Author: Marketforces Africa

Nigerian Bonds Yield Rises as Investors Trim Holdings The Nigerian bonds benchmark yield rose in the secondary market as local investors trimmed holdings ahead of the monthly auction. The trading activity in the bond market was subdued, resulting in a 2 basis points (bps) rise in the average yield to 19.48%, according to Cowry Asset Limited. Investors’ attention shifted to the Treasury bills auction, which received a higher subscription level due to surplus liquidity condition in the money market yesterday. Most trades were dominated by sellers positioning themselves for the Treasury bills auction in anticipation of higher rates, especially for…

Port-Harcourt Refinery Up, Running, NNPC Insists The Nigerian National Petroleum Company Limited (NNPC Ltd.) has insisted that the Old Port Harcourt Refinery is up and running, with loading operations in full swing. The Group Chief Executive Officer, Mr. Mele Kyari, gave the confirmation at the commissioning of the NUPENG Towers in Lagos on Wednesday. In a goodwill message at the event, Kyari extended invitation to human rights activist and lawyer, Mr. Femi Falana, and all those in doubt, to join the NNPC Ltd on a tour of the refineries in Port Harcourt, Warri, and Kaduna to verify their status. He…

French Politics to Keep Euro Subdued The political turmoil in France will keep Euro subdued against its major trading partners. France’s lower house of parliament Wednesday started debating two no-confidence motions in a session widely expected to topple the minority government of Prime Minister Michel Barnier in a historic vote. The ousting of the Barnier government after just three months in office would deepen the country’s political crisis and present President Emmanuel Macron with the unenviable choice of picking a viable successor with over two years of his presidential term left. 331 MPs from the left and far right voted…

Bitcoin Smashes $100,000, Brief Sell-off Expected Bitcoin has soared past the $100,000 mark for the first time, driven by expectations of a crypto-friendly regulatory environment under Donald Trump’s incoming presidency. While this milestone represents a seismic moment for the digital asset, Nigel Green, CEO of deVere Group, one of the world’s largest financial advisory and fintech organizations, predicts a short-term sell-off before Bitcoin rallies further to hit $120,000 in the first quarter of 2025. “This $100,000 breakthrough was inevitable,” says Green, who forecast last month that Bitcoin would reach this historic level following Trump’s election victory. “However, with such a…

TCN Expanding Transmission Nationwide With $200m World Bank Project The Transmission Company of Nigeria (TCN) says it is expanding its capacity nationwide with a $200m World Bank project to ensure sufficient electricity supply. The Managing Director, TCN, Mr Sule Abdulaziz, disclosed this on Wednesday when he visited the TCN substations in Lagos and Ogun States. The World Bank is one of the primary donor agencies supporting the Project Implementation Unit (PIU) within Nigeria’s Transmission Company (TCN). The World Bank had, on Dec. 28, 2023, pledged substantial assistance for the implementation of critical transmission projects across the country. Particular emphasis being…

The House of Representatives has urged the Ministry of Solid Minerals Development to focus on lithium production to increase revenue g

The naira appreciated against the US dollar on BMatch system deployed by the Central Bank of Nigeria (CBN) for authorised currency dealers. Exchange was however studied at Nigeria’s autonomous foreign exchange market.

Shell to Prioritise Contracts Awards to Indigenous Companies Shell companies in Nigeria on Wednesday restated their commitment to the development of Nigerian companies through contract awards and capacity building. Shell’s Media Relations Manager, Mr Gladys Afam-Anadu, restated this commitment in a statement made available to newsmen on Wednesday. He said that Shell companies in Nigeria were participating at the 13th Practical Nigerian Content Forum in Yenagoa with a strong message of support for Nigerian companies. More than 700 oil and gas companies are participating in the 13th edition of the ongoing content forum in Yenagoa. The four-day conference has the…

The equities market capitalisation of the Nigerian Exchange (NGX) expanded by more than N286 billion as investors trading highs and lows in the local bourse took positions in growth and value stock.

Zenith Bank Wins Bank of the Year, Nigeria in Banker Award 2024 Zenith Bank Plc has emerged as ‘Bank of the Year, Nigeria’ in The Banker’s Bank of the Year Awards 2024. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 4, 2024, is in recognition of the bank’s strong management, sound business model and strategy, and approach to sustainability and ESG banking practices. The Banker’s ‘Bank of the Year’ accolade is among the most coveted and widely regarded awards in the banking industry. Often contested…