Author: Olu Anisere

Mr Taiwo Oyedele, Minister of State for Finance, has dismissed reports alleging hidden spending and diversion of federation revenue, describing it as misinterpretations of the World Bank Nigeria Development Update.

PAMA Flags Persistent Trade Barriers Amidst AfCFTA The Pan African Manufacturers Association (PAMA) has raised concerns over persistent barriers hindering cross-border trade despite the African Continental Free Trade Area (AfCFTA) PAMA President, Mr Mansur Ahmed, disclosed this in a statement to journalists on Sunday in Lagos. He noted that intra-African trade in manufactured goods remained low, accounting for about 18 per cent of total continental trade. According to him, this is far below Europe’s 60 per cent, highlighting deep-rooted structural challenges predating AfCFTA. Ahmed said Africa’s trade architecture, anchored on regional blocs, had yet to enable seamless cross-border trade, with…

Oil market ended the week mixed, with a surge in Brent price on concerns over potential supply disruptions linked to a possible US blockade of the Strait of Hormuz, while easing geopolitical tensions and revived hopes for talks with Iran pressured the market.

NGX Posts N8.66trn Weekly Gain Amid Trading Surge The Nigerian Exchange Ltd. recorded a strong weekly performance, with investors gaining N8.661 trillion amid heightened trading activity. Market capitalisation rose by 6.60 per cent to N139.827 trillion from N131.166 trillion. The NGX All-Share Index climbed by 6.57 per cent to 217,167.57 from 203,770.43 recorded in the previous week. The NGX report on Saturday noted investors recorded a total gain of N8.661 trillion within the review period. A total turnover of 3.588 billion shares valued at N195.313 billion was traded in 254,553 deals. This compares with 3.361 billion shares worth N151.948 billion…

Nigeria Deepens Regional Influence With $500K Investment The Federal Government of Nigeria has committed 500,000 dollars to AFRITAC West 2 Phase III, reinforcing efforts to strengthen policy capacity and macroeconomic management across West Africa. The agreement was signed during the IMF/World Bank Spring Meetings involving senior officials from the International Monetary Fund (IMF) and the Central Bank of Nigeria (CBN), on Friday in Washington. AFRITAC West 2 (AFW2) is an IMF-supported regional technical assistance centre based in Accra, Ghana, that strengthens economic institutions in six West African nations, Cabo Verde, the Gambia, Ghana, Liberia, Nigeria, and Sierra Leone. As part…

CBN, FMDA Announce New Money Market Benchmark The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers. Association (FMDA), has announced the introduction of the Nigerian Overnight Financing Rate (NOFR). Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, (NOFR) said this in a statement issued in Abuja on Friday. According to Sidi-Ali, this is a standardised benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market. Sidi-Ali said that NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks. According to her, it is expected to improve…

Solana’s (SOL) price climbed 3.33% to $87.90 on Friday as investors rallied their positions amid a sharp increase in Solana’s non-USDC (Cycle)/USDT (Tether) stablecoin supply.

A reversal to disinflation stoked selling pressure in Nigerian bonds, as investors’ returns came under risk amid spot rate repricing across the fixed-income market.

The Naira closed the trading session in the positive territory at the Nigerian Foreign Exchange Market (NFEM), appreciating by 11bps or ₦1.44 against the U.S. Dollar.

Nigeria Has No Immediate Need For IMF’s Support – Edun The Minister of Finance, Wale Edun, says Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance. Edun made this known at the African Finance Ministers’ briefing, during the IMF/World Bank Annual Meetings, on Thursday in Washington. He said that the reliance on ongoing domestic economic reforms was working. The minister said that Nigeria’s reforms over two years had restored policy credibility and strengthened resilience against global economic shocks affecting many African economies. He said that the country had prioritised market-based adjustments, avoiding administrative controls,…