Author: Marketforces Africa

CBN Sells US Dollars to Banks at N1630 With a single focus to keep exchange rate volatility in check, the Central Bank of Nigeria (CBN) conducted weekly FX intervention sales to deposit money banks at N1630 per US dollar as the market appears to have discovered the true value of the local currency. The exchange rate at the official window crossed a new red line in the just concluded. This attracted fresh intervention in the currency market, and yet, spot rates ended negative week on week. Details from the FX sales revealed that the Apex Bank is reducing the amount…

The Federal Government has set Jan. 28, 2025, as the deadline for the operationalisation of the five billion dollars Africa Energy Bank (AEB). The bank would be domiciled in Abuja, Nigeria’s capital city.

The supreme leader of Iran, Ayatollah Ali Khamenei, issued renewed threats to Iranian arch-enemies Israel and the United States

NDLEA Confiscates N4bn Worth of Cocaine at Lagos Airport The National Drug Law Enforcement Agency (NDLEA) has confiscated over N4 billion worth of cocaine at the Murtala Muhammed International Airport, MMIA, Ikeja. Mr Femi Babafemi, Director, Media and Advocacy, NDLEA, said this in a statement issued on Sunday in Lagos. Babafemi said the consignments, in 845 wraps, were confiscated by the agency’s operatives on Oct.,29. He added that the consignments, weighing 18.72 kilograms, were concealed in two lavatories of an Ethiopian-bound flight and that they were found during post landing cleaning of the cabin. He said that the illicit consignments…

Fitch Ratings has affirmed Nigeria’s credit or long-term foreign currency issuer default rating (IDR) at ‘B-‘ with a positive outlook. The ratings affirmation is supported by the country’s large economy, relatively developed and liquid domestic debt market, and large oil and gas reserves, Fitch said.

The International Monetary Fund (IMF) member countries have elected an expanded Executive Board of 25 Executive Directors

FG Releases Funds for Payment of NASU, Retirees’ Entitlements The Federal Government (FG) has released funds for payment of withheld salary of Non-Academic Staff Union of Federal Universities (NASU). Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), made this known in a statement in Abuja on Saturday. According to Mokwa, the Federal Government also released funds for payment of benefits to retirees under the Nigerian Union of Pensioners Contributory Pension Scheme Sector (NUPCPS). He said that payments to NASU had commenced, adding that many members had confirmed receipt. He reiterated the…

The Federal Capital Executive Committee has approved N33.24 billion worth of contracts for execution within the next one year.

Nigerian Exchange Drops by N133bn as Investors Open, Close Trades Equities investors lost about N133 billion on the Nigerian Exchange (NGX) after trades were opened and closed. The market opened and ended session on a negative note as selling spree persisted all week trading records. Most of the trades that were opened during five days rally witnessed last week were eventually close, resulting in decline in key performance indicators. Data from the local bourse showed that the Nigerian Exchange All-Share index and market capitalisation plunged by 0.22%. Stockbroking firms noted in their separate reports that the equities market posted a…

GCR Ratings has affirmed Airtel Networks Limited’s, Airtel Nigeria, national scale long and short term issuer ratings of AAA(NG) and A1+(NG) respectively stable outlook.