Author: Marketforces Africa

Nigeria Customs Exceeds 2024 Revenue Target by 20.2 % The Nigeria Customs Service (NCS) says it has exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent. The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen in Abuja. Adeniyi said that NCS recorded a total revenue of ₦6.1 trillion in 2024, surpassing its target by ₦1.03 trillion. He described the achievement as significant, representing an increase of 90.4 per cent from its 2023 collection of ₦3.2 trillion.” “This growth is historic as it marks the highest year-on-year increase recorded by the service in recent times.…

CBN Sanctions 9 Banks for Failing to Dispense Cash via ATMs The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions. The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.…

First Bank Tackles Nduka Obaigbena over Soured Loan Deal First Bank of Nigeria Limited has explained its side of the story over busted deal entailing series of credit facilities with Nduka Obaigbena’ General Hydrocarbon Limited. The oldest listed financial institution valued at N1.024 trillion in the stock market latest reaction revealed a decision not to give up its pursuit for debt recovery in a busted sweetheart deal. The Federal High Court sitting in Lagos restrained commercial banks in Nigeria from releasing or dealing with all monies and assets up to $225.8 million due to Obaigbena from any account maintained by…

Naira Depreciates Across FX Markets, Spread Hits N113 The naira has continued to pullback in the foreign exchange market due to a sustained shortfall in FX liquidity amidst rising demand for the US dollar. According to data from the FMDQ platform, the naira depreciated by 0.06%, closing at ₦1,547.67 per US dollar in the official market. The local currency has continued to face intense pressures in the FX market as a result of lower FX liquidity in the official market. Meanwhile, in the parallel market, the naira closed at N1,660 per dollar, losing N5 per US dollar amidst a bearish…

Oil prices slid on Tuesday with investor profit-taking after reaching three-month highs over new US sanctions on…

U.S. Seeks to Cut TurkStream Gas Pipeline, Russia Alleges Russian Foreign Minister Sergei Lavrov on Tuesday accused the United States of attempting to disrupt the TurkStream gas pipeline to Europe with the aid of attacks by Ukrainian drones. Lavrov said this in Moscow on Tuesday. The U.S. was pushing its “Ukrainian clients’’ to put TurkStream out of action following what he saw it as sabotage of the Nord Stream pipelines under the Baltic Sea in September 2022.” TurkStream runs from Russia’s Krasnodar region east of Crimea under the Black Sea to Kıyıköy to the west of Istanbul. “I’m of the…

Stanbic IBTC Pension Managers Re-Introduces Self-Service Channels Stanbic IBTC Pension Managers, a leading pension fund administration firm in Nigeria and a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to enhancing customer experience by providing innovative solutions through the self-service channels. This is to ensure that customers get the support they need quickly. These self-service options aim to streamline processes and provide easy access to pension management services, reflecting Stanbic IBTC Pension Manager’s dedication to customer satisfaction and convenience; putting them in control of their financial future. One of such channels is MyPension Portal, accessible via the company’s…

Short-term Interest Rates Rise Sharply on Liquidity Deficit The short-term interest rates benchmark rose sharply in the money market due to a liquidity squeeze in the financial system. A series of outflows relating to the Central Bank of Nigeria’s (CBN) activities drain funding profiles and drag money market rates higher by about 500 basis points. Swap arrangements and banks’ cash reserve maintenance triggered a shortfall, reversing the financial system liquidity surplus. Hence, banks with funding demand pitched tents at the CBN’s borrowing window and accessed cash at a double-digit rate. In a note, TrustBanc Financial Group Limited told investors that…

Naira Mixed as Market Anticipates FX Boost from Exporters Inflow The naira exchange rates mixed across foreign exchange (FX) markets amidst expectation of improved inflows from exporters. According to data obtained from the FMDQ platform, the naira depreciated by 0.4% to N1, 548.89 per US dollar at the Nigerian Autonomous Foreign Exchange Market. Traders said transactions were consummated within the N1,543 to N1,550.00 range today, higher than the previous level seen in the currency market. The exchange rate is crawling back in the official window after the December rally, analysts said, attributing the retracement to tight liquidity in the currency…

DMO Lists 2 FGN Savings Bonds in First Offer for 2025 The Debt Management Office (DMO), on Monday, announced an offer for subscription of two Federal Government of Nigeria (FGN) savings bonds in its first offer for 2025. According to a statement by the office, the first offer is a two-year FGN savings bond due on Jan. 22, 2027 at an interest rate of 17.235 per cent per annum. The second offer is a three-year FGN savings bond due on Jan. 22, 2028 at an interest rate of 18.235 per cent per annum. Opening date for the offer is Jan.…