- CBN Declares Forex Market Stable as Reserves Hit $52.5bn
- Polkadot Price Rises 5.2% to $0.8648 on Bullish Shift
- Zcash Gains 5% as Fortitude Mining Holdings Acquires Facility
- Cardano Races Toward $0.20 Target Price on Protocol Upgrade Bets
- Heirs Insurance Group Meets NAICOM’s New Capital Requirements
- New US Student Visa Rules Will Pressure Some Colleges -Fitch
- Oando Half-Year Revenue Hits N2.1 Trillion, Up 20%
- President Tinubu Raises Military Salaries by Up to 80%
Author: Marketforces Africa
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.
Interest Rate on Nigerian Treasury Bills Rises to 21.24%
The Nigerian naira depreciated further in the official currency market, down by 3.59% to N1,563.80 per US dollar despite foreign currency (FX) sales intervention by the apex bank last week.
FBN Holdings market value has plunged by about 50% below its peak market value reached when Femi Otedola and Oba Otudeko ramped up the financial group company shares on the Nigerian Exchange.
Cadbury Nigeria Plc’s market valuation surged by about 10% as investors’ sentiment on fast moving consumer goods (FMCG) players stock improved in the domestic market.
Pension Fund Administrators (PFAs) parked 63% of pension assets in federal governPension Fund Administrators (PFAs) parked 63% of pension assets in federal government debt securities as assets under management climbed to N20.2 trillion in May.ment debt securities as assets under management climbed to N20.2 trillion in May.
The short-term benchmark interest rates in the money market declined in the absence of significant pressure on liquidity levels in the financial system. According to data from FMDQ, the repo rate declined by 14 basis points to 31.61% on Friday, while the overnight lending rate dipped by 15 basis points to 32.45%.
NGX Group Launches e-Offering Platform after SEC Approval
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.