Author: Julius Alagbe

Interbank Funding Rates Steady, Liquidity Surplus Hits N3.2T Interbank funding rates steadied, supported by excess liquidity in the money market, which was in excess of N3.2 trillion at the close of the trading session last week. The market recorded a bucket of inflows from short-term instruments that matured, further enhanced by deposit money banks increasing placement at the Central Bank window. In a separate update, investment bankers reported that interbank system liquidity remained robust, closing the week at N3.20 trillion. This translates to an increase of N1.242 trillion after money market actions: auction sales and repayments. The market recorded multiple…

Apapa Customs Intercepts 25.5kg Cocaine from Brazilian Ship The Apapa Command of the Nigeria Customs Service says it uncovered Cocaine weighing 25.5kg onboard a Brazilian ship MV San Anthonio in Lagos on Saturday. The Customs Area Controller, Apapa Customs Command, Comptroller Emmanuel Oshoba, made the disclosure in a statement through the Public Relations Officer of the command, Chief Superintendent of Customs (CSC), Isah Suleiman in Lagos. Oshoba said that the illicit drugs packaged in 24 parcels/slabs, were hidden in five bags found aboard the ship, after which Customs intelligence-led checks resulted in the detention of the ship. The Comptroller lauded…

The Central Bank of Nigeria (CBN) has increased treasury bills offers for subscription by N1.085 trillion

Naira Declines over Squeezed US Dollar Volume in FX Market Traded at N1450 per dollar, the naira depreciated against the US dollar on Friday at the official foreign exchange market due to a sustained struggle to boost FX supply. Persistent increase in US dollar upstreaming abroad has continued to drain FX liquidity. The pressure on the local currency started in November in spite of FX interventions of about $400 million.  At the official window, the naira declined by 0.18% to N1,450.43 per dollar as pressure mounted, reflecting higher foreign payments and lower FX inflows. Due to increasing pressure, the naira…

Namibia Gets $1.78bn AfDB Loan to Boost Economy, Creates Jobs The African Development Bank (AfDB) Group’s Board of Directors has approved a Country Strategy Paper (CSP) for Namibia, committing $1.78 billion to support economic transformation and inclusive growth in the 2025-2030 period. The financing is expected to pave the way job for creation and economic diversification while also addressing key challenges facing of the world’s most unequal countries: youth unemployment exceeds 40 percent, and per capita income has fallen from $5,942 in 2012 to $4,240 in 2024. “This strategy marks a pivotal moment for Namibia’s development,” said Moono Mupotola, the…

Subdued Interest in Nigerian Bonds Pushes Yield to 15.64% Risk-off sentiment in the secondary market drove the average yield on Federal Government of Nigeria (FGN) bonds higher by 4 basis points (bps) on Thursday, traders said in separate reports. The market was greeted with negative sentiment despite surplus liquidity level in the financial system at the trading hours and a couple of pieces of good news, including economic growth and disinflation. A similar experience ensued in the Treasury bills space, suggesting portfolio investors are rotating assets based on the risk profile and yield expectations. While the treasury bills provide inflation-protected…

Naira for Dollar Rate Drops Slightly in Forex Markets The naira-to-dollar rate little changed across foreign exchange (FX) markets on Thursday as demand and supply levels inched closer amidst fresh intervention. Due to FX payment for year-end transactions and foreign portfolio selling activities, the naira rate has been under pressure in the absence of significant US dollar supply by actors in the official currency market. The Central Bank of Nigeria (CBN) updated fx data showed that the spot fx rate depreciated marginally by 0.01% to N1,447.83 per dollar today over close-knit demand and supply. Spot rate weakened but slightly at…

Nigerian Exchange Climbs as Equity Investors Gain N97bn The Nigerian Exchange (NGX) market capitalisation climbed on Thursday as equity investors gained more than N92 billion in a wide price upswing that has lasted for three days. Trading activities closed on a positive note, and the bargain hunting boosted key market performance indicators by 0.10%.  The stock market index, or the All-Share Index, increased by 152.28 basis points, or 0.10%, to close at 145,476.15 basis points. Also, NGX market capitalisation climbed by ₦97.06 billion to close at ₦92.73 trillion. Despite the negative breadth, the market rally reflects investors’ continued caution in…

Funding Costs Ease as Banking System Liquidity Increases Funding costs eased as banking system liquidity increased following OMO repayment and inflow from matured Treasury bills amidst renewed deposit placement at the Central Bank window. In the money market, funding level increased to N3.04 trillion, an increase of N1.1 trillion from the previous level following a surge in placement at the Standing Deposit Facility (SDF) of the Apex Bank. The market liquidity opened the day with a surplus balance of ₦3.0 trillion, AIICO Capital Limited said in a report, keeping the short-term benchmark interest behind the floor rate. Analysts at AIICO…

China Backs Nigeria’s Security, Economic Reforms in High-Level Meeting The Chinese Ambassador to Nigeria, Mr Yu Dunhai, has reaffirmed China’s support for Nigeria’s security efforts and ongoing economic reforms during a high-level meeting with the Minister of Foreign Affairs, Amb. Yusuf Tuggar. In a statement issued by the Chinese Embassy in Abuja on Wednesday, Yu said the China-Nigeria comprehensive strategic partnership had entered “the fast track,” driven by strong political trust and sustained collaboration. He said the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan reflected China’s commitment to expanding high-standard…