Author: Julius Alagbe

Tech Fair: Zenith Bank Empowers African Innovators with N140m Zenith Bank Plc empowers African innovators with N140 million cash prize at the conclusion of its tech fair. The bank said a total cash prize of N140 million has been awarded to the African innovators to scale their transformative solutions after a keenly contested hackathon. The startups staged their pitches at the Fifth Edition of the Zenith Tech Fair, themed “Future Forward 5.0: Tech for Success – Innovate, Adapt, Accelerate” held last week at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos. The 2025 edition of the Zenith…

CBN Sells $250mn to Defend Naira as FX Pressures Increase The Central Bank of Nigeria (CBN) sells $250 million in multiple transactions to authorised dealers and banks as part of an effort to strengthen the local currency, the naira, at the official foreign exchange market. The naira has been facing strong selloffs in the recent past week, and the local currency lost N14 in one week despite significant FX intervention by the Apex Bank. The CBN injected $250 million to authorised dealer banks, withdrawing the equivalent naira volume as demand for greenbacks outpaced naira requests. In its market update, Cordros…

Equities Investors Lost N2.09trn in Nigerian Stock Market Equities investors recorded another weekly loss as selloffs wiped off N2.09 trillion from the Nigerian Exchange (NGX) market capitalisation. This week, the Nigerian equities market extended its bearish trajectory, slipping below the 145,000 threshold to close at 143,722.62 points and registering a 2.24% week-on-week decline. The downturn persisted on the back of an intensified profit-taking activities, a pattern that has become more pronounced as investors rebalance their portfolios ahead of year-end according to Cowry Asset. Market analysts said the wave of selling pressure resulted in a notable contraction in market capitalization, which…

NUPRC Chief Woos Investors with Transparent Oil Licensing Round The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has promised to deliver a transparent 2025 oil licensing round to boost investment in oil and gas sector. The bid portal would go live on its website on Dec. 1, 2025. Mr Gbenga Komolafe, Chief Executive of the commission, said this when the management team of the Ludoil Energy of Italy visited NUPRC corporate headquarters in Abuja. In a statement, Komolafe said the licensing round would feature two stages, explaining that first would be the technical phase and then those who scale through would…

Nigerian Eurobonds Yield Falls as Nov. 2025 Due for Redemption Nigerian Eurobond yields fell at the international debt market as foreign portfolio investors increased their portfolio holdings amidst the near redemption of sovereign external borrowing notes. The Debt Office raised $2.85 billion from the external market to support Nigeria’s 2025 budget deficit, and some analysts said the action was initiated as part of an effort to redeem a borrowing note that will expire in November. The rally suggests the market has priced in near-zero default risk as the country’s reforms begin to yield results with about $47 billion in gross…

Nigerian Treasury Bills Yield Drops to 16.89% after Auction Investors increased bets on Nigerian Treasury bills in the secondary market, reflecting sustained demand for the naira assets after the midweek main auction. The average yield declined below 17% due to post-auction trading reactions. Activities closed on a positive note as investors with failed bids returned to the secondary market to boost their portfolio holdings.  The bargain hunting dragged yields across the belly and long end of the curve lower ahead of a possible interest rate cut. The Central Bank conducted a Treasury bills auction where N700 billion was the offer…

Naira Rises after CBN Sells $50m to Boost FX Supply The naira rebounded against the US dollar at the Nigerian foreign exchange market a day after the Central Bank (CBN) sold $50 million to authorised dealer banks to strengthen supply. The local currency exchange rate came under pressure as demand for the US dollar surpassed FX supply in the local currency market.  The naira appreciated by 0.14% to ₦1,452.13/$ in the official window and strengthened 0.32% to ₦1,469/$ in the parallel market, reflecting easing pressure and improving sentiment.  Trading data from the CBN showed that spot FX rate touched intraday…

Equities investors’ portfolio value on the Nigerian Exchange (NGX) declined by about N292 billion as selling pressures hit Wema Bank, Oando and others.

Money Market Funding Costs Ease Despite Huge OMO Actions Money market funding costs declined as liquidity levels remained in surplus despite a series of open market operations conducted by the Central Bank of Nigeria (CBN). The Apex Bank turned aggressive with liquidity management this week as the funding profile expanded sharply after previous OMO bill repayments. Still, the short-term benchmark interest rates brushed off liquidity tightening efforts. In the week, OMO bills have been floated twice, while the authority accommodates excess subscription with above-the-offer-size allotment. The market liquidity opened the day with a surplus balance of ₦2.7 trillion, reflecting an…

CBN Intervenes in FX Market with $50m as Naira Faces Pressure The Central Bank of Nigeria (CBN) was in the forex market to support the local currency, selling $50 million to authorised dealer banks to strengthen the supply side. The naira started facing intense heat as FX inflows continued to reduce, while US dollar demand for foreign payment was on the rise. Since the naira gained weight, the CBN has become less aggressive with FX sales. However, the authority was forced to pump hard currency into the official window as the naira exchange rate worsened. The naira depreciated by ₦6.76…