Author: Olu Anisere

New Tax Law – FG to Protect Low-Income Earners –Oyedele The Presidential Fiscal Policy and Tax Reforms Committee says about 98 per cent of Nigerian workers will be exempted from paying Pay-As-You-Earn (PAYE) tax under the new tax laws. The new tax laws had been scheduled to take effect from January 2026. The Chairman of the committee, Mr Taiwo Oyedele said this at the 31st Nigerian Economic Summit (NES31) in Abuja on Tuesday. He said that the reforms were designed to protect low-income earners and those living around the poverty line, while ensuring fairness and efficiency in Nigeria’s tax administration.…

British Pound as Dollar Rebounds Amidst U.S Govt Shutdown The British pound slides versus the U.S. dollar amidst the American government shutdown. GBP/USD declined after failing to clear 1.3464, and the US dollar registered gains amid the ongoing US government shutdown. Also, political jitters from France caused UK bonds to slide as the French government was getting into deeper trouble. The French Prime Minister, Sebastian Lecornu, quit hours after naming his picks for top roles. The dollar traded near session highs late in the European time on Tuesday. The French crisis has not been resolved, and the policy mix advocated…

Non-Interest Capital Market in Nigeria Worth N1.6 trn -SEC The Securities and Exchange Commission (SEC) says the country’s non-interest capital market is valued at N1.6 trillion. Dr Emomotimi Agama, the Director-General of SEC, said this in Abuja on Tuesday at a pre-news conference in preparation for the 7th African International Conference on Islamic Finance (AICIF) scheduled between Nov. 4 and 5. Agama said that Sukuk carried the large chunk of the money with 700 per cent over-subscription of the last Sukuk issuance which underscored the massive investor confidence the country had built. He said that the development demonstrated a robust…

CBN Turns Down 97% of N4.1 Trillion OMO Bills Subscription The Central Bank of Nigeria (CBN) turned down more than 97% of the total subscription received for its open market operation bills, according to auction results. To manage excess liquidity level in the financial system, the Apex Bank floated N600 billion worth of OMO bills for subscriptions yesterday. The authority had been absent from the market, a development that triggered a spike in financial system liquidity. Details from its Monday open market operation showed that the Nigerian OMO bills offer size was split across the short-term tenors -85 days, 99…

Oil Prices Edge Higher Amidst  OPEC+ Plan to Hike Output Prices of crude oil surged in the global commodity market on Monday as demand and supply uncertainties persisted. Prices increased as OPEC+ revealed a plan to boost output by 137,000 barrels per day in November. Brent crude was trading at $65.34 per barrel, up 1.6% from the previous close of $64.28. The US benchmark West Texas Intermediate (WTI) increased by 1.7% to $61.54 from $60.51 in the prior session. Signs of weakness in the US labor market reinforced dovish expectations for the Fed, helping to sustain risk appetite in global…

Equities Investors Gain N786bn as Oil, Insurance Stocks Rally Equities investors gained more than N786 billion on the Nigerian Exchange (NGX) as oil and gas and insurance stocks rallied. The Nigerian bourse opened the week strong, sustaining its bullish trend as the All-Share Index surged 0.86% to 144,822.61 points. The bargain hunting pushed year-to-date gains to 40.71% and boosted market capitalisation by N786.24 billion to N91.92 trillion. The Nigerian Exchange growth was boosted by investing in blue-chip and medium-scale stocks across key market sectors. Stockbrokers said the momentum was aided by moderating macroeconomic parameters and interest rate in the fixed…

Nigerian Treasury Bills Rally, Excess Liquidity Fuels Demand The average yield on Nigerian Treasury bills declined by 12 basis points (bps) in the secondary market as investors continued to show interest in naira assets. Sentiment was strongly bullish, reflecting excess liquidity level in the financial system while the market anticipates Q4 auctions to start coming on board. According to analysts at Cowry Asset Limited, investors crowded into short, mid, and long tenors, pushing average market yields lower by 12 bps week-on-week to 17.93%. With the monetary policy easing that started in September, the market expects the Central Bank of Nigeria…

First Holdco YTD Return Tightens as Share Price Slips The stock market value of First Holdco Plc declined while its year-to-date (YTD) return tightened as investors reduced shareholdings ahead of the third quarter of 2025 earnings release. First Holdco Plc’s year-to-date return reduced to 10.3% due to negative price fluctuation stoked by investors’ weak sentiment. The soft selloffs came on Friday when 4.467 million units of First Holdco valued at N138.335 million were transacted in the stock market. Trading direction was influenced by investors seeking to exit positions; hence, its share price declined by 5 kobo on each of its…

Access Holdings Ticks Up, Equity Analysts See 60% Upside Nigeria’s largest banking group, Access Holdings Plc, experienced a soft price uptick in the equities segment of the Nigerian Exchange (NGX) as investors reposition ahead of the third quarter earnings season. The financial services group has boosted its shareholders’ wealth by 9% since the beginning of the year to date, reflecting its share price volatility. Last week, Access Holdings’ share price rose to N26.5 on Friday as 71.739 million units valued at N1.866 billion were traded across deals last week. The intermittent rally has persisted as markets anticipate earnings releases. Trading…

Banks Deposit Excess Funds With CBN at 24.5% SDF Rate Deposit Money Banks (DMBs) channelled excess liquidity in the financial system to the Central Bank of Nigeria (CBN) Standing Deposit Facility (SDF) at an adjusted rate around the monetary policy rate.  Last week, money market liquidity crossed N7.1 trillion as the Apex Bank failed to mop up excess funds in the financial system. The financial system experienced refunds for excess cash reserve ratio on banks deposit after monetary policy rate cut and CRR adjustment. This helped in liquidity flooding experience in the money market. Despite inflows from across matured instruments,…