Author: Julius Alagbe

CBN Closed Interest Rate on OMO Bills Offer at 22.73% The Central Bank of Nigeria (CBN) has issued fresh OMO bills at the primary market across two tenors to banks and foreign portfolio investors at spot rates of 22.73% for longer tenor and 22.69% for lower duration. The monetary authority opened N500 billion on Tuesday to eligible market participants—banks and offshore investors-—after it successfully raised about N1.01 trillion on Friday. The CBN priced rates higher as part of efforts to keep the naira assets attractive and draw foreign portfolio investors’ money into Nigeria, causing the auction to outperform its target…

NGX Lost N116bn as Investors Exit Positions in MTN, INTBREW The Nigerian Exchange (NGX) lost N116 billion as investors exited positions in MTN Nigeria, International Breweries Plc and other lightweight stocks on Tuesday.  The downturn was driven by selling pressure in some large- and medium-cap stocks. Despite positive market breadth, the equities market closed the trading session on a negative note, with key performance indicators dropping by 0.17%, which effectively reversed the previous day’s gains. Notable losers included LIVESTOCK, MTNN, FTNCOCOA, INTBREW, and others, which collectively contributed to a loss of approximately N116 billion in investors’ wealth. According to data…

Afreximbank Launches $3bn Revolving Intra-African Oil Import Financing Support To address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of US$30billion annually in petroleum import costs due to inadequate refining, the African Export-Import Bank (Afreximbank) has launched a US$3 billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers. As a revolving facility, the bank said it expects this to finance about US$10 billion to US$14 billion of intra-African petroleum imports. This programme seeks to leverage the growing refining capacity that Afreximbank has helped…

Nigeria’s Debt Office Sells 9-Year Bonds at 19.99% The Debt Management Office (DMO) kept spot rates on the Federal Government of Nigeria (FGN) bonds tight at an auction that reflected weak investors’ interest in shorter duration. At the auction, the DMO offered a total of N350 billion across two reopened instruments: N200 billion for the APR 2029 bond and N150 billion for the FEB 2031 bond. Apart from non-competitive allotment, investors’ total subscription settled at N495.95 billion, reflecting relatively weak demand for Nigerian local bonds compared with treasury bills and OMO bills papers. The DMO allotted Nigerian reopened bonds worth…

MTN, Jaiz Bank Drive Intraday Loss in Equities Market The Nigerian Exchange (NGX) All-Share Index is tracking lower during the intraday trading session as equities investors sell down interest in telecommunication company MTN Nigeria Plc, Jaiz Bank, and others. International Breweries is experiencing sell pressures, according to stockbrokers, reversing its non-stop rally that started last week.  The local bourse is, however, poised to reverse the trend in the absence of significant profit-taking activities that could drag the local bourse downward. At midday, the NGX All Share Index posted a slight loss of -0.02%, Alpha Morgan Capital Limited told investors in…

Naira Falls Softly as CBN Keeps Tab on FX Supply The naira fell softly at the Nigeria Foreign Exchange Market (NFEM) against the US dollar on Monday as the Central Bank (CBN) FX intervention sales became the norm in the currency market. The CBN has already pumped more than $1.3 billion to support the local currency in April, with analysts saying the authority has doubled down on its aggressive dollar intervention sales to ease pressure in the FX market. At the close of trading, the naira slipped slightly, depreciating by 2 basis points to finish at N1,599.9452 from N1,599.54 on…

Nigeria’s Non-Oil Export Receipt Hits $1.79 billion in Q1 The Nigeria Export Promotion Council (NEPC) says the country’s non-oil products exported in the first quarter of 2025 were valued at 1.791 billion dollars, reflecting government efforts to diversify the country’s revenue sources. Dr Nonye Ayeni, Director-General of the NEPC, said this on Monday in Abuja while presenting a First Quarter Progress Report on the non-oil export performance for the year 2025. Ayeni said that the figure showed a 24.75 per cent increase above the 1.436 billion dollars reported in the first quarter of 2024. She said that the volume also…

Nigerian Bonds Yields Steady as DMO Opens N350bn Offer The Nigerian bonds traded quietly on the secondary market before the Debt Management Office (DMO) opened its April auction for subscription on Monday. Traders said in separate updates that the Nigerian government bonds market traded quietly throughout last week, with steady but cautious interest in mid-curve papers. Investors showed interest in FGN bonds maturing in 2031 and 2034. Ahead of the auction, market participants largely adopted a wait-and-see approach with cautious optimism given the mixed spot rate outlook. The Central Bank of Nigeria cut spot rates on Nigerian Treasury bills on…

International Breweries Hits 52-Week High, Value Rises by N368bn International Breweries Plc breached its key resistance for the first time in a long time following a 4-day monster rally in the equities segment of the Nigerian Exchange (NGX) last week. The brewer stock hit a fresh 52-week high and crossed N1.2 trillion in market value as its share price appreciated by a whopping 40% to close at N7.70, from N5.5 at the beginning of trading sessions. The uptick was driven by strong rally in the relatively closely held stocks ahead of its first quarter of 2025 earnings release, with foreign…

CBN Sells $1.3bn to Defend Naira, FX Reserves Hit 6-Month Low To keep the exchange rate stable, the Central Bank of Nigeria (CBN) has sold a little less than $1.31 billion to defend the local currency in the foreign exchange market. Steep FX volatility experienced in April triggered aggressive interventions in the official market. The monetary authority sought to achieve naira stability at the time foreign portfolio investors began to rotate out from the markets. FX intervention sales to banks surged, up by 83% in April compared with $714.65 million sold to boost FX liquidity in the official window last…