Author: Olu Anisere

Nigerian Exchange Launches Commercial Paper Listings The Nigerian Exchange (NGX) Limited has expanded its offerings with the introduction of commercial paper listings approved by the Securities and Exchange Commission. Commercial papers are short-term unsecured debt instruments issued by corporates to fund working capital and other obligations. Typically maturing within 270 days, these instruments are issued at a discount and redeemed at face value, offering a cost-effective alternative to bank loans. The Exchange said on Wednesday that the product window marked another milestone in its effort to broaden instruments available to issuers and investors. According to NGX, the framework will allow…

Nigeria, Angola, Egypt Yields Fall as African Eurobonds Rally African Eurobonds rallied as foreign portfolio investors’ (FPIs’) risk-off sentiment witnessed early in the week at the international market began to fade.  The market saw investors ramping up Nigeria, Ghana, Angola, and Egypt amidst expectations that the global oil prices would continue to stay above $60 per barrel in the global commodity market. Inflation in Ghana has dropped significantly since the beginning of the year, and Accra has axed interest rate by a whopping 10% in the currency year as the economy continues to improve. Nigeria’s reforms eased economic pressures, and…

FX Spread Widens as Naira Exchange Rates Diverge FX spread, or the gap between the informal and official currency exchange rates, widened to 1.70% on Tuesday as the naira moved in different directions. Market report revealed that the naira appreciated by ₦3.04 to ₦1,445.39/$ in the official market as the supply side remained strong against that pressure from the US dollar. On the other hand, the exchange rate weakened by ₦5.00 to close at ₦1,470.00/$ in the parallel market. As a result, the market spread widened to 1.70%, from 1.14%, though FX market confidence has significantly reduced speculative activities. Exchange…

NCDMB, BOI Sign $100m Nigerian Content Intervention Fund MoU The Nigerian Content Development & Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday signed a Memorandum of Understanding (MoU) to establish the 100 million dollars Content Intervention Fund (NCIF) Equity Scheme. The Executive Secretary of NCDMB, Mr Felix Ogbe, signed on behalf of the Board, while the Managing Director of BoI, Dr Olasupo Olusi, signed for the bank. Ogbe described the signing as a landmark development and milestone in local content financing. ‘’We have concluded arrangements to establish the 100 million dollars Equity Investment Scheme in partnership with…

Dangote Cement Gains 10% in Fresh Rally Dangote Cement Plc gained about 10% as investors increased positions in a fresh rally that lifted the share price to N588 in the Nigerian Exchange on Tuesday. The company successfully dodged bearish bullets thrown by investors that rotated out from their position following notice of new capital gains. The cement company increased as 713,127 units valued at N419 million were trading in the local bourse.  The cement company stock had been flattish at N534.60 before the first rally kicked in December in a broad-based market rally. A significant numbers of equities analysts find…

Kaduna Eyes N85bn IGR as State Deepens Tax Reforms The Kaduna State Internal Revenue Service (KADIRS) says the state is projecting an internally generated revenue of about N85 billion by the end of 2025, as it continues to strengthen a fair, transparent, and technology-driven tax administration system. The Executive Chairman of KADIRS, Mr Jerry Adams, said this in his address at the 2025 KADIRS Tax Dialogue held on Monday in Kaduna. The theme of the dialogue was ‘Transforming Tax Administration for the Future: Navigating the Procedural and Practice Shift Signaled by the Nigerian Tax Reform Act and Enhancing Compliance Into…

Naira Drops to N1,448 after FX Boosts The naira fell against the US dollar at the official window due to FX shortage amidst growing demand for foreign payments.  The local currency depreciated after $186.60 million was sold to banks last week to boost the supply side. Daily FX data released by the Central Bank of Nigeria (CBN) showed that the naira lost about N2 per dollar, closing at N1448.4355 from N1446.7421 the previous close. FX spot rate touched an intraday high of N1452 per dollar on Monday, according to the updated FX report, reflecting there was pressure in the official…

OPEC+ Sets Nigeria’s Daily Oil Quota at 1.5 Mbpd for 2026 The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, have maintained Nigeria’s crude oil production quota at 1.5 million barrels per day (mbpd) until December 2026. The decision that reaffirmed a previous decision taken in late 2024 was announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. Members, during the meeting, agreed to retain overall production levels for countries participating in the Declaration of Cooperation (DoC). In a separate statement, OPEC said eight countries within the wider OPEC+ alliance — Saudi Arabia,…

Meyer Plunges by 19% as Investors Sentiment Weakens Industrial players Meyer Plc lost 19% of its market value in the equities market week-on-week due to weak investors’ sentiment, reflecting broader sell pressures on the Nigerian Exchange The industrial goods stock fell to N13.1 on Friday when 680925 units valued at about N9.25 million were traded in the local bourse. Data from the Nigerian Exchange showed that the two-times negative price swing last week cost Meyer Plc 18.88% of its market, widening the going rate from its highest value in 52-week. With 531.237 million outstanding shares, Meyer’s market value inched lower…

Money Market Rates Fall as Excess Liquidity Nears N2trn Money market rates declined as excess liquidity in the financial system neared N2 trillion amidst adjustment to the monetary policy rate asymmetric corridor by the Central Bank of Nigeria (CBN). The monetary authority’s decision to make an adjustment to the asymmetric corridor around the key interest rate was to reduce the interest earned by banks for placing funds at the Standing Deposit Facility.  System liquidity stayed in positive territory last week, closing with a net surplus of N1.96 trillion, which was a 49.98% increase from N1.31 trillion recorded the previous week.…