Author: Ogochukwu Ndubuisi

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…

Moniepoint Women in Tech initiative Turns 5, Expands Access for 15 Interns As the world marks International Women’s Day (IWD), Moniepoint Inc, leading digital financial services provider and Africa’s fastest growing financial institution, has announced the expansion of its “Women in Tech” program. This year, the program will increase its offerings from 10 to 15 internship roles, furthering its commitment to bridging the gender gap in the technology sector. This announcement aligns with the 2025 IWD theme, “Accelerate Action,” which calls for urgent action to close the gender gap and promote equality across industries. The program is a vital part…

FG Denies Diverting $3bn Railway Project The Federal Ministry of Transportation (FMT) has described as false a report claiming that Sen. Said Alkali, the Minister of Transport, diverted three billion dollars railway project from South-East to his home state, Gombe for political gain. The ministry urged Nigerians to disregard the publication, describing it as false, malicious and misleading to the public, and should be discarded. This is contained in a statement issued by the management of the ministry and signed by Mrs Janet McDickson, Director of Information and Public Relation in the ministry. “Attention of Management and Staff of FMT…

Seplat Energy Seeks to Raise $650m for Debt Refinancing Seplat Energy Plc has launched an offering of USD$650 million in senior notes due in 2030 at $1000 per note, according to its regulatory filing issued on the Nigerian and London Stock Exchange on Tuesday. The energy company said the net proceeds of the offering will be used to repurchase its outstanding 7.750% senior notes due in 2026. Seplat also plans to pay transaction fees and expenses from the proceeds, according to its filing. “There can be no assurance that the transactions will be completed,” Seplat Energy said.  Seplat also announced…

Oando Plc. Wins Trinidad and Tobago Refinery Bid –Official Oando Plc has been named the preferred bidder for the lease of the Guaracara Refining Company Limited’s (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd. (TPHL). The indigenous energy group said in a statement, announcing its successful bid on Tuesday.  “This award underscores Oando’s track record of reliability, innovation, and infrastructure development and aligns with its Corporate strategic vision of expanding across the Caribbean region,” Oando said in an official statement. It said the partnership also represents a strategic bridge between Africa and the Caribbean, as Oando’s involvement in the refinery…