Author: Olu Anisere

Naira Gains as CBN Supplies Additional FX Worth $98m The naira exchange rate rose to N1611 per US dollar in the Nigerian foreign exchange market as the Central Bank sold more dollars to boost supply. The total FX sales by the Central Bank of Nigeria (CBN) inched above $560 million in four days to step down pressure against the local currency. Cardinalstone estimated monthly FX sales of $714.65 million, which the investment firm said can be sustained for 32 months. Meanwhile, the market anticipates fresh OMO bill sales could drive US dollar inflows into the economy, though the authority has…

VFD Group Soars as Investors React to Dividend Update Diversified investment company VFD Group Plc’s market value soared by about 54% in the last seven trading sessions in the equities segment of the Nigerian Exchange. Up by 27.4% in three days, the market is reacting positively to the group’s dividend notice filed on the Nigerian Exchange last week. Its share price moved against the trend on the Nigerian Exchange on Wednesday, gaining 10% as more than 1.179 million units valued at N84.852 million exchanged hands. The rally pushed up the company’s share price to N72.6 on Wednesday, from N47.2 in…

Sterling, Euro Strengthen as Forex Traders Sell Dollar Sterling, or the British pound, and the euro strengthened against the US dollar in the forex market as the Chinese government pulled back on dollar purchases in retaliation to a 104% tariff on the country’s exports. Foreign exchange volatility is increasing across the board since “liberation day,” but the impact has been very asymmetric so far. Investors are selling dollars, as some analysts said the US-denominated assets, including Treasury, are no longer safe haven bets. With reactions coming from across the space, analysts have projected a higher global inflation for 2025. Key…

Money Market Rates Mixed as Banks Borrow from CBN Money market rates closed on a mixed note as liquidity balance in the financial system moderated due to cash reserve ratio maintenance debits slammed on deposit money banks by the authority ahead of Treasury bill redemption. The short-term benchmark interest rates continue to track behind 27% in the absence of significant funding pressures in the market. Investment analysts said interbank liquidity opened lower at about ₦341 billion but maintained a positive balance, AIICO Capital Limited said in its market report. Liquidity level in the financial system reduced following cash reserve maintenance…

Major Currencies Strengthen Against US Dollar Despite Tariffs –Fitch The currencies of most major economies have appreciated against the US dollar since the start of 2025, despite the massive jump in US tariffs, Fitch Ratings says in its new FX Market Monitor. Developed market currencies (except Australia) have appreciated by an (unweighted) average of 4.5% since end-2024. Market participants’ concerns about the adverse impacts of tariff hikes on US growth appear to have had a more pronounced impact on the value of the US dollar than the prospect of a narrower trade deficit. Emerging market currencies show more idiosyncratic movements,…

FG, CIMEC Sign $328.8m Contract to Boost Power Supply The Federal Government and China Machinery Engineering Corporation (CMEC) on Wednesday signed a contract agreement worth 328.8 million dollars aimed at improving power supply across the country. The contract, valued at $328,819 million dollars covers Engineering, Procurement, Construction, and Financing for the implementation of transmission lines under Phase 1 of the Presidential Power Initiative (PPI). The Minister of Power, Mr. Adebayo Adelabu, at the signing ceremony on Wednesday in Abuja, said CMEC would undertake key responsibilities in the project. Some of the responsibilities, according to him, include the rehabilitation and construction…

Poland to Supply U.S. with 18,000 Tonnes of TNT Worth $300m Poland to supply the United States (U.S.) with 18,000 tonnes of TNT worth 1.2 billion zlotys (309 million dollars) for three years, Deputy Defence Minister Cezary Tomczyk said on Wednesday. “TNT stands for trinitrotoluene, a yellow, odourless solid explosive compound widely used in military shells, bombs, and grenades, as well as in industrial and underwater blasting. “Nitro-Chem, Polish explosives maker is an enterprise that we can be proud of. “This is a colossal contract, we are talking about a contract worth 1.2 billion zlotys,’’ Tomczyk told reporters. He added…

Brent Falls to $61 amidst Global Tariffs Concern Oil prices plummeted further on Wednesday as demand concerns intensified following US President Donald Trump’s new tariffs on China and expectations of increased global supply. Brent crude price dropped by around 0.14%, trading at $61.27 per barrel, down from $61.36 at the previous session’s close. US benchmark West Texas Intermediate fell about 0.12%, settling at $57.83 per barrel, compared to its prior session close of $57.90. “WTI crude futures have fallen for seven consecutive trading days, dropping more than 20% from the April peak and hitting a four-year low. “I think recession…

US Dollar Slides against Euro, Sterling in FX Market In the forex market, the US dollar fell against its major trading partners early Tuesday ahead of another quiet economic calendar, with the Redbook same-store sales and an appearance by San Francisco Fed President Mary Daly. Earlier Tuesday, the National Federation of Independent Business said its monthly sentiment reading declined for the third straight month in March, reflecting downturns in seven of its 10 components, led by the economic outlook. The NFIB cited increased uncertainty among small business owners. A quick summary of foreign exchange activity heading into Tuesday showed that…

FG, Katsina Sign MoU to Promote Domestic Tourism The federal government (FG) has signed a Memorandum of Understanding (MoU) with Katsina State to harness its unique cultural monuments, including the iconic Gobarau Minaret and Kusugu Well to promote domestic tourism. Speaking during the signing ceremony in Katsina on Tuesday, the Minister of Culture and Tourism, Hannatu Musawa, emphasised that the initiative aligned with President Bola Tinubu’s Renewed Hope Agenda. According to him, the partnership was aimed at building proper structures to add value to Nigeria’s rich cultural identity, in a move to revitalise Nigeria’s cultural heritage and boost domestic tourism.…