Author: Marketforces Africa

Interbank Rates Mixed as Banks’ Placements at SDF Reduce Money market rates swung in a different direction as liquidity level in the financial system remained robust but declined sharply following liquidity actions by the monetary authority. The Apex Bank has recently mopped up more than N3 trillion through its open market operation, and a significant amount was sterilised via a treasury bill auction on Wednesday. These actions tightened liquidity conditions in the financial system, though the money market funding profile closed surplus – keeping rates movement in check.  The market liquidity opened the day with a moderate surplus balance of…

Malala Fund Injects $1.7m to Support Girls’ Education in Nigeria The Malala Fund says it is investing $1.7 million as new funding for nine Nigerian organisations leading efforts to get more girls into school. The new funding to Nigeria is part of the $4.8 million to support 21 new cohorts of mostly young women-led organisations in five countries, including Brazil, Ethiopia, Nigeria, Pakistan, and Tanzania, as announced on its website. The fund’s Communications Manager, Nigeria, Nankwat Mbi, disclosed Nigeria’s allocation in a statement on Wednesday in Abuja. The intervention, the fund stated, was in line with the organisation’s 2025 to…

Driven by riotous sell-offs, Bitcoin (BTCUSD) has lost about 4.8% of its market value in 24 trading hours in the crypto market as investors’ sentiment remained downbeat.

Equities Investors Lose N217bn as Sell-Side Actors Exit Positions The Nigerian Exchange (NGX) market capitalisation lost an additional N217 billion on Wednesday as investors’ sentiment worsened.  The local bourse experienced another selling rally that plunged the year-to-date return to a new low in November. Key performance indicators declined by 23 basis points as sell-side actors took over trading activities in the Nigerian bourse.  The All-share index fell by -340.50 basis points to close at 144,646.01, while market capitalisation declined by ₦216.57 billion to close at ₦92.00 trillion. The market downturn was primarily driven by sustained sell-offs in some medium- and…

G20 Experts Urge Action on Africa’s Debt Sustainability South African President Cyril Ramaphosa has received a Group of 20 (G20) expert panel report that proposes solutions to some of the continent’s most pressing economic challenges, especially the rising debt burden. The Report of the Africa Expert Panel was submitted to the president during a handover ceremony on in Johannesburg. Speaking at the event, Ramaphosa said the release of the report marks a “key milestone” of South Africa’s G20 presidency, adding that it reinforces the message that “the greatest opportunity for global prosperity in the 21st century lies in Africa.” He…

NUPRC Reaffirms Commitment to Transparency, Investment Growth Mr Gbenga Komolafe, CEO, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has restated the commission’s commitment to transparency, accountability, and sustained investment growth in the oil and gas sector. Komolafe made the pledge on Tuesday in Lagos during a strategic workshop for energy correspondents. He was represented by Mrs Efemona Bassey, Deputy Director, Services and Administration at the Commission. Komolafe told participants that the media plays a vital role in national development, noting that the 1999 Constitution empowers journalists to hold public institutions accountable. He added that the Petroleum Industry Act reinforces this expectation…

Bill to Repeal MoFI Act Passes 2nd Reading in Senate Senate has passed for second reading a bill for an act to repeal the Ministry of Finance Incorporated (MOFI) Act and re-enact the Ministry of Finance Incorporated 2025 Act. This followed presentation of the general principles of the bill at the plenary on Tuesday. The bill, sponsored by Sen. Mohammed Sani (APC-Niger), was designed to make for a modern, transparent and professionally driven framework for MOFI. Sani in his lead debate, said that the bill sought to repeal the MOFI Act of 1959 and re-enact a modern, robust legal framework…

Naira Sees Soft Rebound as FX Liquidity Remains Tight The naira experienced a soft value recovery against the US dollar at the official window, with the Central Bank of Nigeria (CBN) data showing external reserves rose on Monday. The naira rally was soft, while trading activities at the unofficial market was relatively quiet as the market anticipates the CBN to boost the supply side. The local currency has depreciated markedly in November from its strong positon of N1426 to N1448 at the official window despite FX interventions. Though the pressure persisted as the spot FX rate touched an intraday high…

Unity Bank MD Tasks Youths on Savings Culture Mr. Ebenezer Kolawole, the managing director/chief executive officer of Unity Bank Plc, ,has renewed the bank’s call for young Nigerians to embrace a savings culture, urging them to see savings as a lifelong discipline for creating stability and financial resilience. Mr. Kolawole gave the charge while addressing students of Alvana Model Secondary School, Owerri, Imo State, as part of the financial literacy training organized by the Bank to mark this year’s World Savings Day. Represented by Mr. William Odigie, Unity Bank’s Zonal Head, South East/South South, Mr. Kolawole reaffirmed Unity Bank’s commitment…

Overnight Lending Rate Declines, Excess Liquidity Shrinks Money market rates moved in different directions as huge outflows relating to the Apex Bank auction sales failed to exert significant pressures. FMDQ data showed that the overnight lending rate declined as excess liquidity in the banking system shrank following huge OMO bill settlements. Despite the outflow, the financial system remained strong as banks remained active at the Standing Deposit Facility (SDF), reflecting absence of significant funding pressures. The market anticipates midweek auction to reduce excess liquidity level. The Central Bank is expected to float N700 billion Treasury bills across standard tenors. The…