Author: Olu Anisere

CSCS Sensitises Stakeholders on T+2 Settlement Cycle The Central Securities Clearing System (CSCS) on Wednesday sensitised capital market stakeholders on the smooth transition to a T+2 settlement cycle ahead of its Nov. 28 launch. The webinar brought together capital market operators, regulators, and the Nigerian Exchange Ltd., providing updates, guidance, and clarity on the transition process. The programme’s theme was ‘Advancing Market Efficiency through T+2 Settlement’. CSCS Chief Executive Officer, Haruna Jalo-Waziri, highlighted the extensive groundwork done to ensure a seamless transition, stressing the importance of efficiency and liquidity in Nigeria’s capital market. Represented by Adeyinka Shonekan, CSCS Executive Director,…

Benchmark Yield on Nigerian Bonds Falls to 16.68% Nigerian government bonds rallied in the secondary market as investors look forward to fresh supply for Sept., with hope that disinflation will trigger yield repricing. Investors continue to lock down yield on Federal Government of Nigeria (FGN) bonds with mixed expectation on spot rate pricing after midterm expenditure document revealed a preference for local borrowing. Inflation is anticipated to decline further as the market expects the release of August consumer price index (CPI) by the National Bureau of Statistic (NBS) next week. In the secondary market, FGN bond traders sustained its bullish…

Nigeria’s Economic Fortunes Depend on Data-Backed Reforms -Afrinvest MD An Investment banking group, Afrinvest, has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone. Its Managing Director, Dr Ike Chioke, made call at the company’s 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report (BSR) on Tuesday in Lagos. The theme of the report is “ACT-BOLD: Beyond a Trillion-Dollar Economy”. The News Agency of Nigeria (NAN) reports that the report outlines seven priority sectors, agriculture, creatives/tourism and hospitality, technology, banking & finance, oil and gas, logistics,…

Oil Prices Rise, Threat to Sanction Russia Heightens Supply Risks Oil prices rose in the global commodities markets on Wednesday due to concerns about potential supply interruptions caused by rising geopolitical tensions in the Middle East and the possibility of more stringent US sanctions on Russian oil. Brent crude was trading at $66.85 per barrel, up 0.7% from the previous close of $66.38. The US benchmark West Texas Intermediate (WTI) rose 0.7% to $62.95. The gains followed Israeli airstrikes on senior Hamas leaders in Doha, a move that Qatar denounced as “treacherous” and “state terrorism.” Qatar, alongside Egypt and the…

GCR Affirms Lasaco Assurance Financial Strength A(NG) Rating GCR Ratings has affirmed Lasaco Assurance Plc’s national scale financial strength rating of A(NG), with the outlook maintained at stable. According to GCR, the assigned rating reflects the strengths and weaknesses of Lasaco Assurance Plc and its two wholly owned subsidiaries: Lasaco Trading and Investment Limited and Lasaco Properties Limited, collectively referred to as the group. The rating note released on Tuesday explained that the insurer is the core operating entity within the group, accounting for 99% and 81.6% of the group’s total assets and profit after tax as of 31 December…

Exchange Rates Gap Collapses as Naira Rallies Versus Dollar The Nigerian naira exchange rates gap has collapsed sharply as the local currency maintained an uptrend against the dominant US dollar. The dollar index declined on Tuesday as the market anticipates the US Federal Reserve to cut rates after a weak job report. In the local currency market, the naira has enjoyed successive rallies in the absence of significant demand for foreign currency by Nigerian companies and other eligible FX users. The naira debit card alternative has also helped the exchange rate at the unofficial market gain traction, with the US…

CBN Projects 1bn Dollar Diaspora Reserve by 2026 The Central Bank of Nigeria (CBN), says the bank is targeting a diaspora reserve of one billion dollars by 2026. Dr Olayemi Cardoso, the Governor of CBN, said this at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday. Cardoso said the diaspora reserve currently stood at 600 million dollars. According to him, the CBN has prepared the framework and done everything required to enable them meet the target by 2026. “It is now over to the banks to make…

FIFA Clears South Africa over Player Ineligibility Allegation World Football ruling body, FIFA has cleared South Africa of any wrongdoing over claims the country fielded an ineligible player during a recent 2026 World Cup qualifier against Lesotho. The decision was confirmed hours before South Africa’s Group C match against Nigeria in Bloemfontein, which ended 1-1. The ruling keeps Bafana Bafana in contention for qualification. A win over Nigeria and a failure by Benin to beat Lesotho would have sealed their World Cup ticket. FIFA confirmed the development on Tuesday via a post on its official X handle. The South African…

Equity Investors Gain N254bn as 36 Companies Rally on NGX Equity investors gained N254 billion as 36 companies’ stocks rallied due to bargain hunting fuelled by sentiment. The Nigerian stock market on Tuesday sustained its bullish run, boosting key performance indicators ahead of inflation data. The upward trend was driven by demand in equities such as Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital and 31 other stocks. The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N88.199 trillion, rose by N254 billion or 0.29 per cent to close at N88.453 trillion. Similarly, the All-Share Index appreciated by…

First Holdco Drops by 5.6% on Negative Investors Sentiment First Holdco lost about 5.6% of its market value at the beginning of the trading session. The financial services company saw its share price reduced to N30.5, from an opening price of N32.30 as investors sentiment declined. The financial services holdings company lost N75.380 billion on Monday to close at N1.277 trillion in market value, according to data obtained from the Nigerian stock market. Trading data from the Nigerian Exchange (NGX) showed there was an increase in activity on First Holdco, one of the top volatile banking stocks with an unimpressive…