Author: Marketforces Africa

Lagos Begin Enforcement of E-call-up for Truck Traffic The Lagos State Government says rising traffic from articulated trucks on the Lekki-Epe corridor has prompted enforcement of a technology-based electronic call-up (e-call-up) system. The Commissioner for Transportation, Mr Oluwaseun Osiyemi, disclosed this on Sunday in a statement by Mrs Bolanle Ogunlola, Deputy Director of Public Affairs, Ministry of Transportation. Osiyemi revealed that enforcement of the e-call-up system will begin on Monday, June 16, to manage truck movement in the affected corridor. Lekki-Epe axis hosts major investments, including the Dangote Refinery, Lekki Deep Sea Port, and key oil and gas infrastructure. Due…

Oil Rises for Second Week as Israel, Iran Tensions Escalate Oil prices are poised for a second straight weekly gain following Israel’s airstrikes on Iran, which have heightened concerns over potential supply disruptions across the oil-rich Middle East, and renewed optimism around US-China trade relations. Brent crude was trading at $72.76 per barrel, up 9.7% from last week’s close of $66.34. Similarly, West Texas Intermediate (WTI) stood at $70.79 per barrel, up about 10.4% from last Friday’s close of $64.09. Prices surged more than 7% earlier in the day—reaching their highest levels in nearly five months—after Israeli forces targeted key…

CBN to Offer N162bn Worth of Treasury Bills for Subscription The Central Bank of Nigeria (CBN) is scheduled to hold a primary market auction (PMA) on Wednesday, where the authority is expected to offer N162.018 billion worth of treasury bills across standard tenors. To keep excess liquidity in the financial system in check, the Apex Bank plans the auction for Wednesday to absorb N27 billion worth of Nigerian Treasury bills that will mature in the week. Analysts have projected that discount rates would reduce. Fixed income market analysts anchored reduced rate expectations on robust demand for the naira assets, citing…

Nigerian Exchange Expands as Investors’ Wealth Grows by N486bn The Nigerian Exchange (NGX) grew to N72.79 trillion as equities investors recorded about N486 billion in capital appreciation on Friday. Key performance indicators are at their all-time highs as momentum continues to build in the local exchange. According to data obtained from the local bourse, key performance indicators—the all-share index and market capitalisation advanced by 0.67% as the trading session closed for the week. Trading activity was upbeat, driven by heightened buying interest in mid and large-cap stocks, such as STANBIC, MRS, and 48 others across major market sectors. Stockbrokers said…

Euro, Sterling Tank as Middle East Tensions Escalate The euro and the British pound, or sterling, are among the top currencies that tanked against the US dollar during the early trading session in the global forex market as traders reacted to escalating tensions in the Middle East. FX traders are adjusting positions while waiting for additional signals about global market direction. The British pound eased toward $1.35 after hitting a three-year high of $1.363, as escalating Middle East tensions drove investors toward safe-haven assets amid fears of a wider conflict. At the same time, the euro eased to $1.15 after…

CBN Injects $580m into Forex Market to Defend Naira The gross balance in the external reserves reduced to $38.045 billion as data showed that the Central Bank of Nigeria (CBN) defended the local currency with $580 million in May, 2025. The aggressive FX intervention supported the naira’s gaining streaks but raised concerns over the long-term sustainability and negative effect on the external reserves. To ensure the stability of the naira amidst rising corporate demand for US dollars for foreign payments, the CBN has continued to sell FX to authorised dealer banks, revving up the inflows at the supply side. In…

Investors Finding their Way Back to Kenyan Market Kenya’s economic growth is expected to strengthen to 5.5 percent already this year, supported by resilient performance in tourism and recovery in the agricultural sector. In a report, Finnfund, a Finnish development financier and impact investor, highlighted that lower inflationary pressure and robust remittances to Kenyan households will also bolster consumer spending, representing a key driver for growth over the next few years. The report stated that while Kenya’s economy has been hit by several shocks in recent years, it has remained a relatively attractive base for businesses and investors in the…

Gender Gap Closes at Fastest Rate Since Pandemic – Report The global gender gap has closed to 68.8%, marking the strongest annual advancement since the COVID-19 pandemic. Yet full parity remains 123 years away at current rates, according to the World Economic Forum’s Global Gender Gap Report 2025, released today. Iceland leads the rankings for the 16th year running, followed by Finland, Norway, the United Kingdom and New Zealand. The 19th edition of the report, which covers 148 economies, reveals both encouraging momentum and persistent structural barriers facing women worldwide. The progress made in this edition was driven primarily by…

Oil Prices Ease as US-Iran Nuclear Talks Advance Oil prices eased in the global commodity market as optimism about potential US-Iran nuclear talks eased market concerns, though rising tensions in the Middle East following a US evacuation order capped further declines. International benchmark Brent crude decreased by around 1.3%, trading at $68.52 per barrel, down from $69.40 at the previous session’s close. Similarly, the US benchmark West Texas Intermediate (WTI) declined by about 1.3%, settling at $66.27 per barrel, compared to $67.12 in the prior session. US President Donald Trump said Wednesday that American personnel are being evacuated from locations…

Oando Soars by 40% as Energy Giant Escapes Bear Trap With about a 40% increase in market value over seven trading sessions, Oando Plc has started to feel the sunshine in the equities market. Data obtained from the Nigerian Exchange (NGX) revealed that investors have now placed higher value on the energy company stocks—thanks to good earnings results and expansion focus. Oando has again been launched into a bullish zone with successive price upswings that have lifted the market value of the energy company’s 12.431 billion shares outstanding to N784.422 billion. The indigenous energy company has had a share of…