Author: Marketforces Africa

Oil Prices Slip to 6-Week Low, Brent Falls Below $70 Crude oil prices fell to a six-month low Wednesday on the back of an expected supply boost and the negative effects of U.S. President Donald Trump’s trade wars amidst a slowdown in the American economy. West Texas Intermediate crude oil for April delivery was last seen down US$1.35 to US$66.91 per barrel, the lowest since Sept. 10, while May Brent crude was down US$1.12 to US$69.92. In its weekly survey of private oil inventories, the American Petroleum Institute said stocks fell by 1.46 million barrels last week, exceeding the consensus…

UK to Require Digital Entry Permits for Travellers Starting on Wednesday, travellers to the United Kingdom can apply for the new electronic travel authorisation (ETA), a requirement set to become mandatory from April 2. From this date onwards, a passport alone would no longer be sufficient for entry into the UK. The ETA is essentially a digital security check for travellers arriving in Britain without a visa. It costs 10 euros (12.80 U.S. dollars) to apply, but that price will be raised to 16 euros in the coming months. It is not a visa and does not authorise entry, but…

FirstBank Relocates Head Office to Eko Atlantic FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, today marks a significant milestone with the groundbreaking ceremony for its new green-certified Iconic Head Office Building in Eko Atlantic City, Lagos. This ambitious project 40-story building project set to be the tallest building in Nigeria, will be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction which would set a new standard for the financial services sector in Africa. The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment…

Dangote Sugar Net Loss Grows by 161% to N192.6bn Dangote Sugar Refinery Plc net loss from continuing operation grew by more than 161% year on year to settle at N192.62 billion from N73.76 billion, details from 2024 audited report showed. The significant earnings loss posted by the sugar refinery company was primarily due to rising production costs and high foreign exchange losses. The strong revenue performance was swept under the carpet as costs accelerated much faster. In 2024, Dangote Sugar revenue grew by 50.8% year on year, driven by price increases across its product range, with Sugar-50kg up 51.0%, Sugar-retail…

AIICO Insurance Declines Amidst Strong Trading Activity, Price Volatility AIICO Insurance PLC, has experienced notable trading activity on the Nigerian Exchange (NGX) over the past week. The price of AIICO shares has shown some volatility over the period under review, ranging from ₦1.60 to ₦1.72 per share. The highest price recorded was ₦1.72 on February 24, 2025, while the lowest price was ₦1.60 on March 4, 2025. Notably, the stock price declined steadily after February 28, 2025. Despite strong investor participation, the stock has been on a downward trend, raising questions about the factors driving this movement and what it…

Tantalizers Diversifies Into Blue Economy, Signs Deal Tantalizers Plc, a household name in Nigeria’s quick-service restaurant (QSR) sector, has announced its expansion into Nigeria’s blue economy sector with the acquisition of 10 fully equipped modern trawlers. In an official statement, the company also announced the signing of a landmark partnership agreement with a renowned US-based marine group and consortium led by Mr. Charles Quinn, its chairman. Tantalizers said the strategic move is in line with an ongoing diversification strategy aimed at leveraging new growth opportunities across critical sectors of the Nigerian economy. The acquisition of the 10 trawlers, fitted with…

Excess Liquidity Keeps Money Market Rates Steady Money market rates were unchanged as banking system liquidity remained positive. The liquidity in the banking system declined by 11%, opening the day with a surplus balance of ₦519.11 billion from N582.9 billion. This reduced funding pressures, which halted banks borrowing sprees from the Central Bank of Nigeria’s (CBN) standing lending facility at a double-digit high rate. In the absence of funding pressures, the short-term benchmark interest rates movement were in check. Hence, the overnight policy rate (OPR) and the overnight rate (O/N) held steady at 26.42% and 26.83%, respectively, according to AIICO…

Naira Stability Unsupported by Economic, Market Realities –Experts The Nigerian naira has shown relative stability in early 2025, trading at approximately ₦1,500 per US dollar in the official market and around ₦1,505 per dollar in the parallel market. While this may seem like a positive development, economic analysts and financial experts caution that the stability is artificial and unsustainable due to Nigeria’s deep-seated economic vulnerabilities. Despite the Central Bank of Nigeria’s (CBN) efforts to maintain foreign exchange (forex) stability through policy interventions, the naira remains exposed to fundamental structural weaknesses. Exchange rate remains exposed to fluctuation in foreign portfolio inflows,…

US Dollar Falls Ahead of Trump Address to Congress The US dollar fell against its major trading partners early Tuesday ahead of President Donald Trump’s address to the congress.  Trump is expected to address a joint session of Congress as tariffs against Canada and Mexico went into effect Tuesday. A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose to 1.0544 from 1.0481 at the Monday US close and 1.0459 at the same time Monday morning. The Eurozone unemployment rate was unchanged in January, according to data released earlier Tuesday. The next European Central Bank meeting…

NGX Index Bumps Intraday as Dangote Sugar, United Capital Plunge The Nigerian Exchange (NGX) All-Share Index (ASI) is tracking lower due to huge sell pressures in Dangote Sugar Refinery and investment banking stock, United Capital Plc as well as other early decliners in the equities market. Also, investors are currently selling their interest in banking names in a belly up sentient that started since last week. The selloffs in Dangote Sugar Refinery Plc and United Capital Plc reduced their respective market value by 10%, which is maximum allowable price movement for the day. The Nigerian Exchange, NGX, All share index…