Author: Marketforces Africa

The bitcoin price dropped to $95,000 range in the cryptocurrency markets on Thursday after a fresh rally lifted the orange coin above $96,000 late on Wednesday.

The average yield on Nigeria’s Eurobond declined in the international market as foreign portfolio investors and local banks…

FBN Holdings (Ticker: FBNH) rights issue and stock market price tally as the financial stock traded flat for third

Access Bank Completes Acquisition of Standard Chartered in Angola, Sierra Leone Access Bank Plc. has announced the completion of its acquisition of Standard Chartered Bank, in Angola, and in Sierra Leone. The deal was announced July 14,2023, according to regulatory filing on Nigerian Exchange. Mr Roosevelt Ogbonna, Managing Director/Chief Executive Officer (CEO) of Access Bank Plc disclosed this in a notification sent to the Nigerian Exchange Ltd. (NGX) in Lagos on Wednesday. Ogbonna said: “We are pleased to have successfully concluded two important acquisitions in Angola and Sierra Leone. “This affords us synergies to strengthen the quality of our earnings…

FG Repairs Vandalised Transmission Towers with N8.8bn -TCN Mr Sule Abdulaziz, Managing Director of Transmission Company of Nigeria (TCN), says the Federal Government has spent about N8.8 billion to repair vandalised transmission towers across the country.A This is contained in a statement in Abuja on Wednesday by Mr Bolaji Tunji, Special Adviser on Strategic Communication and Media Relations to the Minister of Power. Tunji said that Abdulaziz said this oat the Quarterly Power Sector Working Group meeting in Abuja. Abdulaziz, who was represented by Mr Olugbenga Ajiboye, Executive Director, Transmission Service Provider (TSO), said that between Jan.13 and now, 128…

The average yield on Nigerian Treasury bills (NTB) increased sharply due to a heated selling rally by local deposit money banks

Tax Reform Bills ‘ll Ensure Sustainable Economic Growth – Oyedele Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, says that the proposed tax reform bills are designed to address immediate fiscal challenges and lay a sustainable framework for economic growth and development of Nigeria. Oyedele said this in Abuja while presenting his committee’s findings on the proposed tax reforms bills to the Senate on Wednesday. The committee was constituted by the Federal Government to evolve measures of addressing the country’s economic challenges, including high poverty rates, low government revenue, and rising public debts. Oyedele said…

Liquidity Deficit Keeps Money Market Rates Elevated Money market rates remained elevated due to liquidity pressures in the financial system. Though the market has seen inflows this week, their effects remain insufficient to greatly impact the short-term benchmark interest rate movements. On Wednesday, interbank rates stayed in double digits high in the money market, though liquidity deficits eased slightly. A moderate inflow into the banking system reflated the liquidity position after N438.02 billion negative close on Tuesday. To fund operations, banks have found their ways again into the Central Bank of Nigeria’s (CBN) standing lending facility to access funds at…

Equities Investors Lose N208bn as Oil, Banking Stocks Plunge Equities investors on the Nigerian Exchange (NGX) lost more than N208 billion due to negative price movement in oil and banking stocks like Wema Bank, Aradel Holdings, and Haldane McCall. The benchmark index closed bearish as it slipped by 35 bps to close at 97,296.57 points. Today’s performance was driven by selloffs in ARADEL (-9.98%), NB (-5.26%), FIDELITYBK (-1.60%), and ETERNA (-9.88%). The sell pressure outweighed the positive sentiments in OANDO (+3.33%), ACCESSCORP (+1.77%), and CONOIL (+6.56%). JOHNHOLT lost -10.00% and SUNUASSUR popped higher 9.97%. Due to negative investors’ perceptions, the…

China, Nigeria Trade Value Hit N7.4trn as at June– VP Shettima Vice-President Kashim Shettima says Nigeria-China trade value has hit N7.38 trillion as at June. Shettima said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday organised by First Bank Plc. The vice-president, represented by Dr Aliyu Modibbo, the Special Adviser to the President, General Duty, said that China remained the country’s number one trading partner. According to him, this underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems. ”Nigeria remains committed to its alliances with…