Author: Julius Alagbe

The naira lost value across the foreign exchange (FX) markets due to a weak supply of the US dollar.

Equities Investors Lose N56bn as Banks, Oil Stocks Plunge Equities investors lost more than N56 billion on the Nigerian Exchange (NGX) trading platform due to selloffs in banking, insurance, and oil stocks. As a result of the selling rally, the local bourse ended the day on a negative note as investors continued to rebalance their portfolios ahead of Q3 earnings release. Details from the transaction record on NGX revealed that key performance indicators declined by 0.10%, with year-to-date moderating further after yesterday’s loss.  According to data from the local bourse, the market index, or All-Share Index, reduced by 97.67 basis…

Elevating Banking Experience: LOTUS Bank Opens New Location in Lekki LOTUS Bank Limited, one of Nigeria’s fastest growing non-interest bank, is excited to announce the opening of its new branch at Admiralty Way, Lekki. This strategic location aims to provide enhanced banking services to the growing community in Lekki and surrounding areas. The new branch, which officially opened its doors to the public, is part of LOTUS Bank’s commitment to expanding its footprint and making ethical banking more accessible to individuals and businesses alike. With a focus on non-interest banking principles, LOTUS Bank offers a range of products designed to…

Lotus Bank Sponsors NIMSA Games, Celebrates Successful FASU Games, Abeokuta Marathon Mrs. Kafilat Araoye, Managing Director of Lotus Bank, one of Nigeria’s fastest-growing non-interest banks, is proud to announce the bank’s sponsorship of the upcoming Nigerian Medical Students Association (NIMSA) Games. This initiative highlights Lotus Bank’s commitment to fostering youth development, health, and sportsmanship across Nigeria. The NIMSA Games are set to commence on Saturday, October 5, 2024, starting with student registration. The event will bring together medical students from various institutions nationwide, promoting friendly competition while emphasizing teamwork and physical wellness. “Encouraging a healthy lifestyle among our future healthcare…

GCR Lower Outlook on First Bank of Nigeria to Stable from Positive GCR Ratings has affirmed First Bank of Nigeria Limited’s national scale long and short-term issuer ratings of A+ (NG) and A1 (NG) respectively, with the outlook revised to stable from positive. According to the rating note, First Bank of Nigeria ratings reflect the underlying credit profile of the broader FBN Holdings Plc as GCR views the banking arm as the core operating entity within the group, accounting for over 90% of the group’s assets and earnings. “While the ratings have been assigned exclusively to the bank, the below…

Positive share price movement in Julius Berger, United Capital, and Transnational Incorporation are among the top stocks

Interbank Rates Diverge as Market Struggles with Liquidity Interbank rates diverged in the money market as a weak funding profile in the financial system heated up rates and pricing. Banks are requiring higher rates on their free funds as local lenders patronized the Central Bank of Nigeria (CBN) for liquidity backup. Nigerian interbank borrowing rate (NIBOR) fell across most maturities, Cowry Asset Limited said in a note. This happened as local banks boosted liquidity with funds accessed from the CBN Standing Lending Facility (SLF). Data from the FMDQ platform confirmed that key money market rates such as the Open Repo…

Naira Strong Rally Widens Exchange Rates Gap to N123 The naira soared by about 5% against the US dollar in the foreign exchange market due to lower pressure on FX liquidity. According to spot data from the FMDQ platform, the local currency gained 4.49%, closing at N1,561.76 per US dollar at the official market. The rally, which happened to be one sided between the official and parallel markets, caused FX spread to spike strongly. A channel check showed that the naira closed at ₦1,684 per US dollar in the parallel market. At the current trading spot rates, exchange rate gap…

Equities Investors Lose N70bn as NGX Indexes Plunge Equities investors lost more than N70 billion on the Nigerian Exchange (NGX) as buying sentiment fizzled out. The negative trading session was spurred by weak sentiment seen in Guinness, African Prudential, among others. Stockbrokers said key performance indicators, the NGX-ASI and Market Capitalization dipped by 0.12% on Tuesday. At the end of the trading session, All-Share Index declined by 121.89 basis points to close at 97,584.81. Market analysts attributed the downturn to profit-taking in some recently appreciated medium- and large cap stocks.  Tickers: GUINNESS, OANDO, GTCO recorded loss due to sell side…

Kenya Reduces Benchmark Interest Rate to 12% With the aim to drive private sector credit growth, the Central Bank of Kenya cut its benchmark interest rate by 75 basis points (bps) to 12% at its meeting on October 8th, 2024. Analysts said this is the second consecutive rate reduction for the first time since the Covid-19 crisis. This decision was prompted by inflation easing to the lower bound of the central bank’s target range of 2.5% to 7.5%, along with a more stable Kenyan shilling. The country annual inflation rate decelerated to 3.6% in September 2024, the lowest since December…