Author: Marketforces Africa

Naira Drops Against US Dollar Across Nigerian Forex Markets The naira depreciated slightly at the official window, maintaining subtle fluctuation since the beginning of the week. The daily FX rate released by the Central Bank of Nigeria (CBN) suggests exchange rate pressure remains insignificant due to healthy dollar supply at the official window. CBN report indicated that the spot FX rate dropped by 0.09% to ₦1,420.69/$ at the official window. The exchange rate touched an intraday high of N1423, and closed the day at N1423. With an intraday high of N1419 per dollar, some analysts said increased demand for dollar…

Oil Prices Climb Amidst Heightened Geopolitical Uncertainties Oil prices increased on Wednesday as heightened geopolitical tensions and sharp trade rhetoric from US President Donald Trump increased uncertainty and weighed on investor risk appetite. Brent crude traded at $63.65 per barrel, up around 0.2% from the previous close of $63.50. The U.S benchmark West Texas Intermediate (WTI) was at $59.69 per barrel, up about 0.4% compared with $59.43 in the prior session. Fresh US tariff threats layered onto existing geopolitical risks continued to influence price movements, as Trump’s tough stance on Greenland and retaliatory signals from European leaders heightened uncertainty and…

Zichis Debuts on NGX, Closes First Trading Day with 9.94% Gain Zichis Agro Allied Industries Plc recorded a firm and confidence-inspiring entry into the Nigerian Exchange (NGX) on Tuesday, 20 January 2026, following its official listing on the NGX Growth Board. The agro-allied company debuted with a total listed share volume of 69.6 million ordinary shares, opening trading at N1.81 per share and signalling its readiness to access capital market funding for long-term expansion. Market activity around the stock was notably positive during the intraday session. Zichis Agro’s share price advanced to close at N1.99 per share, delivering an absolute…

T-Bills Yield Falls on Enhanced Appetite for Naira Assets The average yield on Nigerian treasury bills fell to 18.10% per annum in the secondary market due to increased bets on the naira asset ahead of midweek auction. The soft hunting for strong yield naira assets improved as system liquidity condition in the money market continued to underpin investor activity across the curve. Traders at AIICO Capital Limited reported that activities remained calm with limited repositioning across the curve. Notably, most tenors closed flat relative to prior levels, reflecting balanced demand and supply dynamics. Investors observed a mild buying interest on…

Naira Dips at Official, Parallel Markets over FX Payments The naira depreciated across the Nigerian foreign exchange markets on Monday over increased international transactions settled via the official window. The local currency had gained more than N5 per dollar at the official window last week, supported by the Central Bank intervention to maintain a stable exchange rate. The market had also witnessed softer pressures that enhanced the weekly gain posted by the local currency, with support from FX inflows from the CBN, non-bank corporates, exporters and other related sources. Data released by the CBN showed that the spot FX rate…

Investors Take Profit on Nigerian OMO, Treasury Bills OMO Bills Yield rose by 76 basis points (bps) as the market experienced significant sell pressures in the absence of fresh auction sales by the Central Bank of Nigeria (CBN). The market was thrown into a selling mood following the disinflation reversal as the statistic office adjusted to the global standard, causing heated arguments across BroadStreet. Inflation rose to 15.15%, still tracking below the return on naira assets, with analysts saying the monetary easing journey might be impacted ahead of the CBN’s policy committee meeting. Hence, activities across the OMO and Treasury…

Global Oil Oversupply Can Offset Output Uncertainty in Iran, Venezuela The geopolitical oil risk premium is likely to remain capped due to global market oversupply, despite increased oil-price volatility, Fitch Ratings says. Any possible supply disruptions in Iran can be absorbed by an oversupplied market. Potential short-term supply increases from Venezuela are likely to be small, while a more material rise in the long term would be quite challenging. OPEC’s future strategic stance on volume versus value will be important in shaping the oil market. “Our Brent price assumption for 2026 is USD 63/bbl, while our ratings for oil and…

First Holdco Gains 12.8% as Investors Tag Along with Otedola First Holdco Plc gained about 12.8% in the Nigerian stock market as investors sentiment improved ahead of the fourth quarter of 2025 earnings release. The non-operating company of First Bank has seen sustained re-rating after its chairman and other directors increased their stake in the final quarter of 2025. The directors’ actions have attracted investors seeking to tag along with expectations that the recapitalised financial institution would increase efforts to boost earnings performance. Trading actions have been reversed from the predominant volatility seen in 2025. The market witnessed a raft…

Afrinvest Questions Inflation Rate, Seeks Clarity on Reference Period One of Nigeria’s top-notch investment firms headquartered in Lagos, Afrinvest Limited, has raised questions about Nigeria’s headline inflation data released by the statistics office last week. MarketForces Africa reported that the investment firm had projected that the inflation rate for December would print at 33.6% on account of base effects and year-end spending. However, the inflation rate for the month was reported at 15.15%, a development that forced Afrinvest to ask the National Bureau of Statistics (NBS) where the figure comes from, citing the reference period used to prepare the previous…

NGX Swells as Re-Rated Companies’ Stocks Drive Momentum With as much as 60% weekly gain, some lightweight listed companies on the Nigerian Exchange (NGX) opened 2026 with a significant market value re-rating led by NCR, SCOA, Deap Capital and Jaiz Bank Plc among others. These top risers were not among the top market movers, but they were core drivers of the Nigerian Exchange’s (NGX) N2.58 trillion market capitalisation surge last week. The stock market maintained its positive trajectory in the third trading week of 2026, extending gains as investor sentiment strengthened markedly from the start of the year. The NGX…