Author: Olu Anisere

Naira: Black Market Spot Rate below N1500 per US Dollar The naira has stabilised around N1500 per US dollar in the black market, a channel check conducted by MarketForces Africa confirmed. According to analysts, exchange rate stability in the forex market has been supported by the Central Bank of Nigeria (CBN) intervention. However, the authority has halted US dollar sales to authorised dealer local banks, a move that started last week and has persisted this week.    The forex market has sufficient liquidity for now and may be able to stand alone for a while without the CBN, analysts said. Reduced…

Seplat Energy Plc grew profit after tax by 16.9% year on year to about $144.8 million in 2024, details from its audited financial statement revealed. The independent energy company says it generated revenue of $1.116 billion (N1.652 trillion) for the 2024 financial year.  The figure represented a 5.2 percent increase when compared to $1.061 billion (N696.9 trillion) recorded in 2023.

Oil Drops to $70 on Higher U.S. Inventories, OPEC+ Supply Oil prices come under pressures on Tuesday on expected increase in U.S. inventories, and the Organisation of Petroleum Exporting Counties (OPEC) and allies’ member countries (OPEC+) plan to increase output gradually. Brent crude decreased by 0.6%, trading at $70.80 per barrel, down from $71.28 at the close of the previous session. The US benchmark West Texas Intermediate (WTI) declined by 0.7%, settling at $67.63 per barrel, compared to its prior session close of $68.10. Oil prices continued to fall as global supply concerns eased after the OPEC+ group, which consists…

Oil Prices Fall Sharply on OPEC+ Plans Oil prices fell sharply in the global commodities market on an expected increase in supply from the Organization of Petroleum Exporting Countries and allies’ members, OPEC+. Brent crude price hovering at $70 at the last look on Tuesday while US West Texas Intermediate fell to $67 at the same time. Pressures on prices resume amidst tariff combat initiated under the U.S. President Donald Trump administration and quest to force energy costs downward. Oil prices were under pressure, with ICE Brent settling more than 1.6% lower yesterday, ING said in a note today. The…

Oil Prices Increase as Peace Deal Hope Fades Oil prices climbed in the global commodities market, where investors reacted negatively to uncertainties surrounding peace efforts. Brent crude price rose by 0.37%, trading at $72.69 per barrel.  The US benchmark West Texas Intermediate (WTI) edged higher to $69.53 per barrel. A spat at the Oval Office meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy on Friday led to the cancellation of a planned joint press conference. The failure to finalize a rare earth agreement further deepened uncertainties in US-Ukraine relations. However, Zelenskyy secured strong support from European leaders…

Moody’s Upgrades Benin Ratings Outlook to Positive Moody’s Ratings has affirmed the Government of Benin’s local and foreign currency long-term issuer ratings and foreign currency senior unsecured ratings at B1 and changed the outlook to positive from stable. According to Moody’s, the positive outlook reflects steady improvements in Benin’s economic, institutional, and fiscal strengths. The global ratings agency said these have the potential to further enhance the resilience of this small, agriculture-reliant economy that is susceptible to geopolitical risks from the Sahel region. Benin’s track record of economic resilience and robust public finance management is growing, and if these improvements…

Federal Government to Regularise Band B, C Electricity Tariffs The Federal Government (FG) says it plans to regularise electricity tariffs of Bands B, C and A customers to ensure a more efficient and reliable power sector. The Minister of Power, Mr Adebayo Adelabu, said this at the Public Presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan in Abuja on Thursday. The ministry put the document in place with the support from UK Foreign, Commonwealth, and Development Office (FCDO) and the UK Nigeria Infrastructure Advisory Facility (UKNIAF). Under the current structure, customers in Band B, who enjoy…

Nigerian Eurobonds Yield Shrinks Below 9% The Nigerian sovereign Eurobonds yield shrank below 9% as foreign investors increased portfolio holdings as the local economy recorded 3.4% year-on-year growth in 2024. The strong annual gross domestic product growth reported by the statistic office boosted bullish sentiment in Nigeria’s sovereign Eurobonds market, covering short-, mid-, and long-term maturities. The buying momentum on the sovereign US dollar papers led to a marginal decrease in the average yield, closing at 8.97%. Trades also witnessed a bearish sentiment influenced by geopolitical tensions and tariff discussions. While the Nigerian curve showed modest recovery by the close,…

Oil Prices Rebound Amidst Demand Concerns Oil prices rebound in the global commodities market amidst demand concerns, spooked by lingering tariff risks and falling consumer confidence. Brent climbs slightly to $72.65 per barrel after huge price decline yesterday.  The US benchmark West Texas Intermediate (WTI) increased by a basis points, reaching $69.02 per barrel, compared to its prior session close of $69.01. On Tuesday, Brent fell by 2.35%, while WTI is trading back below $70 per barrel yesterday following a spike in US stockpiles. The American Petroleum Institute (API) reported that US commercial crude oil stocks fell by 640,000 barrels…

Oando Falls by 10% as Investors Sentiments Dive Oando Plc fell about 10% in the equities market as investors’ sentiments dived. The oil stock saw huge sell pressures that reduced its market value by 9.72% to settle at N52 from N57.6 ahead of share distribution. Data obtained from the Nigerian Exchange revealed that Oando Plc market valued nosedived to N646.433 billion on Tuesday after more than 5.9 million shares valued at N315 million were traded in the local bourse. Oando Plc has seen a significant price decline in 2025 after strong performance in the equities market. The indigenous oil company’s…