Author: Olu Anisere

Nigeria Warming Up for $1.1bn Eurobond Loan Repayment The Nigerian government is expected to make good on a $1.1 billion Eurobond repayment in November 2025; Fitch Ratings dropped the hint in its latest rating note. The global rating agency said the country experienced minor challenges in servicing its external borrowing in March amidst rising public debt. This highlighted challenges facing the Nigerian government in managing public finances, according to the rating note. Fitch, however, noted that government external debt service is moderate but expected to rise to USD5.2 billion in 2025 from USD4.7 billion in 2024. Analysts derived the debt…

Market Wrap: NGX Index Hits 4-Week Low as Investors Lose N441bn The Nigerian Exchange (NGX) All-share index dived as equities investors lost about N441 billion over five trading sessions in the just concluded week due to profit-taking activities. The domestic bourse closed the week on a bearish note as investors continued to adopt a cautious stance amid an earnings season that has so far delivered little in the way of surprises. The equities market index declined by 0.90% week-on-week, settling at 104,563.34 points – its lowest level in four weeks, Cowry Asset Limited said in an update. Stockbrokers said despite…

CBN Flood Nigerian Banks with $635m in Support for Naira The Central Bank of Nigeria (CBN) squeezed out about $635 million to defend the local currency, the naira, from the onslaught of increasing demand for the US dollar in the currency market. In what appears to be a deliberate yet aggressive move, the Apex Bank intervened in the official window throughout the week.  The same pattern was observed in the prior week as a result of foreign investors selling down naira assets and associated demand for greenbacks for repatriation.  In March, the authority sold $714.65 million to banks to defend…

Brent Wraps Up Near $65 Amidst U.S Tariffs Pause Brent price settled at $64.76 per barrel in the global commodity market, after falling to its lowest of $58 in the week, amidst uncertainties facing markets and countries on the future of global trade and potential crude oil glut. Crude oil rebounded after the U.S. President, Donald Trump, announced a 90-day tariff pause that excludes the Chinese government. At the same time, the Organisation of Petroleum Exporting Countries and allies members (OPEC+) will increase supply from May with the potential to create a glut in an already tight market. Similarly, the…

MTN Nigeria Falls below N5trn in Fresh Sell Pressure Telecom operator MTN Nigeria Plc has dropped down below N5 trillion market capitalisation as sell-side actors reduce their interest in telecom stocks on Friday. The company share price fell by 4.08% to settle at N235 in the stock market ahead of its annual general meeting with its shareholders. The negative price movement pulled down MTN Nigeria’s market value to N4.933 trillion, more than 11%  below its highest value in 52 weeks. Trading records from the Nigerian Exchange showed the telecommunication company’s price slipped as more than 5.985 million units valued at…

Climate Change Threatens 83% of Africa’s Jobs — ECA Experts say African governments must act urgently to protect jobs and livelihoods as climate change threatens 83 per cent of Africa’s jobs and the labour market. The UN Economic Commission for Africa (ECA), said this in a statement on its website. The experts spoke at a high-level side event of the 11th Session of the Africa Regional Forum on Sustainable Development (ARFSD). The event was organised by the Macroeconomic Policy, Finance and Governance Division of the UN ECA. It focused on the findings of the Economic Report on Africa 2023 and…

Oil Price Drop, Naira-for-Crude to Lower Fuel Cost—PETROAN The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria Dr Billy Gillis-Harry, National President, PETROAN, while reacting to recent developments in the oil and gas sector, lauded the federal government’s decision to continue the Naira-for-Crude policy. Global crude oil is trading between 61 and 63 dollars currently. Brent crude futures were down three cents, or 0.05 percent, at 63.30 dollars a barrel by 0827 GMT, while U.S. West Texas Intermediate…

SAMTL Opens Access to Mixed Income Fund Investment Nigerian-based investment firm SAMTL Fund Manager has opened investors’ access to its mixed income fund with a competitive return from diversified investment portfolios. The mixed income fund from SAMTL was designed to cater to investors that seek to access investment opportunities across the financial markets without taking excess risks. The company will invest the money pool from investors with similar appetites in Nigerian bonds, equities, and money market placement, according to an emailed note. “With the SAMTL Mixed Income Fund, you can access opportunities in the equity, money, and fixed-income markets for…

British Pound Nears 6-Month High on Surprise GDP Growth The British pound, or sterling, climbed past $1.30, moving closer to a six-month high of $1.31 on April 3, after UK gross domestic product (GDP) growth surprised to the upside with 0.5% growth in February—five times the expected pace. All major sectors contributed, and stronger factory output hinted at stockpiling ahead of Trump’s aggressive new tariff measures. The solid data led traders to slightly reduce expectations for rapid Bank of England rate cuts, though three quarter-point cuts are still priced in for 2025. Sterling also benefited from a softer dollar as…

Oil Sets for Bearish Close as China Hits Back at U.S Tariff Hike Oil prices are set for a negative close as China hit back at the U.S. in a tariff combat that has stoked pressure across the market. The US global trade war has become dirty between the two giant economies after the U.S. President, Donald Trump, excluded Chinese from a 90-day tariff pause.  Brent had fallen below $60 per barrel during the week but recovered as the European Union stayed action on a retaliatory tariff response and chose to negotiate instead.  On Friday, oil prices lose ground as…