Author: Ogochukwu Ndubuisi

Sterling Rallies to Six Month High Ahead of Inflation Ahead of UK inflation data, the British pound, or sterling, has continued to strengthen against the US dollar in the forex market. On Tuesday, the sterling consolidated its rally against the dollar as U.S. tariffs stoked confusion across markets. FX data showed the pound rose above $1.32, a six-month high, as markets responded to easing trade fears. There is also mixed expectation about Bank of England (BoE) rates adjustment amidst inflation concerns.  Hopes that Trump might delay auto tariffs helped UK exporters, especially car parts makers reliant on US trade, lifting…

Ghana Inches Close to Access $370 million IMF Loan Ghana has inched close to accessing a $370 million loan from multilateral lender International Monetary Fund (IMF), an official statement said. At the just concluded meeting, Ghanaian authorities and the IMF reached a staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month extended credit facility (ECF) supported program. Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing. Notwithstanding higher-than-expected growth and a further significant improvement in Ghana’s external position last year,…

Nigeria Bonds Yield Clicks 19% in Latest Selling Rally The Nigerian government bonds yield clicked 19% in the secondary market in the latest selling rally ahead of inflation and second-quarter auction sales. The secondary bond market was awash with sell-offs, with notable offers on the JAN 2026 (+199 bps) and MAR 2026 (+337bps) instruments. Consequently, the average yield curve expanded by 19 bps to reach 19”, a trader said in a report. According to analysts, caution prevailed during the bond trading session amid anticipation of the quarterly auction calendar release. Across the benchmark curve, the average yield expanded at the…

Money Market Rates Increase as FX Debits Hit Liquidity The short-term benchmark interest rates increased as outflows for foreign exchange sales to banks reduced the liquidity level in the financial system. In the Nigerian money market, the Nigerian Interbank Offered Rate (NIBOR) rose across all tenors, reflecting tighter liquidity conditions within the banking system. Conversely, major money market indicators declined. The open repo rate and overnight lending rate increased by 0.08% and 0.25%, respectively, closing at 26.67% and 27.21%. Investment firms reported that interbank liquidity tightened despite ₦28.11 billion in FGN Bond coupon inflows. The liquidity strain was driven by…

FG Gazettes ECOWAS Tariffs, Promotes AfCFTA Implementation The Federal Government (FG) has officially gazetted and transmitted the ECOWAS schedule of tariff offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to its secretariat. This is contained in a statement by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, on Tuesday in Abuja. Oduwole said that the move was ahead of the 16th meeting of the AfCFTA Council of Ministers (COM) responsible for trade, holding in Kinshasa, DRC, on Tuesday, marking a significant milestone in regional trade integration. According to her, this agreement establishes zero duties…

GenCos Seeks N4trn Debt Payment from FG, Others, Threaten Shutdown The power generation companies (GenCos), have appealed to the federal government and stakeholders in the power sector to settle the more than N4 trillion debt owed them for electricity generated. Col. Sani Bello (rtd), the chairman of the Board of Trustees of the Association of Power Generation Companies (APGC), said this in a statement in Abuja on Monday. Presently, the country has 23 power-generating plants connected to the national grid. Bello said that GenCos were currently owed N2 trillion for power supplied in 2024 and N1.9 trillion in legacy debt.…

The Central Bank of Nigeria (CBN) injects $150 million into the foreign exchange market at the beginning of the week to keep the naira safe

Nigerian Bonds Yield Nears 19% Ahead of Supply, Inflation The average yield on Nigerian government bonds inched near 19% in the secondary market as investors trimmed holdings.   The bond market ended on a bearish note; the investors’ activity was observed at the short (-3 bps) and mid-segment (+7bps) of the curve. Trades were mixed generally but with a bearish undertone that shifted the yield curve upward ahead of the release of the rebased consumer price index that measures Nigeria’s inflation rate movement this week. Traders said foreign portfolio investors (FPIs) drove the selling rally in the secondary market, and…

Seplat Installs 850 MMscfd Gas Infrastructure Seplat Energy Plc says it is increasing domestic gas supply in Nigeria by installing over 850 million standard cubic feet per day (MMscfd) of infrastructure. Chief Operating Officer Mr. Samson Ezugworie, stated on Sunday that the company is working diligently to address Nigeria’s persistent energy poverty. Ezugworie confirmed that over 850 MMscfd of gas installations have been completed within Nigeria’s borders to support local demand. He added that this figure excludes the capacity of assets recently acquired from Mobil Producing Nigeria Unlimited (MPNU). “Over the years, we’ve installed over 850 MMscfd of gas aimed…

Interbank Rates Rise as Financial System Liquidity Moderates Interbank rates rose as market-funded FX purchases and Nigerian Treasury bill auction payments reduced the amount of liquidity in the financial system. The key money market indicators reacted negatively to liquidity fluctuations in the absence of significant inflows last week. The interbank market opened the week with a robust liquidity surplus of ₦906.85 billion, supporting stable short-term rates. The liquidity balance was also supported by Nigerian Treasury bills that matured during the week. However, liquidity declined significantly by ₦603.81 billion to close at ₦303.04 billion due to Central Bank foreign exchange sales…