Author: Olu Anisere

Euro Ticks Higher on Soft US Economic Data The euro ticked higher on Thursday and pushed above 1.16 as soft US economic data weighed on the dollar. The market expects US Fed to axe rate as a results weak labor, and inflation data. The American labour market is losing momentum, prompting traders to price in a high chance of another Federal Reserve rate cut in December. Investors and markets anticipate that the September employment report though, which was due on October 7, could be released early next week. Recall that according to ADP private sector employment fell by 29k, the…

Surplus Liquidity Keeps Money Market Rates Steady The short-term benchmark interest rates were steadied in the money market as excess liquidity levels climbed near N5 trillion in the absence of Central Bank action. Surplus liquidity continues to keep rate movement in check. The excess funds in the market continue to enhance the banks’ placement at the Apex Bank deposit window. The market liquidity opened the day with a surplus balance of ₦4.8 trillion, reflecting a marginal increase of ₦14.8 billion from the previous level. The improvement was mainly driven by an increase in the CBN standing deposit facility (SDF) window,…

OPEC Oil Production Rises 33,000 bpd in October – Report Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 33,000 barrels per day (bpd) in October compared to the previous month, reaching around 28.46 million bpd, according to the group’s latest Monthly Oil Market Report. The largest output increase came from Saudi Arabia, while Iran recorded the biggest decline last month. Saudi Arabia, the group’s top producer, increased its output by 43,000 bpd to about 10 million bpd. Iran’s production, meanwhile, declined by 66,000 bpd to approximately 3.2 million bpd in October. Total crude production…

FG’s Tech Reforms Making Significant Impacts on Economy – Shettima The Vice President of Nigeria, Kashim Shettima, on Tuesday reassured Nigerians that the Federal Government’s (FG) reforms across sectors, and especially the technology ecosystem was yielding significant impact and reposing the confidence of investors. Shettima said this at the opening ceremony of the Digital Nigeria International Conference and Exhibition (DNICE 2025) organised by the National Information Technology Development Agency (NITDA) in Abuja. The three-day event had its theme as “Innovation for a Sustainable Digital Future: Accelerating Growth, Inclusion, and Global Competitiveness.” “The uncertainties of the global economy, shocks, shifting alliances…

Naira Falls to N1,443 as FX Shortage Lingers The naira fell against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday as FX liquidity shortfall persisted. The local currency has been falling in value since the beginning of the week. So far, the exchange rate has worsened by N7/$ in the last three days. The authority’s decision to intervene with $5 million FX sales to banks was considered a red signal that demand has outpaced total FX supply at the official window. The Apex Bank FX injection has been minimal and erratic due to increasing FX inflows…

Dogecoin Slides by 3% Ahead of Potential Spot ETF Approval Dogecoin (DOGEUSD) price declined by about 3% in the last 24 hours as cryptocurrency’s latest rally starts to fade again ahead of potential exchange-traded fund (ETF) approval in Nov. The global market cap of all cryptocurrencies fell by about 2% to $3.48 trillion on Wednesday, and all the top 10 digital asset losses contributed to the decline. The meme coin price continues to fluctuate as investors anticipate the launch of the first U.S. spot Dogecoin ETF by November 26, pending SEC intervention. Dogecoin is quoted at $0.1714 as trading volume…

Dangote Cement Falls by 10% in Post-Earnings Sell Action Dangote Cement Plc lost 10% of its market value in the stock market due to sell pressures. Investors trimmed their shareholdings in the cement company as the race to final quarter earnings began. According to data from the Nigerian Exchange, Dangote Cement share price declined to N594 on Tuesday as more than 1.765 million units valued at over N1.051 billion were executed in the local bourse. The huge shares volume led by sell-side investors who sought to take early cover from the downward trend in the Nigerian market dragged Dangote Cement’s…

Money Market Rates Steady, Banks Boost Deposit at SDF to N3.5trn The money market remained flooded with excess liquidity on Tuesday amidst a tight appetite for commercial lending. Cash-rich big banks are parking funds at the Apex Bank at the standard deposit facility rate of 24.50%, which is higher than the average return on Nigerian Treasury bills. The monetary authority has been mopping up excess liquidity from expired short-term investment instruments, including bulky inflows from FAAC. To keep liquidity at equilibrium, the Central Bank floated its open market operations actions where N1.2 trillion worth of OMO bills were offered for…

Cadbury Nigeria Loses 10% as Investors Exit Positions Cadbury Nigeria Plc lost about 10% of its market value in the equities market on Tuesday as investors exited positions in consumer goods stock. Trading data from the Nigerian Exchange (NGX) showed the consumer goods company’s share price plunged by 9.99% to close at N56.3 from N62.55. The share price declined as 754,973 units, valued at N42.506 million. A significant chunk of trading volume was led by investors that sought to trim their interest in the consumer goods company. The post-earnings sell-off reflects investors’ negative sentiment despite a significant rebound in profitability.…

Kanu Files Motion to Stop Court Judgment in Alleged Terrorism Case Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB) has filed a motion, seeking to arrest the judgment of the Federal High Court in Abuja, scheduled for Nov. 20. Justice James Omotosho had, on Nov. 7, fixed Nov. 20 for judgment in the trial of Kanu on alleged terrorism offences. Justice Omotosho fixed the date after Kanu’s defence was foreclosed following his insistence that he would not enter his defence under a repealed law. However, in the motion on notice marked: FHC/ABJ/CR/383/2015, and personally filed by Kanu,…