Author: Marketforces Africa

Contrary to expectations that FX market intervention would help the exchange rate level around N1,000 per US dollar at the official window as predicted by Goldman Sachs, the naira disappointed, according to data from the FMDQ Securities Exchange for the official daily quote shows.

Equities investors wealth rose by over N259 billion to about N56.2 trillion on Thursday in the stock market. The gain drove Nigerian Exchange (NGX) equities market capitalization higher, thanks to bargain hunting in banking and oil and gas stocks.

The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.

The Special Presidential Envoy on Climate Action (SPEC), Chief Ajuri Ngelale, has begun stakeholders’ engagement on plans by Nigeria to maximise the potential in the climate ecosystem.

The National Agency for Science and Engineering Infrastructure (NASENI) says arrangements have been concluded for the inauguration of its Compressed Natural Gas (CNG) Conversion, Filling, Reverse Engineering and Training Centre in Abuja.

A Federal High Court sitting in Lagos has authorised Guaranty Trust Bank (GTB) to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.808 billion indebtedness to the bank under the Central Bank of Nigeria, CBN, driven Anchor Borrowers’ Loan.

The naira, Nigerian local currency, crashed by about 13.3% day on day in the foreign exchange (FX) market on the obvious FX liquidity challenge that has persisted since last month.

The Central Bank of Nigeria (CBN) sold OMO bills at a spot rate of 22.34% for one year securities to investors who bid for 363-day tenor at the primary market auction conducted on Wednesday.

Microsoft to Host African Startups AI Fest The hybrid event will bring together startup founders and pioneers from across Africa; Microsoft’s startup partners and customers will take to the main stage to share their stories of success; Up to 10,000 startups will be given access to industry-specific expertise and insights on how best to take their business to the next level with the help of AI Microsoft announced the introduction of its first African Startups AI Fest at GITEX Africa in Marrakech, Morocco today. Spearheaded by the organisation’s Africa Transformation Office (ATO), the event promises to inspire and support startups…

The Nigerian Exchange (NGX) equities market capitalisation surged by N246 billion midweek as Tier-1 banks rally further.  Transaction details from the local bourse showed that the All-Share Index, which opened at 98,383.04, gained 0.44 percent to close at 98,818.04.