Author: Marketforces Africa

Enugu Reveals Plan to Achieve N509bn IGR for 2025 The Enugu State Internal Revenue Service (ESIRS) says it is committed to achieving the state’s proposed N509 billion in internally generated revenue (IGR) for 2025. The Executive Chairman, ESiRS, Mr Emmanuel Nnamani, made the vow during a Holy Mass to start the new work year, held at the ESIRS headquarters on Thursday. While lauding the people of the state for their exemplary tax compliance in 2024, Nnamani revealed that ESIRS had set an ambitious revenue target of ₦509 billion for 2025. He acknowledged the magnitude of the goal, expressing confidence in…

The benchmark yield on Nigerian government bonds inched higher by two basis points in the secondary market due to sell-side activities ahead of 2025 supply.

Yield on Nigerian Treasury Bills Rises to 25.4% The average yield on Nigerian Treasury bills rose by 4 basis points to 25.4% in the secondary market due to mild selling pressures that occurred at the belly of the curve, according to Cordros Capital Limited. The sell-down move came after the midweek primary market auction by the Debt Management Office, where N515 billion worth of Treasury papers was sold to investors at a reduced discount rate on one-year bills. Traders said in their report that the money market witnessed improved activities as unmet bids from the main auction conducted on behalf…

Zenith Bank Climbs Near 52-week High Ahead of Q4 Earnings Zenith Bank Plc’s market value rose as investors continued to pay attention to top tier-1 lenders in the local bourse. The Ajose Adeogun-based financial services group topped investors top picks ahead of the fourth quarter of 2024 earnings release. According to data from the Nigerian Exchange, Zenith Bank share price rose by about 4.5% to settle at N46.50 on Thursday due to surging demand for banking names. The buying momentum from the alpha seekers trading highs and lows in the local bourse nudged Zenith Bank market capitalisation to N1.459 trillion.…

FBN Debt: Court Freezes Nduka Obaigbena Assets in Banks The Federal High Court sitting in Lagos has restrained commercial banks in Nigeria from releasing or dealing with all monies and assets up to $225.8 million due to Nduka Obaigbena from any account maintained by him. Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel. This decision follows a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited seeking to recover an amount worth about N1.2 trillion in local currency. The duo accused General Hydrocarbons Limited of owing them a staggering $225,802,379.69 ($225.8…

Tinubu Seeks Increased Currency Swap between China, Nigeria President Bola Tinubu on Thursday urged the Chinese government to increase the two billion dollar currency swap between Nigeria and China to enhance trade between the two countries. He also called for an upward review of the 50 billion dollar aid package for Africa, which China’s President Xi Jinping announced last year. China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately 2 billion dollars), to enhance trade and investment. Receiving Wang Yi, the Minister of Foreign Affairs of China, at the State House, the President said…

Naira Skids Across FX Markets as CBN Intervention Slows The naira plunged across foreign exchange markets as Central Bank of Nigeria (CBN) FX intervention slowed down. The spot FX rate has been declining this week in the absence of FX sales to banks. The volume of US dollars available on the supply side eased as the CBN began FX auction holidays.  Analysts observed that the fast and furious FX sales to authorised dealer banks have been put on hold by the Apex Bank despite rising gross balance in the nation’s external reserves, which has surged near $41 billion this week,…

MTN Nigeria Crosses N5trn on Tariff Hike Expectations MTN Nigeria Plc.’s market value has continued to increase as tariff hike expectations draw investors’ attention to the telecom stock. In the equities market on Thursday, MTN Nigeria share price climbed by 10% to N242. The telecom company’s market value increased to N5.08 trillion on the back of gaining streaks that started midweek. The telecom regulator and the Nigerian government are in the process of agreeing to a rate hike for telecom operators amidst rising inflation and weak local currency. Negative macroeconomic indicators have impacted the balance sheet quality of telecom operators.…

ATCON Lauds FG’s Decision to Hike Tariffs, Invest in Infrastructure The Association of Telecommunication Companies of Nigeria (ATCON) on Thursday lauded the Federal Government’s decision to hike call and data tariffs, as well as invest in the sector’s infrastructure. The President, ATCON, Mr Tony Emoekpere, told the News Agency in Lagos that though the increase was long overdue, it was, however, welcome and a work in progress. Emoekpere said that, just as earlier advised, the tariff hike should be in the first quarter of the year, so that the Mobile Network Operators (MNOs) could start planning. The Association of Telecommunications…

Bitcoin Crashes to $93K as Retail Investors Exit Positions The bitcoin price crashed further on Thursday in the latest cryptocurrency market rout, driven by a fast and furious selloff by retail investors seeking to make a quick profit. Data showed that Bitcoin (BTC-USD) is trading at $93,400 at the press time, falling from about $102,000 on account of sustained profit taking and the negative effects of a slump in exchange-traded fund digital assets. Hence, the global crypto market cap declined to $3.28 trillion, according to data from CoinMarketCap.com, a 2.14% decrease over the last day. Skew to the sell side,…