Author: Marketforces Africa

Nigeria Sovereign Eurobonds Yield Drops to 9.7% The average yield on Nigerian sovereign eurobonds declined by 9 basis points in the international debt market, driven by bullish momentum fueled by robust investor demand across short-, mid-, and long-term maturities. Fixed income market analysts and traders saw selective demand, especially for the JAN-31 and MAR-29 bonds. As a result, the average Eurobond yield fell by 9 basis points, ending at 9.69%. Trading was mixed today, initially supported by improved US-EU trade prospects as President Donald Trump delayed 50% EU tariffs. The momentum was also supported by May rebound in US consumer…

CBN Cuts Rate on Mid Tenor Bills at Open Market Operations With the expectation to partially refinance its maturing instruments, the Central Bank of Nigeria (CBN) reduced the spot rate on open market operations (OMO) bills, wherein the monetary authority offered N600 billion to investors for subscription. Inflow totalling ₦984.22 billion from OMO bills maturity hit the financial system on Tuesday. To regularise the liquidity in the financial system, the authority conducted a primary market auction at the beginning of the week across mid tenors. The money market would have been awash with liquidity in the absence of OMO bills…

CBN FX Rate Slides to N1582 vs Dollar on Subpar Injection The Central Bank of Nigeria (CBN) official exchange rate depreciated to N1583 per US dollar, according to an update released on Tuesday. The naira fell as a $50 million FX intervention failed to redirect exchange rate movement in the official window. The FX market remained bid amid heightened demand for FX and constrained dollar supply, a reverse to the trend witnessed last week, where the local currency experienced an all-week rally. According to investment firm AIICO Capital Limited, the USD/NGN pair traded between $/₦1,581.92 and $/₦1,591.00 during the session.…

DStv Inducted into Brand Africa Hall of Fame DStv, Africa’s leading entertainment platform, has been officially recognised as the #1 Most Admired African Media Brand in the Brand Africa 100 | Africa’s Best Brands 2025 rankings. This recognition also sees DStv inducted into the prestigious Brand Africa Hall of Fame, a distinction reserved for iconic African brands that have significantly shaped the continent’s global image and competitiveness over the years. The announcement was made at a high-profile ceremony hosted at the United Nations Economic Commission for Africa (UNECA) in Addis Ababa, where leaders from across the African media and branding…

CBN Injects FX into Currency Market, Banks Get $50m The Nigeria’s Central Bank, CBN, was in the official currency market to boost liquidity to maintain the naira’s stability. The Apex Bank conducted FX intervention, selling $50 million to authorised dealer banks on Tuesday within the ranges of N1,581.92 to N1,585.00. The latest round of FX intervention came as the impact of $190 million supplied to the currency market last week began to fizzle out. According to data from the CBN, the naira depreciated to N1583.73 per US dollar from N1579.40 at the Nigerian foreign exchange market (NFEM) on the back…

Airtel Africa Soars to Historic High in Fresh Rally Telecommunication company Airtel Africa Plc soared to a new high in the equities market on a fresh rally that lifted its market value above N8.9 trillion on Tuesday. According to data obtained from the Nigerian Exchange, Airtel Africa’s share price rose by 10% to N2372.50, breaching its old 52-week high to its historical positions in the local bourse. In rare price movement in the equities market, the telecom company climbed as 104,176 shares valued at N247.157 million exchanged hands in the market. The price surge lifted the market value of Airtel…

Nigerian Exchange Crossed N70trn as Investors Gain N1.04trn Nigerian Exchange (NGX) market capitalisation crossed N70 trillion, its historical high, as equities investors gained N1.04 trillion on Tuesday. The market closed in positive territory, extending the previous session’s rally, pushing key market performance indicators up 1.50%. The bullish sentiment was driven by sustained buying interest in medium- and large-scale stocks, especially positive price movement in AIRTELAFRI, NAHCO, ARADEL, among others. Data obtained from the Nigerian Exchange showed that the All-Share Index increased by 1,653.10 basis points today to close at a new all-time high of 111,606.22 points. However, market activities were…

FCMB Offers 20.9440% on 268-Day Commercial Paper The banking subsidiary of FCMB Group, FCMB Limited, has opened N70 billion worth of commercial paper for investors’ subscription at a discount rate of 23%. The bank seeks to raise the amount via sales of series 1 and series 2 as part of its N100 billion multicurrency commercial paper issuance program scheduled to close on Tuesday, 3 June 2025. The 180-day commercial paper is priced at a discount rate of 20.6570%, while the bank is offering 20.9440% for 268-day maturity papers. According to the offer document, the net proceeds from the issuances will…

Oil Prices Decline ahead of OPEC+ Meeting Oil prices are trending lower ahead of the Organisation of Petroleum Exporting Countries and allies’ members (OPEC+) meeting, which has been moved up to May 31, as expectations rise that the group may decide to boost production. International benchmark Brent crude declined by around 0.04%, trading at $64.17 per barrel. Similarly, the US benchmark West Texas Intermediate (WTI) fell by about 0.04%, settling at $61.32 per barrel, compared to $61.35 in the prior session. Growing speculation that the coalition of the Organization of the Petroleum Exporting Countries and allies, including Russia, could announce…

BVN Database Dispute: Court Delivers Judgment in NIBSS vs CBN Suit The Federal High Court in Abuja has fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and others. NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria. Justice James Omotosho fixed the date after lawyer to NIBSS, Babatunde Ige, and CBN’s counsel, Kofo Abdulsalam-Alada, adopted their processes and presented their arguments for and against…