Author: Marketforces Africa

Naira Falls to N1567 against US Dollar at FX Market The Naira depreciated on Friday at the official market, trading at N1,567.02 to a dollar. Data from the Central Bank of Nigeria (CBN) Website showed that the Naira lost N14.49. This represents a 0.93 per cent gain when compared to N1,552.53 per dollar recorded on Thursday. The local currency which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain against the Dollar. However, the local currency slumped by 1.38 per cent on Thursday, April 3 representing a loss…

P-CNGi, LNG Arete Sign Pact for $27.3m Gas Plant Project The Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd. on Friday signed a Memorandum of Understanding (MoU) on $27.3 million gas plant project to boost CNG infrastructure investment, expansion, and availability. The Programme Director/Chief Executive Officer of P-CNGi, Mr Michael Oluwagbemi, said the partnership aimed at constructing a Liquefied Natural Gas (LNG) plant with a processing capacity of seven million standard cubic feet per day (MMSCFD). The P-CNGi (investing six million dollars) is co-investing alongside the LNG Arete (investing $12 million) and the Midstream Downstream Gas Infrastructure Fund,…

Naira Plunges by 1.4% as Higher Tariff Hits Nigeria’s Exports The naira plunged sharply at the official FX window after the U.S imposed 14% tariff on Nigeria export stoke fear of lower foreign receipts. Hence, the volume of US dollar demand by eligible participants rose sharply, eclipsed the amount of hard currency in the supply side and forced the value of the local currency downward. Hence, the naira lost N21.28 or 1.39% to close at N1,552.53 in the official market, according to spot FX data obtained from FMDQ platform. FX transactions consummated in the official widow fluctuated between N1,535 and…

Tesla Slides after Posting Worst Sales in 3 Year Tesla slid by about 5% to $267.79 per share in New York market amidst weak investors sentiment stoked by global anti-Tesla protests. The auto stock opened the day at $282.76 per share. However, as the trading session progressed, the stock faced a gradual decline, hitting an intraday low of $264 and high of $276.3 per share. On Thursday, UBS analyst Joseph Spak maintained a Sell rating on Tesla stock with a steady price target of $225.00. The automotive giant, currently valued at $860.93 billion. Tesla reported its biggest sales drop ever,…

U.S Dollar Sits at 6-Month Low as Tariffs Hit 180 Countries The US dollar slumped to six months low against key trading pairs in the forex market as U.S reciprocal tariffs hit 180 countries of the world in a massive shift in global economic order. US.S president Donald announced reciprocal tariffs against the trading partners caused demand for the greenback to slump in the FX market. Forex traders, analysts echoed the need to sell down USD to gauge the market direction on expectation of retaliation from other economic bellwethers – especially, the Europeans and China in particular. The greenback slumped…

FPIs Sell Nigerian Eurobonds in Flight to Safety Drive The average yield on Nigeria sovereign Eurobonds papers climbed to 9.8% as foreign portfolio investors (FPIs) reduced their interest in international borrowing notes amidst fresh drive into safe haven assets. In the broader investment ecosystem, investors are looking where their portfolio returns can be optimise amidst expectation that the protectionist stance in U.S will trigger global inflation. Some global ratings agency, and investment firm have predicted that the world’s economic growth will slow down in 2025 as U.S President Donald Trump initiated a global trade war. On Wednesday, the African Eurobonds…

Nigerian Bond Trades Soft, Firm Sets Yield Target for April The average yield on Nigerian government bond cleared at 18.71% as trading activity softened in the secondary market amidst fresh target for April by firms, and other portfolio assets managers. Trading activities opened on calm note as market participants reassessed their portfolios ahead of the new quarter bonds supply. Traders reported that average bond yields remained unchanged despite the buying interest witnessed on the JAN-26 paper. Across the benchmark curve, the average yield contracted at the short (-4bps) end due to buying interest in the JAN-2026 (-27bps) bond, but remained…

Oil Prices Decline as U.S Effects Global Reciprocal Tariffs Crude oil prices declined further in the global commodity market following reciprocal tariffs announcements by US President Donald Trump on April 2. The international benchmark, Brent crude, decreased by around 2% trading at $72.17 per barrel, down from $73.64 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) fell by about 2.1%, settling at $69.01 per barrel, compared to its prior session close of $70.48. On Wednesday, President Trump signed an executive order imposing reciprocal tariffs on nations worldwide, fulfilling a long-standing pledge. The move has weighed on…

Nigeria, UNIDO Sign $175m Deal for Industrial Development The Federal Government of Nigeria and the United Nations Industrial Development Organisation (UNIDO) have signed a 175 million dollars Programme for Country Partnership (PCP). While signing of the agreement on Wednesday in Abuja, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, said that the programme was to accelerate Nigeria’s industrial development and economic transformation. According to Bagudu, the initiative aligns with the government’s Agenda 2050, the National Development Plan, and the Renewed Hope Agenda of President Bola Tinubu. “Through this partnership, we aim to enhance Nigeria’s industrial capacity, drive technological…

Sell pressures on stock knocked off more than N71 billion from the equities market capitalisation on Wednesday, trading details from the Nigerian Exchange (NGX) trading platform revealed.