Author: Olu Anisere

IMF Urges Nigeria to be Prudent in Spending The International Monetary Fund (IMF) has urged Nigeria to be prudent in spending following the implementation of hard economic reform that has made it save more revenue. The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World Bank Spring Meetings in Washington D.C. on Wednesday. He said that there was an urgent need for fiscal authorities and governments to build buffers. According to him, governments need to act urgently and decisively as they face harsh trade offs and painful choices. He…

MeCure Opens N9bn Commercial Papers for Subscription at 22.54% A leading human therapeutics company in the Nigerian pharmaceutical industry, MeCure Industries Plc, has opened a ₦ 9 billion series 4 commercial paper with a 267-day tenor for subscription. The offer priced at a discount rate of 22.5468% open today is scheduled to close on Tuesday, 29 April 2025, FSDH Capital Limited said in an offer document. According to its offer document, MeCure said the proceeds from its commercial papers will be deployed as working capital and to meet other funding requirements. For close to two decades, MeCure has significantly advanced…

Euro Dips to $1.14 as Trump Dispels FX Market Fears The euro declined to $1.14 in the forex markets, just below the $1.15 peak reached earlier this month, its highest level since 2021, as concerns over the Federal Reserve’s independence eased slightly. The dollar recovered some ground after President Trump stated he has no intention of dismissing Fed Chair Jerome Powell, reducing fears over the independence of the monetary authority. FX options bets had increased sharply as traders and corporate continued to hedge against rapid exchange rate fluctuation, having seen the euro gaining strength against the greenback in successive trading…

UBA Grows Profit by 33% to N190bn in Q1-2025 Starting the year stronger, Pan African lender UBA Plc grew profit by 33% year on year to about N190 billion in the first quarter of 2025, the group’s unaudited financial statement showed. The financial services group’s earnings jump was underpinned by impressive growth across its core and non-core income lines, a detailed review of its unaudited financial scorecard revealed. The group recorded a 36.1% year-on-year growth in interest income to N599.83 billion, supported by the still elevated yields amid an increase in the group’s earning assets, up by +3.1% to N26.26…

Oil Prices Rise as Trump Defuses Trade War with China Prices of crude oil increase amidst rising demand expectations following U.S. President Donald Trump’s plans to reduce tariffs imposed on China’s exports. The market reacted positively to the decision of the US government to soft-pedal on China’s tariff digits. Brent crude is up 1.5% at $68.45 a barrel, and WTI is up 1.55% at $64.66 a barrel. Brent crude had slid below $65 a barrel after the U.S. announced reciprocal tariffs. At the same time, the Organisation of Petroleum Exporting Countries (OPEC) and allies members  (OPEC+) agreed to ramp up…

Nigeria’s Sovereign Eurobond Yield Rises to 10.6% Stoked by foreign portfolio investors’ risk-off sentiment, Nigeria’s sovereign Eurobond yield rose in the international market for securities due to broad sell pressures on African papers. Despite the expectation that the economic growth will remain solid in 2025, supported by reforms, foreign portfolio investors were seen rotating out their positions due to negative sentiment on government earnings. Data from the Central Bank released showed that federally collected revenue fell by 31% in January, and since then oil put has been under pressure while prices continue to fluctuate. In search of a safer haven,…

CBN to Refinance Matured Treasury Bills worth N369bn The Central Bank of Nigeria (CBN) will refinance maturing Treasury bills worth N369 billion via a primary market auction (PMA) scheduled for Wednesday. The authority will open N400 billion worth of Treasury bill papers across standard maturities to refinance its matured bills with some analysts projecting possible downward rate adjustments. In the secondary market, transactions on Nigerian bills opened with a slightly soft tone before midday brought wider spreads across the curve. The Dec ’25 and Mar ’26 papers saw the most action, with the NTB average mid-rate eventually ticking higher. Traders…

Yield on Nigerian Bonds Falls to 19% Ahead Q2 Supply The Nigerian fixed income market recorded a strong wave of positive sentiment, both locally and in the international space, as investors showed renewed confidence by positioning with robust buy-side interest—particularly along the longer end of the curve. At the close of the trading session last week, the average yield on Nigerian government bonds declined by six basis points to 19% ahead of the second quarter of 2025 supply by the Debt Management Office (DMO). The market anticipates the authority would increase borrowing temperature to close Nigeria’s fiscal earnings gap triggered…

EUR-USD Hits 3-Year High at $1.570 The European Union and US currency pairs, EUR-USD, strengthened by  about 1.5% to $1.1571 in the forex markets on Monday, its strongest level since 2021, fueled by broad dollar weakness. According to FX data, this is the euro’s longest winning streak in three years, when the market rose for four straight weeks. Forex users, traders, and companies have continued to hedge their positions over growing concerns about the US Federal Reserve’s independence. The shift followed remarks from President Trump and US National Economic Council Director, suggesting Trump is still “studying” whether to dismiss Fed…

SEC Warns Influencers, Bloggers against Promoting Ponzi Schemes The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes. SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja. He said the commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators. According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes. He urged celebrities, influencers, and bloggers to avoid endorsing such…