Author: Julius Alagbe

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…

Money Market Rates Mixed as Banking System Deficit Reduces Money market rates diverged as deficit liquidity balance in the financial system improved on Thursday. The short-term benchmark interest rates remained at double-digit level as analysts predict banks would start to borrow to meet funding requirements. Though, banking system liquidity stayed negative on the day, there was slight improvement when compared with the balance reported midweek. Deficit in the financial system reduced to N938 billion on Thursday due to inflows from matured borrowing instruments from about N2.306 trillion on Wednesday. The settlement for the Central Bank of Nigeria (CBN) OMO auction…

FG Opposes Proposed Nigeria Mines Ranger Service The Federal Government has rejected the establishment of the Nigeria Mines Ranger Service (NMRS) to combat illegal mining and artisanal mining. The Ministries of Solid Minerals Development, Justice, and Interior, as well as the Nigeria Security and Civil Defense Corps (NSCDC) and the Nigeria Immigration Service (NIS), argue that the proposed service duplicates the NSCDC’s mandate. Attorney-General Lateef Fagbemi and Minister of Solid Minerals Dele Alake, at a public hearing on Thursday in Abuja, expressed concerns, suggesting instead strengthening the existing Special Mines Surveillance Task Force (SMSTF). Fagbemi was represented by Director Legal…

NDIC Reassures Nigerians on Bank Stability The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed the stability, safety, and health of Nigerian deposit money banks, urging citizens to continue patronising them without fear. Mr Bello Hassan, the Managing Director of NDIC, gave the reassurance during the corporation’s Special Day at the ongoing 36th Lagos International Trade Fair. Taking questions from journalists, he said that all banks that had their licenses not withdrawn by the Central Bank of Nigeria (CBN) were safe and healthy. Hassan, represented by Mr Nuhu Bashir, Director of Communications and Public Affairs, said that the NDIC was working…