Author: Julius Alagbe

The US dollar fell against its major trading partners early Friday, except for a gain versus the yen, with the focus on personal income, spending and price

Equities Investors Gain N117bn as IntBrew, Oando Rally Equities investors on the floor of the Nigerian Exchange (NGX) saw about N117 billion. The NGX All-share index and market capitalization gained 21bps apiece to settle at 96,407.88 points and N55.38 trillion, respectively. Stockbrokers said the positive outturn stemmed from upticks in OANDO (+9.98%), JBERGER (+9.97%) and INTBREW (+8.89%). Market breadth printed positive at 1.17x, as 27 gainers outpaced 23 losers. In the market chart, OANDO (+9.98%) emerged as the top gainers, while SCOA (-9.79%) topped the laggards. Due to buying interest, the market activities inched higher. Total volume and total value…

Nneka Enwereji Becomes Citibank Nigeria MD/CEO Nneka Enwereji has been appointed as the new MD/CEO for Citibank Nigeria Limited (Citi) effective August 19th, 2024, following approval by the Central Bank of Nigeria, an official statement said.  Enwereji succeeds Ireti Samuel-Ogbu who has retired from Citi after 36 years of service. Commenting on her appointment, Dr Shamsuddeen Usman, the Chairman of Citibank Nigeria Limited said: “I am very happy about Nneka’s appointment. Her deep industry knowledge, strong leadership skills, and a clear vision for the future will ensure the bank continues to help Citi’s clients navigate an increasingly dynamic environment. “It…

Inflation in Zambia Accelerates to 15.5% The consumer price index, which measures the annual inflation rate in Zambia, quickened for the 14th month to 15.5% in August 2024, the highest point since December 2021, up from 15.4% in the prior month, Statistician-General Goodson Sinyenga said in a statement.  The upward trend is mainly attributed to El Niño-induced drought weighing on food prices. Prices of food, which make up more than half of the inflation basket, rose to 17.6% from 17.4% last month and non-food price growth slowed to 12.5% compared with 12.6% in July. On a monthly basis, consumer prices…

Oil Prices Rise Amidst Demand, Supply Concerns Due mostly to supply disruptions in Libya and robust US economic data, Brent crude oil price increased above $80 per barrel on Thursday. The US economy showed slightly better growth in the second quarter, boosting investor confidence. Meanwhile, Libya halted operations at five key export terminals, slashing its oil output by more than half and risking a significant reduction in global supply. Despite these gains, oil prices are still on track for a monthly decline, partly due to persistent concerns over China’s slowing economy, which is likely to miss its growth targets and…

U.S. Denies Seeking New Cold War with China Jake Sullivan, U.S. President Joe Biden’s National Security Advisor, on Thursday said the U.S. was not seeking a new Cold War with China or changing China’s system. Sullivan made this known during a meeting with President Xi Jinping of China in Beijing. He explained that the revitalisation of U.S. alliances, especially in Asia, was not against China. The presidential aide also conveyed the regards of President Biden to President Xi. He recalled that since the San Francisco Summit between the two world leaders, the duo had earnestly implemented their common understandings and…

$1m Fraud: EFCC Nabs Suspected Syndicate Impersonating Olukoyede The Economic and Financial Crimes Commission (EFCC) has apprehended a four-man syndicate for allegedly impersonating and blackmailing its Chairman, Mr Ola Olukoyede, in a one million dollars fraud. The EFCC Spokesperson, Dele Oyewale, said this in a statement on Thursday in Abuja. He said the suspects were arrested on Wednesday at Gimbiya Street, Garki, and Apo Legislative Quarters, Abuja. Oyewale stated that the alleged fraudsters impersonated the EFCC Chairman and contacted a former Managing Director of the Nigeria Port Authority (NPA), Mr Mohammed Bello-Koko, for a deal. According to Oyewale, they claimed…

Nigeria’s Non-oil Export Grows by 6.26% to $2.7bn – NEPC The Nigerian Export Promotion Council (NEPC) says Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating 2.7 billion dollars in revenue. The Executive Director of NEPC, Nonye Ayeni, said this while presenting a progress report on Nigeria’s non-oil export performance on Wednesday in Abuja. Ayeni said that the figure showed a 6.26 per cent increase when compared to the 2.539 billion dollars earned in the same period in 2023. According to her, the significant uptick in export revenue highlights the country’s ongoing efforts to diversify…

Interbank Rates Crash despite Outflow for OMO Auction The interbank rates crash by about 300 basis points, or 3% apiece, as liquidity levels in the financial system remain robust despite outflows for open market operations (OMO bills) sold to investors yesterday. The OMO bills were offered in three tenors for a total of ₦500 billion, but the Central Bank of Nigeria (CBN) sold ₦758 billion of the long-dated paper market participants at the primary market auction on Tuesday. Short-term benchmark rates reacted positively to the funding level in the absence of significant pressures in the market. Data from the FMDQ…

NCC Sets Final Deadline for NIN-SIM Linkage Compliance The Nigerian Communications Commission (NCC) has announced a final deadline for mobile users to comply with Subscriber Identification Modules (SIMs) linkage to their respective National Identity Numbers (NINs). In an official statement, NCC said that to date, over 153 million SIMs have been successfully linked to a NIN, reflecting an impressive compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024. “As we approach the final phase of this critical process, the NCC seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance,”…