Author: Marketforces Africa

Naira Sees All Week Rally, Closed at N1580 In the foreign exchange market, the Naira, which has seen steady appreciation against the dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market. Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone. This marks a 0.28 percent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window. The local currency maintained consistent strength throughout the week, recording gains daily. On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on…

Shell Sees Opportunities for Nigerian Coys in Offshore Developments Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) says Nigerian companies have a lot of opportunities to grow if they can take more advantage of its offshore and shallow water operations. Ronald Adams, the SNEPCo MD, made the remark in a statement issued to newsmen by Gladys Afam-Anadu, Communications Manager, SNEPCo, on Friday in Yenagoa. According to the statement, Adams spoke at the just concluded 5th Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa, saying that some offshore project like Bonga Southwest Aparo could grow Nigerian businesses. Represented by…

Debt Office to Open N300bn Bonds for Subscriptions The Nigerian government, through the Debt Management Office (DMO), has revealed a plan to open N300 billion in local bonds for investors’ subscription. Analysts said the offer will be oversubscribed, reflecting an unending appetite for the naira assets on the back of elevated yields. Banks and other asset managers have continued to increase bets on local bonds amidst disinflation, while the decision to keep interest rates at double-digit highs is expected to continue to fuel investors’ interest. In a circular, the DMO announced a ₦300 billion May 2025 bond offering across two…

Wema Bank Gets Approval for N50bn Private Placement Wema Bank Plc shareholders have approved a N50 billion private placement to augment its capital raising program ahead of the industry’s recapitalisation deadline. In the equities market, Wema Bank Plc dipped slightly following the decision to raise fresh capital from private investors after the successful completion of the rights offer this week. The bank took the road of capital raising in the absence of possible merger and acquisition deals on the table while the banking industry recapitalisation deadline set by the Central Bank drew near. Data from the Nigerian Exchange showed that…

Dangote, Jaiz Bank Drive Intraday Loss in Equities Market Dangote Sugar Refinery Plc, Jaiz Bank, and a bucket of other decliners are currently driving the Nigerian Exchange (NGX) All-Share Index lower during the intraday trading session. Key performance indicators are showing red as profit-taking activities heated up, and most transactions on banking stock are trending negative. Dangote Sugar Refinery’s share price is down, and International Breweries Plc is also bleeding along with price depreciation in Transcorp Plc. Fidelity Bank share price declined during the intraday trading session along with others like Jaiz Bank, GTCO. At midday, the NGX All-Share Index…

Abia to Roll out 20 Electric Buses for Public Transportation Gov. Alex Otti of Abia says the State Government’s new transport system will commence operation before the end of July. Otti said this during the “Promise Kept Carnival”, organised jointly by the Aba Business Community and Landlords Association to celebrate the completion of the reconstruction of the Port Harcourt Road, Aba. He said that the transport system would begin with the introduction of 20 electric buses and the completion of modern bus terminals across key locations. He also said that the construction of new transport terminals was progressing rapidly. The…

FG Calls for BASA Agreement Between Nigeria, Italy The Federal Government (FG) has emphasised the importance of reviving the Bilateral Air Services Agreement (BASA) between Nigeria and Italy. The move aims to facilitate direct flights between the two countries and boost bilateral trade and investment. Amb. Anderson Madubuike, Director of Economic Trade and Investment at the Ministry of Foreign Affairs, made the call at the Nigeria-Italy Investment Summit 2025 (NIIS 2025) in Abuja on Wednesday. The summit, organised by Giant Gee Nigeria Limited in collaboration with the Italian Embassy in Abuja and the Nigerian Embassy in Rome, is themed “Building…

NGX Index Edges Higher as Banking Stocks Drive Intraday Gain The Nigerian Exchange (NGX) index popped higher during Intraday rally that pushed equities market capitalisation upward by six basis points. The local bourse records marginal gain as investors showed interest in some lightweight stocks. Also, the market records some interest in banking names as the monetary policy committee of the central bank maintained the status quo on interest rate. At mid-day, the NGX All Share Index posted a gain of 0.06%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting an upward trend. Stockbrokers said the modest rise…

US Credit Rating Downgrade Sparks Concerns: Whirlpool’s Recent Downgrade Offers a Template The recent downgrade of the US credit rating to Aa1 has raised concerns about the country’s financial stability. Some analysts, like Bessent, view rating actions as backward-looking, but the downgrade of Whirlpool to junk status by Moody’s on April 29 provides a relevant template. Whirlpool’s downgrade was due to persistent weak consumer demand, a sluggish US housing market, and high debt levels. The company’s revenue has declined since peaking in 2021, pressured by rising interest rates and reduced demand for its appliances. Moody’s also assigned a negative outlook,…

CBN Retains Headline Lending Rate at 27.50% For the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent. CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting. Cardoso said all 12 MPC members voted unanimously to hold all key monetary parameters. The committee retained the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks. The Liquidity Ratio remains at 30 per cent, and the Asymmetric Corridor was held…