Author: Marketforces Africa

Naira Declines Despite All Weeks FX Interventions The Nigerian naira experienced pressure on its exchange rate per US dollar as foreign currency challenges persisted. The Nigerian Foreign Exchange Market (NFEM) faced significant demand pressure throughout the week, despite the Central Bank of Nigeria’s (CBN) interventions. Early in the week, the naira depreciated due to high demand, closing at $/₦1,528.03 and later at $/₦1,532.93. Midweek, CBN’s dollar sales of $38.65 million helped stabilise the Naira, leading to a slight appreciation to $/₦1,530.52. Further interventions totalling $92.1 million provided additional support, keeping the naira relatively stable at $/₦1,530.62. However, by week’s end,…

US Loan Could Improve Mozambique’s LNG Prospects—Fitch The Export-Import Bank of the United States’ (EXIM) reported approval of a USD4.7 billion loan for TotalEnergies’ liquefied natural gas (LNG) venture in Mozambique, if confirmed, will improve prospects for the resumption of the huge project, which could have multiple positive benefits for Mozambique over the medium term, says Fitch Ratings. However, analyst believe insecurity will continue to pose significant risks to completion of the development. Mozambique’s Energy Minister, Estevão Pale, has said that EXIM’s board voted to approve the project, according to media reports, though the bank has yet to confirm this.…

Visa Inc. to Establish Data Centre in Nigeria Mr Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa, Visa Inc., on Friday, said the corporation would establish a data centre in Nigeria. Torre said this during a courtesy visit to the Vice-President Kashim Shettima, at the Presidential Villa, Abuja. Torre said the data centre was an addition to the card payment service company’s investments of over 1 billion dollars in the country. “This includes a substantial technological partnership with MoniePoint to foster digital payment solutions, a 200 million-dollar investment in Interswitch. “And a partnership with ThriveAgric to…

9mobile Debunks Shutdown Rumours 9mobile, a telecommunications company has categorically refuted false and misleading rumours suggesting an alleged shutdown of its operations in Nigeria. The management of 9mobile made the disclosure in a statement on Friday in Lagos. 9mobile said that the claims were entirely baseless and aimed at causing unnecessary panic among its valued subscribers. “We understand that some customers have recently faced challenges, particularly with Mobile Number Portability (MNP), a service that enables seamless network switching. “We want to clarify that 9mobile has never restricted customers from porting to other networks,” it said. The telco said it remained…

Lafarge Africa Strong Earnings, Dividend Fuel Optimism The Nigerian stock market has been buzzing with activity, and at the centre of it stands Lafarge Africa PLC, a company whose financial strength and market stability are drawing both short-term and long-term stock traders into its orbit. Lafarge Africa Plc. has maintained a stable share price of N73.80, reflecting a 5.5% increase since the beginning of the year. While some stocks have wavered amid economic uncertainties, Lafarge Africa has held its ground, thanks to a powerful earnings report and a strategic commitment to shareholder value. This price momentum follows the company’s announcement…

Oil Prices Decline after U.S Fed Rates Decision With expectation of a lower demand, the prices of crude oil fell on Friday in the global commodity market as a stronger dollar and the US Federal Reserve’s (Fed) rate decision raised fresh concerns on U.S. economic trajectory. Brent crude, fell by around 0.1% trading at $71.76 per barrel, down from $71.83 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) declined by 0.1%, settling at $68.26 per barrel, compared to its prior session close of $68.33. Global market concerns over potential new actions by US President Donald Trump…

Yield Shifts after CBN Priced Treasury Bills at 19.94% The average on the Nigerian Treasury bill climbed slightly in the secondary market after the Central Bank of Nigeria (CBN) hiked spot rates at the main auction conducted on Wednesday. The Treasury Bills market traded actively after primary auction results were released, showing higher stop rates across all tenors. Trading activities heated up as unmet bids spilt over, though trading volumes remained constrained by liquidity issues, TrustBanc Financial Group Limited said in an investors note. Analysts noted that heightened demand countered profit-taking from auction winnings, particularly for the newly issued 364-day…

Liquidity Crunch: Banking Deficit Hits N1.84trn, Rates High The liquidity crunch in the financial system expanded due to the Nigerian Treasury bills settlement on Thursday. Hence, the short-term benchmark interest rates remained elevated, trending above 32% apiece on the day in the absence of significant inflows.  Money market rates remained elevated, as the open report rate hovered near 33% despite about N255 billion inflows from FGN bonds coupon payments. Specifically, market analysts said ahead of March bonds auction sales next week, the banking system received inflows from bond coupon payments worth N254.82 billion. At the same time, the banking system…

The Nigerian naira experienced a mild struggle against the dominant currency, the US dollar, across the foreign exchange market …

Veritas Kapital Assurance Climbs to N16bn in Market Value Veritas Kapital Assurance Plc market value climbed by more than 8.4% in the equities market to N16.085 billion as investors ramped up its shares in the local bourse. The significant demand for its shares pushed the assurance company’s market value upward, signalling renewed investor confidence in the financial services sector. Its share price climbed to N1.16, marking 8.41% increase from the previous close of N1.07, reflecting an improved sentiment toward Veritas Kapital Assurance. The stock price surged as over 37 million shares valued at N42.4 million exchanged hands in the local…