Author: Olu Anisere

The Nigerian local currency, the naira, maintained its position in the foreign exchange (FX) market against the dominant US dollar on Friday, with the official rate closing at N1,359.

Nairobi Index Climbs as Coop Bank, Equity Group Rally Kenya: the Nairobi Stock Exchange (NSE) index is trading positively on Friday, according to stockbrokers, reflecting sustained interest in some stocks with strong upside potential. Yesterday, the Nairobi Stock Exchange’s winning streak entered its third day, with the All-Share Index (ASI) gaining 0.8% to close at 205.79. Stockbrokers reported that market jitter continues to ease after a two-week ceasefire was reached between the US, Israel, and Iran. According to market reports, the Kenyan bourse was supported by gains in stocks such as Cooperative Bank, Equity Group, KCB Group, and Safaricom Plc.…

Investors’ activity in the Nigerian bond market remained subdued amid improving macroeconomic conditions, with mixed expectations for the inflation outlook amid the Middle East conflict. 

South African Rand Climbs Amid Soft Manufacturing Output The South African rand strengthened, trading at R16.39 per dollar, R19.18 per euro, and R22.00 per pound, according to a report released by First National Bank (FNB). The local currency is outperforming most emerging-market peers amid fragile optimism over the US-Iran ceasefire. However, markets remain cautious about the truce’s durability and the ongoing risks in the Strait of Hormuz. The rand’s gains come despite a broader dollar strengthening ahead of US inflation data. Meanwhile, gold has held above $4,700 an ounce, heading for a third consecutive weekly gain as the US-Iran ceasefire…

Nigeria Back From Economic Brink To Stability, Shettima Says Vice President Kashim Shettima on Thursday said Nigeria is back from the economic brink and is now on a trajectory toward renewal, stability, and shared prosperity. Shettima stated this in Abuja at the national convening and report launch on “Strengthening the Nexus Between Democracy and Economic Growth in Nigeria,” organised by the Goodluck Jonathan Foundation (GJF). The vice-president, who was the Special Guest of Honour at the event, was represented by his Special Adviser on General Duties, Dr Aliyu Modibo. Shettima noted that while the reforms of the President Bola Tinubu-led…

The Federal Government of Nigeria (FG) has secured £746 million to modernise the Apapa and Tin Can Island Ports in Lagos.

CBN Demands Risk Discipline, Governance from Recapitalised Banks The Central Bank of Nigeria (CBN) says strong governance and risk discipline are critical to the success of Nigeria’s ongoing bank recapitalisation programme. Dr Blaise Ijebor, Director of Risk Management Department and Chief Risk Officer at the CBN, said this on Thursday at a virtual risk management roundtable organised by the Association of Enterprise Risk Management Professionals (AERMP). The event convened in Lagos had the theme: “Recapitalisation, Mergers and Acquisitions in the Nigerian Financial System; Minimising Risks and Maximising Opportunities for Greater Post-Recapitalisation Value”. Ijebor, represented by another Director, Olabanji Samuel, said…

Zenith Bank and GTCO, among other gainers, supported the Nigerian Exchange (NGX) momentum, with equity investors recording about N370 billion in gains on Thursday.

Oil Prices Edge Higher as Ships Stuck in Waterway Oil prices edged higher on Thursday as shipping disruptions in the Strait of Hormuz and escalating Israeli strikes on Lebanon heightened concerns over regional supply, despite a temporary ceasefire. Investors signal concerns that crude oil supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire between the U.S. and Iran will hold. International benchmark Brent crude futures traded at $97.03 per barrel, up around 2.4% from the previous close of $94.75. US benchmark West Texas Intermediate (WTI) rose about 3.3% to $97.48 per…

JSE Index Rises 3.96% as Global Risk Appetite Improves The Johannesburg Stock Exchange (JSE) rebounded strongly on Wednesday as global risk appetite improved sharply following reports of a conditional ceasefire in the Middle East and signs of progress toward reopening the Strait of Hormuz. Risk appetite improves with some positioning as investors see easing global macro and energy supply risks. Hence, the All-Share Index closed 3.96% higher, while the Top 40 gained 4.16%. Resources led the charge and rose about 4.68%, buoyed by a sharp rally in gold and PGM stocks, with AngloGold Ashanti (+6.27%), Gold Fields (+4.65%), Northam Platinum…