Author: Ogochukwu Ndubuisi

Big Banks’ Stocks Drive Intraday Rally in Equities Market Investors’ buying interest in big bank stocks is currently pushing the Nigerian Exchange (NGX) All-Share Index (ASI) up north, trading details from the local bourse show. The market is gaining and sustaining the bullish momentum that started on Monday. The equities market capitalisation surged by about N173 billion, and it appears investors are not done. During the intraday trading session. Stockbrokers are executing a series of buy orders—most of the Tier-1 bank stocks are driving the intraday growth due to their sizes. The market also sees interest in Nigerian Breweries, including…

Naira Extends Rally as CBN Bridges FX Liquidity Gap Staying strong against the dominant US dollar, the naira appreciated in the official foreign currency market as the Central Bank of Nigeria (CBN) continue to close the gap between demand and supply. According to data obtained from the CBN platform, the naira rose against the US dollar by 29 basis points to close at N1581 on Monday after $120 million FX injection last week. The USD/NGN pair fluctuated between $/₦1,579.00 and $/₦1,584.00, resulting in a 29-bps gain for the Naira, which settled at $/₦1,581.5866 by the close of the session. “Barring…

Germany Crackdown on Migration as Court Blocks Asylum Move The German government’s move to turn away asylum seekers at the country’s borders is unlawful, a Berlin court ruled on Monday. The urgent decision by the Berlin Administrative Court is a blow to Chancellor Friedrich Merz, who has pledged to crack down on migration. Shortly after taking office in April, Interior Minister Alexander Dobrindt ordered border checks to be stepped up and advised police to turn back irregular migrants, even if they applied for asylum. In the first case to emerge over the controversial move, the court ruled in favour of…

Reps Decry Non-Remittance of 5% Petrol Price to FERMA Speaker of House of Representatives, Rep. Tajudeen Abbas, has decried the non-implementation and non-remittance of the five per cent of the petrol pump price to Federal Road Maintenance Agency (FERMA). Abbas stated this while declaring open an investigative hearing on non-implementation and remittance of the five per cent user charge in Abuja on Monday. The speaker, who was represented by represented by the Minority Leader, Rep. Kingsley Chinda, noted that the law was still being flouted by relevant authorities in spite of the efforts of the lawmakers. “Distinguished guests, it is…

CNG Sector Attracts $500m Investments – P-CNGI The Presidential Compressed Natural Gas Initiative (P-CNGI) says the CNG sector has attracted over 500 million dollars investments and created over 10,000 direct jobs. The P-CNGI said that 255 new conversion centers that did not exist in 2024 and 53 daughter stations existed currently. Mr Michael Oluwagbemi, Programme Director/Chief Executive Officer, P-CNGI on Monday emphasised that Nigeria is making progress in expanding the CNG infrastructure and investments. Oluwagbemi, however, said that engineering feats took time. He recalled that from May 2024, the P-CNGI set out to implement its mandate in line with the…

Nigeria Issues Upstream Executive Order, Prioritises High Returns for Oil & Gas Operators Nigerian President Bola Ahmed Tinubu has signed an executive order designed to lower costs and enhance revenue from oil and gas projects. The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators and is expected to play an instrumental role in attracting investment, driving development, and unlocking greater value from the country’s oil and gas resources. As the voice of the African energy sector, the African Energy Chamber (AEC) commends the Nigerian government’s continued commitment to not only improving the operating…

Zambia Inflation Rate Softens to Near 1-Year Low Zambia’s annual inflation rate fell to a near one-year low of 15.3% in May 2025, easing from 16.5% in each of the previous two months. Food inflation decelerated for the third month to 17.9%, from April’s 18.7%, as favourable rainfall helped bring down corn meal and vegetable prices. On a monthly basis, consumer prices rose by 0.3% in May, decelerating from a 1% increase in the prior month. Recall that the Central Bank of Zambia kept its benchmark interest rate unchanged at 14.5% during its regular meeting on May 23rd, 2025, after two…

South African Rand Weakened Against Dollar The South African rand weakened toward 18.1 per USD, after touching a five-month low of 17.75 on May 29, pressured by a firmer dollar and as prices of metal prices, particularly gold, declined. Meanwhile, traders continued to digest the South African Reserve Bank’s decision. The central bank resumed its easing cycle with a widely expected 25 basis point rate cut after pausing in March, aiming to support the economy amid subdued inflation. Governor Lesetja Kganyago noted that underlying inflation remained well contained and that both domestic and global conditions had improved since the March…

IATA Urges Governments to Release $1.3bn Airline Blocked Funds The International Air Transport Association (IATA) has urged governments to release 1.3 billion dollars airlines’ funds blocked from repatriation as at the end of April. The Director-General of the association, Mr Willie Walsh, in a statement on Sunday, said that timely repatriation of airlines’ fund was crucial. According to Walsh, 1.3 billion dollars is a significant amount although shows an improvement compared with the 1.7 billion dollars reported for October 2024. He urged governments to remove all barriers preventing airlines from timely repatriation of their revenues from ticket sales and other…

FG to Drive Energy Transition with 209trn ft³ Gas Reserves The Federal Government (FG) says Nigeria’s 209 trillion cubic feet (ft³) of proven gas reserves have been positioned as the nation’s key asset for energy transition and economy diversification, Mrs. Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, said in an interview with the news agency in Abuja on Sunday. Verheijen, who was speaking on the second year anniversary of the Tinubu administration, said the government is leveraging the nation’s gas resources in diversifying the economy, achieving energy transition, and creating jobs. She said the administration built on…