Author: Marketforces Africa

The equities market capitalisation of the Nigerian Exchange (NGX) inched higher as investors gained about N173 billion on Friday. Following a relatively huge rally, the rally halted a six-day negative trend, which lifted key performance indicators by +0.20%, while market capitalization edged higher by +0.31%.

Investors sold off part of their bond holdings in the secondary market on Wednesday ahead of inflation data for the month of June, 2024.

Fixed interest securities investors increased their buying appetites for the Nigerian Treasury bills in the secondary market amidst the primary market auction.

The naira experienced a huge value decline across forex markets as sustained demand for the US dollar began to test the Central Bank of Nigeria’s (CBN) resolve not to defend the local currency.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, has been honoured with the

International payments for transactions related to letter of credit issued to foreign businesses by deposit money banks (DMBs) on behalf of their customers sank by 46.10% year on year to about $806 million in May 2024, data from the apex bank revealed. 

As liquidity pressure persisted, local deposit money banks (DMBs) increased the speed of their borrowings at the Central Bank of Nigeria’s (CBN) standing lending facility (SLF) at a relatively high rate in the just concluded week,investment firm said.

Financial Health of Top Companies in Nigeria Plunged over FX Reform

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

The Transmission Company of Nigeria (TCN) says  national grid was restored at about 9.57 p.m. on Saturday after a partial collapse.