Author: Ogooluwa Aremu

British Pound Climbs Amidst Downgraded UK Growth Forecast The British pound or sterling has risen to $1.3380, effectively recovering from early-week losses that brought it close to three-month lows amidst a revised UK growth forecast. This upward movement is a direct response to the US dollar’s decline, following reports that Iran is ready to discuss terms for ending the war. Today, the dollar is experiencing a notable downturn, leading to a position of cautious consolidation in the market. Investors are actively absorbing news of Iran’s intent to negotiate an end to the conflict. Despite this, the prevailing uncertainty surrounding the…

CBN to Sell Nigerian Treasury Bills to Investors Midweek After weak OMO bills auction delivered by the Central Bank of Nigeria (CBN) on Tuesday, the monetary authority is scheduled to open treasury bills for subscription on Wednesday. The CBN will open N1.15 trillion in Treasury bills for subscription across standard tenors on Wednesday, amid strong liquidity in the financial system. Analysts anchored today’s auction performance to the size of free funds in the money market and rising appetite for the naira asset after an underwhelming performance at yesterday’s OMO bill auction. The CBN offered OMO auctions totalling ₦600.00 billion across…

Naira Touched Intraday High of N1405/$ in FX Market The naira touched an intraday high of N1405 per dollar at the Nigerian foreign exchange market (NFEM) on Tuesday, as pressure from foreign payments persisted. According to daily FX data published by the Central Bank of Nigeria (CBN), the naira closed at N1384 per dollar, up from N1378 the previous day. Based on data from the CBN, the spot rate largely traded within the low and high bands of ₦1,370.00/US$ and ₦1,405.00/US$, respectively, today. The exchange rate has been trending down for over 10 days following Apex Bank’s unusual FX purchase…

EU Gas Prices Rise as Middle East Tensions Rattle Energy Market European (EU) natural gas prices surged more than 20% at the start of the week as escalating tensions in the Middle East rattled energy markets and raised fears of supply disruptions. Joint US and Israeli strikes on Iran, followed by Tehran’s retaliation, have sharply curtailed tanker traffic through the Strait of Hormuz, a vital corridor for global oil and liquefied natural gas (LNG) shipments. At the Dutch Title Transfer Facility (TTF), Europe’s benchmark gas hub, the April contract was trading at €39.20 per megawatt-hour, up from €31.95 on Feb.…

Money market rates closed mixed despite a significant surge in financial system liquidity at the beginning of the week. The overnight lending rate rose, but the repo rate closed flattish.

Nigerian Tugboat Sinks off South African Coast A maritime tragedy unfolded off South Africa’s coast, where a Nigerian tugboat, LEO, sank in turbulent waters late on Saturday. One crew member was confirmed dead, five remain missing, and 12 others were rescued in a swift emergency response, the Ministry of Foreign Affairs said in a statement on Monday. The Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, who confirmed the development in Abuja, said that South African authorities had formally notified the Nigerian government. According to her, one fatality has been recorded, while search-and-rescue operations are ongoing for the five crew…

Equities Investors Gain N1.7trn as Dangote, MTN Rally Equities investors in the Nigerian stock market gained N1.7 trillion on Monday as Dangote Cement, MTN Nigeria and Aradel Holdings led today’s rally. The significant increase in market capitalisation effectively wiped out the N1.4 trillion loss in portfolio value posted last week due to profit-taking. Data from the local bourse showed that the All-share index gained 1.39% to close at 195,514.00 points. In a similar fashion, market capitalisation rose by N1.7 trillion, closing at N125.5 trillion. DANGCEM (+3.97%) was the major driver of today’s positive outturn, along with ARADEL (+9.99%) and MTNN…

Money market rates declined moderately, driven by an excess of liquidity in the financial system following a cut in Nigeria’s monetary policy rate (MPR).

MTN Nigeria Sheds N420bn as Investors Take Profit Telecom company MTN Nigeria Plc dipped by about N420 billion as investors took profit following the earnings and dividends announcement last week. Share price declined to N760, according to trading data obtained from Nigerian Exchange, pulling down from N780, its highest in 52 weeks. The sell action was noted to be quick and perhaps one-off, given that the latest earnings and dividend information have not been fully priced in the stock. The telecom stock surpassed N16 trillion in market capitalisation due to increased positioning, which later fizzled out, aligning with stock market…

Ripple -XRP- has recovered 5.59% in the last 24 hours to $1.37 after a heated selloff that plunged the altcoin to $1.30 following the US hit on Iran, now outperforming a broader market that rose 3.61%.