Author: Olu Anisere

Fitch Affirms Ethiopia at ‘Restricted Default’ Global rating agency Fitch has affirmed Ethiopia’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘Restricted Default’ (RD), accorded no outlook to the country’s credit rating. According to Fitch, the affirmation of Ethiopia’s LTFC IDR at ‘RD’ reflects the country’s continued default on its single Eurobond and other non-bond commercial external debt following the government’s failure to pay the USD33 million Eurobond coupon due on 11 December 2023. Ethiopia is looking to restructure about USD15 billion of external debt – including arrears, as of end-June 2024 – under the Common Framework, for which it…

FX Inflow Spikes as Nigeria Reforms Attract Offshore Investors Nigeria recorded a sharp increase in FX inflows into the economy as foreign investors demonstrated confidence in the country’s reforms. At the Nigeria Investors Forum held on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings in Washington D.C., the Central Bank Governor and leader of the Nigerian delegation to the meetings, Mr Olayemi Cardoso, assured investors of the government’s commitment to advancing reforms and unlocking opportunities for sustainable investment and growth. This was disclosed in a statement signed by Mohammed Manga, Director of Information and Public…

Ghana Says Economic Rebounds from Crisis to Confidence Ghana is back,” Governor Johnson P. Asiama of the Bank of Ghana (BoG) declared at the IMF/World Bank meeting in Washington, three years after the country’s economy was roiled by a debt crisis. In his speech, Asiama pointed to lower inflation, rebounding growth, and growing reserves. Speaking with the IMF’s Abebe Aemro Selassie, Asiama said “tremendous” policy support from the IMF has helped Ghana in this journey. Some of the BoG’s priorities going forward include rebuilding the central bank’s balance sheets, addressing a decline in remittance inflows, and regulating crypto and fintech.…

Money Market Rates Mixed on Excess Liquidity in Banking System Money market rates mixed as financial system liquidity improved following additional placement by the deposit money banks on Thursday. Local lenders placed funds at the Central Bank of Nigeria (CBN) standing deposit facility (SDF) window, at a 24.50% SDF rate. The placement has been surging as the yield on Nigerian Treasury bills fell below the SDF rate after the monetary policy rate cut in Sept – with banks seeking to maximise earnings from interest-yielding assets. The authority’s huge liquidity mop-up via a series of open market operations in the recent…

Naira Gains as Nigeria’s Foreign Reserves Climb to $42.669bn The naira gained as Nigeria’s foreign reserves climbed to $42.669 billion on Wednesday, the highest gross balance seen since September 2019, from $42.589 billion at the beginning of the week. The local currency had seen successive depreciation on the back of increased demand for US dollar at the official window.  The market continued to experience a sharp decline in FX injections. In September, total FX sales to the authorised dealer banks at the official FX market was $150 million, helping to balance the US dollar demand and supply equation. But analysts…

Nigerian Exchange Crosses N94trn as Cement, Banking Stock Rally The Nigerian Exchange (NGX) crossed N94 trillion in market capitalisation on Thursday as cement and banking stock rallied in anticipation of the third quarter of 2025 earnings release. The stock market traded positively as investors rotated funds from the debt market amidst spot rate repricing and lower yields on naira assets. With increased positioning in risky assets, the key performance indicators climbed by 41 basis points while year to date return rose to 44.1%. Notable gainers included FirstHoldco, STERLINGNG, MAYBAKER, DANGCEM, Lafarge Africa WAPCO and others. These gainers contributed to an…

Dangote Cement Hits 52-Week High, Surpasses N10 Trillion The market value of Dangote Cement Plc’s 16.873 billion shares outstanding on the Nigerian Exchange (NGX) surpassed N10 trillion on Thursday following sustained buying interest. Traded at highest level seen in 52-week, the cement company share price rose to N599.80, up by 2.42% as more than 1.695 million valued at N1.003 billion were traded in the local bourse. The cement company value has increased by 4.31% since the beginning of the week as investors await the release of third quarter financial scorecards. Investors’ positive sentiment fuelled the company’s price appreciation which listed…

China’s Export Surge Strengthens Xi’s Hand as Trump Raises Trade War Stakes China’s booming exports have handed Beijing critical leverage as President Xi Jinping and US President Donald Trump lock into the fiercest trade confrontation in years, warns global financial advisory giant deVere Group. China’s exports jumped 8.3% in September from a year earlier, smashing forecasts and outpacing August’s growth. Imports climbed 7.4%, a signal that the country’s industrial engine remains formidable despite Washington’s efforts to apply pressure through tariffs and technology restrictions. The surge lands as US Treasury Secretary Scott Bessent hints that the current three-month pause on import duties…

Bonds Yield Falls, Real Interest Rate Widens on Disinflation The Nigerian government bond traded on a bullish note in the secondary market, with yields declining across the curve. Demand for debt papers heightened on Wednesday, a positioning that was influenced by the spot rate outlook at the Debt Office Q4 auctions. As inflation falls, and the market hopes for interest rate cuts to drive growth, investors in the Nigerian debt market locked in yields on naira assets. Analysts said spot rate pricing on local bonds supply will be impacted by fast-changing and perhaps improving macroeconomic indicators, which are expected to…

Oil Rallies as India Halts Russian Seaborne Crude Purchase Oil prices increased on Thursday after US President Donald Trump said that India would stop importing oil from Russia. The elimination of Russian exports will reduce oil glut concerns and lift market sentiment, despite lingering uncertainties over US-China trade tensions. Russian seaborne oil exports have been affected by both increased volume and geopolitical factors, including Ukrainian drone attacks on refining infrastructure and Western sanctions like the G7 price cap. EU and US sanctions have also reduced Moscow receipts from oil sales. Over time, key buyers of Russian discounted seaborne oil remain…