Author: Ogooluwa Aremu
The Central Bank of Nigeria (CBN) is expected to float an open market operation, where short-term investment securities, OMO bills, will be deployed to mop up excess liquidity in the financial system.
The Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), broke its record revenue collection performance, posting N28.3 trillion to surpass the set target of N25.2 trillion for the year 2025.
Investors continue to increased bet on Nigeria’s Treasury bills with inflation-protected yields on the naira assets, trading details obtained from the secondary market confirmed. Due to sustained bargain hunting, the average yields on the local treasury bills declined by 8 basis points to 17.55%, staying ahead of the annual inflation rate. With mixed expectations about the consumer price index (CPI), the market anticipates sustained spot rates repricing amidst hefty financial system liquidity and anticipated interest rates cut at the policy committee meeting later in February. Stylishly, spot rates on investment securities are adjusting to macroeconomic outlook, inflation, and monetary policy…
$79.5bn Economic Loss: Court Shifts Ruling on Binance Motion The Federal High Court in Abuja, on Monday, rescheduled ruling on a motion filed by Binance Holdings Limited, seeking to void the substituted service of court documents served on it by the Federal Inland Revenue Service (FIRS), to April 21. The development followed the absence of Justice Mohammed Umar in court. Although lawyers to the parties were in court, Justice Umar was said to be in another official engagement, hence, the case was adjourned. FIRS (now known as Nigeria Revenue Service) had, in the suit dragged Binance, Tigran Gambaryan and Nadeem…
BNB slides 2.15% to $629.97 in 24h, slightly outperforming a broader market sell-off, primarily driven by correlation with Bitcoin’s decline in a risk-off environment.
CBN Signals Preference for Naira Stability, Purchases $72m The Central Bank of Nigeria (CBN) aims at stabilizing the naira exchange rate at the official currency market and removing speculative tendencies across the market. The authority has ramped up $72 million from the currency market last week, following a fast and furious naira appreciation in recent times, deviating from usual FX sales interventions. The Naira recorded a broad-based appreciation against the US Dollar across both official and parallel markets during the review period. At the official window, the currency strengthened by 1.47% week-on-week, closing at N1,366.20/US$, compared with N1,386.55/US$ in the…
Money market rates fell as deposit money banks (DMBs) stepped up cash lodgment at the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) window, enhancing financial system liquidity.
Equities investors in the Nigerian stock market saw an increase of N4.08 trillion, approximately $3 billion, during a weekly surge driven by RTBRISCOE and Zichis, both of which experienced price gains exceeding 60%.
Burkina Faso’s Economic Resilience Amid Challenges Commendable -IMF Burkina Faso continues to drive economic resilience amid security and humanitarian challenges, a development that the International Monetary Fund (IMF) commends following a recent official visit. The country thrives with sound economic policies, and a rapid increase in exports has contributed to growth, helping to keep public debt on a sustainable path, while keeping inflation under control. Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Ouagadougou at the end of his visit to Burkina Faso: “I am delighted to have visited Burkina…
Ripple (XRPUSD) is down 4.52% to $1.40 over 24 hours, significantly underperforming Bitcoin, which is slightly positive, primarily due to a lack of buying support.