Author: Marketforces Africa

US Dollar Slides Against GBP, EUR Ahead of Data The US dollar fell against its major trading partners early Wednesday as markets face another busy day of data releases before the Thanksgiving holiday. The highlight of today’s session will be the release of the US October core PCE deflator, expected at 0.3% month on month, ING says in a note. Even though the market has largely moved on from the US inflation story, a sticky reading will add to doubts that the Fed needs to cut in December after all. ING analyst Chris Turner expects the dollar to largely hold…

The equities market is trading negative during early trading hours on the Nigerian Exchange (NGX).

Oil prices increased in the global commodities market on Wednesday after data showed that U.S inventories fell sharply.

Nigerian Banks Resilient Amid Pressure – CBN The Central Bank of Nigeria (CBN), says Nigeria’s Deposit Money Banks (DMBs) are satisfactorily resilient amid both external and internal pressures. Mr Yemi Cardoso, the Governor of the CBN, said this on Tuesday in Abuja while presenting a communiqué issued at the end of the 298th meeting of the apex bank’s Monetary Policy Committee (MPC). According to Cardoso, members of the MPC noted with satisfaction the continued resilience and stability of the banking system in spite of significant exogenous and endogenous headwinds. “Key financial soundness indicators such as the Capital Adequacy Ratio (CAR),…

Money Market Rates Diverge as Liquidity Deficit Widens Interbank rates mixed in the money market as the liquidity deficit extended further on Tuesday ahead of FAAC inflows expectations. Analysts noted that local deposit money banks are yet to come out of the woods of limited funding access as money market conditions remained tight. The deficit in the banking system expanded for the fifth consecutive day to open at N438.02 billion negative. On Tuesday, the Central Bank of Nigeria policy committee adjusted the benchmark interest rate by 25 basis points to 27.50% to combat inflation. The monetary authority, however, keeps other…

Food Prices Worsening Inflationary Pressure – CBN The Central Bank of Nigeria (CBN) says rising food prices is partly responsible for worsening headline inflation in the country. Mr Yemi Cardoso, the Governor of CBN, said this on Tuesday in Abuja while presenting the communiqué from the 298th meeting of the apex bank’s Monetary Policy Committee (MPC). According to Cardoso, the MPC meeting was held on the backdrop of renewed inflationary pressures, and as the headline, food and core measures rose year-on-year in October. He said that the Committee was particularly concerned that all three measures also inched up on a…

Oando Appoints Igbokwe, Bello as Independent Non-Executive Directors Oando PLC has notified shareholders and other stakeholders about the appointment of new independent directors. In a statement, the company told the Nigerian Exchange the board has appointed Mr. Ken Igbokwe and Mr. Bashir Bello as independent non-executive directors of the company in accordance with Article 88 of the company’s articles of association, effective November 25, 2024. Ken Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil & gas, financial services, and the public sector. During his distinguished career at PwC…

MTN Nigeria Plc has announced a plan to raise an additional N50 billion from the debt capital market as the telecom company seeks to shore up working capital.

The crude oil prices dipped amidst ceasefire talks in the Middle East. There are reports of significant progress towards an Israel-Hezbollah deal.

Trump Says Will Impose Tariffs on China, Mexico, Canada U.S. President-elect Donald Trump on Monday said that, once he returns to the White House, he will impose high import tariffs on all goods from Mexico and Canada as well as additional tariffs on Chinese imports. Trump said on Truth Social, the social media platform he co-founded, that he would sign an executive order to that effect on his first day in office. “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 per cent Tariff on…