Author: Marketforces Africa

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.

7 Vessels to Arrive Lagos with Petroleum Products – NPA The Nigerian Ports Authority (NPA) said that seven ships would berth with crude oil on Friday at the Lagos ports. The NPA, in its “Daily Shipping Position’, said that seven vessels, out of the nine expected, would berth diesel, crude oils bulk urea, petrol, and aviation fuel. “The remaining two vessels will berth with containers carrying different goods. The nine expected vessels will berth at Sifax, ENL Consortium Terminals, Apapa Bulk Terminal (ABT), among other terminals in Lagos, it said. The NPA said that a total of two vessels were…

The Central Bank of Nigeria (CBN) defended the naira with $30 million in FX sales to authorised dealer banks at a lower spot rate.   The amount has again

Interbank Rates Crash over Banks Excess Liquidity Interbank rates plunged significantly as pressure on the money market continued to ease following a spike in inflows. On Thursday, liquidity balance in the financial system expanded above local banks funding requirements. System liquidity remained positive and improved despite today’s foreign exchange (FX) settlement with funding rates falling significantly. Market data, report revealed that he liquidity balance in the financial system increased by 31%, ending the month with a strong surplus balance of ₦466.59 billion. Some analysts said the money market witnessed low outflow relating to primary market auction sales, especially OMO bills,…