Author: Olu Anisere

CBN Funds International Payments with $250 Million The Central Bank of Nigeria (CBN) funded international payments with $250 million injected into the foreign exchange market in the last five trading sessions. The naira depreciated as demand for the US dollar continues to increase above the FX levels in the official currency market. The spot FX rate reached a weekly high of N1456 before its last-minute rebound, aided by the Apex Bank intervention. The US dollar demand pressures eased as a combination of CBN FX sales, foreign portfolio investors, non-corporate bank, and exporters enhanced liquidity. Despite continued intervention by the CBN,…

Oil Prices Close Week Lower over Demand, Supply Uncertainties Prices of crude oil were lower week on week over uncertainties around demand and supply. This week, crude oil prices were weighed primarily by persistent concerns over global oil demand. Also, the commodity market was weighed by uncertainties surrounding the US Federal Reserve’s (Fed) policy path, while early signs of progress in Russia-Ukraine peace efforts tempered losses. Brent crude traded at $61.02 per barrel, down 4.1% from last Friday’s close of $63.64. US benchmark West Texas Intermediate (WTI) was at $57.37 per barrel, falling around 4.3% compared with $59.93 last week.…

Fixed Income Market Heats Up by Selloffs, Naira Assets Yields Rise The Nigerian fixed interest securities market heated up with selloffs as investors readjusted their portfolios in reaction to a surprise increase in the treasury bills spot rate. The selloffs nudged average yields on the naira assets higher across tenors, and it happened across the Nigerian Treasury, OMO bills and bonds. The market witnessed the Central Bank of Nigeria (CBN) pushing the spot rate on Treasury bills papers upward, and series of OMO actions were conducted to mop up excess liquidity in the financial system. The authority lifted the one…

Gambia Gets $38m IMF Loan to Further Economic Reforms The Executive Board completed today the fourth review of The Gambia’s Extended Credit Facility (ECF) arrangement, approved on January 12, 2024, supporting reforms to address long-standing structural impediments to inclusive growth. The completion of the review allows for the immediate disbursement of SDR12.44 million, which is about US$17.00 million bringing total disbursements under this arrangement to SDR49.75 million, or about US$68.00 million. The Executive Board of the IMF also completed the first review under the Resilience and Sustainability Facility (RSF), approved on June 18, 2025, to help the authorities improve macroeconomic…

Alleged N2.2bn Fraud: Court Remands Ngige Pending Bail Application An Abuja High Court on Friday remanded a former Minister of Labour and Employment, Chris Ngige, in Kuje Correctional Centre, pending the determination of his bail application The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Ngige over alleged N2.2 billion fraud. Ngige, a former governor of Anambra , is facing eight counts of fraud and accepting bribes. The defendant served as the governor of Anambra under PDP platform from May 29, 2003, to March 17, 2006. He served as minister under former and late President Muhammadu Buhari’s administration from…

FG to Raise N1.23trn in 4 Months to Clear Gencos , Gas Debts The Federal Government says it will raise N1.23 trillion within the next four months as part of a major push to settle longstanding debts owed to power generation companies (Gencos) and gas suppliers. The Special Adviser to the President on Energy, Mrs Olu Verheijen disclosed this in a statement issued in Abuja which was made available to newsmen on Friday by her media aide, Senan Murray. Verheijen said the initiative, forms a key component of the Presidential Power Sector Debt Reduction Programme and signals renewed commitment to…

VFD Group Targets N2.997bn Profit for Q1-2026 VFD Group has forecasted N2.997 billion profit after tax for the first quarter of financial year 2026, the company said in its earnings target disclosed on the Nigerian Exchange. The diversified investment group set N22.781 billion as its expected gross earnings in the first three months of operations next year. Its earnings forecast breakdown showed that investment and similar income is projected to print at N17.685 billion in Q1 2026, balanced against related expenses of N3.273 billion. This left VFD Group with projected net investment income of N14.411 billion in the period. The…

Eterna Sets Q1 2026 Post-Tax Profit at N485 Million Eterna Plc has set its first quarter of 2026 net profit at N485 million amidst oil importation pressures facing downstream operators. The company anticipates its Q1 revenue to settle at N60.849 billion, according to earnings forecast disclosure in the stock market. Reflecting a tight margin operation, the company estimated that its costs of sales would settle at N57.138 billion in the period. This is projected to result in N3.711 billion in gross margin. In the first quarter of 2026, the company planned to spend N2.427 billion as marketing, distribution and administrative…

CBN Injects $150m to Boost Nigerian FX Market Liquidity The Central Bank of Nigeria (CBN) has injected a total of $150 million to boost liquidity in the forex market as the US dollar shortage lingers at the official window. The naira has been declining for eight consecutive trading sessions, though the marginal daily depreciation has started to become significant to the exchange rate value. At the beginning of the week, the Apex Bank sold $100 million to authorised dealer banks at below the official rate to redirect the exchange rate. This failed as the naira maintained its downward streak, albeit…

Guinea Insurance Pledges to Strengthen Capital Base Guinea Insurance Plc has restated its commitment to strengthening its capital base in line with the Nigerian Insurance Industry Reform Act 2025. The firm said in a statement on Thursday that the step was vital to its long-term growth and future competitiveness. The pledge was made during a courtesy visit to the National Insurance Commission, where the team was received by Mr Olusegun Omosehin in Abuja. The delegation was led by the Board Chairman, Mr Temitope Borishade, with several Non-Executive Directors accompanying him on the visit. Senior management officers, including Chief Executive Officer…