Author: Marketforces Africa

Federal, States, Local Govts. Share N1.7trn Revenue The Federation Accounts Allocation Committee (FAAC), has shared N1.727 trillion among the Federal Government, states, and Local Government Councils (LGCs) for November. This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja. According to the communiqué, the N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion. It also comprised distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion. The communiqué indicated that total gross revenue of N3.143 trillion was available…

In the Nigerian autonomous foreign exchange market, the naira ended the week stronger versus the US dollar due to an improvement in liquidity. The local currency appreciated week on week as FX inflows remained sufficient to douse demand pressures.

First Bank Denies Losing Billions to Fraud Incident First Bank of Nigeria (FBN) Limited has denied losing N7 billion to Fraud incident, according to an official statement released by the financial institution, without providing further details. An online news platform has reported that the Nigeria’s oldest bank, was hit by a massive fraud incident that led to the theft of ₦7 billion from customer accounts by unknown persons. “We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. “We wish to categorically state that the story is entirely unfounded and not…

FG Targets Enhanced Wheat Production with Agric. Subsidy Scheme Federal Government of Nigeria targets improved wheat production from its subsidized agricultural growth scheme, the authority has revealed. The Federal Ministry of Finance said it is advancing Nigeria’s wheat production through the National Agricultural Growth Scheme and Agro Pocket (NAGS-AP). According to the ministry, the initiative spans 16 wheat-producing states, aiming to enhance agricultural productivity and boost economic growth. During a briefing with the Honourable Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun at the Federal Ministry of Finance Head Quarters, Ishaku Buba, National Project Coordinator, disclosed…

OANDO, ACCESS Midday Gain Boost Equities Market Index Positive price movement in Oando Energy and Access Holdings Plc among other early risers have nudged Nigerian Exchange (NGX) All share index higher during midday trading session. The market has been heated up with bargain hunting ahead of fourth quarter earnings festival in the stock market. Investors sentiment have improved as there have been increased demand for growth, and value stocks in the local bourse this week. Oil, insurance and consumer goods stocks surged yesterday but banking index nosedive due to some profit taking which failed to alter bullish direction in the…

NEM Insurance Targets N7.1bn Profit in Q1-2025 NEM Insurance Plc has estimated N7.157 billion as profit in the first quarter of 2025, details from its earnings forecast revealed. The insurance company listed on the Nigerian Exchange estimated revenue to print at N40.651 billion in the first three months in financial year 2025. With insurance expenses projected to cross N27 billion, in addition to net expenses on re-insurance contracts of more than N2.5 billion, the company is targeting insurance results totaling N10.687 billion between January and March 2025. NEM Insurance dividend income and FX gain expectation is expected to provide some…

Standard Bank Group Obtains $200m, ZAR 3.6bn Facilities from AfDB Standard Bank Group has obtained two facilities, $200 million and ZAR 3.6 billion, from the African Development Bank (AfDB) following a board of directors approval, the regional lender said in a statement. According to AfDB, the two financial facilities for the South-Africa based Standard Bank Group are to support economic development in Africa. The first is a $200 million trade finance risk participation agreement (RPA) for Standard Bank of South Africa Limited; the second is a ZAR 3.6 billion investment in a social bond issued by the Standard Bank Group…

Oil prices declined in the global commodity market over heightened supply risk concerns as an energy agency forecasted growth in crude supply

The average yield on Nigerian Treasury Bills (NTB) declined to 25.6% due to selective buying interest witnessed across the curve in the secondary market.

Interbank Rates Ease on Tight Banking System Liquidity A huge liquidity deficit in the financial system kept interbank rates elevated in the money market. Following three days of a liquidity shortage in the money market, local deposit money banks turned to borrowing from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF). On Thursday, the Nigerian Interbank Offered Rate (NIBOR) experienced mixed movements across all maturities, analysts said in a note. Reflecting the liquidity and funding conditions, the open repo rate and the overnight lending rate fell by 0.23% and 0.01%, closing at 32.18% and 32.71%, respectively. The liquidity…