Author: Marketforces Africa

The benchmark yield on Federal Government of Nigeria (FGN) bonds rose slightly to 18.76% on Wednesday due to selloffs that was triggered by waning sentiment

Hosts Germany on Wednesday became the first side to qualify for the Euro 2024 last 16 after Jamal Musiala’s controversial goal and an Ilkay Gündogan strike in a

The average yield on Nigerian Treasury bills dipped by seven basis points on Wednesday in the secondary market to 21.8%, traders said in their separate update

The Central Bank of Nigeria (CBN) sells OMO bills instrument to investors at spot rate of 22.30%, which is the price quoted for immediate settlement of the

Naira Depreciates to N1483 after FX Turnover Plunged by 29% The Nigerian local currency, the naira, extended losses on Wednesday as demand for US dollar eclipsed the supply side following sharp decline in FX market turnover last week. According to data from FMDQ Securities Exchange platform where official daily exchange rate are quoted, the naira plunged to N1,483.02 per US dollar. Exchange rate also worsened in the parallel market amidst the Central Bank of Nigeria (CBN) FX sales holiday as the monetary authority failed to support the local currency with forex market intervention sales. The apex bank stopped FX sales…

S/Africa: Don Optimistic About GNU Creating Better Opportunities A South Africa-based Professor. Abiodun Salawu, has expressed optimism that the Government of National Unity (GNU) in the country would work to create better opportunities for people and reduce unemployment among youths. Salawu, Director of Indigenous Language Media in Africa (ILMA) and Professor in the Department of Communication, North-West University, South Africasaid this on Wednesday. The professor of media studies spoke on the inauguration of Cyril Ramaphosa for a second term as South Africa’s President and formation of the GNU. South Africa’s President Cyril Ramaphosa being sworn in for a second term…

EnjoyCorp Acquires 86.5% Stake in Champion Breweries EnjoyCorp Limited has successfully completed the acquisition of 86.5% stake in Champion Breweries plc, a prominent figure in the regional brewing industry, according to official statement. In its regulatory filling submitted to the Nigerian Exchange, the brewers said EnjoyCorp acquired 100% shareholding in The Raysun Nigeria Limited, which in turn holds the 86.5% stake in Champion Breweries plc. According to the notice, management told the Nigerian Exchange that sequel to the approval of the Federal Competition and Consumer Protection Commission, the parties have successfully completed the transaction, and EnjoyCorp has taken full control…

Shettima Inaugurates Distribution of NEDC-Assisted Agric Inputs in North East The Vice President, Kashim Shettima, has inaugurated the distribution of agricultural inputs and equipment supplied by the North East Development Commission (NEDC), to farmers in the zone. The vice president also laid the foundation of the over N26.8b NEDC head office complex in Maiduguri. The VP conducted the Ground Breaking ceremony of the 2nd phase of Jere Bowl Road network embarked on by the commission in Borno, on Wednesday. Shettima speaking on the development lauded the commission for embarking on people oriented projects in line with the Renewed Hope Agenda…

Aiteo Shuts Production at OML 29 Over Oil Leak Nigerian energy firm Aiteo has shut down all production at oil mining lease (OML) 29 after it detected an oil leak at its Nembe swamp facility, it said. Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the NNPC / Aiteo Joint Venture on OML 29, Wednesday confirmed it had detected an oil leak at its Nembe swamp facility in OML 29, Nembe Kingdom, Bayelsa State. The leak, it said in a statement, was reported on Monday, June 17, 2024, during routine operations. AEEPCO said noted that its Oil Spill and…

Bitcoin Slides below $65K, Crypto Market Cap Rises to $2.36T Bitcoin left behind as cryptocurrency market spiked to $2.36 trillion on Wednesday. The largest crypto asset by market valuation has faced strong pressure from sell side, causing the digital currency to decline in successive days. At the press time, the global crypto market cap has reached $2.36 trillion, which was a 1.41% increase over the last day, according to data from CoinMarketCap.com. According to data from the crypto exchange, volume over the last 24 hours has decline by 26.76% to $73.95 billion. The total market value of the cryptocurrency had…