Author: Olu Anisere

FX Spread Widens as Naira Exchange Rates Diverge FX spread, or the gap between the informal and official currency exchange rates, widened to 1.70% on Tuesday as the naira moved in different directions. Market report revealed that the naira appreciated by ₦3.04 to ₦1,445.39/$ in the official market as the supply side remained strong against that pressure from the US dollar. On the other hand, the exchange rate weakened by ₦5.00 to close at ₦1,470.00/$ in the parallel market. As a result, the market spread widened to 1.70%, from 1.14%, though FX market confidence has significantly reduced speculative activities. Exchange…

NCDMB, BOI Sign $100m Nigerian Content Intervention Fund MoU The Nigerian Content Development & Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday signed a Memorandum of Understanding (MoU) to establish the 100 million dollars Content Intervention Fund (NCIF) Equity Scheme. The Executive Secretary of NCDMB, Mr Felix Ogbe, signed on behalf of the Board, while the Managing Director of BoI, Dr Olasupo Olusi, signed for the bank. Ogbe described the signing as a landmark development and milestone in local content financing. ‘’We have concluded arrangements to establish the 100 million dollars Equity Investment Scheme in partnership with…

Dangote Cement Gains 10% in Fresh Rally Dangote Cement Plc gained about 10% as investors increased positions in a fresh rally that lifted the share price to N588 in the Nigerian Exchange on Tuesday. The company successfully dodged bearish bullets thrown by investors that rotated out from their position following notice of new capital gains. The cement company increased as 713,127 units valued at N419 million were trading in the local bourse.  The cement company stock had been flattish at N534.60 before the first rally kicked in December in a broad-based market rally. A significant numbers of equities analysts find…

Kaduna Eyes N85bn IGR as State Deepens Tax Reforms The Kaduna State Internal Revenue Service (KADIRS) says the state is projecting an internally generated revenue of about N85 billion by the end of 2025, as it continues to strengthen a fair, transparent, and technology-driven tax administration system. The Executive Chairman of KADIRS, Mr Jerry Adams, said this in his address at the 2025 KADIRS Tax Dialogue held on Monday in Kaduna. The theme of the dialogue was ‘Transforming Tax Administration for the Future: Navigating the Procedural and Practice Shift Signaled by the Nigerian Tax Reform Act and Enhancing Compliance Into…

Naira Drops to N1,448 after FX Boosts The naira fell against the US dollar at the official window due to FX shortage amidst growing demand for foreign payments.  The local currency depreciated after $186.60 million was sold to banks last week to boost the supply side. Daily FX data released by the Central Bank of Nigeria (CBN) showed that the naira lost about N2 per dollar, closing at N1448.4355 from N1446.7421 the previous close. FX spot rate touched an intraday high of N1452 per dollar on Monday, according to the updated FX report, reflecting there was pressure in the official…

OPEC+ Sets Nigeria’s Daily Oil Quota at 1.5 Mbpd for 2026 The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, have maintained Nigeria’s crude oil production quota at 1.5 million barrels per day (mbpd) until December 2026. The decision that reaffirmed a previous decision taken in late 2024 was announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. Members, during the meeting, agreed to retain overall production levels for countries participating in the Declaration of Cooperation (DoC). In a separate statement, OPEC said eight countries within the wider OPEC+ alliance — Saudi Arabia,…

Meyer Plunges by 19% as Investors Sentiment Weakens Industrial players Meyer Plc lost 19% of its market value in the equities market week-on-week due to weak investors’ sentiment, reflecting broader sell pressures on the Nigerian Exchange The industrial goods stock fell to N13.1 on Friday when 680925 units valued at about N9.25 million were traded in the local bourse. Data from the Nigerian Exchange showed that the two-times negative price swing last week cost Meyer Plc 18.88% of its market, widening the going rate from its highest value in 52-week. With 531.237 million outstanding shares, Meyer’s market value inched lower…

Money Market Rates Fall as Excess Liquidity Nears N2trn Money market rates declined as excess liquidity in the financial system neared N2 trillion amidst adjustment to the monetary policy rate asymmetric corridor by the Central Bank of Nigeria (CBN). The monetary authority’s decision to make an adjustment to the asymmetric corridor around the key interest rate was to reduce the interest earned by banks for placing funds at the Standing Deposit Facility.  System liquidity stayed in positive territory last week, closing with a net surplus of N1.96 trillion, which was a 49.98% increase from N1.31 trillion recorded the previous week.…

Bank of Ghana Cuts Interest Rate by 10% in 2025 Ghana has reduced its main interest rate by 10% since the beginning of 2025 as inflation moderated significantly as a result of better monetary policy direction versus most African countries, especially Nigeria. Inflation is damaging, but a high interest rate environment is more damaging, as there are levels of inflation that a country can accommodate with systematic monetary policy design. Last week, the Bank of Ghana (BOG) cut its main interest rate by 350 basis points to 18.00%, marking a cumulative 1,000 basis point reduction so far in 2025. According…

Naira Rises on External Reserves, FX Intervention Confidence The naira gained about N10 against the US dollar week-on-week at the official window, buoyed by improved foreign currency supply from Foreign Portfolio Investors (FPIs) who sold USD positions and intervention. The steady inflow of foreign funds and Central Bank of Nigeria (CBN) FX sales strengthened supply conditions across key benchmarks, resulting in naira appreciation as US dollar availability outpaced demand. NGNUSD traded with a noticeably firmer tone, holding a tight range around the mid-N1,440s as the sharp volatility of the previous week gave way to a more orderly market, Cowry Asset…