Author: Marketforces Africa

The UK is uniquely placed to partner with Nigeria to raise awareness and tackle emerging threats and cybersecurity challenges affecting both countries, says Mark Smithson, Country Director, UK’s Department for Business and Trade (DBT) in Nigeria.

The US dollar rose against its major trading partners early Wednesday before a quiet data schedule for the remainder of the day that includes only weekly petroleum stocks data.

NGX Index Spikes on Intraday Rally The Nigerian Exchange’s (NGX) all-share index is trending positively during intraday trading session, driven by investors’ sentiment. Post-inflation data trading activities have rebounded, with major market movers rebounding from weak sentiment-driven selloffs. Interest in banking names, consumer goods, insurance, and oil and gas nudged key performance indicators higher, year-to-date return advanced. At midday, the NGX All Share Index experienced a positive trend, reflecting a gain of 0.22%, Alpha Morgan Capital Limited said in a note. Stockbrokers stated that this upward movement is a result of the buying sentiment of investors in some mid- to…

Crude Oil Prices Rise as Russia-Ukraine War Escalates Prices of crude oil rose on Wednesday after Ukraine strike Russia with long-range weapons, first time since the war began. Reacting to increasing geopolitical tensions, commodities price increased across complex. Brent crude rose to $73.23 per barrel while The US benchmark West Texas Intermediate also increased to $69.42 per barrel, Tensions rose between Russia and Ukraine after international media reported that the Joe Biden administration granted Kiev permission to use long-range American weapons on Russian territory for a limited time. The Russian Ministry of Defense announced Tuesday that Ukraine attacked the Braynsk…

Trading activity in the secondary market for FGN bond stayed on a calmer note, causing the average yield to clip at 19.44%. With a widening inflation rate, the negative real return on Nigerian bond investment has increased to about 7%.

Treasury Bills Yield Eased to 24.29% Ahead of Auction The average yield on Nigerian Treasury bills decreased moderately due to activities of buy-side actors in the secondary market. Though traders said trading activities were mixed due to tight liquidity conditions in the financial system – some investors were seen taking positions while some selloffs were also noticed. With portfolio investors seeking to optimse returns, transactions conducted on Treasury bills were generally mixed as the Debt Management Office (DMO) prepared to launch its primary market auction on behalf of the monetary authority. The DMO will be offering about N610 billion across…

Money market rates diverged on the back of movement in liquidity balance in the financial system. The short-term benchmark interest rates mixed after inflows from matured OMO bills and swap inflows lifted the liquidity balance.

The naira reclaimed part of its lost exchange rate value in the official market as volume of US dollar volume transacted declined on the day. Spot data from the FMDQ platform showed the naira appreciated by 0.68%, closing at ₦1,678.93 per US dollar at the official market.

The Central Bank of Nigeria (CBN) has advised members of the public to be cautious of SWIFT Messages on foreign exchange remittances to their Nigerian bank accounts

The average yield on Nigeria’s sovereign Eurobonds yield has expanded near 10% base in the international market as inflation propelled riskoff sentiment triggered selloffs.