Author: Olu Anisere

Daily FX Rate: Naira Rallies as Gross External Reserves Hit $42bn The Nigerian local currency, the naira, strengthened to N1,487 per U.S. dollar at the official window in the absence of pressure in the currency market. Updated daily FX data from the Apex Bank record revealed that the exchange rate trend positive amidst broader dollar index depreciation against basket of major currencies in the global market. Data from the Central Bank of Nigeria (CBN) showed the spot rate appreciated to N1487 after it broke the psychological barrier during the week from N1498 per dollar the previous day. The spot rate…

Ekiti Bans Graduation Ceremonies in Nursery, Primary, Secondary classes Ekiti State Government has banned graduation ceremonies for pupils in kindergarten, nursery, primary and secondary classes in both public and private schools in the state. This is contained in a circular issued on Friday in Ado-Ekiti by the Office of the Permanent Secretary, Ministry of Education, Mr Mike Omolayo. The ban is to take effect from 2025/2026 academic session. According to the circular, the new policy is to reduce undue financial pressure on parents and curb excesses associated with such ceremonies. The circular disclosed that the state government was still committed…

Algeria: Weak Hydrocarbon Revenue, High Spending Widen Fiscal Deficit Weak hydrocarbon revenue and increased public spending widened Algeria’s fiscal deficit, the Executive Board of the International Monetary Fund (IMF) highlighted at the conclusion of the Article IV Consultation. The IMF stated that Algeria’s economy has shown strong recovery since the pandemic, driven by elevated hydrocarbon prices and increased public spending. The near-term outlook remains broadly positive, but urgent policy adjustment is needed, the executed board added. IMF said medium-term economic prospects will depend on global trends and the pace of domestic reforms aimed at promoting diversification and strengthening private investment.…

NGX Market Cap Hits N90trn as Equities Investors Gain N144bn The Nigerian Exchange (NGX) reclaimed N90 trillion in market capitalisation as investors gained about N144 billion on Thursday. The equity market closed in positive territory today, extending its bullish momentum from the previous sessions. Key performance indicators surged by 16 basis points, while year to date return advanced to 38.22%. The market rally was driven by investors’ sustained buying interest in stocks with positive upside potentials. Specifically, the market index or All-Share Index added 228.25 basis points, reflecting a 0.16% increase to close at 142,263.12 basis points. Equities market capitalisation…

Marketers want us to Increase Pump Price by N75 – Dangote Dangote Petroleum Refinery has revealed that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) requested it to increase the price of petrol and diesel by N75 per litre, in order to allow its members to match the refinery’s gantry prices at their respective depots. If implemented, this would result in the pump price of Premium Motor Spirit (PMS) and diesel rising to as high as N950 and N1,090 per litre respectively in some parts of Nigeria. The refinery disclosed that although it offers petroleum products to marketers…

FIFA Ranking: Super Eagles now World 45th Nigeria’s Super Eagles have dropped by one spot in the September edition of the FIFA World Football Ranking to be the world 45th placed team. In the ranking table on the website of the football governing body, Nigeria garnered 1483 points in the month under review as against 1484 points it had at the last ranking in July. During the period under review, the Super Eagles drew one match (South Africa), won two (Nig 1:0 Rwanda), (Nig 2:0 Congo) and lost two (Sudan 4:0 Nig), (Sen 1:0 Nig). At the continental level, Nigeria…

Oil Prices Decline as U.S Federal Reserve Cuts Rates Oil prices edged lower on Thursday after the Federal Reserve (Fed) cut interest rates for the first time this year, even as US government data showed a draw in crude inventories. Brent crude traded at $67.30 a barrel, down 0.37% from the previous close of $67.55. US benchmark West Texas Intermediate (WTI) decreased by 0.39% to $63.39 from $63.64 in the prior session. Prices retreated after the Fed lowered its policy rate by 25 basis points on Wednesday, the first cut of 2025. Fed Chair Jerome Powell described the move as…

OMO Bills Inflow Fuels Banking System Liquidity, Rates Steady Inflow from expired OMO bills fuelled liquidity surge in the banking system on Tuesday, and rates were steadied at the current floor level while the market anticipates monetary easing. The financial system liquidity increased to N2.455 trillion, according to update released by AIICO Capital Limited from N2.111 trillion the previous day. Banks were noted to be active at the Central Bank of Nigeria (CBN) standing deposit facility, though the rate of fund sterilisation reduced compared to initial experience. TrustBanc Financial Group reported that placements at the standing deposit facility window declined…

NGX Benchmark Index Slips by 0.08% as Big Banks See Selloffs The Nigerian Exchange (NGX) benchmark All-share index (ASI) declined by 8 basis points on Tuesday in post inflation reaction driven by price depreciation posted by some banks. Price depreciation in Zenith Bank, UBA, Fidelity Bank among others, dragging the banking index down by 30 basis points on the day. The Nigerian domestic market reversed the previous day’s gain to close today’s trading session in the red due to profit-taking activities in selected medium and blue-chip stocks. The market index shed 0.08%, settling at 141,546.80 index points, this left the…

Nigerian Exchange Soars, Equities Investors Gain N704bn The Nigerian Exchange (NGX) expanded, with the All-Share Index gaining 79 basis points due to bargain hunting in BUA Foods, GTCO, and Unilever Nigeria, among other gainers. The stock market opened the new week on a strong positive note, as key market performance indicators advanced by 0.82%.The upbeat was driven by sustained and increased buying interest in medium and large-scale stocks such as LIVINGTRUST, UNILEVER, BUAFOODS, CHAMS, and others across key sectors. This renewed demand effectively reversed the previous session’s losses recorded before the weekend break. Specifically, the market index or All-Share Index…