Author: Marketforces Africa

The naira softened at the official market, traded at N1,652.25 per US dollar at the Nigerian autonomous foreign exchange market on Friday. According to information from the FMDQ Exchange’s official trading platform, the Naira fell N2.05.

The largest asset in the cryptocurrency market, Bitcoin, climbed to $89.800 while other assets are also gaining attention following the U.S. election victory. According to the most recent view on Friday, the market capitalization of all cryptocurrencies has slowed below $3 trillion.

Nigeria’s Inflation Rate Accelerates Faster to 33.88% Inflation rate accelerated faster in October to 33.88%, according to consumer price index data released today by the statistics office. According to National Bureau of Statistics (NBS), inflation rate rose by 118 basis points to 33.88% year on year in October from 32.70% year on year in Sept. The month on month increase in consumer price index was above analysts, investment firms projections for the month. Nigeria’s inflation print in the month was 48 basis points above Bloomberg median consensus, of 32.40% and 39 basis points higher than Cordros Capital projection of 33.49%…

Nigeria Eurobond Yields Steady ahead of External Borrowing The average yield on Nigeria’s Eurobond remained steady as foreign investors and local banks stayed action as the authority announced plan to raise funds from the external market. Nigeria approved a $2.2 billion financing program for external borrowing, including a potential Eurobond and Sukuk bond offer. Analysts noted that trading sentiment was mixed as investors anticipate higher borrowing costs as a result of uncertainties in the local economy. The market experienced mixed activities across the short, mid, and long ends of the yield curve, keeping the average yield steady at 9.54%, Cowry…

Nigerian Bond Trading on Hold Ahead of Inflation Data The average yield on Nigerian government bond was steadied in the secondary market due to subdued trading activities. The benchmark yield ended the trading session flat at 19.41% ahead of the inflation data release. Bondholders in the fixed-interest securities market have been taking cautious positions with a bearish sentiment on expectation that the consumer price index would race higher. The quiet trading activities in the bond market came on the back of the Debt Management Office plan to reopen the 2029 and 2031 papers, offering ₦60 billion each. Also, fixed income…

To bolster liquidity levels in the autonomous foreign exchange market, the Central Bank of Nigeria (CBN) sold $84 million to authorised dealer banks at the FX auction conducted yesterday.

2025 BUDGET: The Federal Executive Council (FEC) has proposed the sum of N47.9 trillion for the 2025 fiscal year for submission to the National Assembly on Monday.

Nigeria Approves $2.2bn External Borrowing Plan – Finance Minister Nigeria’s Federal Executive Council (FEC) has approved $2.2 billion financing programme for external borrowing, including a potential Eurobond and Sukuk bond offer. Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this known while briefing newsmen after the FEC meeting on Wednesday at the Presidential Villa, Abuja. “We just had the Federal Executive Council meeting, and I am privileged to present two memoranda to the Federal Executive Council. ” The first one was to complete the borrowing programme of the Federal Government in terms of external…

Naira Depreciates Ahead of 2-Week Automated FX Trading Trial The naira depreciated against the US dollar in the official exchange rate market over a liquidity shortage. The volume of US dollar demand was a bit more than FX liquidity on the supply side. Spot rates have worsened across the black and Nigerian autonomous foreign exchange markets due to a slowdown in FX intervention sales.  FX spot data from the FMDQ platform showed that the naira depreciated by 0.29%, closing at N1,650.20 per US dollar at the official market. FX traders are expecting the Central Bank of Nigeria (CBN) to release…

The Nigerian Exchange (NGX) market capitalisation lost more than N148 billion on Thursday as sell pressures hit BUA Cement…