Author: Julius Alagbe

Transcorp Power Plc grew profit by 186% year on year to N58.5 billion at the end of the third quarter of financial year 2024, from N20.4 billion in the comparable period in 2023.

Moody’s Upgrades Ghana’s Ratings, Changes Outlook to Positive Moody’s Ratings has upgraded Ghana’s long term local and foreign currency issuer ratings to Caa2 from Caa3 and Ca and changed the outlook to positive from stable. In a rating note, Moody’s stated that the main driver of the upgrade to Caa2 is Ghana’s extensive debt treatment that has provided meaningful relief to the government’s finances. “Since seeking relief through the G20 common framework for debt treatment in 2022, the government of Ghana restructured local currency debt and debt owed to bilateral official-sector creditors and concluded the exchange of eurobonds on 9…

Money market rates rose further on the back of liquidity stress in the financial system.

Naira Appreciates Slightly as FX Liquidity Shortage Eased The naira exchange rate improved slightly in the forex market amidst rumour, expectation that the Central Bank of Nigeria (CBN) may not resume retail Dutch auctions again. Spot data from the FMDQ platform showed that the Naira appreciated by 0.16%, closing at ₦1,622.57 per US dollar at the official market. In the Parallel market, the Naira closed at ₦1,675 to the US dollar. Demand for foreign currency continues to overshadow FX liquidity, leaping exchange rate movement tight across the markets. The gap between official and parallel market rates had crossed N120 in…

Kwara Announces N100m Support for Kaiama Boat Mishap Victims Kwara State Governor AbdulRahman AbdulRazaq has announced N100 million in support for the victims of the recent boat mishap involving up to 200 people from Kaiama local government area. The Governor announced the support on Thursday during a visit to the Emir of Kaiama Alhaji Omar Mu’azu (Kiyaru IV). Governor AbdulRazaq again commiserated with the Emir and the people of Kaiama, saying the incident again underscored the reason for more institutional checks on water travel. He also conveyed the condolences of President Bola Tinubu to the monarch and the people of…

The equities market capitalisation of the Nigerian Exchange (NGX) declined by N5.7 billion due to investors that exited their positions in banking names.

The Nigerian Ports Authority (NPA) on Thursday said that seven ships are expected to berth at the Lagos ports. The NPA, in its “Daily Shipping Position’, said two of the expected vessels would berth with containers of different goods.

The average yield reduced as trading activities on Nigerian Treasury bills ended on a bullish note in the secondary market on the back of investors increasing bets on naira assets.

FG Targets 60% in Value Addition of Nigeria’s Raw Material The Federal Government (FG) says it is set to achieve a target of 60 percent value addition in raw materials from the current 25 percent. Uche Nnaji, Minister, of Innovation, Science and Technology (FMIST), said this on Wednesday at a dialogue session organized by Raw Materials Research and Development Council (RMRDC) in Abuja. The presentation and dialogue session had science and technology stakeholders, strategic donor agencies, and development partners in attendance. Nnaji said that achieving the 60 percent goal represented a bold vision for Nigeria’s future, where raw materials are…

NACCIMA Raises Concerns Over Petrol Price Hike The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concern over the increase in petrol pump prices in Lagos and Abuja. Mr Dele Oye, National President, NACCIMA, made this known in a statement on Wednesday in Lagos. Oye said that the prices, which had reached N998 and N1,030 per litre respectively, were placing a strain on businesses and households across the country. He spoke on the potential economic consequences of the price hike, warning that the increase could lead to higher transportation costs, exacerbate inflation and severely impact…