Author: Marketforces Africa

The Federal Government has signed the Cape Town Convention (CTC) Practice Directions to reduce the cost of airline operations in Nigeria’s aviation sector.

The Federal Government has unveiled the National Youth Skills Programme (NYSP), a transformative initiative aimed at addressing youths unemployment

In Nigeria’s sovereign Eurobonds market, buy pressure at the short, mid and long ends of the yield curve led to a 0.13% decrease in the average yield to 10.03%

Interbank Rates Dip as Money Market Condition Improves The interbank rates declined as a sign of liquidity shone brightly in the money market. The financial system liquidity pressure eased for the first time this week despite the absence of significant inflows. Series of auction sales and bank demand for funding were identified as major impediments to liquidity boost in the financial system. The Central Bank has recently conducted Treasury and OMO bill auctions, which were debited against the liquidity balance in the system. Banks activities at the standing lending facility have however been constrained by an elevated rate on short…

Naira Falls by 6% as FX Market Crisis Gets Messy The naira fell sharply by about 6% in the foreign exchange market amidst untimely FX auction sales to authorised dealer banks. Positive expectations have continued to be dampened by the uncertainty surrounding the FX auction’s timing. Nigeria’s gross external reserves balance increased to $36.730 billion on Sept. 10 due to two consecutive inflows. Weak to date, the foreign reserve has increased by $338 billion, MarketForces Africa reported. Despite a sustained FX liquidity challenges, analysts said the apex bank has no scheduled FX auction timeline with rather infrequent intervention for the…

The domestic bourse, on Thursday, rebounded with N178 billion profit, following gains from Tier-one banks, as well as some large and medium capitalised

The Federal Government is collaborating with the World Bank on a new project to enhance education quality, access, teacher support, and development, as well

President Bola Tinubu was received on Wednesday at Buckingham Palace, London, UK, by King Charles III for a private meeting.

Nigeria’s Total Imports Rise 98% in 12-Month to N12.5Trn Total importation into the Nigerian economy increased by about 98% year on year to about N13 trillion amidst foreign exchange reform. The imported goods increased at a huge rate since the naira was devalued mid year in 2023. According to data released by the National Bureau of Statistics (NBS), total importation declined by more than 10.7% between March and June 2024. The Bureau stated that the value of total imports printed at ₦12,473.53 billion in the second quarter of 2024. This represents a decrease of 10.71% when compared with ₦13, 970.05…

CBN Cuts Spot Rates on Nigerian Treasury Bills The Central Bank of Nigeria (CBN) has further hammered spot rates on Treasury bills sold to investors in the primary market auction (PMA) on Wednesday. At the auction, the apex bank made available a total of N161.9 billion worth of Treasury bills to investors for subscription across the standard maturities. The Treasury bills auction, which was split into 91-day bills, 182 and 364 day bills, was heavily oversubscribed as market actors’ parked huge funds into the naira assets. The Treasury bills auction results showed a bid-to-offer and bid-to-cover at 3.47x apiece, CardinalStone…