Author: Ogochukwu Ndubuisi

The Nigerian Maritime Administration and Safety Agency (NIMASA) says it is working on a review of the 2007 NIMASA Act to tackle piracy on the nation’s

Ibom Air has said that allegations of ticket racketeering and poor handling of flight check-ins against some of its officials at its Port Harcourt station are

Investors Trim Treasury Bills Holdings as CBN Cuts Rate The average yield on Nigerian Treasury bills jumped in the secondary market as investors offloaded naira assets at the time when the Central Bank of Nigeria (CBN) reduced the spot rate on one-year bills. The treasury bills market started the week with a bearish sentiment. During the week, the Debt Management Office (DMO) offered around ₦216.09 billion on behalf of the monetary authority as part of liquidity management efforts. Investors submitted bids which was 2.25 times the amount offered. In the secondary market, sell spree persisted ahead of inflation data expectation.…

Google Loses US Antitrust Case over Search Dominance, Credit Negative for Alphabet, Apple -Moody’s Google loses a U.S. antitrust case over search dominance, a credit negative for parent Alphabet and Apple, Moody’s said in a commentary note. Google spent billions of dollars to improperly maintain a monopoly on the Internet search business. The ruling is credit negative for Alphabet because it may need to alter its very profitable business model that made it a dominant force in targeted advertising. The magnitude of any potential changes will not be clear until the trial’s remedy phase is completed. “We think the court…

Money Market Rates Climb as Banks Borrow N420bn from CBN Money market rates increase significantly as pressure on the financial system nudged banks to pitch their tents at the apex bank discount window to access funds to support their respective liquidity positions. Deposit money banks (DMBs) returned to the standing lending facility of the Central Bank of Nigeria (CBN) to borrow about N420 billion to augment their liquidity needs as funding level in the financial system reduced. The latest move was a reversal to what the market experienced earlier in August when cash-rich local lenders increase participation at the standing…

Return on OMO, Treasury Bills Slide to 26% amidst Rally The average return on Nigerian open market operations (OMO) and Treasury bill instruments settled at 26% in the secondary market on Thursday. Specifically, fixed interest securities traders reported that the average yield on the Nigerian Treasury Bill slumped six basis points as investors increased their asset holdings. The market reacted to the latest spot rate reduction on the one year Treasury bill sold to investors at the primary market auction (PMA) conducted by the apex bank during the week. The auction value has also dragged the liquidity balance in the…

Money Market Rates Rise as Liquidity Balance Slumps Reflecting liquidity tightening, money market rates increased strongly on Thursday as funding levels were significantly reduced. Market analysts observed that liquidity pressure has started to return, lifting rates higher to balance demand and supply sides. Due to the absence of significant fund inflows into the financial system, interbank rates saw a huge increase, crossing the 30% benchmark straight ahead.  Investment analysts at AIICO Capital Limited said in a market update that system liquidity decreased by about 36.94% compared to yesterday’s balance. Analysts had predicted short term benchmark interest rates in the money…

Naira Begins Smooth Ride as CBN Seeks FX Transparency The naira bulls have begun to gather again with the prediction that the exchange rate will trend positively should Nigeria maintain its drive to boost FX liquidity in the currency market. The exchange rate experienced a huge appreciation in April when the monetary authority provided back-up support across the informal and parallel markets, which was later withdrawn. With the re-introduction of the retail Dutch Auction System, some analysts said the naira has seen a new policy backup needed to trend positively against the dominant US dollar in the foreign currency market.…

The Apapa Customs Command of the Nigerian Customs Service (NCS) has said it generated a total of N1.2 trillion as revenue between January and July 2024.

MTN Nigeria Plc said the telecom company has renegotiated tower lease agreement with its contractors, IHS and ATC Nigeria Limited, according to a regulatory