Author: Marketforces Africa

Money Market Rates Cross 36% over Tight Liquidity Interbank rates rose in the money market on Tuesday due to strain on liquidity levels in the financial system. According to data from the FMDQ platform, funding rates crossed 36% apiece over sustained liquidity tightening. The market witnessed N20.50 billion inflows from the matured OMO bills without the Central Bank refinancing it. Nigerian interbank offered (NIBOR) rates swing, leading cash-rich local deposit money banks to impose higher rates to part with their free cash. Consequently, the Open Repo Rate (OPR) and the Overnight Lending Rate rose by 47 basis points and 22…

United Capital Leads Issuance of Sierra Leone’s $1.4m Corporate Bond United Capital Group has successfully led the issuance of Sierra Leone’s first local currency corporate bond, valued at SLE32 million, or approximately 1.4 million dollars. The group, in a statement by the Group on Tuesday in Lagos, said that the historic milestone signified a transformative moment for Sierra Leone’s capital market. It stated that acting as the Financial Adviser, United Capital through its investment banking business, provided bespoke structuring, financial advisory, and fundraising services to the Issuer, LAPO SL. It said the Issuer, a microfinance institution serving micro, small, and…

Inflation Rate to Ease by 77 Basis Points in July—Forecast Nigeria’s inflation rate has been projected to decline by 77 basis points in July, as market consensus expected base effects to pull down the consumer price index trajectory. In the domestic economy, the headline inflation rate continued its upward trajectory, rising to 34.19% year on year in June 2024, up from 33.95% in May. This persistent increase was primarily driven by higher food prices, particularly for cereals and wheat, according to analysts. Several factors, including the ongoing insecurity in food producing regions, the continued depreciation of the Naira, and idiosyncratic…

The naira exchange rate worsened in the official currency market on Tuesday, reversing successive daily gains that followed the Central Bank of Nigeria’s (CBN)

BUA, Transcorp, Big Banks Drag Nigerian Exchange Down The equities market is trading negative again on Tuesday after opening the week with a huge loss yesterday. The bearish moves were led by BUA Cement, Transcorp, and Oando including selloffs in big banks. During early trading hours on the Nigerian Exchange (NGX) platform, equities investors started with a stock-selling spree. Traders said most of the selloffs were in financial stocks, with banks shares being the top target for profit takings.  At mid-day, the Nigerian Exchange All share Index (NGX-ASI) trended negatively, reflecting a loss of -0.50%, Alpha Morgan Capital Limited told…

Benchmark Yield on Nigerian Bond Falls to 20% The benchmark yield on Federal Government of Nigeria (FGN) bonds fell to 20.01% on Monday due to increased demand. The market experienced buying interest in local bonds as investors sought to park funds in risk free investments as a result of the attractive yield. The market has taken note slowed down in bond supply by the Nigerian Debt Management Office (CBN), having met 70% of 2024 bond sales target in the local market. In the recent time, the local bond market experienced sell pressures which lifted the benchmark yield above 20%. Though…

Oil prices rose early on Monday in the global commodity market ahead of U.S energy agency and the Organisation of Petroleum Exporting Countries (OPEC) monthly

The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.

The yields on Nigerian fixed income securities have been considered to be on the high side, driven by changing market dynamics.

The President of the Nigeria Basketball Federation (NBBF), Musa Kida, has said that D’Tigress Head Coach, Rena Wakama, will be retained after their historic