Author: Julius Alagbe

Ecobank, the leading pan-African financial services group, announced Daba Finance, the Ivorian Fintech, as the Grand Winner of its flagship Ecobank Fintech Challenge 2024.

Moody’s Ratings (Moody’s) has changed the outlook on the Government of Togo to stable from negative, and affirmed the B3 domestic and foreign currency long-term issuer ratings.

Nigeria’s Eurobond Yield Rises to 9.6% as Foreign Investors Adjust In Nigeria’s sovereign Eurobond market, sell pressure across the short, mid, and long ends of the yield curve resulted in a 0.13% rise in the average yield, reaching 9.6% in the just concluded week. The market has been adjusting to US Fed rates slash, while the local authority increased benchmark interest rate to 27. 25% in Sept kick started some portfolio adjustment in the market. Macroeconomic data suggests Nigeria’s economic is going positive in terms of disinflation and economic growth. However, the risk off sentiment on Nigeria’s sovereign Eurobond was…

Brent Falls by 5% to $71 amidst Demand Concerns Oil prices are on track for a weekly decline on Friday with expectation of an increase in major oil producers amid weakening global demand. Brent fell by 4.8% to $71 per barrel over an unimpressive demand outlook.  West Texas Intermediate (WTI), the American benchmark, traded at $67.60 a barrel.  Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC), is expected to ramp up output from December in a bid to reclaim market share. In June, the OPEC+ group, consisting of OPEC members and other big producers…

Nigerian Treasury Bills Yield Rises as Discount Rates Increase The average yield on Nigerian Treasury bills spiked as investors reacted to the rate hike with profit taking activities in the secondary market. Sell side activities were witnessed across the Nigerian Treasury bill tenors as investors began to seek higher returns on naira assets on the back of high interest, and an inflation rate environment.  The average yield across all instruments expanded by 45 basis points to 25.1%, Cordros Capital Limited said in its market update. Traders also noted that across the market segments, the average yield increased by 34 basis…

Benchmark yields on Nigerian government bonds spiked in the secondary market as fixed interest securities investors trimmed their portfolio holdings.

Money market rates diverge on the back of a significant decline in liquidity balance in the financial system following Central Bank of Nigeria (CBN) monetary policy action.

BUA Foods Shareholders to Get N5.50 Dividend Per Share BUA Foods shareholders are to get N5.50 dividend per share following an approval obtained at the company’s annual general meeting. In its financial statement for 2023, the fast moving consumer goods company declared a revenue of N729.4 billion, an increase of 74.4 percent relative to its 2022 revenue. The Chairman of BUA Foods, Alhaji Abdul Rabiu, said this at the 3rd Annual General Meeting of the company on Thursday in Abuja. While presenting the annual report and accounts of the company for the financial year 2023, Rabiu said that the company…

The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small

Naira Strengthens to N1,540 as Huge FX Auction Eased Volatility The naira exchange rate strengthened to N1,540 against the US dollar in the foreign currency market following huge FX intervention. Exchange rates had worsened due to delayed FX sales to ease liquidity pressure. In its latest market action, the Central Bank of Nigeria (CBN) as part of efforts to boost foreign currency liquidity sold US dollar to Bureau de Change (BDC) operators and local deposit money banks. In a latest notice, the apex bank sold $20,000 to BDCs operators to reduce demand pressure in the informal segment. The CBN also…