Author: Ogochukwu Ndubuisi

Banking Stocks Drive Intraday Momentum in Equities Market Banking stocks are driving intraday momentum in the equities segment of the Nigerian Exchange on Thursday. Investors started fresh bargain hunting in the stock market after negative showed display midweek. Investors were caught in between placing their bets on fixed interest securities and risky stocks amidst corporate earnings releases. The financial markets performance yesterday mirrored a weak appetite for equities as investors’ parked huge money into Treasury bills offered by the Central Bank at the midweek auction. At midday, the NGX All Share Index edged up by 0.07%, reflecting a positive trend,…

Nigerian Artistes Generate N58bn Revenue on Spotify in 2024 Spotify, an online music streaming platform, says Nigerian artistes have generated more than N58 billion on its platform in 2024. Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director disclosed this in a statement on Thursday, in Lagos. Muhutu-Remy said this figure headlined Spotify’s 2024 Loud and Clear report released on Thursday. According to her, the report also revealed that the number of Nigerian artistes generating N10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures. She said this underscored the explosive commercial…

The benchmark yield on Nigerian government bonds climbed to 18.44% in the secondary market ahead of next inflation data.

DStv, Gotv Tariff Hike: Court Stops FCCPC from Sanctioning MultiChoice The Federal High Court in Abuja on Wednesday, restrained the Federal Competition and Consumer Protection Commission (FCCPC) from sanctioning MultiChoice Nigeria Limited following its recent increase in the DStv and GOtv subscription rates. Justice James Omotosho gave the order after an ex-parte motion moved by Moyosore Onigbanjo, SAN, counsel to MultiChoice. Justice Omotosho, in the motion marked: FHC/ABJ/CS/379/2025, ordered FCCPC not to take “any administrative steps” against the pay-Tv company. FCCPC had summoned MultiChoice Nigeria Ltd to provide explanations regarding the March 1 price review of its packages. The commission…

Short-term Interest Rates Rise as Banking Deficit Soars The short-term benchmark interest rates soared in the money market as banking system deficit spiked. Liquidity balance declined following the Central Bank of Nigeria pending cash reserve ratio activities and debit for money market instruments. This affected rates pricing ahead of Nigerian Treasury bills auction on Wednesday. Going to Thursday, the Nigerian Interbank Offered Rate (NIBOR) rose across all tenors, reflecting tight liquidity conditions in the banking system, according to Cowry Asset Limited investors’ note. The deficit in the financial system increased by 80.26% to close at ₦308.33 billion, TrustBanc Financial Group…

CBN Hikes Interest Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) raised spot rates on Nigerian Treasury bills at the primary market auction on Wednesday as declining yields trigger the risk of capital outflows. Demand remained strong, as reflected in the auction results conducted by the Debt Management Office (DMO) on behalf of the monetary authority. MarketForces Africa reported that the CBN offered N550 billion across standard maturities:  91-, 182-, and 364-day papers. Investors staked N1.27 trillion on the offer, translating to a bid-to-offer ratio of 2.30x, though quite low when compared with previous auction sales. The…

CBN Opens Midweek Treasury Bills for Investors Subscriptions The Central Bank of Nigeria, CBN, will open its midweek Treasury bill auction for sales to investors at the primary market auction today. The primary market auction will see a total of N550 billion worth of Nigerian Treasury bills in offer across standard maturities. Fixed income market analysts predict that the auction will be oversubscribed, reflecting buying sentiment on the naira assets despite a huge deficit in the banking system. The financial system liquidity expanded by 73% to open at ₦171.05 billion, pushing the short-term benchmark interest rates higher by over 15…

EU Threatens Retaliation Against U.S. Tariffs With New Import Duties The EU says it will respond to U.S. tariffs on steel and aluminium imports by reintroducing tariffs on U.S. products including whiskey, motorcycles, peanut butter, and boats in April. The European Commission said in a memo that the countermeasures would aim to “protect European businesses, workers, and consumers” from the impact of U.S. tariffs. U.S. imposed tariffs of up to 25 per cent on imports of steel, aluminium, and some products containing the metals. According to the commission, the new U.S. tariffs would affect EU exports worth 26 billion euros…

EFCC Alerts Nigerians on 58 Ponzi Scheme Operators The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding the activities of 58 companies allegedly operating illegal Ponzi schemes under the guise of investment opportunities. The alert is contaned in a statement issued by the EFCC Spokesperson, Dele Oyewale, in Abuja. The commission said that the companies were neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), hence, making their operations illegal. The commission said it has taken legal action against many of the entities, leading to the conviction of five,…

Money Market Rates Jump as CRR Debit Squeezes System Liquidity Money market rates surge further as outflows for pending cash reserve ratio strained liquidity balance in the financial system.  The outflow relating to the Central Bank of Nigeria’s (CBN) CRR activity increased the financial system deficit. The banking deficit surged further on Tuesday from N98.65 billion at the beginning of the week amidst inflows from oil-producing states.  The Nigerian Interbank Offered Rate (NIBOR) showed mixed movements across all tenors, according to Cowry Asset Limited. The firm stated that the overnight NIBOR and 1-month tenor increased by 0.26% and 0.06% to…