Author: Ogochukwu Ndubuisi

Caverton Slides by 10% to N8.44bn after JV Deal One of Nigeria’s leading oil services companies, Caverton Offshore Support Group Plc.’s market value declined by 10% to N8.44 billion in the equities market due to selloffs.  The company’s share price fell to N2.52 in the market as more than 1.805 million shares valued at N4.569 million exchange hands in the market. Transactions on the company shares were for sell-side actors, causing the offshore support group valuation to decline.  Caverton’s 3.350 billion shares outstanding were valued at N8.443 billion as the price declined by 10% on the day. Recently, the company…

Parallel Market Premium Disappears as Naira Exchange Rates Converge The naira declined across Nigeria’s foreign exchange markets as the Central Bank paused intervention. However, the slight downward movement has wiped off the parallel market premium as the two FX market rates converged again. FX spot data from the FMDQ platform showed that the official US dollar to naira rate depreciated to N1500.80 per US dollar. Transactions were consummated between $/₦1,497.10 and $/₦1,505.00 at the Nigerian Foreign Exchange Market on Wednesday. US dollar demand in the market surpassed the amount of foreign currency available to meet FX users requests for offshore…

Banking Stocks Face Sell Pressure, NGX Down Intraday Sustaining negative sentiments in the equities market, the Nigerian Exchange (NGX) All-Share index is tracking lower midday as sell pattern showed investors appear to have lost interest in banking stocks. During the intraday trading session, the equities market is still bleeding profusely after about a N345 billion decline posted on Tuesday. The local bourse saw investors exiting positions across sectoral indexes amidst earnings releases. Opening with weak sentiment, the local bourse has seen more investors selling than buyers on Tuesday. Stockbrokers said the equities market is probably going to close negative as…

Oil Drops, U.S Gives Chevron Deadline to Stop Venezuela Operation Oil prices continue to decline in the global commodities market amidst uncertainties, tariff combat and latest deadline the U.S administration gave Chevron to window operation in Venezuela. The crude price also face pressure from latest resolve of the Organisation of Petroleum Exporting Countries and allied members (OPEC+) to increase production output amidst President Donald Trump’s threats. On Wednesday, OPEC+ confirmed its plan to increase production in April, adding more oil to the global market and supporting lower prices, while US tariffs on trading partners raised concerns about demand. The international…

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, says the ministry will establish carbon markets across the country to guarantee economic and industrial development. Oduwole said this when she featured at a ministerial briefing by the Ministry of Information and Cultural Orientation, on Tuesday in Abuja,

Equities Investors Lost N345bn as TRANSCORP, DANGSUGAR Fall Equities investors lost about N345 billion in the stock market due to sell pressures.  Data from the Nigerian Exchange, NGX, revealed that the year-to-date return moderated further while other key performance indicators went south.  The second bearish run in the week was driven by sell pressures on Transcorp, Eterna, United Capital, and Dangote Sugar Refinery Plc, among other decliners. The market index, or the All-Share Index, decreased by 550.88 basis points today, representing a drop of 0.51% to close at 106,904.25.  However, the market activities were up today, as the total volume…

ECOWAS Pushes for Single Currency, Economic Stability The 11th ECOWAS Convergence Council convened in Abuja, bringing together Ministers of Finance and Central Bank Governors to discuss regional economic integration and the planned Eco currency launch by 2027. The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired the session, reaffirming Nigeria’s commitment to regional economic cooperation. HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel…

Short-term Interest Rates Fall over Excess System Liquidity The short-term benchmark interest fell moderately in the money market due to a strong liquidity balance in the financial system at the beginning of the week. Interbank liquidity started the month positively, boosted by OMO maturities. The market recorded N279.29 billion inflows from the FGN bond coupon today.  As a result, interbank rates fell, with the Overnight Policy Rate (OPR) down 33 bps to 26.42% and the Overnight Rate (O/N) dropping 50 bps to 26.83% In the money market, the Nigerian Interbank Offered Rate (NIBOR) increased across most tenors, except for the…

Customs Launches B’Odogwu Cargo Clearance System The Nigeria Customs Service (NCS) has begun the gradual implementation of the Unified Customs Management System for cargo clearance in Nigerian ports. Once fully implemented, the homegrown system, named B’Odogwu, will facilitate trade and streamline cargo clearance in under eight hours. A pre-launch event was held on Monday for stakeholders and customs officials at the Apapa and Tincan commands. Speaking at the event, Comptroller-General of Customs, Bashir Adeniyi, said the Federal Government had stopped renewing contracts with previous service providers due to the new system’s rollout. According to him, the government initially engaged a…

Naira Extends Rally on Declining Foreign Reserves The Nigerian local currency, the naira, appreciated against the US dollar by six basis points to close at N1,499.10 in the official FX market, according to spot FX data from the FMDQ. FX liquidity at the Nigerian Foreign Exchange Market (NFEM) remained stable, with transactions consummated between the range of $/₦1,497.00 and $/₦1,501.00 on Monday. At the parallel market, the naira remained flat at N1,505 amidst a slowdown in supply risks. The exchange rate settled at N1,500,15 on Friday, recording marginal gains week on week despite the fact that the Central Bank of…