Author: Marketforces Africa

FAAN, Paystack to Begin Cashless Payment at Lagos, Abuja Airports )The Federal Airports Authority of Nigeria (FAAN), in partnership with Paystack, says it will begin cashless and contactless payment at the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja, beginning from Sept. 29. FAAN announced this in a statement signed by its management in Abuja on Friday. It said that all payments at revenue points such as access gates, car parks, VIP and protocol lounges would be made only through cashless channels. The authority said the initiative, known as “Operation Go Cashless”, would help provide fast…

Oil Prices Surge Near $69 over Growing Supply Risks Oil prices climbed on Friday amidst Moscow plan to restrict export after Ukraine attach on Russian critical energy infrastructure raised supply concerns. Brent crude was trading at $68.76 per barrel up 4% from the previous close of $66.12. US benchmark West Texas Intermediate (WTI) increased by 0.01% to $65.08 from $65.07 in the prior session. Ukraine damaged several Russian refining operations as Kyiv intensifies its attacks on the country’s energy infrastructure, which appear to be causing fuel shortages and price increases. The Salavat petrochemical complex, one of Russia’s largest and located…

Offshore Investors Increase Position in Nigeria Eurobonds The Nigerian sovereign Eurobonds rallied in the international market as offshore investors increased their holdings amidst sign of global monetary easing. Investors have been adjusting their interest across African issuers since the U.S. Federal Reserve rates cut last week. The market anticipates global central bankers to follow the path, though the European Central Bank took a break in policy adjustment at the last meeting. The Nigeria Central Bank, like the US Federal Reserve, reduced the benchmark interest rate on the back of disinflation and naira stability. Market analysts said foreign investors are weighing…

Proposed PIA Amendment Will Present Grave Legal Implications –Expert An expert, Mr Ben Ekori has cautioned the sponsors of the proposed amendment of the Petroleum Industry Act (PIA), saying the proposed provision would reintroduce uncertainty, counter production and present grave legal implications for Nigeria. The News Agency of Nigeria (NAN) reports that Nigerians have raised concerns over the alleged ongoing moves to amend the PIA, passed in 2021 after decades of debate. Ekori, a public affairs analyst, while reacting to the development said such a move would erode Investors’ confidence and occasion grave unintended consequences to the country and its…

Naira Declines, Analysts Anticipate Robust Foreign Reserves The Nigerian local currency, the naira, dipped versus the U.S. dollar at the official foreign exchange (FX) window on Wednesday after $52 million intervention sales by the Central Bank. The spot rate fluctuating trend suggest the forex market witnessed higher US dollar demand at the official window, and the Central Bank of Nigeria (CBN) intervention helped taming share exchange rate volatile. Analysts said market participants at the official market rely on dollar supply from the CBN to meet certain eligible demand. In the absence of open market operation to attract foreign investment inflows,…

14 Banks Fully Met CBN New Capital Requirement – Cardoso The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says 14 Nigerian banks have fully met the new capital requirement in the ongoing recapitalisation exercise. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 302nd meeting of Monetary Policy Committee (MPC) of the CBN. The CBN introduced a new minimum capital base requirement for banks, with tiers depending on licence type. Before then, the last major bank recapitalisation exercise in Nigeria was in 2004, when the CBN raised the minimum capital requirement for all…

Money Rates Fall as OMO, SDF Inflows Boost Liquidity to N3.3trn Money market rates fell in the latest adjustment to improved liquidity in the banking system.  The market recorded huge inflows from OMO bill repayments in addition to inflows from the Standing Deposit Facility (SDF), and these lifted system liquidity to about N3.3 trillion. Specifically, the liquidity level in the financial system surged by more than N1.147 trillion to N3.237 trillion as the Central Bank of Nigeria (CBN) allowed OMO repayment without an immediate auction to replace matured bills. In a note, AIICO Capital Limited reported that the interbank market…

Trump’s H-1B Visa Hike to Backfire on US, Reward India, China The President Donald Trump administration’s decision to impose a $100,000 charge on every new H-1B visa application is poised to damage America’s own tech and innovation leadership while handing a competitive edge to countries such as India and China, Nigel Green, chief executive of global financial advisory giant deVere Group said in a statement shared with MarketForces Africa. “This policy is meant to shield American workers, but it’ll likely have the opposite effect,” he says. “By pricing out the world’s brightest engineers, data scientists and AI specialists, the US…

Access Holdings Slides Ahead of Anticipated Earnings Release Access Holdings Plc’s market value declined to N1.38 trillion as investors’ sentiment remained downbeat ahead of the earnings release. The market anticipates the financial services company’s earnings scorecards will be released after Zenith Bank and UBA half-year results are published. Last week, Access Holdings lost about N48 billion as investors exited positions with a significant volume recorded throughout the week. Trading data from the Nigerian Exchange revealed that Nigeria’s largest bank share price fell to N25.90 on huge trading volume driven by sell-side investors. Its share price fluctuated between N25.90 and N27.1,…

CBN Injects $150m FX Intervention Sales to Fuel Naira Rally The Central Bank of Nigeria (CBN) injected $150 million into the foreign exchange (FX) market to help the naira exchange rate redirection. The Apex Bank sold U.S dollar to local deposit money banks on the back of fluctuating demand for foreign currencies, especially the dominant US dollar. “It’s important to note that the intervention by the apex bank does not signal a return to a fixed exchange rate regime, nor an attempt to defend the naira at a particular level. “Rather, the current framework permits discretionary interventions when temporary imbalances/market…