Author: Marketforces Africa

Manufacturers Association of Nigeria (MAN) has solicited the support of both Nigerians and the government for Dangote Refinery to enable it to perform optimally. The support they canvassed will also serve as an impetus for other investors to invest in the downstream sector of the petroleum industry in the country.

The U.S. consumer price index (CPI) which measures inflation rate, increased to 2.6% in October, according to data released today.  The consumer price index increased by 0.2% month over month and 2.6% from the year-earlier period, as expected.

The Federal Government says it needs 10 billion dollars of public-private partnership investment in the power sector in the next five to 10 years to achieve a 24 hours power supply.

The US dollar traded on a mixed note against its major trading partners in the forex markets on Wednesday—up versus the yen and Canadian dollar.

Nigeria Customs Hit N5.1trn Revenue Target for 2024 –Official The Nigeria Customs Service (NCS) has hit its 2024 revenue target of N5.1 trillion on Tuesday, its Comptroller-General, Adewale Adeniyi, has said. Adeniyi made the disclosure on Wednesday in Abuja at the opening ceremony of the 2024 Comptroller General Conference (CGC), tagged ‘NCS: Engaging Traditional and New Partners with Purposes’. “I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of NGN 5.07 trillion, with more than a month remaining in the fiscal year. “This exceptional performance projected…

Benchmark Yield on Nigerian Bonds Dips as Demand Rises The average yield on Nigerian government bonds slid marginally in the secondary market to close at 19.40% on Tuesday as local investors, asset managers increased positions. Investors have been adjusting to key market developments including slowdown in local bonds supply the Debt Management Office (DMO) and inflation uptick. Some analysts, rating agencies have projected that the monetary policy rate will increase further at the Central Bank meeting in the latter part of the year. Investment in government bonds is exposed to inflation condition, and the last uptick in Sept consumer price…

Money market rates climbed strongly, trending at double digits highs, on the back of sustained liquidity squeeze in the banking system.  The market opened the week with more than N60 billion deficit in the absence of significant inflows to boost liqudity condition in the financial market.

The naira depreciated further against the dominant US dollar at the Nigerian autonomous foreign exchange (FX) market, settling near N1690 per greenback on Tuesday.

Cordros Upgrades Unilever Nigeria Target Price to N22.49 Equities analysts at Cordros Securities Limited have upgraded year-end target price for Unilever Nigeria Plc to N22.49, its report showed. The investment firm however maintain a hold recommendation on the consumer goods stock, noting that it’s already trading above year end price expectation. Unilever Nigeria, a consumer goods company, worth N120 billion in the equities market at a unit price of N24. In the equities report, Cordros Securities Limited stated that its year-end target price for Unilever Nigeria was derived from blend of sophisticated valuation models. In the third quarter of 2024,…

Bitcoin Hits $87,000, Crypto Market Cap Nears  $3 Trillion Bitcoin price has hit $87,000 Tuesday in a one of the biggest rally in the past weeks as Donald Trump win as U.S President boosted investors sentiment.  Trump is seen as much more supportive of bitcoin, and this sentiment has propel strong buying interest this week with market blazing above resistance. During the campaign, Trump pledged to make the U.S “the bitcoin and cryptocurrency capital of the world” with an extremely relaxed regulatory framework, unlike the Biden administration. The global crypto market cap reached $2.91 trillion, which is a 4.44% increase…