Author: Julius Alagbe

FirstBank Denies Shutting Down Transactions Platforms First Bank of Nigeria Ltd. has clarified that its scheduled transition to a new cloud-based procurement and financial platform will not affect banking operations. This is contained in a statement issued by Folake Ani-Mumuney, Group Head Marketing and Corporate Communications, FirstBank. ”There is no plan for systems upgrade for customers applications which are fully operational. ”The bank is not experiencing service disruptions and its banking systems, customer transactions and other channels, will not be affected by the planned enhanced supplier platform. “We wish to address a misleading report circulating in the media regarding a…

GCR Ratings has downgraded FBNQuest Merchant Bank Limited’s national scale long and short term issuer ratings

FBN Holdings PLC (Ticker: FBNH) has re-entered the category of listed stocks worth more than N1 trillion on the Nigerian Exchange

The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes.

PenCom Stops PFAs from Investing in Commercial Papers The National Pension Commission (PenCom) has directed Licensed Pension Fund Administrators (LPFAs) and Custodian Fund to immediately suspend further investment in commercial papers where capital market operators (non-banks) are engaged as IPAS. This was contained in a circular with reference number: PENCOM/TECH/ISD/2024/402, dated Oct. 23, 2024 and signed by A.M.Saleem, Head, Surveillance Department of PenCom. The circular obtained was addressed to managing directors and chief executives officers of all LPFAs. PenCom warned the LPFAs to desist from investing in the affected portfolio pending the issuance of guidelines or regulations on the issuance…

Naira Rises as Nigeria’s US Dollar Reserves Hit 27-Month High The naira rose against the US dollar in the foreign exchange (FX) market as liquidity balances in the currency market overshadow demand pressure. Spot FX data from the FMDQ platform showed the naira appreciated by 3.20%, closing at ₦1,601.20 per US dollar at the official market. The significant daily improvement in exchange rate happened due to the slowdown ahead of seasonal requests for FX related transactions by importers.  Exchange rate recalibration has been intermittent, though some analysts maintained a positive outlook on exchange for 2024. While the naira is falling,…

Money Market Rates Climb over Negative Liquidity Balance Money market rates climbed on the back of a deficit liquidity balance in the financial system. The market has consistently kept rates higher in the absence of significant inflows that could upturn the negative liquidity. Reflecting the previous trend, investment firms reported that system liquidity improved but rates remain on the high side. In its market update, AIICO Capital Limited said liquidity balance improved slightly as Federal Account Allocation Committee (FAAC) inflows or credits begun to come in gradually. Banks have been accessing funds from the Central Bank of Nigeria (CBN) at…

Benchmark Yield Dips as Investors Bet on Nigerian Bonds The benchmark yield on Nigerian government bonds dipped slightly to 19.31% as investors increased their position in the secondary market.  Asset managers have been playing the bond markets, targeting optimized returns on their portfolios.  The sustained demand for Nigerian bonds has been driven by elevated yields in the fixed income market – even as inflation continues to threaten returns. Market participants sought higher rates at debt office monthly auction as bonds supply eased. This week, the inflation rate surge triggered riskoff sentiment, with selloffs on borrowing instruments lifting yields on short…

Guinness Nigeria Plc earnings performance was broken by a huge loss recorded in the first three months of the financial year 2024/2025, its unaudited financial statement showed.

Amidst sustained FX volatility, FSDH analysts have projected that the exchange rate would settle at N1,560 per US dollar