPCO (-0.94%), UCAP (-0.79%), STERLINGNG (-0.50%), and ZENITHBANK (-0.21%). As a result of profit-taking activities, key market performance indicators dropped by 0.10%, while year-to-date return moderated to 6.50%. The negative market reaction followed Apex Bank’s decision to…