Author: Olu Anisere

Naira Mixed as Nigeria Raises $2.35bn External Loans The Nigerian naira traded on a mixed note across currency markets at the time the country successfully raised a total of $2.35 billion in external loans from the international market. The naira lost at the official window, and the spot rate at the unofficial window improved, and this narrowed the gap between the two markets significantly. The Central Bank of Nigeria (CBN) daily FX indicated that the naira weakened against the U.S. dollar in the official market on Wednesday, depreciating by 0.34% to close at ₦1,438.49/$. The spot rate touched an intraday…

Tanzania’s Internet Blackout, X Suspension Cost Over $238m – PIN A non-profit organisation, Paradigm Initiative (PIN) has raised concerns over Tanzania’s election period internet blackout and continued suspension of X (formerly Twitter). The Executive Director, PIN, Mr Gbenga Sesan, said during a virtual media briefing that there was also ongoing bandwidth throttling reported in parts of the country. An Internet blackout was imposed in Tanzania, after protests erupted on the nation’s Election Day, Oct 29. General Internet connectivity was restored on Nov. 3, though bandwidth throttling still remains. Sesan said that the shutdown could cost the economy over $238 million.…

Nigeria Cannot Decarbonise to Poverty — Minister The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, says Nigeria and Africa must pursue energy transition based on national realities. Ekpo said this on Wednesday during a ministerial panel session on “Global Shifts: Navigating an Era of Diverging Priorities” at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). He said that Nigeria and indeed Africa must be allowed to use their resources responsibly rather than externally imposed pathways that could undermine economic stability. ”Our position is clear; Nigeria and Africa cannot decarbonise to poverty. We must be…

Crude Oil Prices Surge on Demand, Supply Imbalance Crude oil prices surged on Wednesday amidst a demand-supply imbalance in the global commodity market. Oil prices climbed as markets weighed the weak US dollar and the OPEC+ group production decision. Investors are still reacting to OPEC+ production decisions and possible effects of Russian sanctions on major buyers that eased oversupply concerns, while optimism that a resolution could be reached in US-China trade disputes boosted demand expectations. International benchmark Brent crude was trading at $64.43 per barrel, up around 0.4% from the previous close of $64.19. US benchmark West Texas Intermediate (WTI)…

GTCO Falls, Investors Exit Position after Earnings Disappoint Guaranty Trust Holding Company Plc (GTCO) lost about 5% of its market value on the Nigerian Exchange (NGX) as investors reacted to its weak earnings performance for nine months of financial year 2025. Its market value fell to N3.101 trillion, according to data from the local bourse, as 8.254 million units valued at N724.676 million were traded, led by sell side actors on NGX. With expectation that the group will claw back, GTCO target price has been kept above its current market price amidst unimpressive earnings performance in the third quarter of…

NGX Losses Deepen, Investors Lose Additional N6112bn The Nigerian Exchange (NGX) losses deepen as selling pressures persisted into the second trading session in the new week.  The local bourse has continued to bleed due to negative investors’ sentiment across sectorial indices in the midst of third quarter earnings releases. Banking names’ unimpressive earnings performance took away the stock market’s usual flavour that attract significant bargain hunting.  Instead, the local bourse has been moving negatively, with the year-to-date return down to 48.29% due to losses in oil and gas, financial and consumer stocks, among others. Data from the Nigerian Exchange showed…

Oil Prices Drop over Weak US Demand Outlook Oil prices dropped on Tuesday over a weak demand outlook in the US as the latest data showed a contraction in the manufacturing sector amidst the longest government shutdown. The price also reflects the decision of eight members of the OPEC+ group, including both OPEC and non-OPEC producers, to postpone planned production increases in the first quarter of next year. Brent crude was trading at $64.56 per barrel, down around 0.4% from the previous close of $64.81. The US benchmark West Texas Intermediate (WTI) also decreased by 0.4% to $60.66, compared to…

Interbank Rates Stable as Banks’ Placements with CBN Climb Interbank rates steadied as the money market maintained an excess liquidity profile that kept tightening funding costs. Amidst weak lending appetite and lower yields on Treasury bills, banks have stepped up activities at the standing deposit facility of the Central Bank to boost their earnings. To Nigerian lenders, it costs money to keep money in low yields asset and 24.5% rate at the CBN standing deposit facility has become alternative private sector’s lending with attendant default risks. The market remained relatively flooded with excess funds, settling at ₦3.1 trillion, reflecting an…

13 of 17 Expected Vessels to Arrive With Petroleum Products – NPA The Nigerian Ports Authority (NPA) says that 17 ships are being expected at Apapa and Tin-Can Island ports in Lagos from Nov. 3 to Nov 7. The NPA made this known on Monday in a document it published daily known as the Shipping Position. The document stated that 13 of the expected 17 ships are laden with petroleum products such as crude oil, diesel, aviation fuel, gas oil, gasoline, and petrol. It said that the remaining four ships being expected contained containers of different products. The document noted…

Nigeria’s Private Sector Output Growth Hits 6-Month High As macroeconomic indicators continue to improve, Nigeria’s private sector output growth has continued to maintain momentum.  Stanbic IBTC purchasing manager index (PMI) report for October released by S&P Global highlighted that output hit a six-month high with modest job creation. According to the PMI, October data pointed to improved growth momentum in the Nigerian private sector, with both output and new orders increasing at sharper rates than in September. In turn, companies took on extra staff and expanded their purchasing activity, the report added. S&P reported that the pace of input cost…