Author: Marketforces Africa

UK in Talks with U.S. on Car Import Tariffs The British Government is engaged in extensive discussions with the U.S. about what tariffs will mean for the UK, Finance Minister Rachel Reeves has said. President Donald Trump announced a 25per cent tariff on vehicles imported to the U.S. will come into effect on April 2. Reeves said the UK and U.S. economies are closely intertwined. She told Times Radio: “The Prime Minister went to Washington just a couple of weeks ago and met the U.S. president. “We are also now having extensive talks with our counterparts in the U.S. to…

Oil Drops as U.S Plans to Impose Tariffs on Venezuela Crude Buyers Prices of crude oil dropped on Thursday as market weighed U.S moves to impose higher tariffs on countries buying crude from Venezuela. Brent crude, decreased by around 0.8% trading at $72.66 per barrel, down from $73.29 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) fell by about 0.9%, settling at $69.12 per barrel, compared to its prior session close of $69.76. U.S President Donald Trump announced plans to impose a 25% tariff on countries purchasing oil or gas from Venezuela starting April 2. Venezuela’s…

Nigeria Launches New Crude Oil Grade for European Market A new crude oil grade, Obodo, from Nigeria is expected to hit oil market in April and cater primarily to the European market. This latest addition to Nigeria’s medium sweet crude grades—joining Forcados, Escravos, and Bonga—marks another step in the country’s ongoing efforts to expand its crude offerings, Argus Media, a leading publication in the oil, gas, and commodities sector, reported. Obodo is expected to appeal to European refineries, the largest destination for Nigerian crude exports. European refineries are preparing to ramp up operations as seasonal maintenance winds down by the…

CBN Cuts Interest Rate on 364-Day Treasury Bills Reversing the previous trend, the Central Bank of Nigeria (CBN) has cut interest rate on its 364-day Treasury bills sold to investors at midweek primary market auction (PMA) on Wednesday. With aggregate demand surpassing the total offer, the monetary authority kept discount rates on short and mid-tenor bills. Investors’ appetite remain strong as reflected in higher demand for one year bill at the primary market auction on Wednesday. At the auction conducted by the Debt Management Office (DMO) on behalf the Central Bank, the authority offered N700 billion worth of Nigerian Treasury…

Naira Depreciates Against Dollar Amidst Fresh FX Sales The naira slumped against the US dollar in the foreign exchange market despite sustained FX intervention sales by the Central Bank of Nigeria (CBN). Latest spot data showed that the local currency lost N5.23 to close at N1,537.62 per US dollar in the official market as total intervention for the month crossed $1 billion. In March, the CBN stepped up US dollar sales to authorised dealer banks to stem negative tide against the naira, having noted sustained increase in foreign currency demand. The monetary authority has keep FX intervention flowing, selling $29.70…

Zenith Bank Profit Soars by 53% to N1.032trn, Declares Dividend Zenith Bank Plc.’s profit after tax soared by 52.58% to N1.032 trillion in 2024 from N676.909 billion in 2023, according to details obtained from the group’s audited financial statement filed with the Nigerian Exchange as part of regulatory requirements for listed stocks. A review of the bank’s full-year result showed significant growth across key performance indicators. The bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry. Zenith Bank recorded a…

Dangote Industries Gross Debt Surpassed N14trn – Rating Note GCR Ratings (GCR) has placed Dangote Industries Limited’s national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG), respectively, on Ratings Watch Negative over rising debt, which surpassed N14 trillion in the third quarter of 2024. Simultaneously, GCR also placed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 Tranche A and Tranche B Bonds and Series 2 Bond on Rating Watch Negative. The Africa focused rating agency said the Rating Watch Negative on Dangote Industries Limited (the group) and the…

Nigeria Opens N300bn Sukuk Offer for Subscription Nigeria’s Debt Management Office (DMO) has announced decision to a open new Sukuk or islamic bonds offer worth N300 billion for subscription to support infrastructure development in the country. Since 2017, the Federal Government has been able to raise a total of N1.09 trillion through the Sovereign Sukuk, Patience Oniha, Debt Management Office Director General, said on Wednesday in Lagos, during “an all parties meeting” for the issuance of the seventh series of the Sovereign Sukuk. She said that for the series, the plan is to raise about N300 billion to be used…

British Pound Pulls Back as U.K Inflation Eased to 2.8% British pound pulled back against the US dollar after consumer prices eased more than expected in February. Data showed that UK inflation slipped back from 3.0% to 2.8% in February. Inflation slowdown is expected to be temporary, with the central bank anticipating inflation to rise toward 4% later this year. This is coming as US dollar begins to see some light after bearish performance that started earlier in the year. In the last three months, the sterling has climbed by 6.5%, jumping from $1.21 to current market rate in the…

How to Manage Cash Flow for Business Stability, Growth For any business, cash flow is more than just numbers on a financial statement—it is the heartbeat of the organization. A steady cash flow ensures that a company can meet its financial obligations, invest in growth opportunities, and withstand unexpected economic shifts. On the other hand, poor cash flow management can lead to liquidity crisis, delayed payments, and even business failure. Business can succeed making sales, and still found itself struggling to cover its operational costs. A business can have a profitable product line and a growing customer base, yet frequent…