Author: Olu Anisere

FCCPC Backs CBN’s 48-Hour Banks’ Refund Guideline to Customers The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed the Central Bank of Nigeria’s (CBN) draft guidelines requiring banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. FCCPC in a statement by Mr Ondaje Ijagwu, its Director, Corporate Affairs, in Abuja on Monday, said the draft guideline followed the Consumer Complaints Data Report published by the commission in September. Ijagwu said that the FCCPC, Executive Vice Chairman, Mr Tunji Bello, described the proposal as a timely and long awaited correction to a persistent consumer challenge.…

Rates Diverge as Excess Liquidity Thins Out on CBN Actions Rates mixed as the Central Bank of Nigeria (CBN) open market operations and local Treasury bills auctions significantly reduced excess liquidity level in the financial system last week. At the close of the trading session, the total liquidity level in the financial system was in excess of N3.3 trillion, reflecting significant movement of funds in and out of the market. The still robust funding level stepped down expected impacts of a sharp liquidity mop-up initiated by the CBN on the short-term benchmark interest – keeping funding rates movements in check.…

Bank of Industry Partners Bumpa to Empower 200 Youth-Owned MSMEs Bank of Industry (BoI) has forged a strategic partnership with Bumpa, a leading digital platform, to empower 200 youth-owned Micro, Small, and Medium Enterprises (MSMEs) nationwide. Dr Olasupo Olusi, Managing Director of BoI, confirmed this in a statement on Sunday in Lagos, noting it was under the bank’s youth and skill thematic area. Olusi said the collaboration aimed to equip young entrepreneurs with knowledge and tools to thrive in a digital economy while promoting financial literacy and inclusive economic growth. He explained that the initiative would also address the critical…

AXA Mansard Jumps by 12% as Investors Bet on Earnings Outlook Insurance operator AXA Mansard Plc gained about 12% on the Nigerian Exchange (NGX) as investors made easy entry ahead of the insurance company’s third quarter earnings release. Trading data from the Nigerian Exchange showed that the insurance company’s share price closed at N16.1 on Friday, reflecting overall investors’ sentiment. The insurance stock attracted investors’ attention, and volumes transacted on the Nigerian Exchange were relatively heavy. The market value of the insurance operators rose by 11.80% week on week to N144.90 billion, a substantial discount of 25% below its highest…

Nigeria Bonds Yield Sinks to 16% on Broad-Based Demand The average yield on Nigerian government bonds declined to about 16% as a result of broad-based demand in the secondary market. The yield on government has been slowing down, and the market expects the trend to continue in reaction to the monetary policy interest rate cut. Buying interest experienced last week was supported by excess liquidity in the financial system and positive investors’ sentiment for naira assets amidst disinflation expectation. Trading activities was all positive as investors continue to lock-in yields in anticipation of lower spot rate on Q4 bonds supply. …

CBN Allots 150-Day OMO Bill to Investors at 19.44% Spot Rate The Central Bank of Nigeria (CBN) continued its open market operations on Friday, where N1.28 trillion was raised from local banks and foreign portfolio investors. The significant liquidity level in the financial system triggered the Apex Bank reactions with successive open market operations. Excess liquidity in the financial system could fuel inflation, analysts told MarketForces Africa. The week’s operations marked the fourth liquidity management-propelled action in less than two weeks after the monetary authority absences. At the auction, the authority offered to sell N600 billion worth of OMO bills…

Fitch Affirms Egypt ‘B’ Ratings, Outlook Accorded as Stable Fitch Ratings has affirmed Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’, with a stable outlook. This means the Egyptian government faces a material default risk regarding its foreign currency financial obligations. Despite this, there is still a limited margin of safety. The ratings revealed that the capacity of government to continue making payments is vulnerable, especially if the business and economic environment deteriorates. According to Fitch, the rating is supported by Egypt’s relatively large economy, fairly high potential gross domestic product (GDP) growth, and strong support from bilateral and…

Moody’s Downgrades Senegal Ratings, Maintains Negative Outlook Moody’s Ratings has downgraded the Government of Senegal’s long-term foreign currency and local currency issuer and foreign currency senior unsecured ratings to Caa1 from B3 and maintained the negative outlook. The short-term issuer ratings have been affirmed at Not Prime, the global ratings agency said in its latest update on the country. Moody’s said the downgrade reflects increased risks to Senegal’s debt trajectory and liquidity since our February 2025 rating action. Ratings analysts said a subsequent reconciliation exercise has led to a debt estimated at 119% of gross domestic product (GDP) for 2024,…

US Dollar Inflow into Nigeria Market Slumps by 5.7% to $3.2bn US dollar inflows into the Nigerian foreign exchange market (NFEM) declined by 5.7% in September, according to data cited by the investment firm Cordros Capital Limited. Despite the slowdown, the naira was able to breach the psychological barrier for the first time since Q1 over elevated offshore investors’ confidence in Nigerian markets. Both the equities and fixed income markets attracted offshore investors’ attention, with US dollar flows supported by activities of foreign direct investors. According to data from FMDQ, total inflows into the Nigerian Foreign Exchange Market (NFEM) declined…

Technology, Key to Building Investors in Capital Market – SEC The Securities and Exchange Commission (SEC) says technology is key to strengthening investors’ confidence and transforming the country’s capital market. Dr Emomotimi Agama, the Director-General of SEC, said this at a message to celebrate the 2025 Customers Service Week. In a statement by the commission in Abuja on Sunday, Agama said SEC was embracing digital innovation as a core part of its service strategy to enhance transparency, efficiency, and accessibility in the market. He said the digitisation of SEC processes, deployment of new online service portals, and enhanced engagement with…