Author: Olu Anisere

Dollar Switches to Defend Position amidst U.S Shutdown Risks The US dollar starts the new week on the softer side after solid gains last week as the greenback defends positions against its major trading partners across currency markets. The greenback was on the defensive on Monday ahead of a slew of U.S. economic releases that could provide further clarity on the Federal Reserve’s rate path, while the growing risk of a government shutdown there also came into sharp focus. Data showed that dollar index (DXY) retreated amidst concern over a U.S government shutdown. FX majors are gaining against a softer…

Fidelity Bank Drops by 11% amidst Lingering Earnings Delay Tier-2 lender with a ‘hanging’ judgement debt Fidelity Bank Plc lost more than 11% of its market value on the Nigerian Exchange (NGX) as investors wound down positions amidst sustained delay in earnings release. Trading data from the Nigerian Exchange (NGX) showed that the market value of Fidelity Bank Plc’s 50.212 billion shares outstanding was reduced below N1 trillion. This confirmed its shareholders are getting tired of the earnings delay, fuelling random sell pressures. Fidelity Bank’s share price declined to N18.45 as 10.117 million units valued at N207.440 million were traded…

MTN Nigeria Shrinks as Investors Sentiment Wanes Ahead of Q3 Telecom giant MTN Nigeria Plc’s market value declined by 3.44%, which is approximately N315 billion, as investors trimmed their shareholdings in the telecom company. The telecom company’s market value surpassed N10 trillion after the management released the first half of 2025 earnings. While the earnings pumped MTN Nigeria, investors seeking to take profit then dumped the stock. The pump and dump of the share price has pulled the company’s market value down sharply in a few weeks, while Q3 earnings release is anticipated to fuel another rally. Last week, MTN…

FirstHoldco Slips Amidst Huge Trading Volume, YTD Return Eased FirstHoldco Plc’s market value slid softly in the equities market amidst huge trading fuelled by some negotiated off-market deals. At a reference share price of N31.90, First Holdco delivered a 12.66% year-to-date (YTD) return. The return declined following a soft price decline to N31. Trading data from the Nigerian Exchange showed tight price movement in the financial services company kept its market value hovering behind N1.3 trillion. In 2025, First Holdco missed the upside valuation adjustment festival in the Nigerian stock market. Despite similar fundamentals, the market value of FirstHoldco hovered…

CBN Powered Naira Rally with $70m FX Sales to Banks The Central Bank of Nigeria (CBN) fueled demand for naira by selling $70 million to authorised dealer banks in the forex market. The CBN gave the naira fresh flavour as the official rate appreciated to N1480, reflecting absence of US dollar pressures amidst growing external reserves. External reserves surged to $42.225 billion during the week, its highest level since 2021. MarketForces Africa reported that the nation’s gross foreign reserves grew by $5 billion since June when it hovered at $37 billion. In commentary note, analysts at Cowry Asset Limited said…

Fitch Affirms Rwanda at ‘B+’ with Negative Outlook Fitch Ratings has affirmed Rwanda’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook, its latest update revealed. The ratings agency said Rwanda’s ‘B+’ rating with a negative outlook reflects its low gross domestic product (GDP) per capita and persistent twin budget and current account deficits (CAD). According to the rating note, these have resulted in high and rising public and external indebtedness, and a rising interest/revenue ratio. “These weaknesses are balanced by the highly concessional nature of the country’s debt, strong governance indicators relative to peers, high growth…

PenCom Raises Capital Base for Pension Fund Operators The National Pension Commission (PenCom) has reviewed the minimum capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to strengthen the financial stability of the pension industry. The commission disclosed this in a citcular signed by Mr Saleem Abdulrahman, Director of Surveillance Department, PenCom. It said that the review was carried out following the Pension Reform Act 2014 and in line with global best practices. The circular read, “PFAs will now be required to maintain capital levels proportionate to their Assets Under Management (AUM), while PFCs will align their…

World Bank Lauds Nigeria’s ACReSAL Project as Huge Success The World Bank has ranked Nigeria’s Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project among its most successful and a model for Africa. The Bank’s Practice Manager for Environment in West Africa and the Sahel, Ms Ellysa Baroudy, gave the commendation during a visit to Kwali Area Council of the FCT on Thursday. Baroudy said the initiative was one of the Bank’s most successful interventions in recent years, noting that it had combined climate action, landscape restoration and livelihood support in a way that delivered tangible results. “We’ve only been the financiers…

Excess Liquidity in Banking System Hits N4trn, Rates Steady With about N4 trillion on record, the financial system has been flooded with excess liquidity that keeps the short-term benchmark interest rates movements in check. The banking liquidity surged to about N4 trillion, supported by additional inflows, including OMO bills repayments after recent statutory disbursement to states. On Thursday, the banking system closed at N3.975 trillion as the money market recorded about N150 billion in additional credit flow, data provided by AIICO Capital Limited revealed. “As the market continued to adjust to the moneary policy committee’s asymmetric corridor, the interbank market…

South African Rand Gains Versus USD as Precious Metals Rally The South African rand edged up against the US dollar (USD) on Thursday, hovering around 17.3 per USD, supported by higher prices for precious metals, particularly gold, and a broadly subdued dollar. Prices are uptrend boosting the country’s fiscal outlook and private investment in the segment. South Africa is top of the list of the world’s top platinum producers, with production of 120,000 kilograms in 2024. The country is also a major producer of palladium, taking second place globally with 72,000 kilograms last year. The country holds the largest-known reserves…