Author: Ogochukwu Ndubuisi

T-Bill Yield Falls Below 23% as Unmet Bids Boost Demand The average yield on Nigerian Treasury bills receded below 23% due to increased demand for naira assets in the secondary market from 23.10% after the primary market auction on Wednesday. According to fixed income analysts, the latest rally in the Treasury bills market was spurred by unmet bids at the primary market auction conducted during the week. Fund, asset managers move to fill gaps in their respective portfolios, causing yields to swing, with the average yield contracting by 20 basis points to 22.8% on Thursday in the secondary market. Across…

Nigerian Bond Yield Declines by 5 Basis Points to 19.67% The average yield on Nigerian government local bonds declined by 5 basis points (bps) in the secondary market to 19.67% as a result of buying interest in the mid segment. The local FGN bond market showed a positive trend. There was significant activity around the 2033 and 2053 papers. Fixed interest securities investors ramped up these bonds in the market as primary market supply tempers. The Debt Management Office (DMO) slashed the offer size to N190 billion at the latest main auction, from standard maturities. The debt office’s offer to…

Lagos Unveils Plan to Harmonise Revenue, Tax System The Lagos State Government unveiled a plan on Thursday to simplify and harmonise its revenue and tax systems to stimulate development in the state. The Special Adviser to Gov. Babajide Sanwo-Olu of Lagos on Taxation and Revenue, Mr Abdul-Kabir Ogungbo, made the disclosure at a news conference in Lagos. Ogungbo said that Gov. Sanwo-Olu’s administration acknowledged that an enabling environment was critical for businesses to thrive. He noted that by streamlining processes, eliminating hurdles, and embracing technology, the state would create a more transparent and efficient system that promotes voluntary compliance. According…

Naira Depreciates as FX Outflows Drag External Reserves The naira registered a steep value decline in the foreign exchange (FX) market due to increased demand for the US dollar for economic activities in the country. The exchange rate worsened at the official FX market on Thursday, and at the same time, Nigerian gross external reserves maintained a downward trend, registering 10 consecutive outflows.  The balance in external reserves fell to $36.453 billion, down by $419 million, from $36.872 billion on August 7, 2024. Though the Central Bank said Nigeria recorded an all-time high FX inflows in July, the condition in…

Transcorp Hotels, Banks Stock Drag NGX Lower by N65bn The equities market capitalisation of the Nigerian Exchange (NGX) declined by about N65 billion due to sharp selloffs in Transcorp Hotels, and bank shares on Thursday. The Nigerian Exchange All-Share index tumbled as the market recorded significant sell side activities in Zenith Bank, FBN Holdings, Transcorp Hotels, and other stocks. According to data from the local bourse, the All-Share Index decreased by 0.12 percent, losing 114 points to settle at 95,718.05, compared to Wednesday’s 95,831.51. As a result, the year-to-date return moderated to 28.01 percent, tracking at a distance from the…

Buying interest in Oando Energy PLC, Transcorp PLC, Access Holdings, GTCO and UBA has boosted equities market performance during the intraday trading session

The Nigerian Economic Summit Group (NESG) successfully hosted the National Economic Dialogue 2024 in Abuja, focusing on the theme, “Nigeria’s Economic

A U.S. telecommunications company has been fined one million dollars for sending a campaign call featuring a fake voice of U.S. President, Joe Biden, generated

Investment firm, Alpha Morgan Capital Limited has revealed a plan to launch its US dollar fund for subscription to interest investors in the Nigerian markets

TikTok is taking major steps to boost safety on its platform across Sub-Saharan Africa with the launch of its inaugural Safety Advisory Council and the