Author: Marketforces Africa

In the bonds market, trading activity remained muted, with the average yield holding steady at 19.41%.  The subdued yield on FGN bonds and tight liquidity in the financial system has keep trading activities in check.

The Senate Committee on Anti-corruption and Financial Crimes has expressed determination to increase budgetary allocation of the Economic and Financial Crimes Commission (EFCC)  to effectively carry out its anti-graft obligation.

The naira tumbled again across the currency markets due to increasing demand and lower US dollar supply at the Nigerian autonomous foreign exchange market.

The re-election of Donald Trump as US president, supported by likely Republican majorities in both houses of Congress,

Foreign Investors Flock Nigeria’s Eurobonds as US Rates Cut Foreign portfolio investors in the international markets increase bets on Nigeria’s sovereign Eurobonds as traders sentiment improved. Markets, portfolio investors’ sentiment were shaped by the outcome of the U.S. election and Federal Reserve’s recent decision to cut rates by 0.25% to a range of 4.50%-4.75%. Elevated yield on Nigeria’s US dollar bonds have been pointed out to be attracting hot monies. This reflects on increase demand for the foreign debt papers across tenors. The market confidence has been noted to improved due to reforms, and investors’ confidence on funds repatriation –…

The average yield on Federal Government of Nigeria (FGN) bonds settled at 19.41% in the secondary market after mixed trading sessions last week ahead of inflation data.

The naira dropped week on week in the foreign exchange market on various contending market dynamics.

Money Market Rates Surge on Deficit Liquidity in Banking System Money market rates were tightened due to a negative liquidity balance in the banking system. The market had opened on a strong note before outflows relating to auction sales dampened liquidity balance. Plus, there was an outflow relating to cash reserve maintenance debited against the liquidity balance in the financial system last week. Hence, some local lenders access funds from the Central Bank of Nigeria (CBN) as funding levels are drained up.  The financial system opened with a credit of N398.31 billion last week, according to AIICO Capital Limited. Due…

Conoil Plc turned to money making machine for its shareholders due to a strong price uptick of 37% week on week recorded last week. 

Helicopter Crash- NIMASA to Share Information with IMO The Nigerian Maritime Administration and Safety Agency (NIMASA) has pledged to share its findings on the recent helicopter crash into the Atlantic Ocean, near Bonny Finima in Rivers State, with the International Maritime Organisation (IMO). The Director-General of NIMASA, Dr Dayo Mobereola, said this in a statement by the Head of Public Relations Directorate of the Agency, Mr Edward Osagie, in Lagos on Sunday. Mobereola said that a Flight Data Recorder (FDR) and Cockpit Voice Recorder CVR otherwise known as the ‘Black Box’ was recovered at the weekend, through an Inter-Agency collaboration.…