Author: Julius Alagbe

The naira suffered losses against the US dollar despite the fact that the Central Bank of Nigeria (CBN) intervened twice this week.

China, Nigeria to Partner on Renewable Energy, Smart City Mr Fang Qiuchen, Chairman of China lnternational Contractors Association (CHINCA) has revealed plans for China and Nigeria to collaborate on new energy projects, digital smart cities, and infrastructure development. Fang made the announcement in Abuja at a sideline interview with newsmen during the opening of China-Africa Economic and Trade Expo (CAETE) Exhibition in Africa (Nigeria). He said that the longstanding relationship between China and Nigeria, dating back to 1991 would be leveraged to share China’s advanced technology in various sectors, particularly infrastructure. According to fang, the partnership would address Nigeria’s energy…

The naira strengthens against the US dollar across foreign exchange markets as inflows from international oil companies and foreign portfolio investors boost liquidity. Spot data from the FM

IFC Invests $605m to Advance Egypt’s Green Transition, Support SMEs IFC has announced $605 million in commitments to three projects that will support economic development in Egypt across key sectors including climate finance, sustainable tourism, and access to finance for micro, small, and medium-sized enterprises (MSMEs). IFC’s Vice President for Africa, Sérgio Pimenta, signed the three projects during a visit to Egypt to underscore IFC’s commitment to supporting the country’s economic development and its private sector. The three projects are: A $300 million investment in a bond from Arab African International Bank (AAIB), which is Egypt’s first sustainability bond and…

MTN, ORAN to Advance True Open RAN, Next-Gen Telecommunications in Africa The ORAN Development Company (ODC), headquartered in Northern Virginia with development teams in the UK and India, have announced a strategic partnership with MTN Group, Africa’s largest telecommunications operator providing transformative connectivity solutions for the continent from some of the densest cities in the world to rural villages. Together, the companies plan to develop and test innovative Open RAN (ORAN) solutions tailored to unique requirements of networks across Africa. This collaboration supports MTN Group’s commitment to provide affordable, high-quality telecommunications throughout the continent, with advanced Open RAN architectures enabling…

FCMB to Divest interest in Subsidiaries, Raise Additional Capital FCMB Group Plc has called emergency meeting with its shareholders to obtain approval to increase and raise additional capital. In a notice, the group told the Nigerian Exchange about plan to hold Extraordinary General Meeting of the shareholders virtually on December 19th, 2024. The meeting was scheduled to authorised FCMB board of directors to increase the group capital from up to N150 billion to N340 billion with plan to divest interest and re-plug the process into its banking arm. According to the notice, the additional capital can be raised through the…

The United Kingdom, UK, on Wednesday said a new Visa Application Centre (VAC) has been opened in Ikeja, through its new commercial partner, VFS Global.

The average yield on Nigerian government bonds in the secondary market rose by 5 basis points, traders said in their separate notes, citing heated selloffs on naira assets. Investors reacted to subdued yield in the bond market following monetary policy tightening the nudged benchmark interest rate higher by 25 basis points to 27.50%.

Naira Depreciates after CBN Releases Update on FX Trading Rules The naira depreciated against the US dollar in the foreign exchange market ahead of the implementation of Bloomberg BMatch as the designated platform to support the Electronic Foreign Exchange Matching System (EFEMS) for interbank trading. The Central Bank of Nigeria (CBN) has approved the use of BMatch platform for banks to execute interbank FX trading transactions starting from Dec 2, 2024. Analysts said they expect the platform to increase transparency in the forex market demand and supply and help in price discovery. According to spot FX data from the FMDQ…

Osun pays N12bn Pension Debt – Adeleke Gov. Ademola Adeleke of Osun on Wednesday said his administration has paid N12bn pension debt in his two years as governor of the state. Adeleke made this known during his state broadcast to mark the two-year anniversary of his administration. While reeling out the achievements of his administration, Adeleke said his government has been able to settle pension debts and also constructed numerous roads as well as upgraded health centres. “In line with norms of accountability and responsibility to the electorate, I am obligated to render my stewardship midway into the life of…