Author: Ogochukwu Ndubuisi

Naira Pulls Back as CBN Contribution in FX Market Shrinks The naira is pulling back in a successive manner across foreign exchange markets. The exchange rates plunged market wide as the central bank contribution in the forex market continues to shrink on the back of subpar FX sales to banks to boost liquidity.  In the official window, the naira fell by 10 basis points against the US dollar again on Wednesday as analysts cited a sustained forex supply challenge. Spot FX data from the FMDQ platform showed that the naira fell by 0.10% to close at N1,549.20 per US dollar…

AFC Raises $500m Hybrid Bond for Infrastructure Projects Africa Finance Corporation (AFC) has successfully priced a US$500 million perpetual hybrid bond, according to an official statement. This landmark transaction, which is AFC’s debut hybrid bond issue, demonstrates its leadership in accessing global capital markets and financing transformative infrastructure projects across the continent. Priced at a coupon of 7.50% with no fixed maturity, AFC’s maiden perpetual bond attracted robust demand, peaking at US$1.1 billion in orders, and closed with 1.5 times oversubscription. The issuance will further enhance AFC’s robust capital position while providing investors with certainty during the initial non-callable period…

Nigeria’s Headline Inflation Rate Climbs to 34.80% in December Nigeria’s headline inflation rose by 20 basis points to 34.80% year on year in December, from 34.60% in November due to unstable price movement across the economy. The increase was primarily attributed to the higher core prices despite a moderation in food inflation, according to consumer price index (CPI) data released by the National Bureau of Statistics (NBS) today. The figure is 11 bps lower than Cordros’ estimate of 34.91% for the month. Meanwhile, on a month-on-month basis, headline inflation eased by 20 bps to 2.44% from 2.64% in November 2024.…

FG to Address Food Export Irregularities, Others The Ministry of Industry, Trade, and Investment and the Ministry of Health and Social Welfare have collaborated to tackle irregularities in food export system. The collaboration is also expected to encourage efforts to unlock the healthcare value chain for effective transformation. Dr Jumoke Oduwole, the Minister of Industry,  Trade and Investment,  made this known on Wednesday in Abuja. Oduwole spoke while receiving Dr Muhammad Pate, the Minister of Health and Social Welfare, who was on a courtesy visit to her office. Also on the  courtesy visit was the  Director-General, National Agency for Food…

Equities Investors Lose N1.06Trn as Dangote, MTN Nigeria Slump Equities investors lost N1.06 trillion as 41 stocks plunged on the Nigerian Exchange (NGX) trading platform. The local bourse witnessed a strong bear contest, with the steepest daily decline in the year dragging key market performance indicators downward by 1.66%. This downturn was primarily driven by significant sell-offs in prominent blue-chip and mid-cap stocks such as DANGCEM, JBERGER, MTNN, and others. The Nigerian Exchange market index (All-Share Index) reduced by 1,745.16 basis points today, representing a drop of -1.66% to close at 103,622.09. However, market activities were inched higher, as the…

US Dollar Falls Ahead of Fed Speeches The US dollar fell against its major trading partners early Tuesday, except for an increase versus the yen, before a busy day of economic data releases and appearances by Federal Reserve officials. This week’s US inflation data could potentially reinforce the dollar’s strong momentum and cast further doubts on whether the Fed needs to cut at all, ING analyst Francesco Pesole said in a note. Earlier Tuesday, the National Federation of Independent Business said small business optimism surged in December to its highest point since October 2018, lifted by a much-improved economic outlook…

FCCPC, NCC Partner to Curb Telecoms Abuses The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC) have signed an agreement to eliminate regulatory gaps in the telecommunications industry. Mr Tunji Bello, the Executive Vice Chairman of FCCPC, said at the signing of the Memorandum of Understanding (MoU) in Abuja on Tuesday, that the collaboration would ensure robust consumer protection in the telecommunications industry. Bello said the partnership would also promote fair competition and ensure eradication of exploitative practices in the industry. According to him, this partnership will benefit both operators and consumers, will also foster…

Africa Has What it Takes to Develop Itself – Tinubu President Bola Tinubu says that Africa has what it takes to develop itself and should look inward to improve intra-African trade in the interest of the people and the continent. The President said this on his official X account on Monday, adding that he had successful conversations with the Rwandan President, Paul Kagame, on the eve of the Abu Dhabi Sustainability Week (ADSW 2025). “We have the resources, the people and the capacity. We must look inward to improve intra-African trade and collaboration to benefit the African people and the…

Nigeria Urges Global Financiers to Invest In Airport Concessions Mr Festus Keyamo, the Minister of Aviation and Aerospace Development, has urged global financiers to invest in the concessions of Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja. The minister was speaking at the Airline Economics Growth Frontiers Global in Dublin, Ireland, on Monday. The Airline Economics Growth Frontiers Global event opens holds from Jan. 12 to 15. The event, which is part of Airline Economics Week, focuses on the latest developments and trends in the global aviation industry, with a particular emphasis on the finance and leasing…

Nigerian Exchange Sheds N51bn as FBNH, MRS Oil Slump The Nigerian Exchange (NGX) shed more than N51 billion on Monday as investors sold down interest in FBN Holdings, MRS Oil, and LASACO, among others. The local bourse opened negative after more than N1 trillion spike in market capitalisation last week. The selloffs affected key market performance indicators, declining by -0.08% on the day. Stockbrokers reported that the market downturn was primarily driven by profit-taking activities in some recently appreciated medium- and large-cap stocks across major market sectors. The Nigerian Exchange market index, or All-Share Index, decreased by 83.81 basis points…