Author: Marketforces Africa

Naira Sees Market Wide Gains, FX Spread Falls to N26 The naira has fun with the United States (U.S.) dollar across the foreign exchange markets, thanks to FX interventions, and foreign investors heightened confidence on Nigerian economy. Today, the naira registered an additional gain against the U.S. dollar in the foreign exchange market amidst sufficient FX liquidity in the official window. According to FMDQ spot FX data, the local currency appreciated by 0.05% in the official window, closing at ₦1,509.53 per US dollar from N1,510.33. The latest recovery in money pricing is bolstered by sustained intervention by the Central Bank…

National Assembly Backs Recapitalisation of Federal Mortgage Bank The National Assembly says its support for the Federal Mortgage Bank of Nigeria’s (FMBN) recapitalisation efforts aims to enhance the bank’s capacity to deliver affordable housing and reduce the nation’s housing deficit. Sen. Aminu Tambuwal, Chairman of the Senate Committee on Lands, Housing, and Urban Development, stated this on Wednesday in Lagos during a top management housing sector retreat. The event, organised by the Federal Ministry of Housing and Urban Development, aimed to deliberate on strategies for actualising the Renewed Hope Agenda for Housing and Urban Development. Tambuwal said the Senate would…

Equities investors gained about N505 billion in the stock market as BUA Foods, Eterna Plc, and others recorded positive price movements. Data from the Nigerian Exchange showed year-to-date return advanced amidst a sharp decline in headline inflation.

US Dollar Rises ahead of FOMC Minutes The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of the release of housing starts data for January and the New York Federal Reserve’s services index reading for February. The dollar continued its rebound yesterday, although early trading today is favouring some momentum in the yen and Antipodeans, ING said in a note. Analysts said the markets will continue to carefully assess how close a truce in Ukraine is, and crucially at what conditions. Russia and the US have held bilateral discussions that…

Real Return Positive as Interest Rate Exceeds Inflation in Nigeria The fixed income market has taken a break from negative interest yield as the investment space turned green with positive real returns on government securities. Bonds and Treasury bills traders, including foreign investors’ participation in the OMO market, have started seeing positive interest yield on their funds. Real return on fixed interest securities has become 3.02% positive on the back of a lower inflation rate of 24.48% and a much higher benchmark interest rate of 27.50% ahead of the monetary policy meeting. Some analysts have projected a slowdown in monetary…

Oil Prices Jump as Ukraine Attacks Russian Facility Oil prices jumped in the global commodity market as Ukraine launched heavy attack against Russian oil stations.  The commodity prices adjusted due to concerns that cold weather in the US could disrupt production, while trade tariff concerns and uncertainty over US monetary policy continue to impact prices. Brent crude traded at $75.95 per barrel while the American benchmark West Texas Intermediate (WTI) traded at $72.26 per barrel. Russian Deputy Prime Minister Alexander Novak announced that Ukraine launched an unmanned aerial vehicle (UAV) attack on an oil pumping station belonging to the Caspian…

Aliko Dangote Becomes 86th Richest in the World as Wealth Spikes Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion. Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, Dangote is once again one of the top 100 richest individuals…

CBN Directs Banks to Publish Dormant Account, Unclaimed Dividends The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites. All accounts that have remained inactive for at least one year are often considered dormant, a banker at one of the commercial banks said in a chat. The CBN outlined the regulations in a circular on Monday, titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances, and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’. The circular was…

FG Constitutes Committee to Enhance Financing of MSMEs The National Council on Micro, Small, and Medium Enterprises (MSMEs), has constituted a committee to interface with the Central Bank of Nigeria (CBN) to enhance financing of small businesses in Nigeria. The committee was set up on Tuesday during the first meeting council for 2025 held at the Presidential Villa, Abuja. The committee headed by the Minister of State for Industry, Trade and Investment, Sen. John Enoh, has Ministers of Science and Technology; Women Affairs; Minister of State for Agriculture and Food Security and the Senior Special Assistant to the President on…

MPC: CBN to Keep Interest Rate on Unchanged- Analysts The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) will likely keep benchmark interest rate on hold as inflation pressures eased, analysts predicted. The CBN will hold its first committee meeting in the year 2025 on 19, and 20 of February, according to its updated notice. Analysts are projecting a pause to the prolonged rate-hiking cycle, allowing the impact of previous rate increases to fully transmit through the economy. The committee’s decision will be primarily influenced by near-term expectations of moderating inflation and the continued stability of the…